Do you share a checking/savings account?

United States
January 16, 2008 2:30pm CST
I've been hearing about married couples that have separate bank accounts and whatever they make go into their own account. They consider it "their" money? I'm not sure what I think about that. My husband and I share our accounts. Just curious what others think about this.
6 people like this
24 responses
@youdontsay (3503)
• United States
16 Jan 08
We have personal checking accounts as well as a joint account. We budget a certain amount of money each of us contributes to the household expenses and deposit it into the joint account, which is used to pay the bills. We have separate credit card accounts as well and are personally responsible for those bills. Sometimes we will charge a household expense to one of our credit cards and reimburse from the joint account. In my first marriage I had no income and we had a joint account. My spouse gave me money when cashing their paycheck which I deposited into the joint account to pay the bills. I had no control over how much I was given and no control over what got spent on credit. But I was responsible for covering the bills no matter what was charged. Talk about a powerless position! That was only one of the things wrong with that relationship. They ran up bills and then didn't give me enough money to pay them. When we did finally divorce we were deep in debt and I ended up trying to pay some of those bills with what little alimony and child support I received. I often had no money for groceries or anything else. It was awful. So this time I needed to have some control of finances, both mine and that of the household.
@tlb0822 (1414)
• United States
16 Jan 08
My fiance and i share a joint checking and savings account. I think that when you are married that their isn't such thing as his money and my money. Its a joint thing...we both work and we both pay the bills. I think it would be difficult if we didn't share a bank account.
@palonghorn (5490)
• United States
16 Jan 08
We both have our own accounts, even though we share in the bill paying. But as far as spending money goes, we each have our own. It works fine for us, as our pay is direct deposit from each of our jobs, we've both been married before and had to go through the hassles of having a joint account. It also is helpful at tax time as we each file our own tax return, he makes way more than me so if we added my income to his it would push us into another tax bracket.
2 people like this
@lpetges (3037)
• United States
17 Jan 08
here is my theory,, whatever money he makes is mine, and whatever money i make--- is mine! just kidding,, i really have never had any issues with our money.. whatever we make is put together and we pay our bills, and what ever is left over is both of ours! The best thing in the world is to never argue about money to keep a marriage happy. we both have that opinion, and its worked for 27 years.
1 person likes this
• United States
17 Jan 08
I joke about that too. . .what's mine is mine and what's yours is mine. . .but I don't really think that. I think it is so important to trust each other with spending habits. Anything over $50 we both have to agree on. I heard a good rule to follow. If an item you want to purchase is over $100 - think about it for 2 - 3 days, if you still need/want it and can afford it, get it. If it is over $500 - think about it for 5 - 7 days, and if it is over $1000 - think about it for 7 - 14 days. It keeps control of impulsive buying.
@lpetges (3037)
• United States
17 Jan 08
Great minds think alike! Thanks for the best response!
• United States
17 Jan 08
My husband and I have a joint account. We use that account for paying bills and just about everything else. I do have a separate checking account that I use for my little home business stuff like Avon, Project Payday, etc.
• United States
17 Jan 08
I also have a separate account for my home based business. That is mainly for convenience of not having to figure things out for tax purposes at the end of the year. Makes things easier :-)
• United States
16 Jan 08
I don't like the idea of joint accounts at all. But that is just me personally. My boyfriend works and I work and he has his money and I have mine. My sister and her husband have joint accounts, but she doesnt work. So, how is that their money? My sister and I argue over this all the time!!!
1 person likes this
@myrith (1830)
• Canada
17 Jan 08
I am not for joint accounts, dont believe in them and would not have one.I believe my own is my own!
17 Jan 08
i havnt shared an account as yet. but me and my fiance are setting one up for our wedding and towards our house. were not sure on how to go about it. but we are looking at setting one up together
1 person likes this
• United States
17 Jan 08
My husband and I do not. He has his money from his job and I have mine from my job. We combine our money to pay our joint bills -- house note, insurance, light bill et al, but our separate bills -- his credit card, my credit cards, his truck note we pay on our own. He made the decision to buy the truck, therefore he can pay for it. I made the decision to take out another credit card when times got tough, therefore I can pay for it. We take turns buying groceries. We take turns paying when we go out. But we always pay our bills on time. That way if he wants to go out and blow his money on a new motorcycle helmet, he is more than welcome to just as I can go out and spend my money on a new shirt or a new pair of boots.
