Do you share a checking account with your spouse?

Question

Several of my friends have their own checking/savings accounts. My husband and I have both of our names on each account and there are no "hidden" accounts.

What is the "norm"?
If you do not share an account, what is the reason?

Answer 1

Yes we share everything. Isn't this the point of marraige? I've known couples that keep seperate money, and split the bills. That is REALLY wierd to me. My husband and I actually shared checking and savings accounts as soon as he moved in,which was before we were even engaged.

Answer 2

When married there are a few ways to go about managing your finances. If neither of you have a significant amount of debt or a wealth than a joint checking is the best option. To manage a joint checking here is the suggestion....Build a budget, know how much you both make (deposits), the amount of monthly bills, and then you can determine your excess. In doing so figure out how much you both want to save or invest monthly and then withdraw your spending money once per week. I recommend setting up a check book register on your computer through an Excel database, Quickbooks, etc. and reconciling this at least once a week. By withdrawing your weekly spending cash only once you limit the use of your debit card thus reducing any confusion. If neither of you is want the task of doing this maintain separate accounts and write out an agreement for bill sharing.

Answer 3

We have an account that we share and we each have one account that we dont share. I put half of my money in my account and half in our account and he does the same. The only account that we ever really use is the account that we share. We love each other and we plan on being together forever, but, you never know what could happen! So.. just to be safe we each have money in our own accounts... Some people think that it is dumb for us to do it like that, but it works for us! lol : ) Different things work for different people.

Answer 4

I've known some great men who seemed to be perfect in every way... BUT knowing what to do with money. I think it's for this reason, mostly, that people choose not to have a joint account. My wife and I have always had a joint account, but we're both pretty good with money and we trust each other. There is no "norm" what is best varies with different couples.

Answer 5

We have our own checking accounts and share a savings account. We each bring in our own money and this way, when we make our own purchases it doesn't have to go before "committee" before it's made, and there's no sense that one is spending the other's money. The savings is used for joint purchases, like furniture. I feel there's less angst this way and it works for us, but other people may have other strategies.

Answer 6

We share our checking accounts. We just do it because it's less complicated than trying to balance out 2 separate accounts, and we feel that when you get married everything that you and your spouse have you share equally, no matter who brings in more money.

Answer 7

I believe it is best to have separate accounts. The problems: someone forgetting to record and ATM withdrawal, or a check. If the account is usually low, then it winds up in an insufficent account balance charge. If it is separate neither one has to worry about the other not recording anything in the check register.

Answer 8

What is the norm for some is not the norm for
others, however in marriage there has to be trust,
sharing, communication, and committment in-
volved. Saying that I have a shared chcking,sav-
ings accn't with my wife and she is also on the
title of our home, and we both share our love to
each other which has made our loving marriage
last for over 20yrs.

Answer 9

We have a joint account that we pay all of our bills out of . and we each have our own accounts. this is the way my parents have had there's for years. i could never have just one account. i run our finances like a boot camp. i account for every dime that comes out of our joint account and i put it in a spread sheet at the end of the month to help us keep track of our spending and how to cut back in area's. when he comes home with a new pair of $400 shoes i don't think twice because its his money i would never want him to question how much money i spend.

Answer 10

My husband and I do not share an account for the simple fact he likes to spend to much money, and I'd like to know that we do indeed have money in the bank...