| Posted By |
Message |
| Pages: [1] 2 |
KellyNYC
LIF Adolescent
Member since 10/05 650 total posts
Name:
Kelly
|
Joint Bank Accounts?
Which do you have?
Message edited 1/31/2006 5:19:08 PM.
|
Posted 1/5/06 8:43 AM  |
| |
|
baghag
:P
Member since 5/05 10278 total posts
Name:
|
Re: Joint Bank Accounts?
We only have joint checking and savings.
|
| Posted 1/5/06 8:44 AM |
| |
|
Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
|
Re: Joint Bank Accounts?
when we got engaged, we had a joint checking and savings but we each kept our individual checking/savings accts. Once we got married, we closed the individual accts and only have combined accts.
|
| Posted 1/5/06 8:47 AM |
| |
|
Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
|
Re: Joint Bank Accounts?
joint only
|
| Posted 1/5/06 8:56 AM |
| |
|
Aga
hello baby Albert
Member since 9/05 7750 total posts
Name:
Aga
|
Re: Joint Bank Accounts?
joint savings and checking, I dont want to have discussions about my money-your money... this way it is our money...
|
| Posted 1/5/06 9:00 AM |
| |
|
baghag
:P
Member since 5/05 10278 total posts
Name:
|
Re: Joint Bank Accounts?
Posted by KellyNYC
ETA: What about pre-existing credit card debt...does it just become a mutual effort to pay off all debt, or should you continue paying off your own debt?
It might be a good idea to consolidate, if you can transfer the balances on both of your cards to one card with a low interest rate. Shop around and see. A friend of mine and her BF did this, and they saved a bundle on interest.
|
| Posted 1/5/06 9:03 AM |
| |
|
Lichi
what what!?
Member since 5/05 4206 total posts
Name:
Lissette
|
Re: Joint Bank Accounts?
Before we got engaged we opened a joint checking & savings account that linked to our personal accounts... and we have not changed it since. Every paycheck, we set aside most of our check (more than half), and forward it to the joint accounts. That way, we still keep our personal accounts (for our own purchases, gifts, etc), and still pay the bills & save $.
It works for us!
|
| Posted 1/5/06 9:06 AM |
| |
|
Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
|
Re: Joint Bank Accounts?
We have joint checking and savings accounts. No separate accounts. We have our paychecks directly deposited into the checking account.
We have each other as additional users on all credit cards - although we chopped down the number of credid cards when we were applying for our mortgage. Now we only have 2 major ones. Neither of us how any cc debt. We only had the student loans over our heads when we merged our money.
Not saying that this is the best way - it's just our way.
|
| Posted 1/5/06 9:08 AM |
| |
|
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
|
Re: Joint Bank Accounts?
The best thing we ever did for our relationship was open a joint checking account. It stopped the whole "You owe me for the xxxx." discussions.
BUT (and this is a big thing with me) I don't like to have to answer to him about where else I spend my money and I don't feel like he should have to either. So we put the amount we NEED each month to cover bills in the joint account and then have separate accounts for anything "left over". When we need to pay off more on credit cards, or when we were saving for the wedding, we just put more in the shared account.
And as far as credit is concerned, we are both responsible for paying off our own debt - previous and current.
BTW, my DH was also hesitant to open a joint account - having the separate one too really made him come around. Hope this helps.
|
| Posted 1/5/06 9:10 AM |
| |
|
Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
|
Re: Joint Bank Accounts?
Posted by KellyNYC
ETA: What about pre-existing credit card debt...does it just become a mutual effort to pay off all debt, or should you continue paying off your own debt?
Kelly
DH & I paid off our existing debt before getting engaged, but I think if you are both trying to save for something (house/baby), then consolidate and try to get your mutual debt down.
Message edited 1/5/2006 9:12:13 AM.
|
| Posted 1/5/06 9:11 AM |
| |
|
BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
|
Re: Joint Bank Accounts?
im a fan of joint accounts but it doesn't work for everyone...
most of the times, the women/brides want to maintain there own account to "protect" themselves.
entering a marriage is not only a relationship about love but its also about finances. We have a friend that is getting married that can't work out finances and i'm worried this will lead to there down fall. Its hard to say, i have my half and you have your half when technically, its both of your monies.
|
| Posted 1/5/06 9:12 AM |
| |
|
ChristineR
New Year, New Beginnings!
Member since 5/05 2083 total posts
Name:
Christine
|
Re: Joint Bank Accounts?
We have joint accounts for checking and savings.
The only thing separate is the Christmas club, I opened the account so it just has my name on it but it's OUR Christmas club 
|
| Posted 1/5/06 9:14 AM |
| |
|
metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
|
Re: Joint Bank Accounts?
Posted by baghag
Posted by KellyNYC
ETA: What about pre-existing credit card debt...does it just become a mutual effort to pay off all debt, or should you continue paying off your own debt?
It might be a good idea to consolidate, if you can transfer the balances on both of your cards to one card with a low interest rate. Shop around and see. A friend of mine and her BF did this, and they saved a bundle on interest.
Chase has a card with 0% apr for 1 year.
|
| Posted 1/5/06 9:19 AM |
| |
|
KellyNYC
LIF Adolescent
Member since 10/05 650 total posts
Name:
Kelly
|
Re: Joint Bank Accounts?
Thank you for all the responses!
Message edited 1/31/2006 5:19:38 PM.
|
| Posted 1/5/06 9:24 AM |
| |
|
nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
|
Re: Joint Bank Accounts?
Posted by leighla
The best thing we ever did for our relationship was open a joint checking account. It stopped the whole "You owe me for the xxxx." discussions.
