Joint Checking Accounts

[pissclams]

how are you guys going to fund this thing? like, direct deposit paychecks in each of your individual accounts and then transfer a set amount to the joint each month? does the higher earner deposit more?

don't most companies allow for multiple direct deposits?  i know mine does- some money to acct a, some to acct b, etc.  you just tell them what percentage goes where.


i still haven't figured out the need for a joint account, no one has given a reason

a single joint account makes it easier for paying bills. like if you don't have a joint account, who pays for cable? who pays for food? little clams goes to the ER because he busted up his knee at mcdonalds and you decide not to sue. who pays that $200 ER bill? he was with mrs clams at the time so it comes out of her account? if you go out to dinner together do you make the waitress split the check and pay out of seperate accounts? what about the babysitter? your idea to get out of the house and have a date night so you have to pay? i mean you get a joint account for the same reason that most married people choose to live in the same house and in the same town. it's easier. like way easier. i can't for the life of me imagine what the reasons would be for not having one. i mean we can talk about the reasons for having one i guess but i want to hear the need or reasons to not have one. i can't even imagine.

reason not to have one?  did you have a joint account when you were dating your girlfriend in college?  do you have a joint account with your folks?  how about a joint account with the guy in the office next to you at work?

your kid is at the ER or you're on a date with your wife and you're worried about who's going to pay?  bigger issues are at play here that you're not recognizing. 

how hard is it to remember that you're in charge of the cable bill each month?  i guess maybe it's tough for some.  dunno. 

[steve dave]

how are you guys going to fund this thing? like, direct deposit paychecks in each of your individual accounts and then transfer a set amount to the joint each month? does the higher earner deposit more?

don't most companies allow for multiple direct deposits?  i know mine does- some money to acct a, some to acct b, etc.  you just tell them what percentage goes where.


i still haven't figured out the need for a joint account, no one has given a reason

a single joint account makes it easier for paying bills. like if you don't have a joint account, who pays for cable? who pays for food? little clams goes to the ER because he busted up his knee at mcdonalds and you decide not to sue. who pays that $200 ER bill? he was with mrs clams at the time so it comes out of her account? if you go out to dinner together do you make the waitress split the check and pay out of seperate accounts? what about the babysitter? your idea to get out of the house and have a date night so you have to pay? i mean you get a joint account for the same reason that most married people choose to live in the same house and in the same town. it's easier. like way easier. i can't for the life of me imagine what the reasons would be for not having one. i mean we can talk about the reasons for having one i guess but i want to hear the need or reasons to not have one. i can't even imagine.

reason not to have one?  did you have a joint account when you were dating your girlfriend in college?  do you have a joint account with your folks?  how about a joint account with the guy in the office next to you at work?

your kid is at the ER or you're on a date with your wife and you're worried about who's going to pay?  bigger issues are at play here that you're not recognizing. 

how hard is it to remember that you're in charge of the cable bill each month?  i guess maybe it's tough for some.  dunno.

you don't legally split assets with any of those people. and you didn't name a benefit of having multiple.

[pissclams]

I mean, what is the benefit of juggling two or three accounts when you could have one? the convenience is significant. like rick points out almost everything you buy is going to be for the benefit of both of you. I'm sure people have good systems for keeping their finances seperate but I can't think of a reason to do so. maybe the keeping stuff secret thing or whatever. if that's what you need to do then that's a different issue. or insecurity and commitment issues but you just got married.

balls, meet wife's vice grip.

[SkinnyBenny]

I mean, what is the benefit of juggling two or three accounts when you could have one? the convenience is significant. like rick points out almost everything you buy is going to be for the benefit of both of you. I'm sure people have good systems for keeping their finances seperate but I can't think of a reason to do so. maybe the keeping stuff secret thing or whatever. if that's what you need to do then that's a different issue. or insecurity and commitment issues but you just got married.

ya, seems way easier. Jeeves said it was so your wife can get manicures from her "fun" account and you can go buy ammo and beer with your bros and no one gets their knickers in a twist about it. But neither Sb or Mrs. Sb are really knickers in a twist type people so w/e.

[pissclams]

how are you guys going to fund this thing? like, direct deposit paychecks in each of your individual accounts and then transfer a set amount to the joint each month? does the higher earner deposit more?

don't most companies allow for multiple direct deposits?  i know mine does- some money to acct a, some to acct b, etc.  you just tell them what percentage goes where.


i still haven't figured out the need for a joint account, no one has given a reason

a single joint account makes it easier for paying bills. like if you don't have a joint account, who pays for cable? who pays for food? little clams goes to the ER because he busted up his knee at mcdonalds and you decide not to sue. who pays that $200 ER bill? he was with mrs clams at the time so it comes out of her account? if you go out to dinner together do you make the waitress split the check and pay out of seperate accounts? what about the babysitter? your idea to get out of the house and have a date night so you have to pay? i mean you get a joint account for the same reason that most married people choose to live in the same house and in the same town. it's easier. like way easier. i can't for the life of me imagine what the reasons would be for not having one. i mean we can talk about the reasons for having one i guess but i want to hear the need or reasons to not have one. i can't even imagine.

