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re: Bank Accounts
Posted on 9/23/22 at 10:37 pm to Ag_16
Posted on 9/23/22 at 10:37 pm to Ag_16
quote:
2.5 bank accounts for each of us ex: a personal checking/savings and a joint account which we both put a % of our paychecks in to use for paying bills and other house needs.
I feel that complicates things.
Either do 1 joint or just 2 separate. I'm a fan of the 1 joint for checking.
Every marriage is different. My wife loves that I handle 100% of the finances. I do as well.
quote:
But recently I’ve had a few people tell me we should just have 1 joint account and do everything out of that, I’m not a huge fan of that idea but wanted to get some more opinions on what the right game plan is
It does take some trust. We actually joined after we got engaged but I had no doubts she's who I wanted to be with for life.
Good luck to y'all. That's an exciting time in life. Enjoy it.
0
Posted on 9/23/22 at 10:55 pm to Ag_16
We combined checking/savings, separate legacy credit cards out of convenience which get paid off every month but I can see everything on Mint.
How are you going to create a comprehensive wealth plan and budget if you don’t plan as a team? Every couple is different but I just don’t get keeping things separate.
How are you going to create a comprehensive wealth plan and budget if you don’t plan as a team? Every couple is different but I just don’t get keeping things separate.
This post was edited on 9/23/22 at 10:59 pm
Posted on 9/24/22 at 12:09 am to Ag_16
Two separate accounts. Divy up the bills proportionate to your incomes.
EX. You pay the mortgage, car insurance, utilities. She pays for groceries, Netflix, and cell phones.
EX. You pay the mortgage, car insurance, utilities. She pays for groceries, Netflix, and cell phones.
Posted on 9/24/22 at 12:21 am to GAFF
quote:
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.
Why would you have to do that? For starters everything we purchase is basically on a CC unless they won't allow it to be on a CC. So the checking account doesn't really matter for that. Even if we both bought extremely large purchases in the same billing cycle of a CC then with a couple clicks I could transfer money from a savings to the checking account.
Maybe I am missing something but I still don't even see how separate accounts is better here. If you kept the same amount in checking (the 2 separate accounts combined versus the 1 joint) then if you can both buy large purchases without overdrawing your separate accounts then you wouldn't overdraw the joint account.
For this to even be an issue, the purchases would have to be extremely large multiple $1,000s or even $10,000s. I guess some people run their checking account to basically 0 but we don't cut it that close.
Posted on 9/24/22 at 12:27 am to Hopeful Doc
Obviously you should have a separate account for the business. I don't see how paying your joint account for her income versus a separate account for here is any different.
I guess it would save you about 5 minutes of extracting the transactions and then adding up the specific ones for your income. I would also imagine if your few streams of income had a lot of deposits then there are tons of software options to make this simple for tracking if excel is too much of a pain.
All of this right here is just referencing if you want to hide your spending from each other or not.
quote:
Since I had no real reason for deductions, I used that account to keep track of income
I guess it would save you about 5 minutes of extracting the transactions and then adding up the specific ones for your income. I would also imagine if your few streams of income had a lot of deposits then there are tons of software options to make this simple for tracking if excel is too much of a pain.
quote:
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.
All of this right here is just referencing if you want to hide your spending from each other or not.
Posted on 9/24/22 at 12:33 am to Epic Cajun
quote:
f I just spent that money on my credit card that we use for joint expenses,
The OP is about bank accounts not credit cards. You can have separate credit cards that you pay from 1 joint checking account. Having 3 cards (1 for each and 1 joint) would make a lot of sense and make it very easy to see what was the house expenses versus personal. I could also see it getting complicated. Your wife goes to target and buys 5 things for the house and 3 for herself. Is she supposed to do 2 separate check outs for the 2 different buckets of spending? You would also have to be very detailed on what goes in the joint/house card versus what is personal.
This post was edited on 9/24/22 at 12:37 am
Posted on 9/24/22 at 7:45 am to bod312
quote:
The OP is about bank accounts not credit cards. You can have separate credit cards that you pay from 1 joint checking account. Having 3 cards (1 for each and 1 joint) would make a lot of sense and make it very easy to see what was the house expenses versus personal. I could also see it getting complicated. Your wife goes to target and buys 5 things for the house and 3 for herself. Is she supposed to do 2 separate check outs for the 2 different buckets of spending? You would also have to be very detailed on what goes in the joint/house card versus what is personal.
