In a marriage...what's best way to handle money?

Question

Should you two have separate accts (checking/savings) or shared accts?

I hope this is a great question.

Answer 1

There is no "best" way to handle money in a marriage - every person will have a different belief. What's important is that you and your spouse agree on a way. I know couples that manage money in many different ways - from completely separate finances and splitting the bills, to having a household account but still maintaining separate accounts, to completely sharing all money and accounts - and as long as the couple is in agreement and in sync they all work fine. It's when one person believes one thing and the other something else when it doesn't work. For example, if one person believes that all marital money should be pooled into one account and the other believes that all money should be kept separate, that's obviously going to cause problems.

Answer 2

I think it is healthy to each have your own account if you are both working. Even if you are not it isnt a bad thing for the man to pay a lump sum into the wifes account to cover the expenses. She must pay everything and can save the balance. In time when he finds he is out of pocket, she has put together a little nest egg and is able to keep things stable. It is good to discuss expenses and to be honest with one another.

Another way is also to keep a savings plan like a 32 day plan which pays interest every 32 days. We have it in our country I am not sure of America. It is a good plan to put away money for a rainy day!

If separation or divorce should occur the non working partner at least has money to carry her through the rainy days! However, I would try to avoid thoughts on divorce!

A marriage requires openess and accountability on both sides. Always bear this in mind!

God Bless you!

Answer 3

That all depends on the level of trust. If the level of trust is high, then there's nothing wrong with joint accounts. Now the one that's the best with handling financial affairs should be the overseer discussing all things with the other partner. Now this does not mean they are in control but they are responsible for making sure that the bills get paid. Now if the level of trust is very low then separate accounts.

Answer 4

There are many ways to go about the handling of finances in a marriage, but the best that I have found is a philosophy of "yours, mine, and ours". Each of you should have your own finances and checking accounts. You should also have a joint account for the managing of household expenses such as housing, utilities, groceries, and other incidentals. That way both parties have their own money that doesn't require any permission of the other to spend. It should eliminate a lot of the debates than could arise about money.

Answer 5

So many of these answers are about trust...what ours comes down to is what is practial. We have seperate accounts. We split the bills and on occassion switch them around if we are having a rough month. This is best for our loans that we already had in place before we were together, and in an emergency. His account is picky and will freeze up his account if it is used in an unusual area if he doesn't call in first. So, having my account being seperate is nice in a pinch. Plus if one of us looses bank account information, the other is still able to help out becuase they didn't have to shut down their account. Plus-it is great for Christmas, then they can't see the transactions at stores and guess what they might be getting!

Answer 6

Me and my husband have a system. Each month and/or paycheck we pay all the bills that are due and rent. After we have payed off everything we needed we set aside a fixed amount for our savings account and then we have a set amount of money we have that we can spend on ourselves that we dont have to discuss wether it be food clothes or whatever. The rest stays in the account and if its over a large price limit, then we discuss it. We have a joint accounts.

Answer 7

Have a joint account and best to have one person deal with the
bills etc. The one that is better on the phone and better with money. When you get married whats your is theres there is no seperate accounts you are a couple and marriage is helping each other out. The whole thats my money and thats her money well once you get hitched that no longer applies it is all combined for the best interests of paying bills, planning trips, raising kids etc.

Answer 8

it is a good question, many people have reservations about joint accounts, but I think its a great idea if you trust eachother. As long as you both budget for your expenses. it does get tough when you want to buy a big screen tv and your spouse disagrees...lol In my case I am lose with my money, but my wife has helped me manage it and put some away for a rainy day.

Answer 9

Neither will make you happy because you are going to be paying for almost everything anyway, Take a couple bucks out of your check for yourself and give her the rest. This way you have guaranteed that you will have beer money .

Answer 10

Keep an individual account each for own spending (with no questions asked) and a shared account for common usage.