Author Topic: Married - Joint or Separate Bank Accts & Why  (Read 9781 times)

spicykissa

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #50 on: December 19, 2016, 10:17:40 PM »
We're pretty much completely separate on paper, though my husband's checking account is technically a joint account with me (mostly for easy $$ transfers). I'm the beneficiary on his sizable taxable account. I do all our budgeting/accounting jointly though, and we check in with each other regularly. We tried joint checking when we were younger and poorer, and we fought over every Starbucks visit and video game purchase, which was terrible. I'm slightly more spendy than he is, but I also care more about optimizing and budgeting. So far separate has worked for us, I guess. 

I'm a red panda

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #51 on: December 20, 2016, 03:40:18 PM »

We are simple that way.  We also teach the Dave Ramsey class at our church so we like to set a good example and "practice what we preach".

Makes sense.  I've never paid interest on a credit card.  I'm a big fan and have a lot that I use as advantageously as possible. It can be hard to track which to use for gas, which to use for groceries, which one to never use at Walmart, etc.

Cativa

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #52 on: December 20, 2016, 05:46:13 PM »
Separate checking and credit cards.  We had established these before the relationship, and we went with "if it aint broke, don't fix it" mentality.  I don't know how this will work once we are living on our investments though, as we won't have two paychecks feeding in.  We'll jump off that bridge when we come to it I guess.

Savings and brokerage accounts established since the marriage have all been opened as joint accounts.  Just seemed to make sense at the time.

****

I don't think whether accounts are separate or joint are important.  What is important is that we both have all the user names and passwords to all accounts - that way if something happens either one of us can do any necessary moving of money around.  I also like that we are set up on Mint so that we can watch each other's backs.  He recently noticed that I had a fraudulent charge on one of my charge cards, and a few months ago I noticed that he got double charged for something.  Its nice to be a team :)

Step37

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #53 on: December 20, 2016, 08:56:00 PM »
We went all joint when we bought a house a few years into our marriage (have now been married 20+ years). I manage all of the finances - he has full access, of course, but I don't think he ever even looks at it. All spending is done on the credit card, so no cash issues. We are totally on the same page, so this has worked very well for us. He did have to call me a couple days ago to "make sure I could resist looking at the credit card account for a few days" - hahaha... so far, so good! But I do love managing the money and keeping tabs on everything.

handsnhearts

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #54 on: December 21, 2016, 12:11:08 AM »
Separate checking and credit cards.  We had established these before the relationship, and we went with "if it aint broke, don't fix it" mentality.  I don't know how this will work once we are living on our investments though, as we won't have two paychecks feeding in.  We'll jump off that bridge when we come to it I guess.

Savings and brokerage accounts established since the marriage have all been opened as joint accounts.  Just seemed to make sense at the time.

****

I don't think whether accounts are separate or joint are important.  What is important is that we both have all the user names and passwords to all accounts - that way if something happens either one of us can do any necessary moving of money around.  I also like that we are set up on Mint so that we can watch each other's backs.  He recently noticed that I had a fraudulent charge on one of my charge cards, and a few months ago I noticed that he got double charged for something.  Its nice to be a team :)


How are you set up on Mint to "watch each other's backs"?  I am set up on Mint but would like to know how you set this up. Do you each just have a separate Mint account and login to check each other's?  Or do you have the joint ones in both accounts? 



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handsnhearts

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #55 on: December 21, 2016, 12:14:58 AM »
He did have to call me a couple days ago to "make sure I could resist looking at the credit card account for a few days" - hahaha... so far, so good!


Hahaha!  2 years ago, I was looking at our accounts while at the in/laws for the holidays. I asked him in front of everyone, "do you know why we have xx$$ for at AT&T?"  He got a real sheepish look on his face and said "you aren't supposed to ask those sorts of questions at this time of year". My in-laws and extended family got a big kick out of it, they thought it was hilarious! 


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GilbertB

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #56 on: December 21, 2016, 01:53:55 AM »
1 bank account, 4 cards...
We each have a debit card for normal purchases, and a VISA for internet or when nothing else is accepted.
There is not really a choice on this for us as I am away for 6 weeks and home for the same period.

Cativa

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #57 on: December 21, 2016, 10:37:40 AM »
Separate checking and credit cards.  We had established these before the relationship, and we went with "if it aint broke, don't fix it" mentality.  I don't know how this will work once we are living on our investments though, as we won't have two paychecks feeding in.  We'll jump off that bridge when we come to it I guess.

Savings and brokerage accounts established since the marriage have all been opened as joint accounts.  Just seemed to make sense at the time.

****

I don't think whether accounts are separate or joint are important.  What is important is that we both have all the user names and passwords to all accounts - that way if something happens either one of us can do any necessary moving of money around.  I also like that we are set up on Mint so that we can watch each other's backs.  He recently noticed that I had a fraudulent charge on one of my charge cards, and a few months ago I noticed that he got double charged for something.  Its nice to be a team :)


How are you set up on Mint to "watch each other's backs"?  I am set up on Mint but would like to know how you set this up. Do you each just have a separate Mint account and login to check each other's?  Or do you have the joint ones in both accounts? 



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We only have one Mint account, and all our financial stuff, whether joint or individual, feed into it.  So with one website we see pretty much everything regardless of who is the owner.

Playing with Fire UK

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Re: Married - Joint or Separate Bank Accts & Why
« Reply #58 on: December 22, 2016, 03:49:02 PM »
We combined accounts as soon as we married, definitely works for us and I wouldn't want separate accounts. He is the spender and I'm the saver but he does well and we each get allowance monthly to help control his spending habit, which for the most part he has done so well with. We compromised a lot but it's working great for us. I can understand why some choose separate but I think joint is much easier overall for us.

My OH is also more of a spender. When he sees a high balance in an account his mind starts thinking "what can I spend that on?" I can see the cartoon $ $ in his eyes.

He randomly came home one day and started on about how we should buy a sports car. The idea seemed to come out of nowhere and was nixed. Then he starts talking about going on a cruise. Turned out he'd opened the statement to our savings account (that I look after) thinking it was the joint current account (that we both use). He knew all about the savings account while these conversations were happening (it wasn't like it was secret hidden money), but when he saw it, he could think of three ways to spend it all.