Should You Combine Accounts?

Should You Combine Accounts?

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[shutupandcolor]

I'm single and I have 2 bank accounts.
Can't even trust myself 😂😂

[jonathanmagic]

Been married over 40 years - my money is our money, her money is her money.

[chocolateflowers]

I did that for the first three years of my marriage which is now 19 years in, and I can assure you that it's not a great idea if one person has a horrible spending habit. Blanket advice does not always work for every marriage. Just do what works best for your unique situation.

[lauracroft]

My husband and I have worked out of one bank account since we moved in together 15 years ago. It works great, it is perspective that makes it work perhaps. I ended up opening a separate account because although I am a stay at home mom now, I like to put in more work doing odd jobs to buy my husband experiences and nice things knowing that I solely put the work in to it. I feel the gift is more meaningful. He feels so loved when I surprise him. He deserves all the love.

[jtlmf]

I've been happily married for 15 years. Our funds are kept 100% separate. We split the bills down the middle. She funds her own retirement, and I fund mine. We make major purchase decisions together. She buys what she wants, and I buy what I want. If it costs more than $250, we consult each other before purchasing. Guess what we NEVER argue money.

[nchambers]

This is a way, not THE way. It's decent advice when both put the other person first, and both have adult money skills.

[valerie]

Or you could stop listening to people tell you what to do and conduct your own research to determine what is best for you and your own unique situation.

[ranger]

47 years... and we've ALWAYS had a joint account. Neither of us would dream of making a major purchase without talking to the other. Rachel makes all kinds of sense!

[lanac]

Her point is you shouldn’t be spending your life with someone you can’t share money with. Don’t be married to someone if you can’t trust them with money. If you don’t know if you can trust them or not then you shouldn’t be married to them.

[Notalkingaround]

Well, I’m a banker myself and let me tell you. I’ve heard a show that’s just giving very good advice:
1. Having 4 accounts:
- joint account for paying bills and household expenses
- your personal account
- your spouse personal account
- saving account (can be used as invest account, depend on the agreement with your spouse)

2. Having prenup. Prenup. Prenup. Prenup! His/her loan before marriage will not be yours to pay. And loan after marriage will be paid from household expenses account.

[Money_on_my_mind]

I have been with my husband for 12 years. We have separate accounts and honestly it's so great. Money isn't something we ever fight about. It's nice.

[jae]

Same thing is the other way. If you trust your spouse completely you should be comfortable with them having their own separate bank account. We have a joint account for home expenses but separate accounts for our personal expenses. We both trust that we use our own money accordingly. Either way personal expenses can be expenses that benefit both of us…like taking me out to eat or buying gifts for each other.

[katherineh]

The problem is this, one can drain it and leave the other stranded... always have your own, too.

[tjmack]

This only works when 2 people are financially self conscious.

[vassilstoychev]

Married for 19 years. Separated bank accounts. One of the smartest decisions we took from the start.

[timothyrothrock]

Been there done that
Dose not work. When I need to replace equipment, a car, laundry machine, I need to have money to pay the mechanic, a repair man the bank loans. I don't want to hear " That's family money " it just doesn't work. Don't joint account for any reason.

[jacquie]

Have a joint bank account that you both pay into to cover bills food etc. have savings account for home maintenance and large purchases holidays etc but keep a personal account for yourselves so you have the best of both worlds. There’s nothing wrong with keeping a little autonomy as long as both parties are paying their way. What you put into the joint accounts should be proportional to your earnings. It doesn’t matter what each of you earn if one puts 3/4 of their wage in so should the other. If you are a stay at home parent the other partner should recognise that this is actually work and make sure you have some money of your own. Never put yourself in a position where you can be financially abused.

[karlabritfeld]

My husband and i shared accounts from day one. We've been married for 35 years. Never earned more than $135, 000 yearly combined income yet we paid off everything, are debt free millionaires now.

[energyefficient]

My wife was extremely deceptive, she acted like a model citizen for a few years, we had kids, got married, she said let's get a joint checking account, she put a couple thousand dollars in it, then nothing after a while, then she completely turned into a toxic tyrannical lunatic, I wouldn't leave because of the kids, I waited until they were grown to divorce her, and everything paid out of the joint account, which was all I had, was half hers, even though she put very little in it, and she had her own checking account, she knew the game, she was divorced before, she knew to get a joint account, put a little in, then she'd be entitled to everything paid for with that account, she is pure evil, and still is.

My point is, sometimes you don't find out you can't trust them until years later, and you don't want your kids coming from a broken home, so you ride the storm out.

[Rocket]

Keep separate accounts. Less to fight about.