Separate checking accounts

United States
June 26, 2007 2:45pm CST
I was watching something on tv the other day and they were discussing the importance of separate checking accounts for the husband and wife in a marriage. What are your thoughts on this? I'm not sure where I stand.
3 people like this
13 responses
@cher913 (25895)
• Canada
26 Jun 07
yes hubby and i have seperate accounts and some are under his name and some are under my name...we are an equal partnership, he is not the boss...it is 50/50. so why shouldnt i have an account of my own?
1 person likes this
• United States
26 Jun 07
How do you determine what comes out of which account? That's what I'm struggling with the most, I think. He makes more than me, but not much more, so it wouldn't be fair to take all the bills out of his account and just use mine for other stuff.
1 person likes this
@cher913 (25895)
• Canada
26 Jun 07
well which ever has the money in it for that particular bill...we spend the money evenly and usually go shopping together, so neither of us spends money without the other one telling them.
1 person likes this
• United States
26 Jun 07
I was just thinking about that the other day. I think that it would be a good idea to have separate bank accounts. One for bills and one for other things. As for separate accounts for husband and wife, I think that if that's what helps you, go for it.
1 person likes this
• United States
26 Jun 07
I like the idea of a "bill" account and an "other" account. That way it's not a his/hers account. Thanks for the idea.
1 person likes this
@aelfgiva (30)
• United States
26 Jun 07
My husband and I have separate checking accounts. It's a very good idea in that if something bizarre happens to one account, we still have the other to fall back on. This happened with my parents several years ago. The bank's computer system went down and somehow $800 got "deleted" from my dad's account and it took about 2 weeks to get everything straightened out. Luckily, my mom had her own account and they were able to use it during that time.
1 person likes this
• United States
26 Jun 07
My husband and I have seprate checking accounts, but we don't think of it as just his or I's money, its our money. Its just works better for us to each have our own account. He's under my account, so if anything happens he can get in there no problems. I am not yet under his, we've been meaning to, but just haven't got to it yet. I think its a great thing, as long as you don't think of it as just your money...etc
1 person likes this
26 Jun 07
I agree with importance of having separate checking accounts. My husband and I have a joint checking and savings accounts, and our own checking and savings accounts. Everything that goes into the joint account pays for family expenses and our personal money is used for frivolous things that each of us personally wants.
@tater03 (1765)
• United States
26 Jun 07
I personally in my marriage could not have seperate checking accounts. I like the fact that we work and that my money is his and vice versa. But it does seem to work for some couples to have seperate checking accounts just not for me.
1 person likes this
• United States
28 Jun 07
While seperate accounts may work for some people, it is not for us. We have several joint accounts at a couple of different banks for various reasons. We also have a main bank that we always use for bills and such. The various accounts are for those occasions that we might have trouble with one account. We have another account because they have a branch in his hometown and his mom likes to put birthday and holiday money into the account for us. We then use the debit card and buy the gifts (we do not have a locla branch for that bank). Having said all this, I DO have a separate business account, but it is only used for business expenses and any profit and is transferred into our joint accounts on a regular basis.
@lecanis (16739)
• Murfreesboro, Tennessee
28 Jun 07
My husband and I have seperate checking accounts because it's just what works out better for us. It takes a lot of the stress out of balancing finances, because we each only have to keep up with our own activity. Since we both work full-time as well as having a young son, we're often buying things seperately (lunches, supplies, etc) so balancing would be very difficult if we shared one account. We each have specific bills that we usually take care of, and can easily transfer money between accounts via online banking if we need to. Other than just being easier for us, it also makes us both a little more comfortable. We do talk about money issues and decide how to handle things together, but it's also nice to have money that you can depend on to be there, and not have to worry about your partner prioritizing things differently than you and spending money you needed.
@magikrose (5425)
• United States
27 Jun 07
The way my husband and I look at it is that when we got married we are 2 who became 1. So why should we have 2 seperate accounts. We have 1 checking account and 1 savings account and for us it works.
• United States
27 Jun 07
My husband and I have separate checking accounts, but only because we never bothered to change it after we were married. Each of us has access to the other's account.
@sid556 (31018)
• United States
27 Jun 07
I am no longer married but when I was, my husband and I did have separate accounts. We then decided who was responsible for what bills and paid them accordingly. Sometimes he ran into trouble financially on his end and I would pull money from my account to help out and visa versa. After all, we were a team.
• United States
27 Jun 07
My husband and I have always had separate checking accounts. We each have our set bills that we pay and extra small stuff and personal items come out of our own money. Any big purchases are discussed and made jointly. It works great for us. Of course, this method will only work in marriage where neither partner is "keeping score" and is willing to help the other out when needed.
@Aurone (4758)
• United States
27 Jun 07
I think separate accounts are a good thing. I am our financial planner. My husband spends his money until it is gone. So I keep the money for our bills in my account and I pay the bills. He pays me a portion of his paycheck each month to help with the bills and we go from there. I think it is a good system. I think perhaps when we have "real jobs" he is a grad student right now and I am an adjunct professor that we will have one joint account for household expenses and our own accounts for "play" money. I just think it works better that way.