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After marriage joint account or keep separate accounts?
Posted on 2/9/15 at 9:50 am
Posted on 2/9/15 at 9:50 am
The future wife and I are discussing this now. We both have great jobs and make about the same amount of money. Money should not be an issue.
I want to keep separate accounts. We split all monthly bills. All big purchases will be discussed before they are bought and can be split as well. Keep our current system and divide costs.
She thinks this is to big of a hassle. She wants a joint account. Both of our entire pay check will be deposited except for $300 for both of us each a month. This would be out splurging money with no questions asked. I did not like this and felt this was like having an allowance again. She countered with $500 to splurge. But I still like being in full control of my money and I'm still in the air about it.
Joint or separate accounts?
I want to keep separate accounts. We split all monthly bills. All big purchases will be discussed before they are bought and can be split as well. Keep our current system and divide costs.
She thinks this is to big of a hassle. She wants a joint account. Both of our entire pay check will be deposited except for $300 for both of us each a month. This would be out splurging money with no questions asked. I did not like this and felt this was like having an allowance again. She countered with $500 to splurge. But I still like being in full control of my money and I'm still in the air about it.
Joint or separate accounts?
32
Posted on 2/9/15 at 9:53 am to ctiger69
I like her system better. It seems to account for possible income disparity in the future. You still get freedom play money.
I think separate accounts can work, but if one partner starts making a lot more than the other under your system that isn't going to go well.
I think separate accounts can work, but if one partner starts making a lot more than the other under your system that isn't going to go well.
This post was edited on 2/9/15 at 9:54 am
Posted on 2/9/15 at 9:53 am to ctiger69
We do joint and it works for us.
Posted on 2/9/15 at 9:54 am to ctiger69
We use a joint account. Very easy to pay bills out of and with proper communication, other purchases are not an issue.
Splitting monthly bills sounds like you are living with a roommate.
Splitting monthly bills sounds like you are living with a roommate.
Posted on 2/9/15 at 9:57 am to ctiger69
quote:
But I still like being in full control of my money and I'm still in the air about it.
We have a joint account and set aside 400 per month in our separate accounts. 90% of the time if we wanna buy something we use the joint account, but for large purchases or for the sake of pissing away money on stupid shite we use our separate accounts.
Having no joint account will not work. Welcome to marriage.
eta - The MoneyWiz app is awesome for the joint account.
This post was edited on 2/9/15 at 9:59 am
Posted on 2/9/15 at 9:57 am to Chaplain
quote:
We do joint and it works for us.
Posted on 2/9/15 at 10:01 am to ctiger69
We have our checks deposited into the main "House" checking account that pays nearly everything. Each month we have an automatic transfer from the house account into our own separate savings accounts as an "allowance". If I want to buy guns or fishing stuff, and she wants to buy shoes and purses, it comes out of our personal savings. This way, it keeps us from getting mad at each other for spending money on something that the other thinks is stupid.
In short- all bills, vacations, food, dinners out, entertainment with the two of us comes out of the main House checking that is joint. All individual hobby purchases come out of our savings that we get a monthly allowance deposited into
In short- all bills, vacations, food, dinners out, entertainment with the two of us comes out of the main House checking that is joint. All individual hobby purchases come out of our savings that we get a monthly allowance deposited into
Posted on 2/9/15 at 10:05 am to ctiger69
Joint
Posted on 2/9/15 at 10:05 am to TigerTatorTots
You'll inevitably get frustrated with a split account system for one person picking up the tab more often than the other.
For exampe, when you go out to eat, you aren't going to split the check and if you are the guy you likely will end up with a higher frequency of picking up the bill
For exampe, when you go out to eat, you aren't going to split the check and if you are the guy you likely will end up with a higher frequency of picking up the bill
Posted on 2/9/15 at 10:07 am to ctiger69
quote:
I want to keep separate accounts. We split all monthly bills. All big purchases will be discussed before they are bought and can be split as well. Keep our current system and divide costs.
A lot will depend on you and your wife's philosophy on marriage. Not saying separate accounts couldn't work, but in my opinion, this seems like asking for trouble - encouraging secrecy and discouraging open communication regarding finances.
Posted on 2/9/15 at 10:09 am to ctiger69
My personal feelings are that if you are not ok with combining your income into 1 account then you are not ready to be married. Joint accounts hold you both accountable to each other when it comes to spending. I think her idea of the separate splurging accounts is a good one if you can agree on an amount.
