8/4 -QOTW - Joint, Separate, or Together!

Re: 8/4 -QOTW - Joint, Separate, or Together!

• Jeffie86

  

  August 2010 edited December 2011

  We've got a joint account.  My parents and sister/brother in law both have joint accounts, and I never thought twice about it.  We're joining our lives, and our finances are thoroughly a part of that. 

  

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• GJones27 member

  

  August 2010 edited December 2011

  We have to do joint accounts even before we get married.  My FI is a foreign national, and the government looks to see if you combine assets as proof that you have a bona fide marriage.  But we may get two joint accounts... one that he'll primarily use (he prefers Citibank, which is more international for him) whereas I love the convenience of Bank of America.

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• mohutch37

  

  August 2010 edited December 2011

  We are probably going to do a combination. We already have a joint account used primarily for tithing, but have automatic payments and such set up with individual accounts. We are thinking that the other person will gain access, but keep the money in separate accounts so we can make sure that money is spent (and saved!) according to our plan. We absolutely loved the book "Your Money Counts" that was required for our PM counseling. (And a "Yay" for Crown Financial Ministries! I heard about them through this book.) We also have the attitutude that we are now one and we should carry this out in managing our finances. =D
  
  

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• FutureMrsMcDaniel

  

  August 2010 edited December 2011

  We will have a joint account.  My parents have a joint account, but Mom has a special account for when she gets money from her mother or for commission work she does.  She is able to take the money and buy Christmas presents and things without Dad knowing about the secret gift.  Dad knows about the other bank account though.

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• iamjoesgurl member

  

  August 2010 edited December 2011

  We each have an account that money is deposited into for spending and we have ATM cards for our spending $$ account.  Everything else goes into a joint account for bills and other spending.  By having our separate ATM access accounts, we do not need to pre-approve our misc. spending because there is a limit to the money in the accounts.  We agreed upon an amount into each account and it has worked really well for us. 

  
  

  If we had to really tighten our spending (due to a layoff or something), we'd probably re-think that strategy, but it is working now.

  
  

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• CourtneyBC

  

  August 2010 edited December 2011

  I know not everyone thinks this way, but I feel like keeping accounts seperate is like saying, this money in this pile is mine, and that money in that pile is yours. In marriage, I think everything should be "ours." We thought about doing a mix, but it just wasn't for us.

  

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• erollis member

  

  August 2010 edited December 2011

  We have a joint account now and we will continue to have a joint account. I pay most of the bills and keep up with the balancing of the checkbook.

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• iamjoesgurl member

  

  August 2010 edited December 2011

  I should have explained that the purpose of our separate accounts is so that it is not a pain to reconcile a checkbook.  Since our separate accounts are really just spending money, we each just make sure that we don't overdraft those accounts.  It just makes it easier so that we didn't end up having trouble balancing the checkbook because of our ATM withdrawals.

  
  

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• kitkatherine

  

  August 2010 edited December 2011

  I should preface this because my FI & I have been openly sharing our money since a VERY early point in our relationship.  We have always been open, we consider our money a "pool" although it currently rests in separate accounts, and have a joint credit card that we pay half and half.  It just seemed natural to do - we love each other, we share everything.

  
  

  When we marry it will be joint, no question.  I am so sick of trying to randomly figure out in a store which account has more money.  Usually it's like a bad game of tennis on which account gets used.  Drives me nuts!

  
  

  I control the money as it is now.  I pay all the bills.  I make sure things are good.  FI yells at me for spending too much money on purses.  It's a great balance actually.  I haven't bought a purse in quite awhile ^_^  We keep each other in check basically.  We openly discuss each purchase.  I don't think we've ever really fought about money.

  
  jason + katherine - wedded 6.18.2011

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