Separate or joint banking accounts? (wife, marriage, love, young)
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What are your thoughts on separate vs. joint accounts in marriage?
Me and my DH differ so much on how we manage money that it's causing a lot of strife. He has a lot of debt and recently surprised me with 5k in credit debt which I had to go into our savings to pay off. Also, he is not bringing in a lot of money, he makes less than 30k a year and is almost 30 years old and we live in one of the highest cost of living cities in the country. I was reading a Suze Orman article today in which she suggests, having both separate and joint accounts.
Me and my DH differ so much on how we manage money that it's causing a lot of strife.
He has a lot of debt...
recently surprised me with 5k in credit debt which I had to go into our savings to pay off.
...not bringing in a lot of money
....less than 30k a year and is almost 30 years old
we live in one of the highest cost of living cities in the country.
Money issues are at the root of far more divorces than sex ever will be.
All of these matters should have been settled before you got married.
Quote:
What are your thoughts on separate vs. joint accounts in marriage?
Definitely separate accounts. BUT ... depending on what state you're in, that may not help you at all if he gets into serious financial trouble. As his spouse, you may be held accountable for all of his debt. Before you do anything, you should talk to an attorney and find out what the laws are like in your state. Separate accounts may keep you from killing each other, but it may not protect you financially.
Im a bank manager. What I always suggest is to have one joint for bills and such and then each have a seperate acct that your paycheck goes into that way YOU control YOUR own money. If his account goes negative then his and his only paycheck is what should bring it into the + I had a young lady the other day, 20, who added her bf as joint and he overdrew the account and she was so upest that when her direct deposit came in we took HER money to pay HIS overdraft. Lol. Silly rabbit.
If you want to have a joint account for bills and things like that, that's one thing, but you should each have your own account as well and put a good amount of your income in it.
My wife and I have always shared an account. And speaking truthfully, I've always found it odd when married couples have seperate accounts. We always discuss the big purchases together and make sure that if one person spends money on something that they want, the other person gets to as well. It's worked well for us so far.
And my wife is a SAHM, so her account wouldn't be very large, lol.
My wife and i have joint bank accounts, we have for about 15 years.
She puts about 7-8% of her wages into a separate account and i put 25% of mine (this equates to the same amount in £s as she earns roughly 4 times what i do). The system works very well. As i'm away a lot all the bills get paid, we have no loans or debts (mortgage is payed) and every other month 50% of what's left in the bank gets put in a joint savings plan/invested.
it depends if youre married or talking about a room mate situation. ill never understand the greedy/me always first attitude so many people display. money aint sh1t if you cant share it with the ones you love. But then again, marriage has become pretty much a joke, a relationship with a piece of paper that crumbles at first sign of trouble in most cases. Do what works for you and dont be greedy and selfish.
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