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Getting our joint account was one of the milestones in our relationship. I still remember when we chose 'our' bank and went to set it up. We worked off that account, and an attached savings account, for 30 years. I didn't get a seperate account for myself until I saw the breakup coming.
being a 2nd marriage we each keep our own accounts although they are both set up as joint accounts. there are things we do for our own kids at times that really should not involve the other spouse unless it is a large expenditure.
we each pay our share of the bills and don't really keep track of who pays more or less.
it is a great system and we never have money fights.
Last edited by mathjak107; 02-19-2013 at 03:20 AM..
Joint accounts here..although a good friend of mine kept it very business like and seperate. I never understood how it worked really. Something about the mortgage being split and taken out of "x"s account, but the household expenses come out of "ys". I guess it would depend on what you bring to your marriage or living situation. I can understand if one who has accumulated alot before marriage may just want to keep the account as is.
However, we just followed what our parents did..joint accounts. It appears as though anything goes these days and you should just do what works for you.
We do each have a credit card that we had before marriage. We didnt add each other as a co-borrowers on it and its been on automatic debit forever. I like to keep it that way because its nice to just "privately" shop for my gifts (especially my husband) ..without him figuring out what or where his gift came from (whereas it would show on our bank statements).
Same with him.
Event thought the debits are coming out of the same account..it nice to have our "own" private shopping space.
We've been married nearly 20 years and have never had a joint account. The kids are still at home.
We decided whom is going to take care of the different expenses and each pays their own.
- I pay the mortgage, taxes & utilities.
- She pays for most food, cell phones, kids needs, home upgrades when they're needed (flooring, appliances...) and vacations.
- We both provide for kids wants but in general, she buys the electronics and indoor toys and I buy the outdoor stuff.
- Each pays for their own vehicles.
- Each can do what they please with whatever they have left over.
We don't ever fight about money. We have both lent each other money when needed but repayment is always made without issue. E.g. she just got a newer car and we wanted to pay cash. She paid what she could and I lent her the remainder which she pays back monthly.
I had separate accounts for 15 years then switched banks and got a single acct for bill paying. Hassle!!!
I always knew how much money I had in the past, now it is like algebra since I never know what is pending, etc. I will start a 2nd acct for myself shortly.
We've been married nearly 20 years and have never had a joint account. The kids are still at home.
We decided whom is going to take care of the different expenses and each pays their own.
- I pay the mortgage, taxes & utilities.
- She pays for most food, cell phones, kids needs, home upgrades when they're needed (flooring, appliances...) and vacations.
- We both provide for kids wants but in general, she buys the electronics and indoor toys and I buy the outdoor stuff.
- Each pays for their own vehicles.
- Each can do what they please with whatever they have left over.
We don't ever fight about money. We have both lent each other money when needed but repayment is always made without issue. E.g. she just got a newer car and we wanted to pay cash. She paid what she could and I lent her the remainder which she pays back monthly.
Don't change this system, I did and the alternative sucks!
Unlike most of the married folks here, my wife and I don't have joint checking accounts. I never saw any need to because I pay ALL of the bills. She has her own checking and savings accounts but she rarely writes any checks at all or withdraws cash from savings.
For any household expenses, she just charges it on credit cards (think points/miles) and I pay the credit cards in full each month. We actually VERY RARELY write checks. We try to use credit cards whenever we can so we can the point/miles. The only people we write checks to are the babysitter, maid, landscaper. And I just write checks out for these people.
These days having a joint account isn't really a necessity. Especially if one person is paying all of the bills anyway. It's not from any trust factors because there are none in our marriage. It's just that we rarely write checks and I pay all the bills.
On ALL my checking and savings accounts I do have my wife and kids listed as POD (payable on death) so all the money will go to them and also it's great as it increases the FDIC limits for each account.
Monthly repayment to your own spouse? This just seems odd.
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