question for the married folks.....?

Question

is seperate bank accounts wrong?

what about having a joint account and both people having individual accounts as well?

Answer 1

I wholeheartedly recommend the joint account/individual accounts approach. Lately we set it up as follows:

1 - A joint account where the majority of the take-home pay (roughly 80-90%) gets deposited every month. We use this for our mutual expenses -- mortgage, car insurance, utilities, groceries, kids' clothing, dining out, etc. We both have debit cards for this account; my wife keeps the checkbook. I monitor the account in Quicken, both to track expenses and to pay bills; I download transactions from my bank several times a week, so I'm never more than a day or so out of sync. Furthermore, using scheduled transactions, I'm always looking 4 to 6 weeks ahead (including weekly placeholder transactions for grocery, dining, and "sundries" line items in the budget) so we can see and adjust if unexpected expenses come up (like the time our daughter doubled the cell-phone bill because she didn't know it cost her minutes to RECEIVE calls on it...)

2 - A separate account for each of us, each with about 10% of the total income, again automatically deposited from every paycheck. These are our own personal accounts -- that is, we don't have to explain, justify, or fret over what we do with them, as long as we don't exceed the balance.

I have come to the conclusion that having a certain amount of money for which we're not responsible to ANYBODY is very important in a relationship. Subscribe to a new car magazine on line? Sure, I'll use my account. Buy some neat new fabric for a quilt project? That's what her money is for. She doesn't have to worry that it'll take food out of the mouths of our kids; I don't have to worry that she'll think I'm blowing money on something frivolous.

In practice, we keep all the accounts at the same bank, so if we need to transfer money from one to another (I use my account for business travel, for example, but get reimbursed into the joint account), that's just a visit to the bank's Web site.

One side benefit to this: my wife can really surprise me at Christmas now, because I don't track her account. When she used to buy me presents out of the family account, I would have to take great pains not to know how much she spent and where she shopped. Now, she uses her account and I don't know what it is or where she bought it till I unwrap it. (A home theater surround-sound system for our bedroom last year! What a gal! :-)

It's very liberating to have your own money, money you don't have to rationalize to anyone or wheedle somebody into letting you spend or fret that you'll get in trouble over. Makes you feel like a real grown-up...

Answer 2

That is a good idea. A joint account to pay the bills and separate accounts for everything else. Otherwise it gets to messed up with two people having access to one account.

Answer 3

Why? is one a spender? It really depends on the reason. Is she in business for herself? If it's just a joint account and each is accountable then what's the problem? What worked for us was I had the checkbook I wrote the checks. When he needed cash I gave it to him. He also had a visa that was paid off at the end of each month. You have to determine which is better with money and paying the bills. Two check books can really get you in trouble.

Answer 4

Joint accounts are good for common bills. Nobody writes a check or withdraws without the other's knowledge.

Seperate accounts for personal spending.

Make sure POD is the other spouse on the individual accounts, or all three are joint, and each does not have a card or checkbook for the other's "personal" account.

Three accounts...the best solution.

Unless you're multiple personalities, then get one for each. LOL

Answer 5

I don't think it's wrong, I have a friend who has separate accounts with her hubby. They've divided up the household bills, he pays the mortgage, she pays for food, etc. My husband and I have a joint account. It's whatever you and your spouse are most comfortable with, neither way is wrong. And no, I don't think that having 2 separate accounts is not really married either......nor does a joint checking account a marriage make.

Answer 6

We have separate accounts and one joint account. It is all with the same bank so we each have our car in our own name and for the record, our credit records have looked better and if we ever need to get a loan, we have the joint account to fall back on for the credit score. We have been able to save hundreds and qualify for very low interest rates.

Answer 7

We have separate accounts. We are thinking of opening one for bills, but that just seems to be a hassle. I have been married twice before and have learned that joint accounts are NOT the way to go. I like it this way much better.

Answer 8

You guys are a team. We put both paychecks in one account and everything is paid for from that account. Couples I know who have separate accounts are always wondering how much money the other one has in it. You should have nothing to hide if you have a trusting marriage. Get 1 account.

Answer 9

You can have 2 joint accounts but you each have one that you use. That way if something happens to one of you the other has access to the money to pay the bills or whatever usually comes out of that account.

Personally, I've learned the hard way that it's better to pool your money so you have better visibility into each other's spending. Deciding how the money is spent is part of marital negotiation. You keep each other in line with respect to spending and also you have better understanding of the financial burden each person is carrying and how much disposable income each spouse has and whether it's equitable.

Answer 10

I think you should have one joint and each should have their own seperate. The bills and things for the children should be paid for out of the joint. Seperate accounts are good in the case you buy a gift for your spouse and want to keep it a suprise from the other.