Posted on 2/9/15 at 10:13 am to Brummy
quote:
this seems like asking for trouble - encouraging secrecy and discouraging open communication regarding finances.
You look at it like you expect secrets and failure. I'd bet those with 1 joint account end up trying to figure out more ways to hide "their" money than those with joint accounts.
I look at it like I expect my wife to be responsible and truthful with her own finances. If she fails with joint accounts, she was probably going to fail in any system. We have access to all of each other's accounts. We can "babysit" each other if we choose to.
This post was edited on 2/9/15 at 10:15 am
Posted on 2/9/15 at 10:13 am to ctiger69
We do joint and make similar money right now. I feel like separate accounts would make it feel more like having a roommate that I have to ask for bill money every month. Then you have to decide who is paying when you go out to eat, movies, trips, etc.
Posted on 2/9/15 at 10:15 am to AngryBeavers
quote:Yeah buddy. That philosophy has kicked arse for decades and probably doesn't contribute to money being the most common cause of fights in marriages today. Why change something that has proven so successful
My personal feelings are that if you are not ok with combining your income into 1 account then you are not ready to be married.
?Posted on 2/9/15 at 10:15 am to Brummy
Issues I think we might run into the joint is deciding what this will be used for.
An example: She wants to buy an expensive Asian rug for the house. She said this is for our home it comes out of the joint. I don't care about rugs.
I want to buy LSU and Saints tickets and sit as close to the field as possible. She said this should be my splurge money. But if we both go to the game why not the joint account? My splurge money will be gone every football season. She does not care about football as much as me.
Headache already.
An example: She wants to buy an expensive Asian rug for the house. She said this is for our home it comes out of the joint. I don't care about rugs.
I want to buy LSU and Saints tickets and sit as close to the field as possible. She said this should be my splurge money. But if we both go to the game why not the joint account? My splurge money will be gone every football season. She does not care about football as much as me.
Headache already.
This post was edited on 2/9/15 at 10:17 am
Posted on 2/9/15 at 10:18 am to ctiger69
quote:
I want to buy LSU and Saints tickets and sit as close to the field as possible. She said this should be my splurge money. But if we both go to the game why not the joint account? My splurge money will be gone every football season. She does not care about football as much as me.
Yep. This won't work for you most likely. You have to look at it like this, would the wife spend "her" money on it? If the answer is no, it should come out of your pocket. Doesn't matter if you are doing it together or not, because she wouldn't be doing it if you hadn't brought her.
Posted on 2/9/15 at 10:18 am to GenesChin
quote:
You'll inevitably get frustrated with a split account system for one person picking up the tab more often than the other.
That's not true. I've just had to learn that's my place. Lol...
My wife and I kept our accounts separate. She pays the bills/mortgage, I pay the day care and groceries. We settle up at the end of each month. It's usually less than $100 difference.
Each uses/invest the remainder of their money as they see fit with no questions.
Posted on 2/9/15 at 10:21 am to ctiger69
We have 4 accounts, but do it the way that your future wife suggested. All money goes into one joint account, that we pay bills from. Then, we move an amount to our joint savings and move a set amount to each of our personal accounts. We still have the freedom of our own spending money, but income disparity doesn't matter.
Posted on 2/9/15 at 10:22 am to ctiger69
It depends on you and your spouse and what works best.
My wife and I keep joint accounts as we do better that way and her money is my money and my money is her money. This isn't a problem because we both have the same monetary philosophy and it takes a fricking crowbar to open our wallet.
When you got married you agreed that you are now one. Your earnings are just as much her right as they are yours, from a legal standpoint. Coming up with a plan like she is doing sounds mature and will prevent you from not saving any fricking money every month.
My wife and I keep joint accounts as we do better that way and her money is my money and my money is her money. This isn't a problem because we both have the same monetary philosophy and it takes a fricking crowbar to open our wallet.
quote:
But I still like being in full control of my money
When you got married you agreed that you are now one. Your earnings are just as much her right as they are yours, from a legal standpoint. Coming up with a plan like she is doing sounds mature and will prevent you from not saving any fricking money every month.
Posted on 2/9/15 at 10:23 am to GenesChin
quote:Is this directed at me since you responded to my post? If so, you didn't read my comments
You'll inevitably get frustrated with a split account system for one person picking up the tab more often than the other.
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