Joint finances?

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Valentina327
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Traci_Momof2 wrote:
Fri Jul 31, 2020 7:19 pm
Valentina327 wrote:
Fri Jul 31, 2020 6:06 pm
I think what works the best is each having an account for their own spending and then a third joint account where you both put in for bills.

I tried that combination thing with my ex. One person swipes their debit card then doesn't tell the other one, then you go to write out a check for the electric bill and the cash is gone. It makes for some annoyed phone calls! LOL
That's why we use a credit card for daily expenses. If one person swipes the credit card for, say gas, the money is still in the checking account to pay the electric bill. Then the credit card bill is paid off when the statement comes. If the credit card bill comes higher than typical then we just say "credit card was high this month, we both need to tighten up on our daily spending". But money never actually comes out of the checking account until one of us (these days me) sits down to pay all the bills.

Plus the concept of swiping a debit card is cringy to me. We've had our credit card number stolen from gas pumps or what not multiple times over the years. The credit card company handles it very well and we've never had to pay money, even temporarily, for charges that aren't ours. I can't even imagine having my debit card to my bank accounts stolen in that way. {{shudder}}
That's a good idea too Traci. I like that solution. That sucks you've had all that credit card theft. Glad your companies manage it so well.

My debit card hasn't been compromised, knock wood, but I've had ACH transactions twice come through. They weren't small amount either. That was crazier to me than a debit card. That you can see, but it's freaky to have some yahoo just suck a bunch of money out. I swear by my text alerts now!
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Valentina327
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Anonymous 4 wrote:
Fri Jul 31, 2020 6:56 pm
If I saw a $35 transaction on our account, I wouldn't question it. But if I had learned that it was for conditioner, it might raise my eyebrows. $35. for conditioner??? That stuff better be made out of gold.

Many years ago, when DH and I started a budget, one of the things we budgeted for was "play money" for each of us. It's only $50.00 a month for each of us, but each of us can spend that money on whatever we want...no questions asked. I stash mine until it becomes BIG MONEY and then I party with the girls. 🍸🍹🍷🥂 LOL.
Valentina327 wrote:
Fri Jul 31, 2020 6:08 pm
Anonymous 5 wrote:
Fri Jul 31, 2020 4:01 pm
DH and I have everything joint and it works well for us. Before I met and married DH, my live in boyfriend and I got a joint account. That ended quickly when he started questioning me on why I spent $35 on a small bottle of conditioner. For the record, we were very financially comfortable so there was no budgetary reason to question it.
I have to be honest, I'd probably ask you about that too! LOL
I like that idea! Make those $50s count! Yes the amount I wouldn't notice, but it's what it's for that would cause a second look. 8-)
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Frau Holle
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He’s always handled everything to do with the finances. I have a credit card and a debit card to get cash out of.
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SisterSomeone
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To each their own. If joint finances work for someone I'm not going to tell them not to do it, but it's not for me, personally. I would never, ever have or even consider joint finances.
Anonymous 4

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Help me understand how it works when couples have separate finances. What happens when you need a new roof? You each pay half???
SisterSomeone wrote:
Sat Aug 01, 2020 4:34 pm
To each their own. If joint finances work for someone I'm not going to tell them not to do it, but it's not for me, personally. I would never, ever have or even consider joint finances.
hotspice58
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Being divorced, I say it is personal. However, each of you should have your own savings or checking account as well as a joint account.
Anonymous 1 wrote:
Thu Jul 30, 2020 11:08 pm
Is this a good or bad idea? Did you and your dh keep your finances separate when you married or have a joint account?
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Sassyfrass01
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We have a joint checking and savings.
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Most of our finances are separate with a few joint accounts. However, due to mental health issues, my husband only carries cash and does not have access to any of the accounts.
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