You and your partner live together & both have good paying jobs but VERY different ideas re. spending money. Your partner loves $$$ gadgets & what you feel 2 be frivilous things & you are "practical." Would you insist on separate checking accounts?
by 
justinoldguy
ANSWERS: 41
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Couples need separate accounts, regardless of spending philosophy. Otherwise the "team" has to decide on every single spending decision. Just because I have married, does not mean that I've lost the independence of desire or that I've given up the right to an eccentric purchase here and there. If we have join everything, then my ability to buy something stupid seems to be compromised.
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Actually that sounds Alot like my situation. But my husband and I have been married for 10 years and he acknowledges I am smarter with the money so actually the checking accounts are in my name!!
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Could you have one account that both people contribute to for the household expenses and shared and agreed upon projects, then let the spendthrift have their own account and let them spend the rest away?
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Yes.
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Nope we have the same account
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When I was married, I never did.
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We have several accounts, depending on the rates and the other amenities that are offered. One was for seniors, which I am, and he's not, and it was free plus a free ice chest.
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We didn't and I probably wouldn't if I got married again. The brokerage account is another story.
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no. when you get married, in my opinion, you are supposed to share everything. money included.
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I've seen people do it both ways. We have a joint account. I have noticed that one way or another one of you must be the "money person." Not necessarily in complete control of everything, just keeping track of the budget and keeping the checkbook balanced. I have spent extra time on the restaurant checking account over the last couple years so the girly has pretty much taken over our personal finances. I get us as much money as possible, she sends it out.
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No, we have a joint account, if I trust him with my heart then I trust him with my money.
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the way you spend money. of course silly
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no
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I do.. My wife always forgets to write her checks down and it was driving me nuts.
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We have joint accounts however if he wanted seperate accounts that would be alright as long as it was clear what bills he would pay and what I would pay.
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Absolutely. We have multiple accounts. There are many reasons, not the least of which is financial security. If any one account is temporarily compromised we are not "dead in the water" financially. My wife and I like to surprise each other. That can be difficult when we share a single account. Also, if I really trust my wife wouldn't I trust her with HER money?
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For the first 5 years of our marriage, we had ONE account. I would budget groceries for the month and he would blow the money on a trip to Lowe's two weeks later. This caused several fights about finances, so the best way to fix it was opening separate accounts. This has been going on 15 years now and we no longer fight about money matters. (hence, there is no fighting anymore as that was our only issue) He gives me a portion of his paycheck and I pay for the groceries, school stuff for the kids, the gas for my vehicle and any left over goes to what I need or want. Sometimes there's a lot, sometimes nothing is left depending on the month. I am fully for separate accounts if one of you is a spender and the other a saver. Our accounts are "joint" in name only, we don't dip into the other's unless we've run dry and ASK first. We have never turned the other down, if we could help. (Baby, I need an oil job-can you spare $30?) Most HAPPILY married couples (I know) divide their finances this way. It works for them, and it works for us - going on our 20th year of marriage..and not having had a fight about money in 15 of them.
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Yes.
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for tax purposes, absolutely.
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i'm not opposed to separate checking accounts. in fact we plan on giving me an allowance when we get married...trust me i need to learn to budget ;) can we say shopping addiction!! i really think that you have to do what's best for the couple. it wouldn't make me think less of him, but that's me...other people are different
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Yes, we have our joint accounts as well as separate accounts.
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We have both joint and separate accounts.
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Yes but a single savings account
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Yes..yours, mine and ours. Any reputable financial advisor would advise this. Read Suze Ormon's book about Women and money.
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I trusted my ex husband with my heart and my money too, as some have you have indicated. What a mistake that turned out to be.....he broke both. Know that all joint accounts are frozen if one of you dies. You have no access to joint money until after all the after-death dealings are complete...and that can take YEARS!
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What works for us is our paycheck goes into our own personal accounts......we have a joint account for household and we each pay proportionate to our income. That account is for all household bills/taxes etc, gas,car expenses, and for joint credit card bills,for family gifts, Xmas, and anything left each month goes into a joint savings account for vacations. Individual accounts: anything left from our individual bills and credit card payments etc. and after our transferring to the joint acount, we can do whatever we want with it. I can buy shoes, clothes, or other personal items....or transfer into my personal retirement savings account. None of the above is done secretly or behind backs. Also...and very important....neither of us buys a big ticket item (like furniture/motorized toys etc) without consulting with the other. And we both can use power of veto if we are dead against the expenditure! Works for us....and I learned to insist on this the hard way!!
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Before my wife and I got married, I had told her that I had a trust problem with finances with my ex-wife. I told her that I would have a hard time putting her on as a joint owner on my checking and savings accounts. For the most of the first year of our marriage we had separate accounts. On paydays, I would write her a check for almost all of my paycheck, or later transfer directly into her account at the credit union. Afterwards, as I became more comfortable with it, I added her to all my accounts. She understood before we married why I felt that way and had no problem with this. She also saw all my Leave and Earnings statements, so she could see what my paychecks were and understand that I was turning over virtually all my paycheck to her each payday anyway. today, we have several accounts for various reasons. I don't even remember who is on which ones anymore.
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probably and a joint one too, just so I could feel independent.
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YES! Only because I have been divorced and know the true pain of separating bank accounts! I think you should stay as independent as possible with a joint account for household bills that you both put money into?
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Absolutely. In any successful relationship, there have to be bits you share (joint accounts) and bits you own. If you didn't how could you buy a birthday present for your spouse? You would just be dipping into the common pool.
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We've always kept 2 accounts - and our own incomes. We split evenly the mortgage and utility costs. He transfers his portion to my account - and I keep the budget and pay the bills.
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My wife and I have a joint account for most things, and small separate accounts for things like flowers and small gifts for eachother.
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Absolutely. My parents had a joint account and only one of them could have the checkbook in hand. Of course, nowadays this is not so much of a concern since debit cards have practically eliminated check writing.
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We have always had separate accounts. We both pay different bills and do so from our individual accounts. I do not want my money comingled with anyone else's. It saves a ton of arguing about who spends want when and why. I don't ask what he does with his money and he has never asked what I do with mine. If I want to buy a pair of shoes or a piece of jewelry, I do so. If he wants to go hunting or buy beer, he does so. No explanations are required.
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Absolutely! It gives me autonomy with my spending money and money for saving. If we choose to pool that money for something, great, no problem. Otherwise, I don't have anyone looking over my shoulder at how much my new shoes cost. And vice versa.
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yes
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I am married and I do have separate accounts. We may start a joint account for house bills. No real reason for the seperat accounts all of them existed before the marriage so they were kept.
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yes and no.. what if something goes wrong.. :(
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We have separate accounts and a joint account. We both receive an allowance and the rest goes to the joint account for household expenses. I would point out that she is a domestic engineer and our allowances are equal.
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I had separate accounts earlier. Now I prefer cash so I do not have any accounts anymore.
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my partner and i share all our finances
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