Joint Checking Account
Senior Member
Joined: Oct 2002
Posts: 117
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From: Northwestern PA
Spousal trust issues aside...
Imagine keeping your account balance up to date with two people making transactions from the same account day in and day out. Especially when primarily using a debit card (I haven't written a personal check in years, no account register on hand).
What we do is keep separate accounts, but we both have access to each others. In effect, we have two joint accounts where each is responsible for only one. I spend out of mine, she spends out of hers. My paycheck is deposited into mine, and money is transferred online as necessary according to the budget.
Imagine keeping your account balance up to date with two people making transactions from the same account day in and day out. Especially when primarily using a debit card (I haven't written a personal check in years, no account register on hand).
What we do is keep separate accounts, but we both have access to each others. In effect, we have two joint accounts where each is responsible for only one. I spend out of mine, she spends out of hers. My paycheck is deposited into mine, and money is transferred online as necessary according to the budget.
Or just RUN!!!
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Senior Member
Joined: Jan 2007
Posts: 1,115
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From: TN
Heres a little story for you to learn from. My wife and I opened up a Target card. We have been living on my good credit graces getting high credit over $5,000 on all of our accounts.
So, I check the mail the other day... and Bam theres $470.00 bucks on our target card. I look on our USAA card, bam theres $300.00 bucks on that....
I ask her what she spent so much money on?
She said throw pillows for our couch 2 curtains and a curtain rod.
Listen gentlemen.. five pillows cost me.... 130.00 $$$$ !!!!!!!!!!!!!
WTF !?
SAVE ALL YOUR MONEY. HIDE IT !
If you must open a joint account open it with the bank you use and have so much transfered from your account.
Or go hang yourself immediately.
So, I check the mail the other day... and Bam theres $470.00 bucks on our target card. I look on our USAA card, bam theres $300.00 bucks on that....
I ask her what she spent so much money on?
She said throw pillows for our couch 2 curtains and a curtain rod.
Listen gentlemen.. five pillows cost me.... 130.00 $$$$ !!!!!!!!!!!!!
WTF !?
SAVE ALL YOUR MONEY. HIDE IT !
If you must open a joint account open it with the bank you use and have so much transfered from your account.
Or go hang yourself immediately.
Senior Member
Joined: Mar 2004
Posts: 305
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From: Tulsa, O K L A H O M A!
I trust my wife with money completely. We've been married over twelve years and she's good with money. We have split accounts anyway. She worries about her account and I worry about mine.
Grim
Grim
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Senior Member
Joined: Jan 2007
Posts: 1,115
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From: TN
Never thought that it seems like I don't trust her. Seriously. I just never thought about it throughly. I let all the negatives screw me up. Gonna try it and pray. A lot. - Og
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Joined: Oct 2002
Posts: 117
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From: Northwestern PA
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Joined: Mar 2005
Posts: 26,080
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From: Burleson/Athens/Brownsboro, TX
My wife and I have always had a joint account. She has not worked since I got out of college and she takes care of our home finances. I mess with financial stuff all day and the last thing I want to do when I get home is reconcile a checking account. She is more conservative than I am with the spending, so maybe that is why it has worked for 45 years.
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Jim
Jim
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Joined: Sep 2006
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From: Metro Detroit
My wife and I have had a joint checkings and savings account since we've been married, about 5 years now, it's just easier that way IMO. She stays home with the 4 year old and 1 year old, and handles all the bills.
My situation is almost identical to Raoul's, by the time the bills are paid, 401K and college funds, we withdraw a certain amount of cash from Checkings and that is the budget we have until the next check. Granted, you have to trust your partner to make it work and you BOTH need to discipline yourselves, but if you trust her then there should be no reason why you couldn't make it work.
My situation is almost identical to Raoul's, by the time the bills are paid, 401K and college funds, we withdraw a certain amount of cash from Checkings and that is the budget we have until the next check. Granted, you have to trust your partner to make it work and you BOTH need to discipline yourselves, but if you trust her then there should be no reason why you couldn't make it work.
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Joined: Feb 1999
Posts: 6,182
Likes: 19
From: the moral high ground
Og,
If you don't want to fight over $300 pillows, both of you should agree to 'touch base' on any expenditures over a certain limit.
My wife and I are comfortable around $100.
If her car needs tires, I tell her what I'm doing and mention, "You know tires are around $400 to $500, right?"
It could lead to hurt feelings if there aren't some ground rules and setting up a joint account is an good time to do it.
If you don't want to fight over $300 pillows, both of you should agree to 'touch base' on any expenditures over a certain limit.
My wife and I are comfortable around $100.
If her car needs tires, I tell her what I'm doing and mention, "You know tires are around $400 to $500, right?"
It could lead to hurt feelings if there aren't some ground rules and setting up a joint account is an good time to do it.
Thread Starter
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Senior Member
Joined: Jan 2007
Posts: 1,115
Likes: 1
From: TN
Og,
If you don't want to fight over $300 pillows, both of you should agree to 'touch base' on any expenditures over a certain limit.
My wife and I are comfortable around $100.
If her car needs tires, I tell her what I'm doing and mention, "You know tires are around $400 to $500, right?"
It could lead to hurt feelings if there aren't some ground rules and setting up a joint account is an good time to do it.
If you don't want to fight over $300 pillows, both of you should agree to 'touch base' on any expenditures over a certain limit.
My wife and I are comfortable around $100.
If her car needs tires, I tell her what I'm doing and mention, "You know tires are around $400 to $500, right?"
It could lead to hurt feelings if there aren't some ground rules and setting up a joint account is an good time to do it.
Sounds simple enough. - Og
Senior Member
Joined: May 2007
Posts: 502
Likes: 1
From: Roy, UT
Og,
If you don't want to fight over $300 pillows, both of you should agree to 'touch base' on any expenditures over a certain limit.
My wife and I are comfortable around $100.
If her car needs tires, I tell her what I'm doing and mention, "You know tires are around $400 to $500, right?"
It could lead to hurt feelings if there aren't some ground rules and setting up a joint account is an good time to do it.
If you don't want to fight over $300 pillows, both of you should agree to 'touch base' on any expenditures over a certain limit.
My wife and I are comfortable around $100.
If her car needs tires, I tell her what I'm doing and mention, "You know tires are around $400 to $500, right?"
It could lead to hurt feelings if there aren't some ground rules and setting up a joint account is an good time to do it.
The question is. Is the check good
Or at what amount do you start to use the bad ones???
Certified Goat Breeder
Joined: Feb 1999
Posts: 6,182
Likes: 19
From: the moral high ground
Like I said, I lay every dime I make at my wife's feet and only one thought run's through my head...
".....damn, another pedicure?..."
Senior Member
Joined: Sep 2005
Posts: 816
Likes: 1
From: Indianapolis, area
The wife and I just had a discussion on this the other night. We currently have separate accounts and I'm the one wanting a joint account. We both make about the same money but I'm the spender in this relationship. Don't get me wrong she spends too (like $350 on flowers last week for our landscaping) but I spend more often and generally on bigger ticket items like wheels, tires, TV's and such. My account is always a lot lower than hers so she doesn't want to combine accounts on fear that I'll spend more. I told her we just need ground rules and I'm pretty responsible, I won't spend money I don't have and refuse to have credit card debit. I would just like to have all of our money in one account so everything gets divided equally but she didn't go for it yet. Hell I'm about to make things worse cause I think I'm going to buy a new camera on the way home tonight and once Bilsteins get off backorder I'm getting a set of 5100's so I think I'm fighting loosing battle on trying to convince her to combine accounts