QueenoftheSloths
Drama Llama
Member Since January 2004, 2,698 forum posts PeaNut Number: 122614 PeaBoard Title: StuckOnPeas
Posts: 5,955 
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Post by QueenoftheSloths on Jun 27, 2021 14:30:57 GMT
Do you and you spouse have joint bank accounts or joint credit cards?
We both had our own accounts before marriage and have never felt a need to have joint ones as well.
Pros and cons of either choice?
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Post by gar on Jun 27, 2021 14:43:53 GMT
We have joint and individual ones. There's benefits to both, even for silly things like I don't want him to be able to see what I've bought him for Christmas/birthday etc but other times we both need to be able to access our joint accts.
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seaexplore
Prolific Pea
Posts: 8,504
Apr 25, 2015 23:57:30 GMT
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Post by seaexplore on Jun 27, 2021 14:48:46 GMT
We have our own bank accounts that are all linked to each other and we have signing ability on each others and the kids. As for credit cards... I'm on his business Costco credit card because we get money back. That said, it's murder on my credit since my only credit card currently in my name only is my Target card. My credit score goes up and down over 10 points at times because of my Target balance (that I pay off monthly). Last summer my Visa that I had since I was 17 (30 years) was closed for inactivity. My credit took a HUGE hit. So... if you have a card that you don't use often make sure to use it once a year just to maintain that card as part of your score. When we did a refi on our house this past Feb, we got a killer rate because our credit scores are really high.  |
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Gennifer
Drama Llama
Posts: 5,018
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Post by Gennifer on Jun 27, 2021 14:50:12 GMT
Both.
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Post by cindyupnorth on Jun 27, 2021 14:50:30 GMT
We both have our own personal checking acct, but we have a joint savings, where things like our tax return money goes. It works out great for both of us. No joint CCs
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Post by bearmom on Jun 27, 2021 14:50:52 GMT
Joint everything. I do have a savings account in my name, but he linked it to our shared account.
We got married right out of college when we didn’t have much and he made over 2x what I did.
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Post by sawwhet on Jun 27, 2021 14:53:10 GMT
We have both. Dh is the primary earner so his pay is direct deposited into his account and he transfers it over to mine. In all fairness, I have access to both accounts and can see it on my computer screen. We also both have separate accounts for general savings/hobby spending etc.
He has a cc and I have one linked to his card with a separate number. It has a larger credit limit. I have my own cc with a smaller limit because I work part time. I generally use and manage my own card. If I need major car repairs, I put it on his card 😜
Both of us are cautious spenders.
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Post by freecharlie on Jun 27, 2021 14:53:28 GMT
We have joint checking and savings and separate credit cards.
I also have an online savings in my name online
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Post by giatocj on Jun 27, 2021 15:03:41 GMT
Yes, we have joint everything
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grammanisi
Pearl Clutcher
Posts: 3,741
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Post by grammanisi on Jun 27, 2021 15:13:00 GMT
Joint everything. For almost 43 years.
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caangel
Drama Llama
Posts: 5,488
Location: So Cal
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Post by caangel on Jun 27, 2021 15:14:58 GMT
Joint everything. I deal with all the finances and investing and it is just easier if it is all joint. I joke that he makes the money and I spend it (on bills). We got married in our early 20s so didn't have too much of our own and joint everything just made sense and was easier. He likes not having to deal with and worry about bills or calling companies. He is not a big spender at all so it isn't hard for me to keep track of expenses made by him.
I am also the main contact for our investment accounts and our mortgage. He just shows up to sign papers.
We are close with his boss and even he will ask dh to ask me about something like what our mortgage rate is when we refinanced and he was looking to do the same.
It works for us. But I totally can understand why people who get married later, have significant differences in spending habits, have large debt, large on going expenses or different relationships with money may choose to keep seperate finances. Each couple needs to what is right for them.
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Post by wallyagain on Jun 27, 2021 15:22:08 GMT
We got married, DH was 19, I was 20, we had nothing so we have joint everything. For 38 years. It works for us. I do all the financial stuff and it works for us.
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Post by Zee on Jun 27, 2021 15:25:15 GMT
We have joint and individual ones. There's benefits to both, even for silly things like I don't want him to be able to see what I've bought him for Christmas/birthday etc but other times we both need to be able to access our joint accts. Same |
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Post by Linda on Jun 27, 2021 15:26:34 GMT
separate everything
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Post by roxley on Jun 27, 2021 15:37:27 GMT
Joint everything, together since college for 24 years. It works wonderfully for us. If I were, for some reason, to get married again I would keeps things separate to protect my money for my kids. Different circumstances.
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Post by mom on Jun 27, 2021 15:55:04 GMT
Both.
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Post by ntsf on Jun 27, 2021 15:56:51 GMT
joint everything until recently. We got apple credit cards and those are separate, but everything really is joint. dh is the finance guy. I understand where all the money is. and we have a team of advisors as needed. both of us are in mostly agreement about money and I don't fear he will spend more than we can afford.
