Is it normal for married people to have separate bank accounts? I'm not talking about "my money vs. your money" type of accounts, where nothing is shared. I'm talking about "all our money, but this is what you can spend" type of accounts.
Since we got married (almost 4 years ago), we shared one bank account and one credit card. We each deposited and withdrew from the same ones. I always thought that when you got married, that was how it was supposed to be. I would hear about people who had separate accounts, and I always thought it was weird, like the two people wanted to keep secret purchases from each other or something.
As time went on and we started saving money, we noticed that we were having a hard time getting past a certain number, and it was because I felt like I had nearly unlimited funds. We decided to set up a smaller account to help me budget, and to give me the option to save for special things that I want that Conrad doesn't usually like to spend money on.
I'll tell you something. I actually really like it. I have my set amount (or allowance) for the month, and I'm responsible for groceries, car maintenance, general shopping needs (and wants), and some household stuff. We decided that I would also budget for Christmas. Crazy! One thing I love about having the account is that I can budget almost anything into the month's spending, as long as I take care of those other things. It's also my own account for the money I make.
What about you guys? Do you have separate accounts? Do you like it or do you think it's weird and that things should be joint? What are your responsibilities if you do have separate accounts?
We have done this in the past and it worked really well for us. I have actually recommended doing it to friends :)
ReplyDeleteWe have always had separate accounts/credit cards. 8+ years and it's worked well for us!
ReplyDeleteWe have separate accounts and I dont mind one bit. I have a debit card to my hubs account but he doesnt have one to mine. He makes the bulk of the money so its kinda unnecessary. I take care of a couple of bills as does he. For us it's worked well. I also have to say when it comes to xmas and birthdays, its nice to buy him something I have saved for.
ReplyDeleteWe've been married for a year and a half, and we have a joint account. Our credit cards are separate, but that was because we both had those before we got married--we're working to pay those off, and then hopefully we won't need to use them often.
ReplyDeleteI'm loving the idea of having my own account--so that I know how much I need/want to spend every month. You're right, seeing one account with both incomes really does make me think we have more to spend than we do!
We share a bank account. It's just WAY easier to keep track of things that way. Either one of us can check the bank account and see how we're doing. It seems to work pretty well for us.
ReplyDeleteKels
storiesofkel.blogspot.com
I've been married for about 7 months but living together for 2 and nothing is combined. Bank accounts, cell phones, car insurance, & health benefits are all keep separate. We also divvy up who gets what utilities. Heck I even kept my last name. Some people would think this is weird but it never really crossed our minds to merge.It works well for us so no need to fix what isn't broken :)
ReplyDeleteWe've been married for over three years and we share all expenses. I figure there's no point in splitting it up if we're using the mentality "what's yours is mine and what's mine is yours." If I want to save to buy something, we decide on it together because all of our purchases are joint as well.
ReplyDeleteEmily
http://faithmusicandbedtimestories.blogspot.com
We share a bank account... but I also kept my other account that I had before I was married and use that for the same things that you're using your smaller account for. Shopping, household stuff, etc...
ReplyDeleteIt was definitely an adjustment when we got married! I was so used to being able to spend what I wanted and then all of a sudden someone else was taking money out of the account too! We have a combined bank account but each week we each get a cash allowance. Then we can spend it all or save it up if we want. So far it's working pretty well!
ReplyDeleteCrazy as it seems we have both! Try Dave Ramsey, he is legit!
ReplyDeleteI have heard married couples recommend separate bank accounts. IT just makes it less stressful for them. My parents have both a joint account, and then each separate accounts.
ReplyDeleteWe have a joint and it works just fine for us. I take care of all the bills and budgeting, plus make the bulk of our income so it's just easier for me to have it all together. We talk about any big purchases we want to make beforehand and have a general rule that we can each spend $20 a month on random items we want. We've been married almost a year and haven't had any problems with it yet.
ReplyDeleteWe have a joint account, which is great for us, partially because we also live on only one income. But we're both savers by nature, so we don't have any problem with looking at the money left in our account and still wanting to save it up rather than spend it!
ReplyDeleteMarried 6 years and we have a joint account. Now that I work part time I appreciate the fact that we treat our money as just that our money. I don't feel bad because I am not bringing in as much. Early on in our relationship we struggled with what my husband thought were silly purchases I.e. mani/pedis and eyebrow waxings. To ease the tension we decided on a weekly allowance for each of us. I buy myself my gossip mags, beauty stuff and any stuff I do with my friends out of my allowance. Hubby uses his allowance mainly to buy tickets to sports games or happy hour. There is no fighting since that money is accounted for in the budget.
ReplyDeleteI don't think that's weird at all. We have joint everything, but I just recently started to give him a budget for what his "allowance" is.
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ReplyDeleteWe have separate accounts, BUT my hubs' name is on my account so they're linked online. My paycheck goes in mine, his in his, but then I can combine the funds in the two through transfers to pay bills. I think we'll probably end up with just one account at some point but for right now that works ok for us.
ReplyDeleteWe have separate accounts and it works out wonderfully for us. The way that we each spend money determines what our responsibilities are. I am a penny-pincher who budgets and saves for the tough times and the future. My husband is more of a we-have-it-now-so-why-not-enjoy-it-now type of guy. Consequently, I write out a budget and savings plan for the month (we save monthly, but months with birthdays/holidays/once-a-year expenses need more saved) and am in charge of paying the bills and building our savings. Right now I'm not working as much (I'd rather be home with my 5 month old) so my husband gives me the money for any bills and savings transfers I can't cover. He is also in charge of gas and groceries. After those things are covered he is free to spend the money in his account on date nights and fun stuff for each of us to do. Basically, by having separate accounts, I can keep him on top of the bills and he can keep me spontaneous and fun. :-) I love it!
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