Spinoff - Question for those who keep separate accounts

Do you plan on continuing to do this when you have children? If so, how do you see that working?

That was the part I never understood about separate accounts. Not judging at all, I just don't "get" how it would work.

Re: Spinoff - Question for those who keep separate accounts

we have both- joint and separate.

when we have kids, we're going to set up custodial accounts for each of our children. All monetary gifts that they receive will go into their individual accounts and then be given to them when they are adults.

I don't understand why there's so much confusion around the "separate accounts" issue. For us, it's just easier that way. DH doesn't like worrying about every bill that arrives in the mail. So, he has some montly bills that he covers, while I cover the rest. He prefers electoronic checkwriting, while I prefer paper checkwriting.

So, the way we do things just makes sense for us.

eta: And we both don't understand how a couple could have only 1 account and both manage to keep it up to date and accurate. To us, that just doesn't make any sense and seems way too complicated. I know that I am the only one altering the funds in my checking account- so I never have to worry that a check was written, but not accounted for. Same for DH, he does everything on line, so that works well for him

Message edited 8/11/2005 10:00:45 AM.

Re: Spinoff - Question for those who keep separate accounts

Re: Spinoff - Question for those who keep separate accounts

For those with separate accounts ... how do you work things like who pays for dinner when you go out, who buys groceries, paying for vacactions and stuff? Do you split it 50/50 or does one pay or do you tap into the joint account for it?

Everything DH & I do is joint, just trying to get a different point of view ...

Re: Spinoff - Question for those who keep separate accounts

Re: Spinoff - Question for those who keep separate accounts

Message edited 8/11/2005 10:13:18 AM.

Re: Spinoff - Question for those who keep separate accounts

Re: Spinoff - Question for those who keep separate accounts

Re: Spinoff - Question for those who keep separate accounts

Re: Spinoff - Question for those who keep separate accounts

Posted by suvenR
DH almost always pays for dinner when we go out. As he says it, "I'm a gentleman" He won't even let me look at the check!!!! (keeps the romance alive- it makes me feel the excitement from when we dated!)

I am the queen of grocery shopping. He writes a list of the stuff he wants (cheerios, reese's, etc )

We NEVER tap into the joint account for anything. EVER.

Vacations: I took him to the Bahamas as his XMAS gift, so I covered everything for that. We went to Williamsburg, but he just paid for mostly everything.

We're going to Italy, but my MIL made a huge "donation" for that trip because we're going to a family wedding, and we were going to decline because of cost, but she offered to put a lot of money toward our trip because she really wanted us to go with her. DH paid the rest.

We don't have kids yet, but for other expenses, DH had me added to his credit card, but I never use it. I always put vet bills for the puppy on my credit card and just pay the bill when it comes in. If DH takes the puppy to the vet, he covers it.

For the kids, I know that we're going to have VERY GOOD insurance coverage, so I'm not too worried. But, since my FSA account is linked to my payroll, I would cover the Dr. costs because I get an automatic reimburement for all out of pocket expenses. So, I do NOT want DH to cover any of that (then I'd have to fill out a claim to get reimbursed)

Re: Spinoff - Question for those who keep separate accounts

Posted by Leeners


Wow - that was comprehensive! Thanks for taking the time to explain it. I've been wondering stuff like that for years now but never asked.

Re: Spinoff - Question for those who keep separate accounts

Dh and I have a joint savings account and then we both keep our own checking accounts. We have one child but we both work.

The joint account is our savings and the checking is for regular expenses. DH pays the mortgage, taxes, and insurance from his. I pay all the bills, food, commuting, day care, cleaning lady, formula and baby needs, etc. We both contribute to savings as appropriate. We pay our own cc bills thru our own checking. As far as other expenses - like furniture, travel, dinners out - whoever pays - DH does more only because he gets miles on his cc and for these things we would transfer from the savings to our checking as necessary.

Re: Spinoff - Question for those who keep separate accounts

we have both. The combined account pays our combined bills (house, taxes, insurance, medical, etc)

I have an account to pay my student loan, and DH has an account to pay for his tools he uses for work. It was just easier & it actually helped us when he we had to claim these expenses on our taxes last year.

We both also have our own savings account aside from our joint account that we put "extra" money in just in case of any emergencies. (like when DH gets tipped at work, b-day & gift $$, bonuses,etc).

Re: Spinoff - Question for those who keep separate accounts

DH and I have separate accounts and joint savings accounts. We also have custodial accounts for the kids. Birthday, christmas, etc. money that they receive goes into there for when they are older. We don't touch the money though it's theirs.