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Post by **GypsyGirl** on Jun 27, 2021 16:00:45 GMT
Both - ever since we got married in 1977. We both have access to all accounts. I take care of the day-to-day bills/savings, while he does the heavy lifting on the investment side. It's a perfect solution for us as he hates to deal with the routine finances and I have a very low risk threshold on investing. I have joked that if long term investing was left up to me it would be cash in a coffee can buried in the back yard!
While I have no problem with joint finances, I do think every woman should have some money of her own set aside. I have my own investment account that I call the "drop dead fund" - as in if DH were to drop dead tomorrow (God forbid!) or I needed to leave (very unlikely) I would have money to get to immediately.
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Post by workingclassdog on Jun 27, 2021 16:01:08 GMT
Nope totally separate. He sends me money to pay bills, groceries and keeps what he needs for travel. I pay all the bills. He has to send me enough to cover certain bills per month. He has a few of his own, little ones that he takes care of.
That way we have our own spending money and no fighting over who spends what on other things. As long as bills are paid and some stashed away for emergencies we are good.
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carhoch
Pearl Clutcher
Be yourself everybody else is already taken
Posts: 2,994
Location: We’re RV’s so It change all the time .
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Post by carhoch on Jun 27, 2021 16:01:33 GMT
I quit working before we were married so I have not see a paycheck in close to 40 years  we have joint accounts of course |
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Post by padresfan619 on Jun 27, 2021 16:04:00 GMT
We each have our own credit cards, checking and savings accounts as well as one joint checking and savings account. Joint checking is for all household bills and expenses, joint savings is for vacations and big purchases and then we maintain our own accounts for everything else. I’ll never fully incorporate all of our money together, I like having a nest egg of my own no matter how great our marriage is. I’ve seen way too many horror stories if one spouse cleaning the other out of everything. It happened to my sister in law when she was a SAHM of two kids, her husband went on a bender and completely drained their accounts of every single dollar.
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Post by katlady on Jun 27, 2021 16:07:32 GMT
Checking and savings - Joint.
Credit card - Both
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Post by stampnscrap1128 on Jun 27, 2021 16:15:54 GMT
We always had everything joint. Seems to have made it easier when dealing with finances, etc. after he passed away. I now have my daughter on my checking and savings accounts and a "TOD" on my house deed with her name on it.
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Post by katlady on Jun 27, 2021 16:18:02 GMT
We always had everything joint. Seems to have made it easier when dealing with finances, etc. after he passed away. I now have my daughter on my checking and savings accounts and a "TOD" on my house deed with her name on it. Just an FYI, also having both names on utilities bills makes things a lot easier if one spouse passes away. |
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Post by mnmloveli on Jun 27, 2021 16:18:07 GMT
Joint everything. In November it will be ❤️25 years❤️ and it has worked for both of us.
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TXMary
Pearl Clutcher
And so many nights I just dream of the ocean. God, I wish I was sailin' again.
Posts: 2,833
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Post by TXMary on Jun 27, 2021 16:24:39 GMT
Married 35 years. Joint everything.
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Kerri W
Pearl Clutcher
Posts: 3,774
Location: Kentucky
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Post by Kerri W on Jun 27, 2021 16:35:14 GMT
We have joint checking and savings accounts. We each have a savings account that is “ours”, both of our names are on it for signing and emergency purposes, but we don’t use each other’s money in those accounts. We don’t use credit cards per se. DH has one card for business travel expenses. I have no idea if my name is on it or not.
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Post by gar on Jun 27, 2021 16:38:52 GMT
Apparently it matters how long you’ve been together so…married 30, together about 35 😁
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Post by Skellinton on Jun 27, 2021 16:43:29 GMT
We have both. We both have a set amount deposited into our own accounts each payday and the rest goes to our joint account.
We both have our own credit cards.
Pros for us is that we both get the same amount of personal money each month and can do what we want with it. The joint account covers groceries, eating out, gas, insurance, bills, doctor stuff, pet stuff etc. Anything necessary comes out of our joint, the personal account we do what we like with.
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Post by Karene on Jun 27, 2021 16:58:47 GMT
When we got married 36 years ago, I felt as a young woman, I should have my own account, so I kept the one I had. But other then that, we had a joint account. I was making a steady paycheck and my husband was just starting in a commission job so didn't make much. Once we had kids, I did daycare in my house and he got a salary job so our finances switched to him making much more than me. I now work out of the home but he still makes way more. We have always kept the joint account. Even though I had my own account, we never had his and her money, just ours. All paychecks go into the joint account and all bills come out of it. I have opened other accounts to use for different savings, and they are in my name only, but that is because my husband never bothered going to the bank to get his name on it.
Our retirement accounts and tax free savings accounts can only be in one name so those are separate. We each have a credit card where we are the main owner and the other is an authorized user.
I pay all the bills and do all the money stuff.
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