Does anybody else...

iVillage Member
Registered: 07-14-2008
Does anybody else...
17
Tue, 01-19-2010 - 9:03pm

Have completely separate accounts from their significant other?
DH and I do not have any joint accounts. We each get our pay into our own chequing accounts. We both have items that we are responsible to pay. I pay:
Our mortgage and taxes
my cell phone
my car and maintenance for it
car insurance for both of us
child care costs
most of the activities for the kids
my clothing

My DH pays
water/electricity/hot water tank
groceries/household needs (cleaning supplies, personal care products)
phone/internet/satelite
his cell phone
his car and maintenance
heat
he helps with child care costs in the summer (more expensive)
activities for kids if I need help
kids clothes
family stuff
clothes for him

We both maintain our own savings accounts and retirement investments. We agree together what each of us saves. We "split" major expenses (eg family trips, home renovations, furniture).

We did talk about the purchases that got us into debt in the past. We have been talking about money more lately than in the past, which I think has helped us to make progress.

I am not sure why we arrange our finances as such. It might because my parents are divorced, and my mom and step-dad maintain separate finances, so it's how I grew up. We did talk about combining the accounts, but we felt that this makes us both responsible for household finances. Bills are kept in a binder
that we both have access to.
Is there anybody else who does this? Does it work for you, or does it feel like a hinderance?






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iVillage Member
Registered: 01-16-2010
Tue, 01-19-2010 - 10:11pm

when my husband and I were newly married we did have separate accounts. It worked for a while but over time we transitioned to having one account for "bills" and one for spending. We deposit what we need for bills in the first and the balance goes in the other one. That system has worked really well for us for probably 7 years or so.

The only thing I would change is re-naming the second account from "spending" to "saving" lol.



First Debt BUSTED 2/12/10 Second Debt BUSTED 2/26/10 Third Debt BUSTED 3/19/10
iVillage Member
Registered: 12-23-2008
Tue, 01-19-2010 - 10:33pm

Because I came from a really ugly divorce

XoXo Shannon 2010 YTD Flake $349.94 2010 YTD Flake to Savings $193.33
iVillage Member
Registered: 05-20-2005
Wed, 01-20-2010 - 12:05am

DH and I have separate accounts.

Wedding
iVillage Member
Registered: 10-01-2008
Wed, 01-20-2010 - 9:16am

Since DH has direct deposit, I pay all the bills out and put so much in two separate savings accounts and a Christmas club account.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 03-27-2005
Wed, 01-20-2010 - 9:55am

We did talk about combining the accounts, but we felt that this makes us both responsible for household finances. Bills are kept in a binder
that we both have access to. Is there anybody else who does this? Does it work for you, or does it feel like a hinderance?


When my husband and I married we married our finances as well.

iVillage Member
Registered: 01-12-2010
Wed, 01-20-2010 - 10:17am

We have separate accounts...we also have a 3rd&4th account that are tied to our rental property.

But other than whatever PADs we have coming out of the accounts, we don't really consider them his or mine...if his account is low and mine is not, I pay for the groceries, etc..

I was told by a financial advisor about 5 years ago that both spouses (especially if one is a SAHM or has a lower-income/less steady income) should have their own accounts (i.e. a 3 accounts in total, one joint)...despite all the best estate planning in the world, banks tend to do funny things when someone dies...worst case scenario all your joint accounts can be frozen...even if they get unfrozen it could be weeks or months for that to happen so in the mean time, what do you live on?
I know in Canada when opening joint accounts it's important that you get a clause called "right of survivor-ship" put on your joint accounts.

~ Melissa ~ ‎"We need to find the courage to say NO to the things and people that are not serving us, if we want to rediscover ourselves and live our lives with authenticity." - Barbara de Angelis
iVillage Member
Registered: 08-04-2008
Wed, 01-20-2010 - 10:54am

We have seperate finances as well.




iVillage Member
Registered: 11-14-2008
Wed, 01-20-2010 - 1:25pm

In today's day and age there are many types of families. It seems rare almost to have a traditional one. With that comes all types of creative finances. Some are successful and some are not. Everyone must find what works for them and change it as their lives change. Also some partners in this world have problems with trust, laziness towards finances and other problems where it works for one person to do everything. I love the quote Marie I believe put on from Albert Einstein the other day "Insanity is doing the same thing over and over again and expecting different results" That one is a thinker!

I am in a blended family. I am divorced with two kids. I live with my BF and have the kids half the time. It seems to be working. Because we wanted to buy land together, I suggested we get a joint account to pay mortgage and house hold bills out of. What is unusual is that we both put the same amount of money in it, when I had more personal debt I put in less though(and I neither my ex or I pay child support because I think we make the same amount). I think as we make more money and put more in, it won't matter if the amounts differ. We each have our own savings, and chequing accounts at our own banks as well. That is three banks total. Because I had such a terrible problem with my ex in regards to money(he was and is a terrible spender) I don't think I will ever give up my account. I don't really see any reason for BF to give up his either. I am saving for my kids for university and BF is paying off Student loans through his bank. So we don't put all of our pay cheques into our joint account, or our spending money for that matter. We use our joint savings for sinking funds related to future savings, and things we do pay monthly like repairs, property taxes, clothing, gifts including Christmas, etc. I also have my business accounts at the same bank as my personal accounts so that is really convenient for me.

I do consider BF's student loan our debt and if we get extra money we will put it on there. When that is done we will start saving in our joint account for a house. It is going to be awhile but I am really excited about it!


iVillage Member
Registered: 05-26-2004
Wed, 01-20-2010 - 1:41pm

It seems stupid to me if you're married to have seperate accounts. I was brought up with my parents having 2 seperate accounts and my dad paid all the household bills and my mom paid her credit card bills. When hubby and I got married some 17 years ago we combined accounts as it was easier and seperating incomes and checking accounts seemed silly. If you have your spouse as a beneficiary on those accounts they really cannot be frozen. Don't see the point in dividing the bills and income when you both live/eat/sleep in the same place.

Kelly

iVillage Member
Registered: 03-15-2005
Wed, 01-20-2010 - 4:22pm

We have 3 sets of accounts...his, mine, and ours.

Jennifer


 


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