How important do you think it is for marriages to have a joint bank account?

Question

Should there be a joint one at all? Would you feel comfortable having a shared one? Would you be okay with it if you were able to keep a separate one for yourself?

MaazHussain · Accepted Answer

In my opinion being a financial consultant, people in marriage should have at least 3 joint accounts (one for day-to-day household expenditure, one for emergency funds and one for savings for their financial growth) as well as their own separate accounts.

First make a budget of your day-to-day household expenses which is the most important thing to do, and set some amount aside for emergency funds and some for savings and contribute it accordingly to the joint accounts.

Contribution to the joint account should not necessarily be equal, it can be based on the income of individuals and along with tax planning.

Also, stop using checking accounts, and start using savings accounts. Stop using debit cards and start using credit cards. Emergency funds and savings should be invested in low-risk mutual funds so they can grow over time. As they money kept in banks lose its value over time. If you can get a credit card, get it for every member of your household, invest your day-to-day household amount into one-month savings certificates so the amount can earn interest, also do not spend more than what is your monthly budget is and try to get the highest credit card available as it comes with greater benefits.

Once you’ve apportioned your income into these three heads, remaining amount is all yours. Spend that amount the you want to without any obligation towards your family. Whether you want to purchase gifts to your spouse, children or any other family members, or you want to spend on any luxury things you want to purchase, or you want to donate them, or you just want to simply burn them - its up to you, how you want to spend them and you don’t have to think twice due to certain obligations towards your spouse, children before spending them as you have already fulfilled that.

21Cowboy21 · Accepted Answer

I work in banking. Joint accts are great for shared mutual household expenses both parties can contribute to or take from for shared purchases the household will all benefit from anyway like food rent and supplies.

Personal purchases for the individual like each having a separate car if within the budget to have two (1/adult) and the kids dont need one of course as they dont earn enough to justify that privilege until they're adults and can afford the gas they use anyway to teach them to be financially responsible. Or things like clothes and items or electronics that only the individual may use should be kept seperste as much as possible for ease of budgetting is how I would advise.

But each household has their own prefered way to budget that works well (or unwell in some cases) for them. It may also depend on the individual parties if one happens to earn a lot more than the other they may chip in more for mortgage payments or travel, or seperste of incomes, one party may be less financially responsible than the other. This can alter the above advice.

DizzyDesii · Accepted Answer

I almost made the mistake of getting a joint account when i was in my longest relationship. Thank goodness I did not. I refuse to do a joint account. The only way i’ll consider it is if we have a joint and two separates but i’m still in favor of totally separate accounts. I dont really trust banks anyways so not even they may not be aware about the whereabouts of my future stash. But as long as the guy and i agree on what bills are solely ours or split between us, then i see no reason to share an account

Aerissa_Jade · Accepted Answer

It is important to me, because otherwise we are merely married roommates. If you don't have the trust to share an account, you have no business being together.

Guy13 · Answer

In the name of relational and marriage transparency a joint Operating Account, whether Business or Personal is a necessity. Other ground rules such as no credit card usage except for a real emergency should be signed and agreed upon.

There must be one account where all sources of Income accumulate and one person in-charge. From there, 20% go into Joint Saving and the rest of the monies can be disbursed into individual checking accounts with agreed shared Responsibilities. If you exceed your 4000.00 month or whatever allowance then you are on your own. If you don't take 20% off the top in reserve or savings then don't come crying to me later when one "needs" something. If you do not plan for your portion of the vacation then tough etc...

coachTanthony · Answer

You should always have a joint bank account that both contribute too for bills, vacations, college, etc but also maintain separate accounts to maintain the freedom of not having one or the other always approve or disapprove of something you are buying.

Apple1996 · Answer

Yes very important. It shows that a couple comes together as one even financially. Without doing that they might as well just stay dating. Me and my husband have both joint and some separate accounts but still have full access to eachothers separate accounts.

dynamicyandere · Answer

Ultimately, to each their own.

I believe it’s perfectly fine to have separate accounts.

In fact, it may be better for several reasons.

