Me and the BF have a joint account. We are young and many people think we are crazy for doing this. But, we make pretty much the same amount of money and have the same spending habits, so neither one of us ever feels like the other is getting a “better deal.”
You have a couple of options when it comes to splitting money with your significant other.
- Joint checking account. This is what me and the BF do. We put all of our income in this account and pay all of our bills out of this account. This option makes everything very easy.
- Separate accounts. Each person has their own account and everything is split.
- One joint account and each have their own separate account. Big expenses such as the mortgage are put in the joint account and then fun money is in the separate account.
Which way do you think is better? What do you do? What do you think are the cons for each of these?
I know everyone has very different methods of joining funds with their partner and I think a lot of this depends on the lifestyle you led before you met each other/got serious about your relationship. I prefer the all-in together method. We've combined everything – this way both of us have a really good grasp of the total financial package. Also, if we had separate accounts, my partner would be able to go out and I would not – this way we can do everything together. I find that we're more responsible with our spending because we know that we choose to spend money on will affect our partner.
I don't think there's necessarily a "better" or "right" way of handling money, it all depends on the couple's personalities and lifestyle.When my husband and I first got married, we each had our own checking account. I was in charge of paying joint bills (rent, utilities, etc.), and he's "pay" me his share each week. It worked reasonably well for a couple of years, but once we started seriously looking into buying a house we combined everything and we each get an "allowance" for our spending money. Personally I think this works better for us now. While we have a similar approach to money (specifically, don't spend more money than you make, mortgages and student loans aside), I'm the more organized one, so I'm in charge of the books. But we have to have regular chats about where we stand financially and where we want to be, so it forces us to make sure our financial goals are in sync with one another. Things that *could* have turned into fights otherwise just end up being part of our normal conversation.
Frugal Student says
Technically my husband and I have a joint account and two separate accounts but that is just because we each still have accounts from before we were married. I use all three to pay the bills and have access to all three so really it is like having joint accounts. All the money goes into one pot and we pay the bills from there, we each get a small allowance.
My husband makes significantly more money than I do so we just have a joint account. We actually charge almost everything on our amex so we get points, and then my husband pays all the bills. I get off easy I guess! In the end, because he makes more, we would live different lifestyles if we weren't sharing and that doesn't make life much fun. But I don't think there is any right way, each couple has to figure out what works for them given their situation.
As of right now I have a joint savings with my GF which houses our emergency fund.She is in school now so I am the only one of us with an income so she feels uncomfortable at the moment so this is the only account we have together. I wanted her to at least have access to some amount of money in case of an emergency. When she is finished school we will decide which path we will take but it is looking like option 3 at the moment.
Live Simply- Live We says
I would keep my money sep. until marriage. That way- you avoid any fall outs if something happens.
Michelle P says
Thanks for everyone's input! Obviously different options work for different people and there is no right or wrong choice.
South County Girl says
We decided that we each get $40 of blow money every 2 weeks and the rest goes into our joint finances for mutually decided goals, bills, and savings… It doesn't work for everyone but it works for us really well.
Space 46 says
option 3 works for us. this prevents one of us might blow on a big purchase. thanks so much for these helpful tips! i found you in Holly Ho Ho Series. i'm a Happy new follower!
Jerry McArtor says
My wife and I have been married 41 years. We have never had “my money” or “her money”, only our money. What’s mine is hers. When couples commit to each other, “for richer or poorer, in sickness, or in health” then they are no longer two separate individuals, they have become one couple. That does not mean they lose their own identity but it does mean they put their relationship as a couple above their own interest.