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Bank Accounts and Finances - Separate or Combined?

hunleyweddinghunleywedding member
First Comment
in Ohio-Cincinnati
My fiance and I have been talking about what we are doing regarding our finances - whether to keep them separate or to combine our accounts.  It seems like I have talked to many that have kept separate accounts even after marriage - but the traditional thing to do is to combine.....I am curious as to what others are doing?  Any thoughts?
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Re: Bank Accounts and Finances - Separate or Combined?

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    Mrs.BedwellMrs.Bedwell
    First Comment
    edited December 2011
    We combined ours about a year ago. We've been together four and a halfyears and I've been handling his finances for about four years because he just doesn't know how to. I do have a seperate savings account tho.
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    hollsmvhollsmv member
    First Comment
    edited December 2011
    we haven't done it yet, but our plan is to combine.  we'll have a weekly "allowance" of fun money to do with whatever we want and then our paychecks are deposited into the appropriate accts for bills, etc.  just do whatever feels natural. I don't think there is a right or wrong way as long as there are no big secrets.
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    hccpsuhccpsu member
    First Comment
    edited December 2011
    We have a combined account for household expenses--we each contribute the same amount to that account every month.  Then we each have separate accounts for the rest of our money (plus we each contribute to our 401(k) accounts and IRAs).I think it's important to have your own account, but this is how my parents handle their money, too.
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    mollyfayemollyfaye member
    First Comment
    edited December 2011
    We currently have seperate accounts but I handle all of the finances with both of our accounts. We are combining, no real reason we haven't yet just haven't gotten around to it I suppose. I agree w/ PP that said just do whatever feels natural for you, everyone does things differently and you'll know what will work best for the both of you.
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    hunleyweddinghunleywedding member
    First Comment
    edited December 2011
    Thanks for all the thoughts - I was actually leaning towards separate accounts but was wondering if that was me being selfish:)  I like to know that I have my own money for things I want to buy.  I checked out the article too that you mentioned on The Nest - it just seems like having your own accounts but then a join account is alot to keep up with.  At the point I moved in 'officially' in May, I started paying him 'rent' each month and I take care of all grocery shopping.  We might simply keep up with something similar to this.
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    hrparkerhrparker
    First Comment
    edited December 2011
    Between the two of us, we actually have 5 accounts right now (we set up all of the "joint" ones after the wedding):(1) My personal checking, (2) H's personal checking, (3) Our joint savings (a money market account), (4) Our joint checking, and (5) My personal savings Our personal account are our "fun" money - neither of us gets to complain over anything purchased with that money.Our joint checking account has a set amt put in it each month - basically enough to cover all of our bills (rent, utilities, student loans, grocery delivery, etc.) plus a $1k cushion.  We don't each put the same amt in every month (H makes A LOT more than I do), so we had to figure out something that seemed "fair."  Our joint savings gets whatevers left over after we take out our fun money for our personal accounts (we each generally determine how much that from what is leftover after the money is put into the joint checking). This is our long-term savings -- basically our e-fund and our downpayment fund rolled into one.And my personal savings account get's about $50 - $100 a month from my "fun" money --I use it to save up for holiday and birthday gifts.
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    clearheavensclearheavens member
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    edited December 2011
    A good resource where they explore the pros and cons of all account options for marrying couples is CNN Money. Personally, I recommend having the best of two worlds with three pot: one combined and two separate accounts for His and Her.
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    eek214eek214
    First Comment
    edited December 2011
    Ours are combined too!!!! More accountability that way, I think.
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