1. If one of you is more financially responsible than the other. Your credit score and debt isn’t going to go out of control if you keep things separate. If they aren’t financially stable, you can help them. If they f*ck up YOUR credit score and savings accounts, then you’re SOL.

2. If things go sideways, you’ll have funds just in case, so you don’t have to live on the streets.

3. You can gift each other and keep it a surprise.

And if you can trust each other with your social media accounts, messaging apps, emails, and phone calls. Why wouldn’t you trust each other with not doing inappropriate things with your bank account, right?

I’ve been screwed over by sharing a joint account with the wrong SO before. It set me back by like 4 years. I left that relationship with less than $2 to my name across all my checking and savings accounts.

If you’re going to do it, it would be good to make sure that they have a great credit score and don’t have spending or budgeting problems so you don’t end up in tens of thousands of dollars in debt.

But, I think it’s better to just keep separate accounts and agree upon how you want to pitch in for shared bills.

A shared bank account doesn’t make a marriage.

The actual relationship and bond and loyalty and commitment between two people is what makes a marriage a marriage.

Daniela1982 · Answer

I think separate accounts , with one joint account for anything pertaining to household expenses would be best. That way one's bad spending habits or gambling addiction wouldn't torpedo your boat and leave up shit creek without a paddle - or a boat. At least one would still have their own money to keep their heads above water. Many marriages have gone to the dogs over joint accounts being cleaned out by one of the so-called happy couple.  He cleaned out our bank account and took off?

WindAtMyBack · Answer

I think there should be both individual and at least one joint account. The joint account can be used to pay bills and other things that are joint expenses. Both people should also have individual accounts - at a bare minimum enough to live for a reasonable time without an income.

They should have their own retirement savings. If they are still together upon retirement, then they can work out how to spend the money at that time. If the marriage lasts that long, they can obviously work together, so it shouldn't be a problem.

There are times when it just makes things much easier to have a joint account. Even outside of marriage I've opened temporary joint accounts just for convenience.

Lliam · Answer

My wife and I have a joint bank acct and two joint credit cards. No other credit cards.

I handle the joint bank acct. We both contribute to it to pay for the mortgage, insurance, utilities and things like that.
I carry a running balance on one credit card that has a 6% interest rate and make payments every month.
We use the other (money back) card for gas, groceries and restaurants when we don't pay cash. She pays that one off every month so as to avoid interest charges.

She is self employed, so she also has a bank account for her business expenses because it would be confusing to lump our household bills with her business expenses.

We share everything and don't have any secrets. We are a team and work to have a happy life and a secure future together.

GreenLanternI0I · Answer

I wish we still lived in a time where marriage actually meant something more than a simple Facebook statues, I wish we lived in a time where you can know for a fact that your wive is there for you and married you, because of YOU and not because of the things of this world (car, house, bank account etc...) and since we are living in some messed up days, where you cannot trust anyone or anything and if you do, you are a Fool and because of those reasons 100% separate bank accounts and a marriage contract where it says that ALL things that are yours, would belong to you if divorce ever happens.

TrueConfection · Answer

Everything is "ours". We only have separate business accounts, but both of us have access to all accounts. I think it depends on the spending habits as well. If one person goes bananas with the debit card, maybe that person needs a separate spending account.

Fireguy17 · Answer

We have both.
When we were married, we had a prenup and figured out the financials beforehand as there is a large income disparity between my wife and myself.
We are both older, both our second marriages, so for us it works out just fine.
I do not agree with her spending habits, but since she is spending her money, I do not worry about it. She carries a credit card balance, mine are paid off every month.
We have a household account so every month we each put the same amount money into it for the house payment, taxes, utilities, groceries etc. and those bills are paid from that.
If I want to go buy something, like my new truck there isn't any issues, since she isn't paying for it, same when she buys something.
I also splurge on her, so it isn't like I don't spend money on her.
We have never argued about money yet, which can be one of the most common issues in a marriage.

