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Message
re: Bank Accounts
Posted on 9/23/22 at 4:01 pm to Ag_16
Posted on 9/23/22 at 4:01 pm to Ag_16
From the time we got married, my wife and I figured up what our joint income was and then figured what % we each put towards that which was 68% me and 32% her.
Then we figured our monthly budget for bills and I paid 68% and she paid 32% into a joint account.
We each maintain our own personal savings and checking account. We do not share any credit cards.
Doing it this way allows each of us to spend our money on what we want without the other caring. We’ve gone 22 years under this system and we have never had a dispute about money. It probably helps that both of us are pretty tight with our money and we are able to help cover any unforeseen major expenses.
Work bonus is do not factor in to the annual income.
Then we figured our monthly budget for bills and I paid 68% and she paid 32% into a joint account.
We each maintain our own personal savings and checking account. We do not share any credit cards.
Doing it this way allows each of us to spend our money on what we want without the other caring. We’ve gone 22 years under this system and we have never had a dispute about money. It probably helps that both of us are pretty tight with our money and we are able to help cover any unforeseen major expenses.
Work bonus is do not factor in to the annual income.
1
Posted on 9/23/22 at 4:31 pm to Ag_16
We have joint checking and savings. All paychecks go into joint checking. We pay all bills out of this. A percentage of all pay goes to savings once a month (15%). We each get an “allowance”. This allowance is substantial and goes into a personal account we each have.
Allowance is for gas, eating out at lunch, or whatever. I never spend all of mine. It builds up and I end up buying expensive shite with it or using it to treat family for things l like nice dinners on vacation or whatever. My wife buys clothes and shite with hers.
The rest sits in checking and gets used for joint expenses (groceries etc) and when it gets big enough it goes to savings. When savings gets too big we buy something we’ve been saving for (think home renovations or new furniture) or lately pay college bills for kid..soon to be kids.
Allowance is for gas, eating out at lunch, or whatever. I never spend all of mine. It builds up and I end up buying expensive shite with it or using it to treat family for things l like nice dinners on vacation or whatever. My wife buys clothes and shite with hers.
The rest sits in checking and gets used for joint expenses (groceries etc) and when it gets big enough it goes to savings. When savings gets too big we buy something we’ve been saving for (think home renovations or new furniture) or lately pay college bills for kid..soon to be kids.
Posted on 9/23/22 at 5:27 pm to Ag_16
Pre marriage:
We had two bank accounts, two credit cards.
After marriage, finances changed significantly. We added her to my checking account and closed hers. We cancelled her credit card. We got a better credit card that we both have access to.
I had a separate checking account that I eventually closed about 2y later. It was never “not hers,” but I had some things set up with it that I was too lazy to change and gave her the ability to view it through Mint/Quicken
I still do have a separate credit card that our Sirius account gets paid through. They’re annoying to change with, and it’s our oldest credit line, so it stays open, but she would easily see if I used it, even if she doesn’t have a physical copy of it. I’m not sure I have a physical copy of it.
She has a business account and set up a personal account through the same bank for faster transfers. We’ve transitioned away from that bank and actually have her business account where our joint checking is now. I have access to her business account (again, it was never not visible to me. I just didn’t used to have my own login to it). She prefers me to handle paying us out of her business account and watching certain things, so it is kind of nice to have it in the same place.
We don’t really spend money without talking to each other if it’s more than the price of about a meal. Neither of us are particular frugal or spendy, so it works.
We had two bank accounts, two credit cards.
After marriage, finances changed significantly. We added her to my checking account and closed hers. We cancelled her credit card. We got a better credit card that we both have access to.
I had a separate checking account that I eventually closed about 2y later. It was never “not hers,” but I had some things set up with it that I was too lazy to change and gave her the ability to view it through Mint/Quicken
I still do have a separate credit card that our Sirius account gets paid through. They’re annoying to change with, and it’s our oldest credit line, so it stays open, but she would easily see if I used it, even if she doesn’t have a physical copy of it. I’m not sure I have a physical copy of it.
She has a business account and set up a personal account through the same bank for faster transfers. We’ve transitioned away from that bank and actually have her business account where our joint checking is now. I have access to her business account (again, it was never not visible to me. I just didn’t used to have my own login to it). She prefers me to handle paying us out of her business account and watching certain things, so it is kind of nice to have it in the same place.