We have one joint checking and savings, each have a personal checking, and we have a credit card that is used for all of the joint purchases. So, if she were to go to Target and spend $100 on the credit card, but $30 of it was for clothes or other personal stuff, I would expect her to transfer $30 from her personal checking account to the joint checking account that pays the credit card bill. It’s not too complicated. We each get the same amount in our personal checking every month. It’s essentially a “joint” setup, but we each get a bit of no questions asked money every month, and we aren’t super strict about it, there are some things that are borderline, but I’m not a stickler. I mostly do it to budget my own personal spending per month, because if I don’t have a budget, I can kinda go crazy at times
This post was edited on 9/24/22 at 7:51 am
Posted on 9/24/22 at 8:31 am to TheWiz
quote:
Do some of you guys really ask your wives to transfer $27.55 to you in order to split the internet bill? Let alone for every bill?
That would wear me out for every single bill.
No, I just added up all the bills. Took an average on what electricity and water typically is. And she just transfers me half of that every month. I don't add it up it up every month or have her transfer half of every bill.
If anything drastact change like home insurance going up I'll readjust it for the next year, etc.
Posted on 9/24/22 at 8:56 am to Ag_16
Joint checking account. We are too old for playing roommates.
This post was edited on 9/24/22 at 8:58 am
Posted on 9/24/22 at 8:57 pm to Ag_16
quote:
The main issue is she doesn’t make as much as me. So she’s worried that if we do the joint account she won’t have much left for her other accounts, she said she’d just rather put her whole paycheck in the joint account instead of a %
She's full of shite. Lol
Posted on 9/25/22 at 1:14 pm to Ag_16
We never combined 14y later it is working
I like your idea of shared bills account and then your own accounts.
Key is who cares what others say what works for you two.
We have combined savings - but separate checking
I like your idea of shared bills account and then your own accounts.
Key is who cares what others say what works for you two.
We have combined savings - but separate checking
Posted on 9/25/22 at 1:15 pm to GrizzlyAlloy
quote:
Two separate accounts. Divy up the bills proportionate to your incomes.
EX. You pay the mortgage, car insurance, utilities. She pays for groceries, Netflix, and cell phones.
This what we do
Posted on 9/25/22 at 3:58 pm to Ag_16
My wife and I have separate accounts. I pay for everything and then she pays me her half at the end of the month. It works great for us but if you have kids it would make it more complicated.
Posted on 9/25/22 at 6:00 pm to Ag_16
My wife of 26 years and I have had a household account and separate checking accounts since marriage and it works for us. A majority of our earnings go to household and all bills are paid from there.
Posted on 9/26/22 at 12:21 am to Ag_16
If you don’t trust her with your money why are you getting married? Seriously, if you two can’t work out how to have a single bank account you should just live together and not marry. Every couple I know who did the two separate accounts things is miserable or divorced. The idea of “splitting bills” is bizarre in a marriage.
Posted on 9/26/22 at 4:31 pm to Ag_16
Combining checking accounts to a joint account made budgeting much easier and provides transparency so there’s no frickery going on. Mostly by me lol
This post was edited on 9/26/22 at 4:31 pm
Posted on 9/26/22 at 6:37 pm to JumpingTheShark
quote:
there’s no frickery going on. Mostly by me lol
Why I don't want to combine
quote:
Combining checking accounts to a joint account made budgeting much easier
This is why it's a pain
My wife is shocked anytime a non weekly bill comes up
Posted on 9/26/22 at 8:03 pm to Ag_16
quote:
The main issue is she doesn’t make as much as me. So she’s worried that if we do the joint account she won’t have much left for her other accounts, she said she’d just rather put her whole paycheck in the joint account instead of a %
Put it in a pot. If you make 75% of the income you pay 75% of the bills, school, vacation etc. You will pay a larger percentage rate of the bills and she’ll have money left to play with.
Posted on 9/28/22 at 5:10 pm to JumpingTheShark
That’s what we ended up doing. My main “worry” of a joint account was having to dig through all the target, Amazon and hobby lobby transactions to make sure the light bill gets paid lol I wanted 1 account specifically for bills but it just makes the most sense to do one joint account.
Posted on 9/29/22 at 12:22 pm to Mingo Was His NameO
quote:
Mingo Was His NameO
quote:
Only Boomers that are leveraged to the tits and will never be able to retire say this
Let's revisit....aren't you single?
Case closed.
This post was edited on 9/29/22 at 12:23 pm
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