reason not to have one?  did you have a joint account when you were dating your girlfriend in college?  do you have a joint account with your folks?  how about a joint account with the guy in the office next to you at work?

your kid is at the ER or you're on a date with your wife and you're worried about who's going to pay?  bigger issues are at play here that you're not recognizing. 

how hard is it to remember that you're in charge of the cable bill each month?  i guess maybe it's tough for some.  dunno.

you don't legally split assets with any of those people. and you didn't name a benefit of having multiple.

he currently doesn't have a joint account, those lobbying for the joint account need to provide the reason to move from what he's currently doing.  the wife's balls vice grip isn't a good reason.  convenience isn't either considering it's just as convenient to keep them separate.

[steve dave]

I mean, what is the benefit of juggling two or three accounts when you could have one? the convenience is significant. like rick points out almost everything you buy is going to be for the benefit of both of you. I'm sure people have good systems for keeping their finances seperate but I can't think of a reason to do so. maybe the keeping stuff secret thing or whatever. if that's what you need to do then that's a different issue. or insecurity and commitment issues but you just got married.

ya, seems way easier. Jeeves said it was so your wife can get manicures from her "fun" account and you can go buy ammo and beer with your bros and no one gets mad about it.

I can see that being needed if people have trouble controlling spending and they need a specific account with limited funds. but again, that seems like a solution for idiots who have bigger problems than how many checking accounts to have.

[Emo EMAW]

why a joint account?  seems unnecessary

Yeah.

I’m not married, but if/when I do become hitched, I intend to have 3 accounts. The bill paying one, mine, and hers.  Seems much easier to put x amount into each of our and y amount in the bill one. That way you can spend your money the way you see fit without starting arguments. She buys some expensive handbag? If it’s out of her account, who cares. You buy a wave runner without running it by her? Well, you used “your” money so she can’t say anything. Seems simpler. Kind of like you each get an allowance to do with what you want.

We do this, except we have the fourth account, savings.

[tdaver]

I agree with the go local comment but not because of big bank vs little bank.  Everywhere I have lived there has been at least one local bank with a no fees, use any ATM, with higher interest rates (1.5-2 %) than any large bank.  You typically have to sign up for e-statements, have at least one direct deposit, and a dozen or so debits each month.  You're going to do all that junk anyway, so you might as well earn a little extra if you're going to have money sitting in a checking account.

[pissclams]

why even have a checking account, it's way easier to just put the money in a pile on the living room floor.  have to go to the store?  grab some dollars.  no need to ever worry about losing your card, running out of checks, or finding an atm ever again.

in this convenient-centric world, things like checking accounts are a massive pain in the ass and are dying a quick death.
the fewer accounts, the better, that's what i always say.  and in this world of high stakes banking, 0 > more than 0.

[steve dave]

why even have a checking account, it's way easier to just put the money in a pile on the living room floor.  have to go to the store?  grab some dollars.  no need to ever worry about losing your card, running out of checks, or finding an atm ever again.

well, that's what people who follow dave ramsey do. except the pile is organized into envelopes.

[Bloodfart]

  Mrs. Bf melts down when I eat the last scoop of icecream without consulting with her first.  I can't imagine what she would do if I bought a tractor or something without full disclosure.

[Dugout DickStone]

I can't find one single account big enough to handle all of my bread.

[Emo EMAW]

  Mrs. Bf melts down when I eat the last scoop of icecream without consulting with her first.  I can't imagine what she would do if I bought a tractor or something without full disclosure.

You should get on the Emo FIL plan.  Every week he sits his wife down and just has her sign a bunch of crap, like when they buy land or need a loan or whatever.  She's stopped asking questions by now.

[KITNfury]

I mean, what is the benefit of juggling two or three accounts when you could have one? the convenience is significant. like rick points out almost everything you buy is going to be for the benefit of both of you. I'm sure people have good systems for keeping their finances seperate but I can't think of a reason to do so. maybe the keeping stuff secret thing or whatever. if that's what you need to do then that's a different issue. or insecurity and commitment issues but you just got married.

I'm not married but I plan never have to worry about hearing about it for buying what I want with my money. I mean, if "juggling" (lol) a few accounts is too complicated for you, then by all means, keep one and do what works for you.

But, money arguments are a common problem in marriages. Seems easier to avoid this problem by allowing each person to do what they want.

[Rage Against the McKee]

I mean, what is the benefit of juggling two or three accounts when you could have one? the convenience is significant. like rick points out almost everything you buy is going to be for the benefit of both of you. I'm sure people have good systems for keeping their finances seperate but I can't think of a reason to do so. maybe the keeping stuff secret thing or whatever. if that's what you need to do then that's a different issue. or insecurity and commitment issues but you just got married.

I'm not married but I plan never have to worry about hearing about it for buying what I want with my money. I mean, if "juggling" (lol) a few accounts is too complicated for you, then by all means, keep one and do what works for you.