Anemone978 · Answer

I don't believe you should have to join everything just because you are married...
Me and my husband had separate accounts and he would just send me my monthly allowance to spend on what I wanted LOL He took care of the bills and I didn't really care what he did with his money...

xHoneyxBeex · Answer

It depends on the individual couple but speaking for myself and my marriage, it’s important for us to have a joint account. We have a shared checking and savings account. It helps us manage our bills more efficiently and hold each other accountable when it comes to spending.

Razp_Sorbet · Answer

I don't think it's that important unless you have children. That's where it could become tricky to divide everything. I've lived with my boyfriend for like 6 years now and we either split payments, I send him half or he sends me half etc... Or it's a I'll get this one you get the next one situation.

Fuentes · Answer

I would not share any bank account if anything my wife would have a credit card on standby and her own bank if she needs a certain amount I'll transfer it to her their is no REASON in today's world for anyone to share anything like that in a bank account.

ariadneR · Answer

So I plan to have both. A joint one where we both put money into it, and it's for the household expenses. Then separate ones, where we buy our personal stuff. Whether it's entertainment when we want to hang out with our friends or if we want to buy a gift for our partner

HighValue · Answer

A joint account is totally unacceptable to me. We can each pay our agreed upon contributions to expenses from our own accounts and the rest of our earned money we each keep in our own separate accounts to use as we see fit.

OfMiceandMen · Answer

I think it is best to combine everything when you are married. You have to pay the bills and save together anyway, may as well know where you stand.

Adam1978 · Answer

An account for common purchases like food can be practical but I wouldn't say it's a necessity. More important to have private salary accounts that the other can't empty.

Anonymous · Answer

Men need to stop letting women have control over their money.
Her money will always be hers. So keep your money yours.
Women spend 85% of all household spending and it’s NOT just food and supplies, women squander money on bullshit.
Keep separate accounts and put the bills in a third.

NostalgiaSenpi · Answer

That's up for the couple to decide. Sometimes, a partner may have a problem living within their means and have high credit card debt. Then, with that in mind, I'd opt for separate bank accounts, one pays for the home, the other, their cards.

DermalPunch · Answer

Always had a separate bank account. We had the same bank and would easily send money back and forth. No need for a joint account.

loveslongnails · Answer

My SO and I have a joint account and I have a small other one that's my "play money". We're not worried about either of us doing anything stupid with our money.

4ngelic · Answer

not important. personally would never for loads of reasons

Adaeva · Answer

I don't have an opinion except the parties should decided what if best for them.

Nikki1989 · Answer

We have a joint account and our own personal accounts. Works for us.

exitseven · Answer

We have a joint checking account. All the household bills are paid from there. I have my own bank account and so does my wife.

LazerBean · Answer

When we got married, it was an agreement to become one and share everything. So we do. Easy peasy.

jamesgoldman · Answer

I think a joint account for household stuff is best then you have your own account (s) for everything else

Nazgol · Answer

No, I don't think it's necessary, as long as both are contributing to bills & finances. I don't like the idea of it, takes away too much freedom & independence

Jdjfjcjj · Answer

This assumes you've extensivele qualified her for financial responsibility

melanieeeB · Answer

I would still have my own bank account with just my name on it.  Maybe a joint just for groceries or something

Wade12345 · Answer

You realize by law everything you have is joint anyway?

Dargil · Answer

We do and make most financial decisions jointly.

Sasha0426 · Answer

I heard having 3 accounts is better. One for you, one for her, and one joint account for bills and stuff.

Justneedtokno · Answer

It is is important. By older generations I was told to have both

Jennz6 · Answer

If I was married I would want my name on everything

TacosRAwesome · Answer

Very important but it's also important to have separate accounts for personal use.

Anonymous · Answer

I'd always keep a separate one for me. You need a shit-hits-fan account.

Anonymous · Answer

I think you should have an independent one and a shared one

Twalli · Answer

I think you should have a shared one when you're married, as long as you don't have a prenup.

msc545 · Answer

it is very important NOT to as that will lead to far fewer fights.

Jamie05rhs · Answer

It's completely unnecessary.

Anonymous · Answer

you don't ever want to do that

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