Comments on: A Joint Bank Account Strategy for Couples

By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com

A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com — Fri, 05 Feb 2010 02:07:48 +0000

[...] Four Pillars has an interesting post on bank accounts and dating. [...]

By: Melanie Reformed Spender

Melanie Reformed Spender — Tue, 02 Feb 2010 21:02:33 +0000

When we were dating, my now husband and I would usually pay seperately for activites where it made sense and go back and forth for restaurants and such. It really wasn’t something we made a big deal out of either way. I think the younger generation has fewer hang-ups over a woman picking up the tab.

After we moved in together, we started to combine more things and got a joint account shortly before getting married. We think of our finances as one now, though we keep some seperate accounts so we each have a credit profile and access to funds in case the worst happens.

By: Mr. Cheap

Mr. Cheap — Tue, 02 Feb 2010 15:54:58 +0000

Ken: I was thinking more about sharing expenses before a couple is married (and after if they want to keep their money separate). Whether to combine their finances or not is an entirely different topic.

Mike: yeah, I thought so too.

Miranda: That’s cool (I’ve never passed a bill over to a woman like that, your husband’s the man! .

Guinness: “a couple of days”? Now this is a story I HAVE to hear!

MJ: You’re right, my assumption here was more a couple who are sharing expenses before they’ve decided to get married. I’m sure you didn’t combine all your finances on the first date (and someone paid for it, right?).

Mike-Part 2: What did you do when you were first dating?

By: guinness416

guinness416 — Tue, 02 Feb 2010 15:28:18 +0000

Nah we keep our chequing accounts separate and I make something approaching twice as much as himself. We just have the big bills come out of my account – the mortgage, most of our savings/investments, etc – which brings it more or less back to par. This keeps it real simple/low maintenance and avoids us policing how/how much the other spends our hard earned fun money.

By: Four Pillars

Four Pillars — Tue, 02 Feb 2010 14:38:08 +0000

We do the same as Michael James – it’s an obvious solution for us since I’m the one with the paycheck and Mrs. Pillars is the one with the hard job (and no paycheck).

I think separate finances can work if both spouses make roughly the same amount of money ie the higher earner makes within 50% of the lower earner. Beyond that and it would get a bit ridiculous. One person would have a much higher standard of living than the partner.

By: Michael James

Michael James — Tue, 02 Feb 2010 14:29:39 +0000

Implicit in your discussion is that each person in a couple keeps and spends their own money with the issue being who pays for “joint” things. My wife and I never thought that way after we got married. Even though we maintain separate bank accounts and trading accounts, we think of all money and major possessions (like the house) as jointly owned. The one of us who pays is the one who has a credit card handy or who has enough money in a chequing account. If either of us is short of cash, the other just hands cash over with no accounting. I suppose this only works because we both handle money well and are reasonably frugal.

By: guinness416

guinness416 — Tue, 02 Feb 2010 14:16:11 +0000

I’ve never really “dated” (we don’t really do that as students in Ireland and I moved in with the husband a couple of days after meeting him) but would be a bit miffed about macho/mad men guy. What would happen if I got a big raise and was out-earning him?

I guess the joint spending account works for people because I see it proposed all over the place but frankly it seems like a bit of a pain in the arse to me (as do the “allowances”, ugh, always proposed). Just combine it all or keep it all separate, says I.

By: Miranda

Miranda — Tue, 02 Feb 2010 13:21:44 +0000

When we married, we combined our finances into all joint accounts. It’s been working pretty well. But prior to marrying my husband, I always got to a certain point in the relationship where I felt uncomfortable with letting the guy pick up the tab. Oddly, a lot of them were like your friend, and were embarrassed if I paid. I think it has to do with long-held societal traditions that the man takes care of and provides for the woman. At any rate, my husband is a little different from other guys I’ve been with, in that he doesn’t mind the fact that I’m the one with debit card. Where we’re at, they always just automatically hand him the bill, but he just passes it to me…

By: Mike

Mike — Tue, 02 Feb 2010 11:47:32 +0000

Your friend sounds a bit weird about money – but whatever works!

By: Ken

Ken — Tue, 02 Feb 2010 11:03:49 +0000

I don’t recommend that couples combine accounts until they are married. Combining before marriage (commitment) can get very messy should it not work out. I guess its an individual thing.