Moving in with girlfriend? Is combining bank accounts a good idea?

Question

Basically, we want to live together and found it would be much more financially comfy to combine accounts as opposed to trying to split everything seperately. Is this a good idea before getting married? Dating almost 17 months, we trust each other big time.

Answer 1

Combining money in a dating relationship is not always a good thing .

I say that you two should open a combined household account (with both of your names) whereby you each place money in it to cover the house expenses..

But that you keep a separate checking account for yourselves.. That way is there is $1500 in this household account then this money is to be used only for the house (rent, utilities, and major house purchases).

I would keep my personal checking account in case you want to buy something using your money and she keeps hers.

You two are not married yet..so why mesh the money together. I would not put my money together with anyone unless they were my spouse and even then.. some money things are still separate.

17 months.. impressive.. But try the household account and see where that leads.

Savings account.. keep that rolling and consistent.

Answer 2

Probably the best idea it to retain individual accounts but open a joint account as well for dealing with the household expenses and joint purchases. Each transfer an agreed amount from your personal accounts every month to cover those expenses and always consult each other about purchases you make with that money. That way you can organise your joint finances effeciently but still retain a degree of independence. It is not a matter of trusting or not trusting your partner, it is more a matter of organising your finances effectively. If you can get this aspect of your lifes sorted out now you will save yourself a lot of grief later on. There are probably more arguments between husbands and wives about money than anything else. It is a huge power base in a relationship and it can get complicated especially if you have children together later and somebody stays at home to care for them.

Good Luck and congratulations.

Answer 3

Do not open any joint accounts. I've seen on too many occasions where the relationship goes sour or one of the parties has spending issues your joint account(s) go delinquent. When an account is joint both are liable for all NSF and other negative activity. Which in many cases results in adverse action such as being reported to credit agencies for charge offs and/or additional consequences. I recommend designating 1 of you to be responsible for paying the bills from your own checking account. Therefore you both have complete control over your own account. The worse that can happen is one of you might not hold up to your end of the responsibility and theres you're confirmation that you made the right decision to not have a joint account.

Answer 4

NO NO NO.
unless you are married, it is not a good idea.
when my husband and i were getting married, we opened a separate account for ONLY the money we were putting towards the wedding. after we got married, that account turned into our joint one. we each still have separate ones as well.
if you are just dating, keep separate accounts. each pay half the rent, half utilities, etc. the money is the same amount, regardless of whose account it's in.
17 months is nothing. i was with my husband for 4 years before we got married. we were engaged from sept to april. that's the only time we had the shared acct.

Answer 5

Keep it seperate!!! You don't have to split expenses 50/50 but rather proportionately to income. Get a written agreement on how things will be handled so you talk things out up front. Did you know most relationships end due to money problems than anything else??? Why set yourself up like that???

Answer 6

Yes that is what many married couples do. Have a joint account that a previously worked out percentage (equal percent of paychecks) gets deposited. Pay bills from that. Have the remaining percentages from each paycheck go to personal accounts for spending money and savings. Its fair!

Answer 7

Remember, Financial matters cost most of all breaks up in a relationship nor marriage. So inorder to play safe. Each should have their own accounts regardless how good your relationship are. Keep in mind, some good things never last.

Answer 8

Moving in with your girldfriend? big step... did that with my boyfriend just a few years ago! Trust is a big issue with that whole deal. To make it easier, but still have your financial independence, I reccommend getting a joint account for bills and for your guys's fun expenses with each of you contributing to it. It makes it easy for you guys to split everything, but have one central area for it to come out of. If you guys build a savings account together that is separate from your own, I think that would be a good idea too (that way you can save up for a vacation or accumulating household goodies for your new life together.) That way you both have your own accounts, but still have one that takes care of your joint expenses. I think it is important to keep love and money seperate. No mess that way. You each are responsible for your own money, and are responsible for contributing each month to your joint account. It works really well and has kept my relationship running smoothly... money can be a touchy subject especially for people who aren't good at budgeting. All in all, I say go with the joint account, but keep your own money to your self.

Answer 9

most ppl will say no normally i whould to but if u love each other and plan on marrying and have been together almost 1 1/2 yrs and you trust each other wich of course at this point u should trust each other i whould yes see how things go but i beleave if either one of you were to take out large sums to get something personal (not for bills or trival stuff) let the other know

Answer 10

i wouldnt. i would keep my account separate. what you can do, however, is open a joint account and agree to both put in a certain amount each month to cover the bills. then any "joint" expenses, like rent, utilities, etc. can come from this account, and you can avoid splitting everything separately.