Joint Accounts - Yay or nay?

[Golden]

Our debate was derailing other threads, so this hot topic had to be made.

I say nay. What about you?

I don't think you realize how many problems in marriage stem from financial philosophy differences lol

I do. It's just that to me, separate accounts remedy that.

 

[AP3.0]

I do. It's just that to me, separate accounts remedy that.

You mean separate accounts for your non discretionary spending?

Separate accounts for discretionary spending was a nightmare in my experience

 

[Golden]

You mean separate accounts for your non discretionary spending?

Separate accounts for discretionary spending was a nightmare in my experience

Separate accounts for everything except joint expenses (bills, home costs). Even in the case of joint expenses, there are ways to divide the costs without merging accounts or straight up pooling your money together.. One person pays home cost, the other pays bills/groceries. Automatic deductions from your check. There are many ways to approach it and shared accounts is only one.

I'm not against shared accounts but I don't think they should be the standard or set norm. They work for some. For others, they can cause more avoidable conflict.

 

[AP3.0]

Separate accounts for everything except joint expenses (bills, home costs). Even in the case of joint expenses, there are ways to divide the costs without merging accounts or straight up pooling your money together.. One person pays home cost, the other pays bills/groceries. Automatic deductions from your check. There are many ways to approach it and shared accounts is only one.

I'm not against shared accounts but I don't think they should be the standard or set norm. They work for some. For others, they can cause more avoidable conflict.

Your exceptions you listed are why they don't work for those examples because it still depends on one person that needs to make sure their contribution is in the joint account.

But let's not cloud this thread with this discussion. Make a thread, and I'll see if I can move the responses to that thread from here, or hell, you should be able to do it lol

 

[Golden]

Your exceptions you listed are why they don't work for those examples because it still depends on one person that needs to make sure their contribution is in the joint account.

But let's not cloud this thread with this discussion. Make a thread, and I'll see if I can move the responses to that thread from here, or hell, you should be able to do it lol

Now you know I'm struggle staff LOL

Aight, done

 

[AP3.0]

I'm so proud of you

 

[Golden]

I'm so proud of you

Know what, me too.
';;lll

 

[EleanorDeWitt]

In my house we don't touch each others money and that's worked it just fine. Both our names on the lease, we both pay the bills, we both pay for food/clothes etc for the kids, we don't dip into each other's accounts unless it's something major like last year after I got my taxes back we "shared" the funds to get another car for the family. Other than stuff like that, my money mine and yours is yours and to me that's the only way to go..

 

[Golden]

In my house we don't touch each others money and that's worked it just fine. Both our names on the lease, we both pay the bills, we both pay for food/clothes etc for the kids, we don't dip into each other's accounts unless it's something major like last year after I got my taxes back we "shared" the funds to get another car for the family. Other than stuff like that, my money mine and yours is yours and to me that's the only way to go..

This makes sense to me if both parties are working. You can divide things in proportion to your respective incomes and shared expenses without merging accounts.

Your exceptions you listed are why they don't work for those examples because it still depends on one person that needs to make sure their contribution is in the joint account.

If one party can't be trusted to put their contribution to the joint account for shared expenses, they sound like the are probably type to dine and dash at restaurants too. I get that some people aren't good at curbing their spending but if it's interfering with keeping a roof over their head, they got a problem and they need an intervention like a budgeting workshop or something. Shared accounts aint the solution to that IMO.

 

[AP3.0]

You're misunderstanding my position on matter, I'm mobile now but I'm gonna give my unknown user version of this when I get to a kb

 

[Chi-Town B]

Me and my wife each have our own separate accounts that we do as we see fit with no questions asked. We also have a joint account that's only for bills, house repairs, if something come up with the kids and stuff like that.

 

[Golden]

Me and my wife each have our own separate accounts that we do as we see fit with no questions asked. We also have a joint account that's only for bills, house repairs, if something come up with the kids and stuff like that.

Do you get your wages to your personal accounts and transfer to the joint one, or the other way around?

 

[Chi-Town B]

Do you get your wages to your personal accounts and transfer to the joint one, or the other way around?

All pay goes to our personal accounts and every 2 weeks we'll both put half a paycheck in the joint account.

 

[Ironman]

I think it's ok to have a joint for strictly things that need to be taken care of. Groceries, bills. Ect. I don't see an issue with having separate accounts to take care of things that you want not need. You have your money and I have mine plus we can always combine if you plan on traveling somewhere.

 

[Duwop]

Me and the wife got a bunch of accounts spread out there, one is shared..we discuss every purchase or bill paid from that one

 

[AP3.0]

aight...so here it goes

discretionary account/joint account: Bills, household items...basically anything that the entire household benefits from.

non-discretionary/separate accounts: WHATEVER you want to do with it, and it not get ANY questions about it from the spouse. If you wanna blow all of your money during one pay period, have at it, but DONT dip into the joint account or ask for money from my account to fund your habits/tastes.

 

[Goldie]

I got a feminist who doesn't conform to traditional gender roles, so she pays all the bills and gives me money after blowing her back out when she comes home from work.

 

[Golden]

it dont work like that tho

i aint never ask to split it 50/50. It goes into one account regardless of the discrepancy in pay.

do you both contribute equally to the one account that household payments come from? the money is still going into the account in some portion.

 

[AP3.0]

do you both contribute equally to the one account that household payments come from? the money is still going into the account in some portion.

equally? you mean a 1 for 1 match?

100% of both incomes go in there

why is this a hard concept?

 

[Golden]

equally? you mean a 1 for 1 match?

100% of both incomes go in there

why is this a hard concept?

we discussed joint accounts in another thread. you were in favor, I was against.

you specified that there could be separate accounts for discretionary spending but that household expenses should, in your opinion, go into a joint account.

I strongly disagree with 100% of both incomes going into one account but YMMV

Edit: found the post

aight...so here it goes

discretionary account/joint account: Bills, household items...basically anything that the entire household benefits from.

non-discretionary/separate accounts: WHATEVER you want to do with it, and it not get ANY questions about it from the spouse. If you wanna blow all of your money during one pay period, have at it, but DONT dip into the joint account or ask for money from my account to fund your habits/tastes.

so the 1 account where 100% of both incomes is deposited is bizarre to me. not even separate accounts for their "whatever I wanna do" money? terrible idea imo