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Do You and Your Spouse Maintain Joint Bank Accounts?

My husband and I hold all of our cash and investments in joint bank accounts, but most of my friends maintain their money separately. I wonder if anyone has ever studied the impacts of joint versus individual bank accounts on a marriage. A lot of my friends seem to think they’ll argue more about money if they have to keep all of their money in one place, while my husband and I think we’d argue more if we kept everything separate.

I’ve been thinking more and more about this topic since I read Financial Infidelity. The book focuses on a variety of topics concerning relationships and money and the entire time I read the book I couldn’t help thinking, “wow, my husband and I never fight about money.” I keep coming back to the belief that my husband and I don’t argue about money because we maintain all of ‘our’ money jointly.

If you’d like to win a paperback copy of Financial Infidelity simply leave a comment describing your financial arrangement with your spouse: Do you hold your money jointly or individually and does this arrangement work well in your household? If you aren’t married just tell me how you think you’d keep your financial house in order.

If you don’t have a blog please leave your email address in the comments. The contest will end at midnight on Sunday, April 12th. I will draw a random number at midnight and email the winner sometime on Monday.

Pinky

Monday 13th of April 2009

My husband and I keep all the money in the joint account. He will deposit most of his paycheck into the account and keep a small portion for allowance. If we need to purchase anything for the household or any big items, we will use the money in the joint account. If he wants to buy something for himself such as games, coffee, etc, he will use his allowance money. I do the same as him as well. I think this work out very good.

clwtrsunset

Wednesday 8th of April 2009

My marriage of almost 2 decades recently ended. We always had joint accounts and did not fight over money. As a previous poster mentioned, I was naive and got burned (well, I should say, am continuing to get burned). Like spaghetti mentioned, I 'was in control' of the account, supposedly. I will never not have my own account again regardless of my marital status.

Nicole

Wednesday 8th of April 2009

We have separate accounts. We've talked a little about combining but have never done it. If we combined we would probably have 3 accounts: his, mine, and ours. We are both ok with money, no debt, but I track every penny and he doesn't write anything down. I think I would go crazy not knowing exact balances and I don't think he wants to track everything. I'd like to save more, but we have a fully funded efund and other savings in place.

Bharathy

Tuesday 7th of April 2009

We have been married for 8 years now. We have separate salary accounts and one joint account which we use for expenses. At the start of the month we transfer a fixed amount into this from our salary accounts. The money from salary accounts is used for our individual investments, family obligations(My SO spends on his grandmother and parents, I sponsored my sibling's education) etc. When we plan a major expenditure, it may be paid by anyone who is in the position to do so. This has worked for us so far. We had a baby last Oct and I havent joined back my work. We still continue with the same joint account except that I dont put in any money into it now.

Cindy Brick

Monday 6th of April 2009

We have two credit union accounts -- one we share for everyday expenses, and one for my business. Both of us are members on each one, though Husband rarely does anything with the biz account. (He does, however, pay the bills using the regular account.) We have two more accounts for saving money for certain expenses (like property taxes), one other business account (that uses my biz name -- the credit union will charge extra for this privilege), and I deposit money regularly in two accounts for retirement. (Husband has a retirement account, and so do I, for investing in stocks.) Gosh, I don't think about how many accounts we have until I write about them! But both of us know about the accounts, and have access mutually to all of them, though some are his name as 'first person,' and some are mine. I think we do a better job covering expenses together, rather than keeping them separate and guessing how much we have in funds. (We have been married more than 27 years, by the way.)