Joint account or separate bank accounts?

We are living in the new age where both male and female makes about the same amount of money. My question is, to all of the "Happily Married" couples out there, which works best for you, joint or separate accounts. Why or why not?

21 Answers

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  • 1 decade ago
    Best Answer

    Separate accounts for each partner (individual shopping, hobbies, interests, etc) & one joint savings account to be contributed eqally by both partners in monthly fashion (for vacations, household expenses)

  • Anonymous
    1 decade ago

    I found that having a joint savings account in which you both deposit a bit at a time works well, if you do it. But keep separate bank accounts no matter what. I know I felt like being married is sharing everything, but when you start using up all the money in the account or she starts using up all the money in the account, it gets frustrating and can lead to A LOT of problems. If you can get away with it, do the separate thing, it somewhat defeats the purpose of being married, but it will save you many fights in the long run. I also think the joint savings saved my marriage, because it gave us this little baby to nourish and now we are going to use our saved funds for a vacation we both have wanted to take since we were little! Awesome.

    Source(s): My wife.
  • 1 decade ago

    Ok. I always thought that I needed to get seperate account elswhere so I know exaclty where my money is going but dang once you married everything that is your is also his so seperate accounts while in a marriage I would not reccommend unless you are seperated and both agreed to split then that is the only time couples should go seperate. In a marriage, there should be full trust in everything that has to do with the two of you. We are as one and even though the man might just have access to other accounts that wives don't know about we still need to be the stronger person and not follow behind his steps. Joint account should be the safest way to got. Why marry him if you can't share!

  • 1 decade ago

    Have both. You should have a joint account that you both agree upon, both for amounts going in and how the money goes out. Then you should each have a separate account for personal things of which the other person has no say, or need to know about.

    Makes it easier around Christmas - you don't have to get the others approval to get that "perfect gift".

    Welcome to the 21st century - interdependance and independance all wrapped up in one

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  • 1 decade ago

    Use 3 checking accounts. A seperate bank account for each for your (personal spendings) and a joint account for both for (bills, mortgage, expenses). This works well and helps eliminate lots of problems and confusion. It is also helpful to keep one or more savings account for each that will be drawn out of your seperate account. The joint account should have the same amounts of monies deducted from your income, if of course you make around the same amount of income each.

  • 1 decade ago

    Both. You need a joint account for the household money. Then have separate accounts for your own personal spending. It has worked for my parents for 40 years as well as my husband and myself for 15 years.

    If you want, you can consider it an allowance. Dump all of your income into the joint account and then both of you are allowed the exact same amount for your personal spending allowance. If you spend all of yours before your next pay check, you can borrow from him but never from the joint account. This will hold you to your word to pay him back. It will also help you to keep from over spending between checks. Helps build your self control.

  • Sue F
    Lv 7
    1 decade ago

    Both. A joint account for shared household expenses, and seperate accounts for each person to have fun money for the little incidentals of life. This works best in my household and seems to be something that a lot of financial advisors of today advise. Everyone needs to be responcible for the shared expenses but also needs to have some "fun" money to spend no questions asked.

  • Anonymous
    1 decade ago

    Hi Inquisit, I would do a separate account. Why,i went through a divorce and when you have a joint account,it doesn't matter who puts in more money. A joint account you will have to splint down the middle.If you go through a divorce and have any property together it's a real mess to have to go through.Do all your accounts and life insurance accounts separate.Believe me i know.

    Clowmy

  • 1 decade ago

    Ok here goes...been married a year. I make more money...we have created "the peoples money" we both have direct deposit going into a joint account...we both monitor the account via internet and set up bill payments according. This works our great for us as far as budgeting and any extra cash we take our baby to chuckie cheese.

  • 1 decade ago

    Dr. Phil suggest that separate accounts will reduce the conflict over finances. I agree with him and will never have a joint account with anyone ever again. Live and learn.

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