My fiance and I are considering merging our bank accounts after we get married. How has sharing money worked out for you and your spouce? Also, what is your arrangement? Do you share it all, just share savings, just share checking, etc.?
2007-06-13 08:16:18 · 5 answers · asked by funnyhaha 2 in Business & Finance ➔ Personal Finance
Ah, the $64,000 question (or $64,000,000, what with inflation). My wife and I are joint on everything: checking, savings, savings bonds, stocks...and credit cards. That is the proper thing to do.
However, we also have our own credit cards and savings accounts. Why? In event of death, all our assets could be frozen, leaving the survivor with no means to buy groceries, pay the utilities or anything else. You need to cover all bases: the Government runs EVERYTHING!
2007-06-13 08:27:53 · answer #1 · answered by Nothingusefullearnedinschool 7 · 1⤊ 0⤋
We share all banking together, including debt. My husband had a lot more debt then I did when we got married, we are in it together.
We wish we would have taken Financial Peace University (FPU) prior to getting married (7 years ago). FPU is by Dave Ramsey and is hosted in most areas- go to his website to find an FPU class near you. It was well worth the $100 some odd dollars. Like we said, we wish we would have taken it when we were engaged. We would have had a lot less money fights. (Money fights are the number one cause for divorce.)
We have never regretted merging our accounts. My husband has tried doing the budget before but I am the natural "nerd" so I do the budget and then he looks it over to make sure I didn't miss an item or there is an expense I didn't know about, etc. And then we change or agree on the budget and then I pay bills and take out cash per what is written down. Nothing more, nothing less.
I can't repeat enough- take FPU and it will start the financial part of your marriage on the correct foot!
Boo Too has a good point (below)- have a max you can spend without talking to your spouse. Our limit is $100. If it is over $100 we talk about it first. Sometimes it is a quick phone call if it is something on our want/need list and someone finds it. Your limit will depend on how much disposable income you have.
2007-06-13 15:29:24 · answer #2 · answered by mldjay 5 · 0⤊ 0⤋
In my situation, we share the checking & savings accounts. BUT, I (female) am in charge of all the bills and where the money goes. My husband is the spender and I am the saver. We also get an allowance every week. I usually still have mine at the end of the following week and my husband's is gone before the same weekend is over. LOL
I would wait until after your married to merge accounts. The name changing thing get the bank in a snit. Also, you need to discuss NOW who will be paying the bills. This keep you from arguing or forgetting to pay the bill.
Good Luck!
2007-06-13 15:27:44 · answer #3 · answered by bug 3 · 1⤊ 0⤋
There is absolutely no way I would have separate bank accounts. It harbors distrust and a lack of financial responsibility.
When you get married, you are to be one with your spouse. Your lives are joined, and everything that goes with it should be as well. Put all assets together and make sure to communicate openly about bills and other purchases to eliminate any hostility. In my marriage, we don't buy anything over $300 without telling the other first.
If you keep your money separated, it is only a matter of time before you will be too.
2007-06-13 18:07:07 · answer #4 · answered by Anonymous · 1⤊ 0⤋
We share our accounts - all of them.
Warning - this can only work out if you are both of the same mindset when it comes to saving money.
We also have a nice thing set up where each one of us gets a fixed amount of money every month that we get to spend however we want. We may ask the other for input, but ultimately it is our own decision.
I invest almost all of my monthly money, and my wife spends hers on her hobbies. That is fine by me, and it works well.
2007-06-13 15:24:37 · answer #5 · answered by brunt 4 · 2⤊ 0⤋