Joint Checking Accounts

[Phil Titola]

Separate accounts is weird to me.

[Rage Against the McKee]

If either you or your spouse is bad at managing money, separate accounts are a good idea. Otherwise, a joint account is better in every way.

[Cartierfor3]

Do you have separate savings accounts too?

[Phil Titola]

If either you or your spouse is bad at managing money, separate accounts are a good idea. Otherwise, a joint account is better in every way.

Or give the good money person that job

[catastrophe]

If either you or your spouse is bad at managing money, separate accounts are a good idea. Otherwise, a joint account is better in every way.

Or give the good money person that job

Yea, you shouldn't encourage the person who is bad with money to just keep being bad. There should be a money manager.

It's actually really important to me that I don't think of the money I make as any different than the money my wife makes.

[catastrophe]

Like, do you ever borrow money from your spouse?

God no. We just pay our own bills: "student loans, car payment, etc." Whatever is left is our own play $. Which is usually used on the weekend when we're out and about. She pays for her clothes and happy hours with friends. I usually use mine for movies, football games, golf, etc.

What happens if one of you is out of work for a while?

[meow meow]

Like, do you ever borrow money from your spouse?

God no. We just pay our own bills: "student loans, car payment, etc." Whatever is left is our own play $. Which is usually used on the weekend when we're out and about. She pays for her clothes and happy hours with friends. I usually use mine for movies, football games, golf, etc.

What happens if one of you is out of work for a while?

interest bearing loan

[420seriouscat69]

Wacky was out of a job for awhile. She did what she could to help, but I obviously covered most of it. Just sucks on savings.


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[420seriouscat69]

Mrs*


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[meow meow]

pretty admirable to help out your wife like that

[420seriouscat69]

They asked how it worked, dumb eff.


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[meow meow]

i was being sincere

[Emo EMAW]

I don't get the married but seperate checking accounts.  Just split expenses 50/50?

Maybe they should split the bills based on the ratio of their incomes?

Lol no.  You want to incentivize making more money.  This coming from a guy who's wife was very recently making more money than me.

We split based on the ratio of our income.

What the eff does "incentivize making more money" mean? Does that mean you and your wife are in constant competition to see who makes more money so you frequently quit jobs?

Is frequently quitting jobs the way to make more money? 

[star seed 7]

I can't imagine giving a crap about the bank account situation of another couple. Do whatever tf you want to do wackycat08's

[MakeItRain]

I don't get the married but seperate checking accounts.  Just split expenses 50/50?

Maybe they should split the bills based on the ratio of their incomes?

Lol no.  You want to incentivize making more money.  This coming from a guy who's wife was very recently making more money than me.

We split based on the ratio of our income.

What the eff does "incentivize making more money" mean? Does that mean you and your wife are in constant competition to see who makes more money so you frequently quit jobs?

Why do you keep seperate accounts?

We have a joint and separate accounts because we buy our own crap too. I don't want to buy my wife her mothers day gift out of money she has made, just as I don't want to spend her money when I'm pounding Cap'n in LA and she's at home with the kids. Just as I'm sure she doesn't want me to say anything if she wants to buy shoes or spend $100 on a yoga mat.

[MakeItRain]

I don't get the married but seperate checking accounts.  Just split expenses 50/50?

Maybe they should split the bills based on the ratio of their incomes?

Lol no.  You want to incentivize making more money.  This coming from a guy who's wife was very recently making more money than me.

We split based on the ratio of our income.

What the eff does "incentivize making more money" mean? Does that mean you and your wife are in constant competition to see who makes more money so you frequently quit jobs?

Is frequently quitting jobs the way to make more money?

  you tell me, I'm trying to figure out what incentivize making more money means. I can't think of anything beyond
1. You both work in sales
2. You think you can just will yourself to a higher salary
3. You are constantly looking for a higher paying job just to be the higher earner.

[SkinnyBenny]

Nearly all of me and Mrs. SB's money pools together in a joint account that we use for all the important crap to help us achieve our current and long-term financial goals. We each also have our own separate no-questions-asked fun money account on the side that a sliver of each paycheck gets. "Wut but why?"  Well, because I'm going to buy a really nice guitar here pretty soon and Mrs. SB doesn't know how to play guitar nor does give even half of a crap about playing. I'm not willing to make her pay for that at all out of our joint account, just as she's not willing to make me pay for whatever frivolous thing she might buy out of our joint account. When one person makes a cool new purchase from their separate fun money account, the other one is happy for them and there's zero resentment. No questions asked, just high fives all around, and it's amazing.

I floated this idea 3 years ago when we got married there were tons of naysaying how'd-he-do-dats who seemed absolutely blown away. It's so LOL to read back on some of the overreactions. Buncha blowhardy know-it-alls, and everyone acted like doing it this way (having multiple accounts) is either nefarious, dishonest, sign of a doomed marriage, or incredibly complicated. (OH NOES HOW DO YOU MANAGE MORE THAN ONE ACCOUNT THE SAME TIME?!?) (OH NOES HOW ON EARTH DOES YOUR WORK DO DIRECT DEPOSIT TO TWO DIFFERENT ACCOUNTS?  )

Protip: it's all really rough ridin' easy if you have even 1/10th of a brain, and this system has made us incredibly happy. Highly, highly recommend. However, I'm not gonna get apoplectic and tell you your marriage is doomed if you choose to do it a different way. Figure out what works best for you and Trim 3:16 the crap out of it.

 

[SdK]

My checks deposit into 5 different accounts currently.

[kim carnes]

To people that don't have joint accounts, what is your end game here?   Like, what are you gaining?

[Trim]

My standard prenup calls for separate accounts, from which money is deposited into a joint account.

[catastrophe]

I like to think that Mrs. cat and I can be happy for each other (and each other's purchases) even if we do not distinguish between whose dollars pay for what.  But if you need separate accounts to reach that level of happiness then I guess whatever works.

[SkinnyBenny]

Yep. Whatever works is fine. People get weirdly butthurt on this issue for some reason if other couples don't do it their way. Really everyone's philosophy on this should just be Trim 3:16

[MakeItRain]

My standard prenup calls for separate accounts, from which money is deposited into a joint account.

The only conceivable case against this is that you like inevitable and unnecessary arguments or resentment.

[michigancat]

I can see situations where a spouse would want their own account to feel less dependent on the other. Especially given the societal tradition of men earning all the money and women being homemakers. Think of it as a positive pride/independence thing rather than a negative lack of trust thing.

But yeah, do what you want.

[steve dave]

Mrs dave has zero idea how much money we have, spend, or make. She can easily enough go check but never does.