Get ONE checking account?

katheriner89

My FI & myself were talking about this, so I figured i'd try to get some other opinions.

After we get married, should we get one checking account for both of us?
Or keep two different accounts?

I am more of a saver, never really splurge. My FI never saves & always splurges.

one side of me wants one account, because I just think that's the "married" thing to do... but the other side of me wants to keep my own account.

Any suggestions?

Meg1979

We are keeping our original accounts, but we are opening an account together. 

annagtz82

I voted to open one together but also have a seperate one for each of you becuase that's the way I would prefer to have it. I've always been on top of my finances and I don't know how it would work if we were to have a joint account. I also like to have my own money to spend. But...I don't think that's going to happen.

[Deleted User]

This is really a personal decision that needs to be discussed prior to marriage. We have a joint checking and savings account. We always knew we would combine our accounts after marriage, but different couples do different things. What works for one couples situation, may not work for others.

redheadfsu

We kept our previous accounts, but opened a shared checking and saving. Every pay period we deposit  a portion into the joint. It is nice to have accounts for joint expenses, but I still have my account for things just for me (like clothes).

SarahPLiz

We actually jsut got back from the bank where we changed the name on my account and applied for a joint on. We will both still have our own personal accounts. We will direct deposit both our checks into the joint account, with a set amount going to our personal accounts each pay period. This way we don't have to worry about being overdrawn when the other makes a purchase we don't know about, and we can buy gifts for each other, etc. 

DanielleZZ

My FI and are the same way, I save/he splurges, this is why I am in charge of $; I use $ for food/bills and the rest gets saved if he wants to spend we talk about it first.  After the wedding we will have 1 joint checking, 1 joint savings, 1 checking for each of us.  Both of our names will be on all accounts for emergencies but only 2 will be used as joint.  We already have all our credit cards in both names so those will stay the same.

NillaWafer10

We both have our own checking accounts to prevent overdrafts.  We both have access to each other's accounts, and we plan on opening a joint checking for bill paying and savings.

Beachy730

We had to close our old accounts that we each had because they were local banks in our hometown and aren't on the west coast.  But we opened a joint checking and a joint savings account, and then we both have our own accounts too.  All the accounts are linked though, and neither of us have any money in the single accounts right now.  It would just be near impossible for us to have separate accounts with him deployed. 

impslave

We have separate accounts for our individual bills (credit cards, entertainment), but a joint one for our home's expenses.

Summer2011Bride

We're keeping separate accounts plus opening a joint account for joint expenses (rent, bills, traveling, household items, etc.) Pretty much we will only use our separate accounts for things that apply to one of us (like when I get my nails done, if he buys a sports mag, etc.). Some people disagree with this and think "what's mine is yours" and you should just get one account and buy everything out of it. I do agree that we share money now; I honestly just would prefer having more than one checking account open, and since we each have ones now, we might as well go with that.

mkrupar

We have one joint account and we each have our own savings account. When we moved in it was easier to pay bills through one joint account. We didn't have much left over from checks to move into separate checking and savings accounts, so we opted for the savings accounts so we can each have our own savings. Neither of us are big spenders and we make big purchase decisions together. This works for us.

AmeliaAndSeth8890

We are the same (I'm the saver, he's the spender) and so we are going to have our own accounts and then one joint that is just for bills and savings TOGETHER. Otherwise, mine is mine, his is his. We both deposit our "half" of the bills into the joint (as well as a little bit so we can start building an emergency fund), but he can go shop if he wants to, and so can I.

Storytime

We opened a joint high-yield savings account and put the money we got as engagement gifts in there, since it belongs to both of us equally.  We'll put any monetary wedding gifts in there, too.  We'll probably open up a joint checking account, too (in addition to the savings account) after the wedding, but we'll be keeping our own, too.

kalizoomba

I'm not sure how much money FI has in his account(s) but I don't have much. We agreed to keep what we have in our own accounts and open a new joint account. When we get married, we agreed to take a quarter of our paycheck and put aside in our own accounts, and put the other 75% in the joint account. Our single accounts can be used to buy birthday presents for the other, or things for ourself - or whatever we want. It also serves as a "back up" in case something happens and one spouse gets mad, takes all the money and leaves. (this won't happen, but FI likes to think about all the "What If's")

aerinpegadrak

It's definitely a personal decision.  We haven't combined finances and don't intend to; I like that we don't have to feel obligated to run every little purchase by each other, and there's not resentment that one of us is spending the other's money.  We don't have any joint accounts, but basically he pays all the bills and day-to-day expenses and I write him a check once a month for my half.  It works for us.

I think this is really something that the two of you need to decide together.

meganyani

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_one-checking-account?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:8196bbd0-b45e-4f0d-8e45-d2961d1965dePost:491f4de4-a8c1-42e6-81a2-c17e0f009ed7">Re: Get ONE checking account?</a>:
[QUOTE]It's definitely a personal decision.  We haven't combined finances and don't intend to; I like that we don't have to feel obligated to run every little purchase by each other, and there's not resentment that one of us is spending the other's money.  We don't have any joint accounts, but basically he pays all the bills and day-to-day expenses and I write him a check once a month for my half.  It works for us. I think this is really something that the two of you need to decide together.
Posted by aerinpegadrak[/QUOTE]

We are almost the same, except I keep a savings account that is under my name but we both use if needed. Otherwise everything is separate. He owes child support and has very VERY different expenses than I do so we thought it best in our situation to keep it apart. Husband also doesn't balance a checkbook and I do so it just wouldn't work, hahaha.

It's a very personal decision so decide on it beforehand!

MyNameIsNot

This is such a personal decision.  You need to sit down with all of your bills and your paycheck stubs, and come up with a monthly budget.  From there, you can discuss how to best handle the accounts.  

