Do you keep separate accounts being married?

Status
Not open for further replies.
Joined
Mar 17, 2008
Messages
8,145
Location
Michigan
My wife and I throw everything in the same pot and always have. Many people I know keep separate savings or checking accounts or split bills a certain way.
What is your method?
 
We have a joint account that we both add the same amount to for home, mortgage etc, and we each have separate savings and checkings for other things.
 
Originally Posted By: ZZman
My wife and I throw everything in the same pot and always have. Many people I know keep separate savings or checking accounts or split bills a certain way.
What is your method?
. Same situation....what’s mine is hers, and what’s hers is hers.
 
We keep a joint account for living expenses...house payment, monthly bills, food, vet bills...you get the idea. We also have our own accounts for fun/everyday, fuel, car insurance, etc.; we also set aside monthly amounts for home remodel stuff and so on. 401K, and payroll related savings/retirement come out as well. Works for us, I had to teach her financial discipline; took a while but finally she cam around. Debt elimination (credit cards/accounts) is they key to your money working For you instead of it always going out the door every month. Every relationship is different they say. In my opinion, only 1 person should handle 1st tier financial stuff like house payment/rent, bills, and such...much less confusion and friction. Just sit and talk through a plan that works for both and always factor in those $1000 crisis things like refrig goes out, washer/dryer goes out, water heater...you get the picture.
 
Originally Posted By: Audios
We have a joint account that we both add the same amount to for home, mortgage etc, and we each have separate savings and checkings for other things.


+1 - joint for common things like mortgage and utilities. But important to have our own money you can buy tools or wife buy clothes without other questioning.

We both work however. Maybe different if one stays at home. (Wife earns more than me.)
 
Always been separate for the past 27 years. She didn't even take my name in marriage; Her last name is three letters and mine is ten
smile.gif
No kids, so last name doesn't matter so much I suppose.

We will talk about upcoming big bills and split them by writing 2 checks (or she will write a check and Ill write HER a check for my 1/2 owed.

No arguments about money. Now I'm "semi" retired with a lower paying job we both make the same amount.

I could see if it was the 1950's and you had a "housewife" you would have a joint account.

Not in the 21st century.
 
We have always had our paychecks (or pay ACHs, really) go into one joint checking account.
From this we pay our various bills and then divert excess funds to savings/investment.
Since we're both of the same mind financially, we don't need to worry about one of us hovering out the account.
Every situation is different, though.
If one or both spouses come to the marriage with significant assets, then they may chose to keep things separate for a time or forever.
This is especially true for those in triumph of hope over experience marriages, to steal a phrase.
 
Originally Posted By: gman2304
Originally Posted By: ZZman
My wife and I throw everything in the same pot and always have. Many people I know keep separate savings or checking accounts or split bills a certain way.
What is your method?
. Same situation....what’s mine is hers, and what’s hers is hers.
Seems about right.
 
Originally Posted By: gman2304
Originally Posted By: ZZman
My wife and I throw everything in the same pot and always have. Many people I know keep separate savings or checking accounts or split bills a certain way.
What is your method?
. Same situation....what’s mine is hers, and what’s hers is hers.

100% agreed.
100% combined accounts.
Because it is easier and because I believe in being open and honest with your spouse

Only reason to have separate accounts is if you don't trust your spouse... yikes
 
Last edited:
Originally Posted By: ARCOgraphite
WHY? In case she kicks off?


Why not? In our case,the wife and I have been married over 30 years. We approach everything as a team. We handle personal spending through budgeting rather than individual accounts. Of All the things we've disagreed about over the years, money isn't one of them. And yes, if one spouse passes, joint accounts make handling finances much more simple for the survivor. If I pass before my wife, I don't really want her to have to run around to banks and brokerages with death certificates and such. That being said, I think you need to do what works for you both as a couple. There's no one right way to approach it.
 
Last edited:
Really depends on the credit to me, if you marry someone with bad credit, and have them manage accounts, your are asking for trouble.

But Ive been joint for over 30 plus years, Probably not a good idea with the divorce rate, could be risky, but can be successful.
 
Last edited:
Seems weird to me to have separate accounts. No trust or money issues in my household though. My wife and I enjoy looking over the retirement, checking and stash accounts, together. We buy everything on separate credit cards to better track fraud and be able to surprise each other if needed. Paid in full every month!
 
Originally Posted By: gman2304
Same situation....what’s mine is hers, and what’s hers is hers.


Been there, done that....................................
 
Originally Posted By: gregk24
Joint of course. You are married so what's yours is hers, what's hers is yours.
This. It is also just easier. Only retirement is separate because it has to be by law.
 
Wife and I have a joint savings account and separate checking accounts. We haven't had time to make a joint checking as well, we both have access to each others accounts if needed and we are both very aware of how broke we are. I don't think finances should be separated when married...or at least not hidden. I have a small investment account but my wife also has access to that.
 
Married for 18yrs, with 4 kids. I'm the bread-earner and take care of the majority of the bill paying and finances. She'd get it all regardless.
crackmeup2.gif


I do have one savings account in just my name, but like said, that's meaningless.
 
We have seperate accounts we get paid into and a joint account. We take our pay and transfer over all of it to the joint account on pay day minus the amount we agreed each of us can keep for stuff we want to spend it on. I pay all the bills and contribute to savings in both of our names from the joint account. We also have a joint credit card so both of us are aware of where we are for the month in terms of expenses like Gas, groceries, repairs etc.

Works great, we are on track and doing well and there are no secrets.
 
Last edited:
Status
Not open for further replies.
Back
Top