by Melissa on March 28th, 2009

Melissa

Question

Help answer this question below.

In a marriage do you think it is more successful to have combined bank accounts or separate? What are some advantages and disadvantages of each?

  • Like
  • Report

Answers. 6 helpful answers below.

  • by RC loves ice cream on March 28th, 2009

    RC loves ice cream

    It's a good idea to have both - joint accounts for things for the home and family, and separate accounts for personal spending money - some people, myself included, can easily make purchases without realising how much I'm spending.

    • Like
    • Report

    No comments. Post one | Permalink

  • by RubyReds on October 16th, 2009

    RubyReds

    We have different accounts. I work hard for my money and there is no way that Im going to ask hubby for even 1 cent! We split everything and each of us pay what we have to and with the rest we discuss every cent we spend seperately. But we are happy with seperate accounts.
    +4

    • Like
    • Report

    No comments. Post one | Permalink

  • by Anonymous on October 16th, 2009

    Anonymous

    In a marriage, a joint account should exist and each partner should have a separate account.

    The joint account is for the household expenses and should have six months of earned income saved for household and living expenses in the event that there is a job loss.

    The separate accounts should be 10% of the earnings and for personal wants and needs. The joint account should be built with 10% or more of the earned income if both are working. You will discover that 20% of your income payable to the household account and your personal account leaves 80% for other living expenses.

    • Like
    • Report

    No comments. Post one | Permalink

  • by Ditto on April 6th, 2009

    Ditto

    I think it's more important to share financial goals. Whether or not you share accounts isn't hugely important.

    • Like
    • Report

    No comments. Post one | Permalink

  • by Lucky on April 2nd, 2009

    Lucky

    Advantages of combined bank accounts is less record keeping and paper work and time saving as no one likes bank reconciliations. Both names are on check, reminder of marriage, your banker knows you as a loving family, your vendors will know you as a unit, you will only have to check one source to see how liquid you are at any given time. Disadvantages are you don't know what checks are outstanding, you both may be writing from separate check books, and, if the marriage sours, the first one to get to the money wins.
    Marriage creed "Trust One Another", do you...

    • Like
    • Report

    No comments. Post one | Permalink

  • by chiism1 is gone 4 good on March 28th, 2009

    chiism1 is gone 4 good

    I made the mistake of having a combined one, then divorced, I could not shut down the joint account without him so he took out a $10,000 loan by signing my name and depositing it in the joint account, plus he was able to go drain $13,000 of my savings when he found out about the divorce decision, was a joint account so they couldn't do anything or prove who it belonged to, joint has been the bane on my financial life

    • Like
    • Report

    No comments. Post one | Permalink

Want to attach an image to your answer? Click here.

Did this answer your question? If not, then ask a new question or create a poll.

You're reading In a marriage do you think it is more successful to have combined bank accounts or separate? What are some advantages and disadvantages of each?

Follow us on Facebook!

Related Ads

ANSWERBAG BUZZ

Advantages of joint account in marriage