We found that it was easier for us to just keep separate checking accounts and divide bills up.  I'm terrified of over-drawing, and we prefer to not have to worry about each other's daily spending.  We also opted to have both joint and individual savings.  The joint is for big savings (house, emergency) while the individuals are for more discretionary, such as I've been putting aside money for holiday spending in mine.  

katheriner89

Erin, I'm the same way- I think it would work better if we kept them as they are. We've talked about it. We are going to open a joint account & use it as savings.
($100 a month into the account)

Problem solved.
Thanks ladies

jemmini6

My FI and I have been living together for about a year and a half now and we like how our finances are now.  We intend to keep our individual checking and savings accounts and we will turn our joint 'wedding' savings account into a 'travel' account after we are married.

Our arrangement works for us now, so there's no point to change it.  I'm sure things will change eventually (particularly once we start a family) and we definitely plan to readdress the situation when we need to.  We are still very open and honest about our situations though...I know how much he makes, saves and spends and he knows how much I make, save and spend.

Kate504

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_one-checking-account?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:8196bbd0-b45e-4f0d-8e45-d2961d1965dePost:780fccc1-d997-49ab-bfd4-0f3adc45c59a">Re: Get ONE checking account?</a>:
[QUOTE]We both have our own checking accounts to prevent overdrafts.  We both have access to each other's accounts, and we plan on opening a joint checking for bill paying and savings.
Posted by NillaWafer10[/QUOTE]

We are no where near getting married but we have decided on this. Having a joint checking for household expenses and a joint savings. Then having our own account which we will both have access to, checking and savings if wanted. If only one person has access it could cause problems if someone were to pass away and there were no will.

aerinpegadrak

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_one-checking-account?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:8196bbd0-b45e-4f0d-8e45-d2961d1965dePost:eae18eab-cdf2-4be7-936e-9e183104778d">Re: Get ONE checking account?</a>:
[QUOTE]In Response to Re: Get ONE checking account? : We are almost the same, except I keep a savings account that is under my name but we both use if needed. Otherwise everything is separate. He owes child support and has very VERY different expenses than I do so we thought it best in our situation to keep it apart. Husband also doesn't balance a checkbook and I do so it just wouldn't work, hahaha. It's a very personal decision so decide on it beforehand!
Posted by meganyani[/QUOTE]
I don't really balance a checkbook, necessarily, but I kind of mentally keep track of when money in my checking account is earmarked for certain large expenses.  It would really screw with things if DH withdrew that money for something, even something necessary, not knowing how I've already allocated it.  We also both brought in our own personal debts into the relationship (credit cards and student loans for me, student loans, car payments, and various other small loans for him), so it's much easier for us to just continue paying on those as we have been, rather than to try to work out a combined budget that accounts for everything.

It probably helps that we have a fairly comfortable income, so we don't really need to set a strict household budget to keep ourselves afloat.  If we were in (or if we ever get in) that situation, we'd probably end up moving toward a single account to make the budget easier to track.

jessienjeremy

We have joint. I dont go out and spend.. FI does. After the bills are paid he will spend what is left. I am not the type to live paycheck to paycheck. So I will say it has been a battle getting him to realize how much he spends on food and going out.  Sometimes I win.. sometimes he gets defensive and it goes nowhere. If you get a joint one.. have a gameplan laid out.

colstj

We plan on keeping our current accounts and then opening a joint one for bigger purchases that we make together. But I would really like for each of us to have our own "fun money" accounts and we can choose to do what we like with that.

mattycam

FI and I have a joint account but still have separate accounts

katiejo86

FI was totally willing to let me have control, so we have one account that I keep track of.  All of our acounts ie. loans, checking, savings are joint now, and that's how we like it.  It's easier for us, but it's a decision that should be made before getting married for sure!

megk8oz

Between us, we have 6 accounts. We each have our own individual checking and savings that is ours to do whatever we want with, as long as we don't overdraw the accounts and pay our share of the bills on time. Pretty much the only "rule" we have for these accounts is "No spending it on hookers and blow", lol.

Then we have a joint checking and savings that's for all of the bills (So we can both see that they are being paid) and saving up for major expenses like home renovations or vacations.

I like our system, it works really well for us.

npwlab11

As many PPs have said, only you and your FI can make this decision because every couple is different. 

I guess my FI and I are old school because we believe in having "one money".  We started dating 6 years ago in college and even then it was never important to us to keep track of who paid for what. 

FI decided to add me to his checking and savings accounts after we got engaged and I added him to my AmEx.  I am planning on closing my checking account once we are living together.  I don't really like thinking about money so I'm glad he is happy to handle the bills (yet keep me informed).

To each his own...

vegasgroom

My FI and I have dramatically different incomes so we've just kept everything seperate.  She moved in with me when we got engaged so basically to avoid any arguments related to finances I've just kept things exactly as they were paying for the things I'd be paying for anyway whether she was here or not, she pays for things she needs and whoever happens to go to the store tends to pay for groceries but more often than not that's her since I used to eat out all the time.  This works well for us because I never looked at her moving in as a way to decrease my expenses so now we never even really talk about money which leads to no arguments.

J&K10910

We live together so we have two joint accounts--a savings for the wedding and a house, and a checking for mutual expenses (rent, utilities, groceries, etc).  Since FI makes a lot more than me we both put in a percentage of our checks so we're making the same contributions relative to what we're making (even though he pays more).  Then we each have our own separate accounts (and I have a separate savings and checking) that's our money to do whatever with, though we still discuss major purchases (like FI just bought a gun and we talked about it before he bought it even though it was just his money he used).