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Friday, January 08, 2010

Marriage 101: Bank Accounts
OK, folks, before we can go any further with this grand plan of saving money and no buying anything new so on, I've got a big question.

One that both the Big Guy and I need some help with.

For those that are sharing a bank account with their special someone--how do you do it?
Does all the money you earn go into one account and you each get an allowance?
Do you have three accounts--yours, mine and ours--and a portion of your check goes into the "our account" and the rest stays in your own account?

What do you do?

I appreciate your thoughts!


The Ardent Viper said...

Okay, I know you asked for those that share accounts and the fact that we don't, I still feel compelled to assist because of the nature our non-sharing accounts work.

How it works here...One person is primarily incharge of paying the housepayment, bills, insurance, and buying of the food. The other person takes care of daycare, healthcare costs, phone, gifts, and other items the kids or we need.

So one could say we share accounts without really sharing. We both do have a little extra left over to do as we please too..

Rebecca Jo said...

I get alot of flack from friends & our church, but we have seperate accounts... but it works for us... we split the bills evenly & we split the cost of "house things" like tvs or appliances - things for the house - but then we cant complain about what the others buy (yarn for me - xbox games for him!).... Do whatever works for you & dont let anyone let you think its a right way or wrong way!

Amy said...

I agree 100 percent with Rebecca, there is no right or wrong way. We have always shared one account and do not have an "allowance". This was an easy decision for us because shortly after we were engaged I quit my job to move halfway across the country to be with my betrothed. He paid for most things while I was unemployed for several months. The shared account just seemed the way to go after that. Now it continues to work well for us because we are absolutely on the same page regarding saving and extra spending and we never hide purchases from each other. If one of us would have trouble sticking to our budget or have an expensive "hobby" (like golf) in which the other does not participate then I would definitely consider doing an allowance.

I do have to stress that being open and honest about finances is so very critical to a marriage. It is good that you are thinking about this before your wedding.

Christine:) said...

Hi Kelley! Thanks for stopping by my blog:)
My husband and I have separate accounts. Both of our names are on both accounts in case of emergency or whatever, but we do our own thing. We also have separate credit cards (one each). When I worked, my paycheck went into my account and his went into his account. It was simple and we never had an issue with it.

Good luck!

Tara said...

We have had a shared account since I moved here… 3 years before marriage. It works out well for us because we both know how much money we have and don’t spend out of our means. We also don’t buy *big* things without speaking with each other first. If someone needs or wants something we buy it or add it to the budget when we can. We are also on the same page with savings and financial goals. I agree that there is not a right or wrong way and that communication is best.

We have our personal email accounts and then a shared account. The shared email account is used to store passwords, online bill pay emails, and a spreadsheet of what to pay when and how much. We use it as another way that both people can stay on top of the finances. Once person is in charge of paying the monthly bills.

Tater Mama said...

Ah....one of the most common questions I hear people ask!

We have separate accounts, but like a couple of people who've already commented, each of us is responsible for paying certain bills. David makes a lot more than I do, so he pays the BIG bills, whereas I take care of daycare, grocery, Target/Walmart, my clothes, gifts (wedding, baby, birthday), the children's clothes and expenses, etc.

We have that "It all goes into the same pot and comes out in the wash" attitude, so there's really no reason for us to have separate accounts.

You'll find what works for you and the big guy.

Caren said...

Good morning. Hope you are staying warm. Well, being that we are on marriage #3... we do NOT share an account. What we do is have mine, your & ours. We each have our own account. We split the bills 50/50 - simple as that. That money goes into a joint account & the bills get paid. Now we do have a joint retirement fund and a joint home equity fund. It saves a TON of fights. Trust me on this front.

angi said...

hmmmm...it seems we're a little old school. we've shared accounts since we were engaged. mostly because we're not organized enough to balance all those accounts. we're a mish mosh of sharing. we each have our own retirement, although mine is not great so we're putting most of our eggs in his retirement. we both buy what we want, we just make sure there's enough money. i must say i'm the big spender so i need him to reel me in, and he does. i pay all the bills but if there's a big decision to be made, i talk with him, but ultimately it's me.

Tater Mama said...

Love that you stopped by today and quoted Steel Magnolias! Bwa-hahahahahaha!

The only thing that separates us from the animals is our ability to accessorize!

Have a great week! :)

Parenthood For Me said...

We have your, mine, and ours. Budget of spending money goes into the individual person's account. Bills paid out of main account.