1 person likes this
• New Zealand
17 Jan 08
me and my wife access our account..we are not separate ..eventhough we have separate accounts but i manage everything for her and mine ..so i call its our account rather than our separate account ...cheers
1 person likes this
• Philippines
17 Jan 08
Our ATM accounts are in the name of my husband and the checking account is in my name. Though we don't have a joint account, the money in all those accounts are conjugal. We are know the amount that comes and the amount that we spend. We have no problem when it comes to who handles the money. The only problem that we have with regard to money is that it is always insufficient to pay all our obligations. hahaha.....
@ersmommy1 (12605)
• United States
17 Jan 08
Facts are 50% of marriages these days end in divorce.Some couples I guess are trying to be prepared. Its sad but true. I share an account with my husband as well. But many don't. For many reasons. And some have both a joint and seperate account. The idea being "I need to be able to buy a cup of coffee without it affecting you"
1 person likes this
@garnet80 (354)
• Australia
17 Jan 08
When I was married our money was our money. I think that's the way it should be. My parents are a bit different. My Mum things of it as my Dad's money is her money and her money is her money. When you are married it should be a complete committment and should share an account.
1 person likes this
17 Jan 08
The checking account is in my hubby's name. When we changed mortgages, we had to change the checking account. My name is no longer on the mortgage so it is no longer on the current account. I don't have a clue as to what the bills are that he pays. I have a few bills of my own that I take care of myself. I get very little money a month for my expenses and that goes into a savings account in my name but he has access to it. It is a switch account in both of our names but it only has my meager money in it. He doesn't use it at all except to make the occassional deposit. I make a little money online and that goes into my own private savings account. If he can't afford to give me any allowance, then I have that to fall back on, but I prefer not to use it. Sorry, but my money is just that, mine. When I get my bills totally paid off, then my savings account will look good. That will go for mad money or vet bills. I'm just not used to not having my own money. I don't like having to ask for money that I know he can't afford to give me.
1 person likes this
• Canada
17 Jan 08
It would feel strange to me to not have joint bank accounts. However we still wouldn't stop each other from having our own personal savings accounts if we wanted to. Actually I do have one but hubby usually as a hiding spot in the house where he likes to put his money if he is saving up for something. For us we just have no stress or tension about money and no real rules exept maybe if we were on a tight budget and one of us wanted to spend a lot of money on something then we agree to talk to the other to see if we should or shouldn't do this. A freind of mine pays the bills and her hubby pays the morgage. They split the grocery bill down the middle. Loose change in their pocket at the end of a day goes into bowl on the counter and when it adds up to something the use it for a date night! Works for them! I just wouldn't like the part where when they take a holiday they also split everything down the middle. I know sometimes it creates problems so I just wouldn't like that.
1 person likes this
@eden32 (3978)
• United States
17 Jan 08
My ex & I had a joint account for household expenses and our accounts for our personal stuff. We each put a set amount in the joint account and the rest stayed with whoever earned it. My partner & I now do not have a shared account. We each have such bad credit we don't want to make the others seem any worse than it is.
1 person likes this
• Australia
17 Jan 08
My husband and I don't have any joint accounts. I guess we're just lazy cancelling our old accounts and redirecting all our direct debits, salary etc.
1 person likes this
@rajaiv0810 (1013)
• Philippines
16 Jan 08
It's good for couples to have a joint account. As me & my husband also have the same. But on the other hand I also have a separate account only under my name. The money which goes there came from my own salary of course. It is just 1 way of protecting myself and being ready all the time. What I am trying to say is that I always want to have something for myself because nothing is guaranteed, not even a relationship. I have learned it from friends who got separated from their husbands or wives. Besides you'll never know when it will come a time that you want to buy something pricey at least you have your own money for that.
@patgalca (13714)
• Orangeville, Ontario
16 Jan 08
I was married before and sharing the same account became a problem when he decided to take off and leave the marriage. I learned from that. My husband and I have separate accounts but I have full access to his because I no longer have an income. One of the reasons I didn't change accounts is because of direct deposit. If anything is direct deposited into your account then you have to notify the companies that you have a different bank account. It can be a hassle. I have my child tax credit payment from the government go into my account every month, and payments from the company I deliver catalogues for. My husband has a bunch of automatic withdrawls and those would have to be changed. We did open a joint savings account at one point but we needed the money so badly we had to close it.
1 person likes this
@luvstochat (6916)
• United States
16 Jan 08
My husband and I have a joint checking account he dosen't do much with it though his checks are direct deposit and I take care of the checkbooks balanceing and stuff I withdraw money out of the atm for my husband and he uses all cash he never writes a check on the account.
1 person likes this