We don’t really spend money without talking to each other if it’s more than the price of about a meal. Neither of us are particular frugal or spendy, so it works.
Posted on 9/23/22 at 5:38 pm to Ag_16
You can have a joint account but please keep separate accounts also. There are a million unlikely to happen things that could compromise one of your accounts and having a back up not associated with your spouse is a great back up to keep living if one of those highly unlikely things happen.
We keep separate accounts but we also both use the same account that just happens to be in my name. With modern technology we can move money in seconds on our phones and she has the CC's we use on her phone.
We keep separate accounts but we also both use the same account that just happens to be in my name. With modern technology we can move money in seconds on our phones and she has the CC's we use on her phone.
Posted on 9/23/22 at 5:39 pm to Hopeful Doc
Find what works with time.
Personally, when married I liked
1) Joint checking account.
2) Joint Warchest/Emergency fund account with minimal 3 then 6 months exenseses. No Cards.
3) Separate checking accounts that could never be greater then Warchest. Really at that point should be a investment anyways.
Personally, when married I liked
1) Joint checking account.
2) Joint Warchest/Emergency fund account with minimal 3 then 6 months exenseses. No Cards.
3) Separate checking accounts that could never be greater then Warchest. Really at that point should be a investment anyways.
Posted on 9/23/22 at 5:40 pm to TechDawg2007
If you don’t trust her enough to have just have joint accounts with her then don’t get married. Not worth the head ache of a divorce
Posted on 9/23/22 at 7:03 pm to Ag_16
quote:
So you have 1 single account between you and your wife?
We have a single joint checking. We also have 2 joint savings accounts. Neither of us have a personal non joint bank account.
We pay everything with credit cards and pay it off at the end of the month. So our checking account does have 1000 transactions. We are each authorized users on the others credit cards.
Having separates accounts functional does nothing but allows for hiding spending. That’s it. Maybe you want to hide the spending and that’s someone’s choice but it doesn’t actually change anything. The spending took place.
Posted on 9/23/22 at 7:04 pm to bod312
quote:
Having separates accounts functional does nothing but allows for hiding spending. That’s it.
Some of you are cynical bastards
Posted on 9/23/22 at 7:16 pm to Mingo Was His NameO
Please explain what function does it serve besides hiding spending either intentionally or unintentionally. Please provide how that function is impossible with a joint account.
Posted on 9/23/22 at 7:20 pm to Ag_16
quote:
fiancé
quote:
A&M Fan
Checks out.
Posted on 9/23/22 at 8:40 pm to Ag_16
Do what works for you.
My wife and I each have our own checking. But joint savings. And we divide up the bills.
However, most importantly, we can see and monitor every account. So it's separate but really under one umbrella if that makes sense
My wife and I each have our own checking. But joint savings. And we divide up the bills.
However, most importantly, we can see and monitor every account. So it's separate but really under one umbrella if that makes sense
This post was edited on 9/23/22 at 8:43 pm
Posted on 9/23/22 at 8:52 pm to Ag_16
We have a joint checking, joint savings as an emergency fund, and a joint sub savings for expendable cash for large purchases. We also jointly manage a single budget to track purchases. We also agreed to not make purchases over $300 without talking about it first. This works great for us, and there's many routes to choose, but no matter which route you go it's incredibly important to maintain constant annoying conversation about your finances. That shite will ruin a marriage quicker than Arnolds Mexican maid.
I also highly recommend "you need a budget (YNAB)" as budget tracking software.
Lastly, ignore everything Mingo says. He's on par with OweO for winner of worst post history.
I also highly recommend "you need a budget (YNAB)" as budget tracking software.
Lastly, ignore everything Mingo says. He's on par with OweO for winner of worst post history.
This post was edited on 9/23/22 at 8:56 pm
Posted on 9/23/22 at 8:52 pm to Ag_16
I know this is page 3 and I haven’t read all the replies but this is what we do.
We have 4 accounts. Bills, savings, then our personal accounts. She makes about half of what I do and has no interest in finances. We sat down and determined what we’d need each month for bills and what we’d need/want a month for personal expenses. Everything after that goes to savings. With the pay disparity between us I basically end up funding 100% of our savings from my check.
This works for us because I usually save for bigger items (guns, trips, etc) and she likes small stuff (coffee’s, target, Amazon). We can each buy whatever we want and not have to ask for “permission”.
