Joint accounts

[brodiej]

found this useful link , worth a read

Thanks

 

[MacB]

Thanks

the link does give valid info but it's also a little on the scare mongering side. As long as you both agree at each stage and you both have free and open access to required info, then just proceed at your own pace with whatever safeguards you deem necessary.

 

[chqshaitan]

Don't get me wrong, i aint saying joint accounts are bad and to be avoided, just that like most things, they have downsides which people need to be aware of before finding out the hard way(like i did).

 

[Shaun]

Joint account for all household spending (my day job wages go here), joint savings account where we keep "rainy day" money aside, and then separate personal accounts for anything we might want to buy ourselves (or each other).

The wife manages the joint accounts and we don't keep a lot in our personal accounts but she likes us to have our own money we can spend freely without having to check with one another.

But TBH I always tell her when and how much I spend from either of the joint accounts and we talk about pretty much all of our spending both joint and personal, and that works for us.

 

[BrumJim]

You will find many a bank manager who will curse the existence of joint accounts.
However my wife and I have very similar attitudes to money and spending (no one gets more out of a juice carton or toothpaste tube than me!) and so we only have separate accounts for separate spending, i.e. my ski-ing holiday and bike habit, and her presents for birthday and christmas.

 

[brodiej]

Joint account for all household spending (my day job wages go here), joint savings account where we keep "rainy day" money aside, and then separate personal accounts for anything we might want to buy ourselves (or each other).

The wife manages the joint accounts and we don't keep a lot in our personal accounts but she likes us to have our own money we can spend freely without having to check with one another.

But TBH I always tell her when and how much I spend from either of the joint accounts and we talk about pretty much all of our spending both joint and personal, and that works for us.

That sounds like the arrangement we are leaning towards!

 

[Col5632]

That sounds like the arrangement we are leaning towards!

Defo sounds like the best way of doing things

 

[Melonfish]

this would never happen in my house for 2 reasons.
1. i'm crap with money. nuff said.
2. she'd spend it all on shoes.

 

[ArDee]

Since we've been together we've always had joint current and savings accounts.

 

[Arch]

I reckon I favour the "Joint account plus individual accounts" idea, preferably with the joint account input made proportional to the relative earnings of the two people. Ideally, the contributions would be enough to cover regular bills, and a bit for a buffer. I think NT feels the same. If it meant that it all had to go into the joint, so be it.

I don't imagine either of us hiding purchases*, but having an account of your own does make it easier to just splash out if wished - also it preserves the important balance for bills etc. Also, it's nice to have some money to spend on surprise presents!

 

[summerdays]

I've had joint accounts / credit cards etc with Mr Summerdays since we first moved in with each other (many moons ago!!). I am hopeless with money and forget to pay bills/credit cards on time so he does it all - hence why the joint accounts (he hated me having to occasionally pay extra because of my tardiness). Occasionally we have had accounts in one name or the other (when I wasn't working I know the savings account was in mine for tax purposes).

Just occasionally Mr Summerdays queries a purchase ... if it is for him - I just ask him what time of year it is (and he usually gets the hint), if not I tell him what it was if I remember.

 

[brodiej]

I reckon I favour the "Joint account plus individual accounts" idea, preferably with the joint account input made proportional to the relative earnings of the two people. Ideally, the contributions would be enough to cover regular bills, and a bit for a buffer. I think NT feels the same. If it meant that it all had to go into the joint, so be it.

I don't imagine either of us hiding purchases*, but having an account of your own does make it easier to just splash out if wished - also it preserves the important balance for bills etc. Also, it's nice to have some money to spend on surprise presents!

I hadnt thought about presents!

Good point as well. Its nice to have a little pot of money each to surprise one another.

I think, thanks to everyone, weve cracked it.

Joint main account, joint savings and individual small current accounts!

Thanks all

 

[mr_cellophane]

Ithe savings account was in mine for tax purposes

As I said, that doesn't matter. An account can be in joint names, but you can declare 90% yours one year and none yours the next year. As long as it all declared HMRC doesn't care.

 

[nickyboy]

Our banking arrangements have changed over time (been together 23 years). When we first moved in together we set up a joint account but kept our personal accounts. We agreed that when we got paid we would sweep everything except a specific about (I think it was £120, it was a while ago) into the joint account. This way we had some personal spends. All bills we paid out of the joint account.
Fast forward through periods of wife not working due to bringing children up and we now just operate with a joint account. Of course 100% trust so if she or I want to buy something out of the joint account it's fine.

There is a practical aspect to joint accounts. One hates to be morbid but on the death of one individual, having separate accounts with household bills running through them is a complete PITA. Happened to my Mum last year and she and I had to spend ages sorting this out when she should have been concentrating on herself

 

[summerdays]

As I said, that doesn't matter. An account can be in joint names, but you can declare 90% yours one year and none yours the next year. As long as it all declared HMRC doesn't care.

I will get Mr Summerdays to investigate - thank you.