My fiance and I are getting married this October. We have a budget of about $12,000. We are looking to split the cost three ways; her parents, my parents and ourselves all plan on contributing to the wedding.
My fiance and I already have a savings account and a money market mutual fund (and checking of course). However, I was wondering if I should open up a third account that has everyones name on it so we can all contribute to the account. That ways whenever anyone has extra money they want to contribute they can. Has anyone done this before? Can anyone recommend any different ideas. Thanks in advance for your advice!
Brad
2007-02-15 03:07:46 · 13 answers · asked by brad h 1 in Family & Relationships ➔ Weddings
I wouldn't go with BoA considering their practices as of late.
I think a wedding account would be great, but you need to limit access to the account. Make sure you let your bank know that only you and your groom can take money out of the account. All your parents need is the account number and account name to deposit money to it.
2007-02-15 05:18:45 · answer #1 · answered by Terri 7 · 0⤊ 0⤋
I don't think the third account is a good idea- that's too many people with access. One way to do it is to open a new credit card that is only for the wedding- that way you can track all of your spending, and if you get one with no interest for a year, you can start paying it now with the money you've saved and then gradually when the parents give you their money, you can put that in the account you've already set up and pay from there as well.
2007-02-15 03:14:36 · answer #2 · answered by 1912 Hudson 4 · 0⤊ 0⤋
I really would shy away from getting an account that so many people can have access to. I suggest you start a savings account at a bank that is accesible to whoever will be putting money into the account and then giving them the account number. That way they can put money in but the only ones who can take it out will be you and your fiance.
You can also have them write you checks for deposit if they prefer, or have them take care of a certain part of the wedding itself. Such as your parents can take their 4000 and pay for the reception, you can take your 4000 and cover all the other stuff, and her parents can handle all the wedding stuff such as the fee, flowers, transportation, weddnig dress tux or whatever.
Good luck!
2007-02-15 03:24:39 · answer #3 · answered by glorymomof3 6 · 0⤊ 0⤋
I agree with others the account should only be in two names, yours and your fiances. Why not look into a ING savings account instead of a regular bank account. The interest blows away "bank" interest rates. If you are going to open up another account you might as well have you money make money for you. Good Luck with the Wedding
2007-02-15 04:12:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Take the money that is contributed and open a short term CD. say for 3 - 6 months, the interest you get is much higher, around 4-5% that way you are making more then what your saving.
2007-02-15 04:25:03 · answer #5 · answered by Jessica S 4 · 0⤊ 0⤋
feels like the smart thanks to bypass. you should use an internet monetary company inclusive of ING Direct or Etrade and open a cost reductions account which will pay 4-5% interest (a lot more beneficial advantageous than commonplace banks.) you are able to also set up computerized transfers so as that would help you keep saving oftentimes. With those cost reductions expenses, there are not any atm playing cards, so as that can help keep you from spending the money in the previous you initiate planning the marriage.
2016-12-04 05:15:12 · answer #6 · answered by ? 4 · 0⤊ 0⤋
I am overly anal about money, I'll admit, but I think this is a really BAD idea. Dont ever let anyone have access to your money or your money records. If someone has money they can give it directly to you or your fiance and you can deposit it. Doing this avoids anyone know what you have and dont have and avoids any questions of where money is going and how much is spent.
Money is a very private issue, keep it that way and just between you and your fiance.
2007-02-15 03:26:26 · answer #7 · answered by kateqd30 6 · 1⤊ 0⤋
All you need is an account for you and your finance. Then simply deposit any money the two of you receive from your parents in this joint account. That's what we did and it worked out fine. You definately do not want the drama of having others have access to your account and you also don't want your family members to think that you expect them to give you any extra money.
2007-02-15 03:12:43 · answer #8 · answered by Veronica W 4 · 0⤊ 0⤋
I'm not sure what bank you use, but I have Bank of America & it allows online transfers to other BOA customers - if you all bank at the same place they may be able to offer something similar w/o having to open a new account. Also if you give the parents the account number to your savings account, they can deposit money without being on the account.
2007-02-15 03:11:43 · answer #9 · answered by dani77356 4 · 0⤊ 1⤋
Once an account is opened anyone in the universe can deposit into it. But only the named can withdraw.
The account is an excellent idea. However if your parents would rather pay their own bills and not put it in the account don't hold that against them.
2007-02-15 03:38:48 · answer #10 · answered by agbridal 2 · 0⤊ 0⤋