We have 4 accounts. Bills, savings, then our personal accounts. She makes about half of what I do and has no interest in finances. We sat down and determined what we’d need each month for bills and what we’d need/want a month for personal expenses. Everything after that goes to savings. With the pay disparity between us I basically end up funding 100% of our savings from my check.
This works for us because I usually save for bigger items (guns, trips, etc) and she likes small stuff (coffee’s, target, Amazon). We can each buy whatever we want and not have to ask for “permission”.
Posted on 9/23/22 at 9:01 pm to bod312
quote:
Please explain what function does it serve besides hiding spending either intentionally or unintentionally. Please provide how that function is impossible with a joint account.
Only thing I’ll say to this is it’s nice not having to call the wife every time I’m about to make a big purchase to make sure she also isn’t about to make a big purchase.
Posted on 9/23/22 at 9:30 pm to bod312
quote:
Having separates accounts functional does nothing but allows for hiding spending. That’s it.
Or, it:
Makes it easier for internet banking from a business account (outlined above)
And then another thing that I didn’t exactly detail since I felt my post was getting long:
I had a personal checking account but no business account
I had quite a few streams of income that got paid directly to me
Since I had no real reason for deductions, I used that account to keep track of income i needed to make estimated tax payments on, and, as it was early in our careers, it was going to function as our emergency fund as well. It was much easier than opening a new business account or tracking those specific checks in our joint account.
It can certainly serve more functions than discrete spending.
Earlier, we debated a personal checking for each of us that reset to some amount per month that the other couldn’t/wouldn’t question- sort of an “allowance” account. There is also nothing wrong with discreet spending accounts, particularly for keeping track of things easier, if that’s something that’s important to your finances (he spent/she spent).
Turns out, neither of us really wanted/needed to have such an account, because neither of us is really interested in buying things without talking to the other, and neither of us particularly stands in the other’s way.
Posted on 9/23/22 at 9:55 pm to Ag_16
Maybe I'm just old fashioned, but are you getting married to someone you love or are you getting a roommate? One house one account. Have some savings accounts for things yall want to save for (Christmas gifts, vacation, retirement for both, in case shite happens, ect). Have some personal stuff accounts if there is some left over. Don't worry about who makes X and do some complicated math of "fairness". Trust me there will be other non monetary things that will require a lot more work through life.
Kids? Who has to pay for diapers this month, I paid for the last too? Their friends come over and eat food in the fridge, do you send them an invoice? You going to evict her if she cant make rent?
There is no more me...its we.
18 years in...
Kids? Who has to pay for diapers this month, I paid for the last too? Their friends come over and eat food in the fridge, do you send them an invoice? You going to evict her if she cant make rent?
There is no more me...its we.
18 years in...
Posted on 9/23/22 at 9:58 pm to NOLAGT
quote:
One house one account.
quote:
Have some savings accounts for things yall want to save for (Christmas gifts, vacation, retirement for both, in case shite happens, ect). Have some personal stuff accounts if there is some left over.
So which is it?
Posted on 9/23/22 at 9:59 pm to DivotBreath
quote:
Doing it this way allows each of us to spend our money on what we want without the other caring. We’ve gone 22 years under this system and we have never had a dispute about money.
Serious question, do y’all have kids? If so, does your wife buy something for your kid and send you an invoice for 68% of the cost? How do you handle maternity leave if she wasn’t making money at that time?
Posted on 9/23/22 at 10:01 pm to Mingo Was His NameO
quote:
So which is it?
Not worry about who makes what. I should say one income.
This post was edited on 9/23/22 at 10:29 pm
Posted on 9/23/22 at 10:14 pm to bod312
quote:
Please explain what function does it serve besides hiding spending either intentionally or unintentionally. Please provide how that function is impossible with a joint account.
It makes budgeting personal expenses easier. If I transfer my “allowance” into a personal account, I can more easily keep track of how much I’ve spent on myself this month, and how much I have left to spend. If I just spent that money on my credit card that we use for joint expenses, I’d have to sort through dozens of transactions to find that same information. Could it be done all on the same account? Sure, but it’s actually more visible if it’s in it’s own account (my wife has visibility on my personal account, and I have visibility on hers). We aren’t hiding anything, it would actually be more “hidden” if it was done on the card with dozens of transactions on it.
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