Joint account or separate account

[AnotherKD]

Originally Posted by DrPhil

Both.

Joint accounts for joint expenses. Separate accounts for separate expenses.

That's what I have. After my husband and I were married, I frankly wanted to have one account, as that's what I grew up with and that's what my parents did. But, after thinking about it, of course they did, because my mom was (is) a homemaker. But my husband and I both work. I like being able to go to Saks and buy what I want without him hassling me.

[DrPhil]

Originally Posted by AnotherKD

That's what I have. After my husband and I were married, I frankly wanted to have one account, as that's what I grew up with and that's what my parents did. But, after thinking about it, of course they did, because my mom was (is) a homemaker. But my husband and I both work. I like being able to go to Saks and buy what I want without him hassling me.

Indeed and couples need to agree on this before getting married.

The largest percentage of incomes go into the joint account and the rest go into the separate accounts.

My significant other and I don't need to ask each other whether we can buy/afford to buy some new shoes. And, aside from discussing our calendar of events, we don't need to ask whether we can afford to go on golf trips or vacations with friends. Individual expenses are individual expenses. But, tread lightly and keep paperwork (I'm a stickler for outlining monthly expenses) because individual expenses do not trickle down to the joint account. Don't go into debt and get all crazy to the point where your investments and monthly deposits can't cover your individual expenses.

[AOII Angel]

Single account. My husband does the money. I make most of the money. I spend money how I see fit, and he let's me know if we're getting low for the month and won't make our savings goals. It works for us. We've had a single account since we were dating (what were we thinking?) and used to fight all the time about money when we both paid bills and managed the account. I get an update now so I know where the money has gone, but not micromanaging our money has saved us tons of strife.

[DrPhil]

Originally Posted by AOII Angel

Single account. My husband does the money. I make most of the money. I spend money how I see fit, and he let's me know if we're getting low for the month and won't make our savings goals. It works for us. We've had a single account since we were dating (what were we thinking?) and used to fight all the time about money when we both paid bills and managed the account. I get an update now so I know where the money has gone, but not micromanaging our money has saved us tons of strife.

I commend couples for doing what works for them (meaning, both of them). I must also tip my Feminist Hat to you for being the primary breadwinner.

[Mevara]

Originally Posted by AOII Angel

Single account. My husband does the money. I make most of the money. I spend money how I see fit, and he let's me know if we're getting low for the month and won't make our savings goals. It works for us. We've had a single account since we were dating (what were we thinking?) and used to fight all the time about money when we both paid bills and managed the account. I get an update now so I know where the money has gone, but not micromanaging our money has saved us tons of strife.

We are in a similar situation except I make most of the money and manage the finances. I couldn't trust him to pay any bills on time! It has been so much easier since we got married and decided to go to one bank account. We had separate accounts for the 7 years we were dating. Now it doesn't matter who pays for what because it all comes from the same account.

We are free to buy what ever we want up to a set limit. Anything over that limit has to be approved by both of us. It really is a check and balance with us since one day I am wanting to go spend crazy and he is in frugal mode and then the next day it switches. It works for us but I know it may not work for other people.

[AOII Angel]

Originally Posted by Mevara

We are in a similar situation except I make most of the money and manage the finances. I couldn't trust him to pay any bills on time! It has been so much easier since we got married and decided to go to one bank account. We had separate accounts for the 7 years we were dating. Now it doesn't matter who pays for what because it all comes from the same account.

We are free to buy what ever we want up to a set limit. Anything over that limit has to be approved by both of us. It really is a check and balance with us since one day I am wanting to go spend crazy and he is in frugal mode and then the next day it switches. It works for us but I know it may not work for other people.

We do this too, otherwise we might buy something and screw up the budget. I have a business account as well since I get paid as a S-corp so he's always moving money around to cover this or that. We used to pay bills separately, but that always led to something falling through the cracks or to the one trip to New Orleans during residency when we were NSF because we had both paid bills without consulting each other before heading off to vacation. That's lots of fun. Vacation and no money. Thank God for credit cards! Ten years later I think we've finally paid off that bill. LOL.

I'm with DubaisSis, as well. My money is Mr. AOII Angel's money, too. We're a team. He is timid sometimes because I do make more than him, but that's only because being a radiologist is valued more than being a pediatric endocrinologist. He actually has more education than me (except he doesn't have a HS diploma and I do.) I'd rather have family harmony than MY money.