BUT (and this is a big thing with me) I don't like to have to answer to him about where else I spend my money and I don't feel like he should have to either. So we put the amount we NEED each month to cover bills in the joint account and then have separate accounts for anything "left over". When we need to pay off more on credit cards, or when we were saving for the wedding, we just put more in the shared account.
And as far as credit is concerned, we are both responsible for paying off our own debt - previous and current.
BTW, my DH was also hesitant to open a joint account - having the separate one too really made him come around. Hope this helps.
Same thing with us. He can't complain about how much I spent on clothes, because it's from my personal account, and I can't complain about him playing poker with his friends and losing some $, because it is his personal account. I just took on $60,000 in loans for my doctoral program though, and I pay that out of my personal account. I'm still indecided about that. I know if (God forbid) we ever get divorced, he is entitled to my enhanced earnings from my additional degree, so I kind of feel like my loans should be paid from the joint account, but our joint account extra money goes to house savings, so maybe it's better I do without extra clothes or highlights to pay the loans. So, I don't know. This works for us.
|
| Posted 1/5/06 9:30 AM |
| |
|
VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
|
Re: Joint Bank Accounts?
Posted by Aga
joint savings and checking, I dont want to have discussions about my money-your money... this way it is our money...
Us too. We have joint everything and one joint CC. We also have one separate CC each for gifts to each other.
I would say that if you have CC debt that after you are married that you make an effort to pay it off together. Before that, I would say that his debt is his and your debt is yours and to make an effort to pay as much as you can before you get married.
|
| Posted 1/5/06 9:41 AM |
| |
|
mrsmck
Be a big girl!
Member since 5/05 4898 total posts
Name:
Donna
|
Re: Joint Bank Accounts?
We have a joint savings account which we call the "house fund". We make deposits when we can. We have separate checking accts. and we each take care of our own debt. It seems to work for us.
|
| Posted 1/5/06 10:17 AM |
| |
|
MRSE
LIF Adult
Member since 5/05 1420 total posts
Name:
(112903)
|
Re: Joint Bank Accounts?
We have both....
Message edited 10/18/2006 1:15:33 PM.
|
| Posted 1/5/06 10:54 AM |
| |
|
mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
|
Re: Joint Bank Accounts?
We have joint accounts, I would be pretty poor if we had separate accounts since I am a SAHM 
|
| Posted 1/5/06 10:59 AM |
| |
|
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
|
Re: Joint Bank Accounts?
Posted by nov04libride
Posted by leighla
The best thing we ever did for our relationship was open a joint checking account. It stopped the whole "You owe me for the xxxx." discussions.
BUT (and this is a big thing with me) I don't like to have to answer to him about where else I spend my money and I don't feel like he should have to either. So we put the amount we NEED each month to cover bills in the joint account and then have separate accounts for anything "left over". When we need to pay off more on credit cards, or when we were saving for the wedding, we just put more in the shared account.
And as far as credit is concerned, we are both responsible for paying off our own debt - previous and current.
BTW, my DH was also hesitant to open a joint account - having the separate one too really made him come around. Hope this helps.
Same thing with us. He can't complain about how much I spent on clothes, because it's from my personal account, and I can't complain about him playing poker with his friends and losing some $, because it is his personal account.
Wow - that's the same rationale we have!! LOL.
Clothes for me and Poker for him!
|
| Posted 1/5/06 11:01 AM |
| |
|
KellyNYC
LIF Adolescent
Member since 10/05 650 total posts
Name:
Kelly
|
Re: Joint Bank Accounts?
Message edited 1/31/2006 5:19:59 PM.
|
| Posted 1/5/06 11:02 AM |
| |
|
dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
|
Re: Joint Bank Accounts?
We have joint savings and checking, and each of us kept a smaller checking account open. I put a certain amount per month from my paycheck in my seperate checking account and that is what I use for spending $, so I can do with it what I want. DH doesn't spend much on himself, so he doesn't feel the need to do that - I actually encourage him to spend a little more on himself
We kept all of our credit cards seperate. It just didn't really seem to matter, since we don't carry balances and pay them out of the joint checking.
|
| Posted 1/5/06 11:08 AM |
| |
|
my3bugs
Mom of 2 Boys
Member since 5/05 4381 total posts
Name:
|
Re: Joint Bank Accounts?
When we got engaed we opened a joint savings/wedding account. We continue to have that and it is now the house projects/college fund savings account. We both maintained our separate individual checking accounts. We find it easier that way. We keep saying we should put each other's names on the account for emergency reasons but never get around to doing it. We have our own method in plac eof how we contribute to the savings account.
As for debt, we did not have any upon getting married. I may have had some student loan payments left and if I did I paid them off from my checking account/earnings.
Message edited 1/5/2006 11:12:42 AM.
|
| Posted 1/5/06 11:12 AM |
| |
|
mrsmck
Be a big girl!
Member since 5/05 4898 total posts
Name:
Donna
|
Re: Joint Bank Accounts?
Posted by KellyNYC
To those of you who have separate accounts, do you know roughly how much is in each other's accounts, and have total financial disclosure?
What if you end up struggling one month, do you ask for help?
If one of us needs help on a certain month, we always ask. We never asked how much we each have in our accounts, although we do discuss our credit card debt, since we're trying to buy a house soon.
|
| Posted 1/5/06 11:33 AM |
| |
|
BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
|
Re: Joint Bank Accounts?
We have both joint accounts and separate accounts.
|
| Posted 1/5/06 11:35 AM |
| |
|
| Pages: [1] 2 |