But, money arguments are a common problem in marriages. Seems easier to avoid this problem by allowing each person to do what they want.

Yeah, until your wife wants to upgrade to a bigger house and you just went out and bought a jet ski so the only way that is ever going to happen is if she saves every penny she earns while you go have fun with what's yours.

[CNS]

I mean, what is the benefit of juggling two or three accounts when you could have one? the convenience is significant. like rick points out almost everything you buy is going to be for the benefit of both of you. I'm sure people have good systems for keeping their finances seperate but I can't think of a reason to do so. maybe the keeping stuff secret thing or whatever. if that's what you need to do then that's a different issue. or insecurity and commitment issues but you just got married.

ya, seems way easier. Jeeves said it was so your wife can get manicures from her "fun" account and you can go buy ammo and beer with your bros and no one gets their knickers in a twist about it. But neither Sb or Mrs. Sb are really knickers in a twist type people so w/e.

To clarify, you should both definitely be paying yourselves a little something out of your budget for that specific type of thing.  If you want a separate acct for that money, who cares. 

[puniraptor]

you can allow each person to do what they want out of one account?

i dont see how buying stuff in secret isnt worse? out of sight out of mind until she sees the motorcycle in the garage or you see her new gucci gucci?

[Bloodfart]

Buy a farm.  There's about a thousand ways to skim off the top. 

[puniraptor]

I guess I understand the theory of putting hard limits on discretionary spending with the individual accounts separate from the household, but it seems more like a stomach stapling, an engineering control to limit a behavior.

[_33]

I'm not married but I plan never have to worry about hearing about it for buying what I want with my money. I mean, if "juggling" (lol) a few accounts is too complicated for you, then by all means, keep one and do what works for you.

But, money arguments are a common problem in marriages. Seems easier to avoid this problem by allowing each person to do what they want.

Yes, any time you can avoid open communication in a marriage it is for the best.  Nothing ruins a good marriage like discussing decisions together.

[Rage Against the McKee]

you can allow each person to do what they want out of one account?

i dont see how buying stuff in secret isnt worse? out of sight out of mind until she sees the motorcycle in the garage or you see her new gucci gucci?

Some people have severe budgeting problems and letting them do what they want out of the account that pays the bills can spell trouble. That is really the only reason to ever have separate accounts. If you marry somebody who is just terrible with money, it makes sense to have money for day to day living in an account that he/she cannot touch. Also, if you marry somebody with poor credit (same thing, really), I think they can go bankrupt without dragging your credit down with them if you keep everything separate.

[KITNfury]

I'm not married but I plan never have to worry about hearing about it for buying what I want with my money. I mean, if "juggling" (lol) a few accounts is too complicated for you, then by all means, keep one and do what works for you.

But, money arguments are a common problem in marriages. Seems easier to avoid this problem by allowing each person to do what they want.

Yes, any time you can avoid open communication in a marriage it is for the best.

I don't think buying what you want is closed communication. It's really not that hard guys.

Direct deposit both paychecks into account #1. You each have a separate account that automatically draws X amount of dollars out of account #1 each month for you to do what you want with. Use account #1 to pay bills and save for family vacation etc. Never get into fights about each others spending. Seems pretty easy to me.

[SkinnyBenny]

Direct deposit both paychecks into account #1. You each have a separate account that automatically draws X amount of dollars out of account #1 each month for you to do what you want with. Use account #1 to pay bills and save for family vacation etc. Never get into fights about each others spending. Seems pretty easy to me.

That's the line of thinking from many of the articles Jeeves pulled up. Also nobody mentioned buying anything "in secret" from the side accounts or not communicating, just keeping a few throwaway joke bucks in a no-questions-asked side account to upgrade kat tix for the big game if you want to without starting a squabble about money or whatevs. Probably will just go w/ one joint acct though because we communicate freely in advance about everything and never really fight much. Can't decide for sure until kat kid weighs in though.
 

[KITNfury]

Direct deposit both paychecks into account #1. You each have a separate account that automatically draws X amount of dollars out of account #1 each month for you to do what you want with. Use account #1 to pay bills and save for family vacation etc. Never get into fights about each others spending. Seems pretty easy to me.

That's the line of thinking from many of the articles Jeeves pulled up. Also nobody mentioned buying anything "in secret" from the side accounts or not communicating, just keeping a few throwaway joke bucks in a no-questions-asked side account to upgrade kat tix for the big game if you want to without starting a squabble about money or whatevs. Probably will just go w/ one joint acct though because we communicate freely in advance about everything and never really fight much. Won't decide for sure until kat kid weighs in though.
 

Well sure you should still talk. It's not like a guy won't have been contemplating buying a motorcycle for a while before actually pulling the trigger. I would imagine that would come up in conversation prior to the buy. But if he or she wants to conserve on spending for a while to get something he/she really wants that's a little pricey, they should be able to without trying to talk the other into it.

[puniraptor]

basically you dont want spoilers ruining the experience of discovering what you are buying yourselves