Shared or separate bank accounts?

My husband and I currently have a shared account, but I’m curious to what works better in your relationship/marriage? How do you separate everything?

  • Amanda
    Apr 15

    We had both. One joint where we each put the bill half of our paychecks then our own separate accounts. Now that I am a SAHM we only have his account and I am an authorized user but my name isn't on it. I'm cool with that. I manage the budget and set funds for things as part of my job and he brings home the bacon. Like the house and the car are both in his name only because he had better credit when we bought them.

  • Jackie
    Apr 16

    We have separate accounts as well as a house account that we each put the same amount in to cover mortgage and any possible repairs we might need. Other than that my husband is responsible for the heat, electric and cable bills while I take the food bill (this includes BJs, diapers and formula) and it evens out to be the same. We do have a shared account that we each put only $50 in for the baby expense (clothes, Doctor copays and whatever else we need).

  • Lauren
    Apr 16

    My husband and I have done both over the years. Having separate accounts did not work for us because we look at everything as our vs each individual person's. We function best with a joint account. Since having joint accounts I have been a Homemaker and in the workforce. No matter what we just have an open dialogue about finances and have an understanding of a given amount of when we should check with the other before making a purchase. If things are tight financially that price goes down to make communication better. It works well for us overall.

  • Kieli
    Apr 16

    I agree with Lauren, my husband and I work best with a joint account because we view everything as ours rather than his vs mine. My husband wanted me to be on his account after just months of dating. Personally I thought (back then) that every couple shared accounts. But I have learned that not every couple is like that

  • Laura
    Apr 16

    We still have our individual accounts from before we were married, and a joint account that bills get automatically paid from (that we deposit money into every couple of months). We haven't combined everything mostly out of laziness.

  • Katie
    Apr 18

    Separate accounts here. He pays the mortgage and car payment and I pay most of the other bills. For gas, groceries, and shared purchases we have a credit card that we split the bill on. I insist on staying separate until my student loans are paid off because that is my debt from before I got married and I don’t want him paying for it. Once that is gone we will probably combine just to make things easier.

  • Stacy
    Apr 18

    Jackie, what is a BJ? I can't figure it out. "BJs, diapers and formula"

  • Rachel
    Apr 18

    My partner and I have a joint credit card (Chase) with a very small budget of $2500, but the rewards is very very good. We've actually used the points for flights, car rentals, money back on Airbnb rentals, etc. This card pays for everything for our family. We also have our own individual accounts: our personal checking (mine: work checking where my paychecks get deposited, my personal checking account; his: personal checking for his gym membership, personal things). Our savings account and mutual funds I set up in my name (we're not married), and I manage these since I'm the only one working right now until our baby girl is older. We both engage in child care full-time, and I work part-time and I wish we had done a joint credit card a long time ago!

  • Casondra
    Apr 18

    @Stacy BJ’s is like Costco or Sam’s Club.

  • Stacy
    Apr 18

    Thanks, Casondra! I have never heard of that and could NOT figure out what kind of baby gear was a bj.

  • Ling
    Apr 18

    We have both as well. We collectively put in a certain amount every month to cover shared expenses like mortgage, utilities, groceries, cell phones, insurance, baby stuff, but we divvy up the amount each person contributes as a percentage of total take home salary. For example, if the total amount to cover all of our bills come out to $5000 and Partner A makes $75,000/yr and Partner B makes $100,000 then Partner A contributes (75XXX-XXXX00=43% of $5000) =$2,150 and Person B contributes XXX-XXXX00=57% of $5000) =$2,850. It feels a bit more equitable that way and I think it honors more of each other’s hourly rate/efforts in contributing to our shared home life. Also, if we do something “fun” like going out to restaurants or seeing a movie or concert, we’ll take turns treating each other from our personal bank accounts so we become much more aware of “non-essential” spending.

  • Christie
    May 03

    We share accounts

  • Anonymous
    Jul 02

    Nooooo. Finances are one of the two top reasons for divorce. Once account makes sooo many conditions for miscommunication or for one person to control the finances and cause resentment. Two adults, two careers, two incomes, two bank accounts. So long as the marriage is built in solid communication and trust.

  • Lorena
    Aug 16

    As a married couple yes. If not married then nope.