Joint accounts
- Thread starter brodiej
- Start date
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carolonabike
Senior Member
- Location
- Boldon
We've always had the one joint account. When we married we had so little money our joint incomes barely covered our bills. At various points over the years one or other of us has had time off work so the other one has taken up the slack. Now we are comfortable and don't have to worry about bills we can spend on ourselves but we always discuss big purchases first.
I think having so little to start with meant we never aquired the attitude of mine and yours. I can see it wouldn't work for everyone. If you have a partner who is poor with money management it obviously wouldn't work but it's worked for us for 30 years.
I think having so little to start with meant we never aquired the attitude of mine and yours. I can see it wouldn't work for everyone. If you have a partner who is poor with money management it obviously wouldn't work but it's worked for us for 30 years.
I think that's probably where we'll end up - it sounds most logical.
I think without some sort of joint account for paying in all income and out all the joint bills it would be a pain.
The bit of disposable income left we could dispose of equally without having to constantly tell your partner.
MacB
Lover of things that come in 3's
- Location
- Farnborough, Hampshire
we started out with personal current and savings accounts and a joint current account, salaries went into our own accounts and we transferred agreed amounts to handle bills and living expenses into the joint account. As time passed it just seemed to be a bit of a pain. First step was moving salaries to the joint current account, after a while we closed our personal current accounts. More recently we've setup joint savings/investment stuff and closed down the personal ones in that vein.
This was partly fuelled by the fact that we have everything accessible online but that bit is left to me. So I could login and see Janes state of play any time I liked but she didn't have similar access to my info. But the biggest factor was if something happened to one of us. I've handled probate for friends/family a few times over the years and life is easier if things are in joint names. Being me I've also prepared written instructions re what needs to be done that either Jane or the boys could follow with ease.
Anything else is really down to trust and personal attitudes, no-one else can make that decision for you, the above is just what works for us but has been over 20 years in evolving to this point.
This was partly fuelled by the fact that we have everything accessible online but that bit is left to me. So I could login and see Janes state of play any time I liked but she didn't have similar access to my info. But the biggest factor was if something happened to one of us. I've handled probate for friends/family a few times over the years and life is easier if things are in joint names. Being me I've also prepared written instructions re what needs to be done that either Jane or the boys could follow with ease.
Anything else is really down to trust and personal attitudes, no-one else can make that decision for you, the above is just what works for us but has been over 20 years in evolving to this point.
Dayvo
just passin' through
- Location
- 59° 50′ 5.55″ N, 10° 47′ 41.89″ E
We can live off her salary, we can't live off mine; but I can, and do.
We split mutual bills evenly and share food shopping and diesel for the car, then if/WHEN I want to go away for the winter, I use my money, so there are no arguments (at least financially
).
We split mutual bills evenly and share food shopping and diesel for the car, then if/WHEN I want to go away for the winter, I use my money, so there are no arguments (at least financially
).
We've been married 20 years next month and have always had our own accounts. We did have a joint account - briefly - opened because we had a cheque in both names and no other way to cash it.
We each have responsibility for different household bills, it's a fairly even split.
If I don't have money for something Mr6 pays and vice versa.
When we first got married mr6 was in the RAF and all the other wives were shocked that he had control of our finances - at the time I wasn't working so didn't have an income of my own. The common practice amongst other married couples was for the wife to control the money and give the husband £5 pocket money each week, and if it didn't get spent he didn't get any more the next week!
We each have responsibility for different household bills, it's a fairly even split.
If I don't have money for something Mr6 pays and vice versa.
When we first got married mr6 was in the RAF and all the other wives were shocked that he had control of our finances - at the time I wasn't working so didn't have an income of my own. The common practice amongst other married couples was for the wife to control the money and give the husband £5 pocket money each week, and if it didn't get spent he didn't get any more the next week!
mr_cellophane
Legendary Member
- Location
- Essex
We have had joint accounts and joint credit cards ever since we got married (probably before for some) and that's nearly 30 years. The only separate accounts we have are ISAs and you can't have joint ones for that. Makes tax avoidance so much easier, you can claim what ever % you feel like for each other and make sure the interest is only counted against the one in the lower tax bracket.
Archie_tect
De Skieven Architek... aka Penfold + Horace
- Location
- Northumberland
Separate accounts... we just pay what needs paying as and when. It's worked well for 30 years. I don't buy clothes, or anything much really, so I have the standing orders and direct debits for regular stuff on my account and Mrs A_T buys the shopping...
Thanks for that - hadn't thought if it.
We have no problems with trust and neither of us spend much individually at all - we want an easy life really.
But probate issues are something we're not good at and anything that makes that easier sounds as if it should enter the equation
kerndog
Well-Known Member
yeah joint account here. We have been together for year, 3 kids, mortgage etc and have always had joint accounts (well for the last 12 years or so, or when we had kids and it got serious)
I also know a lot of people my age (mid to late 30's) who are in the same situation and keep all finances separate. I dont understand it personally but that's just me, the way I see it what ever comes into the house is for us all, no matter where it comes from. Mind you I dont earn mega bucks, I supose If we could afford to save a lot then we might have seperate accounts, as it stands it all gets used at the mpment so no saving here, especially with my new obsession and all the lovely kit that goes with it
I also know a lot of people my age (mid to late 30's) who are in the same situation and keep all finances separate. I dont understand it personally but that's just me, the way I see it what ever comes into the house is for us all, no matter where it comes from. Mind you I dont earn mega bucks, I supose If we could afford to save a lot then we might have seperate accounts, as it stands it all gets used at the mpment so no saving here, especially with my new obsession and all the lovely kit that goes with it
Dave Davenport
Guru
- Location
- Hampshire
We have a joint account and mrs d has her own account. I don't have my own account even though my income is over twice hers, not sure how that worked out!
I could take them out for a spin, if you want....
mattobrien
Guru
- Location
- Sunny Suffolk
Joint account, do you realise my wife's talent for spending money?
When I asked her how much of a 'pay rise' she wanted. Her response was "it doesn't really matter, I'll spend all of it anyway"
When I asked her how much of a 'pay rise' she wanted. Her response was "it doesn't really matter, I'll spend all of it anyway"