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Do you have your own savings as well as joint?

(25 Posts)
Jemster Mon 17-Nov-14 13:17:03

I'm in the process of reviewing our bank/savings accounts. DH and I both have an account in our own names from before we were married but don't really use them as everything we earn we put into bills & joint account. We each have our own pension funds.

Does anyone have their own personal savings pot aswell as joint savings? To be honest we have very little spare each month to save. We do get xmas bonuses but have always put these into joint accounts.

I'm thinking back to when I was younger and my mum said she always had 'her own' savings as well as accounts with my dad. She didn't work so I think she must have meant her inheritance.

I recently received £2k as inheritance from grandparent but have just bedn thinking about how I can use it to benefit our whole family rather than keeping it as 'my savings'.

I'd like to hear what other people do as I do feel slightly vulnerable having nothing of my own but feel I need to share everything I get with my family.

AggressiveBunting Mon 17-Nov-14 13:21:48

It makes sense to hold savings in your own name as ISAs cannot be held jointly but are tax efficient

BackforGood Mon 17-Nov-14 13:24:56

dh and I both have "pocket money" from our joint account each month. We set this up when we were pretty short of money, as he is naturally a spender and I am naturally a saver, and there was tension about what was or wasn't reasonable to spend money on after bills were paid.
It was only about £20 a month I think when we started doing it, but it was our own money to waste spend or save as we wished. (will also use it to buy the other a present, for example without having to ask for permission from the joint account). As we've become a bit more comfortable, the amount we have has increased, and, yes, I mostly continue to save mine, while he spends his, but there's no resentment as it's our own little 'pots'.

When I had an inheritance after my Parents died though, it was in my name, and entirely my decision, but I automatically thought of it as 'family money' rather than something for me to keep to myself.

Artandco Mon 17-Nov-14 13:25:53

We have joint and own. Joint is for the home/ children and family stuff. Own is for whatever we fancy, whether that's expensive coat/ holiday with friends or just spent on stuff they fancy

PeppermintInfusion Mon 17-Nov-14 16:02:07

Joint and own, also part of our "joint" savings is made up of 2 ISAs, one in his name and one in mine, but we consider those joint savings. I keep my own savings as to cover anything I might want to spend on that doesn't involve DH, eg go on holiday without him, save up to buy something or buy him a present. DH does the same.

I trust DH completely, otherwise I wouldn't share finances with him, but it makes sense to have some of your own money to fall back on in case of worst case scenarios.

We both get bonuses and split some between our joint and personal accts. If our joint was short in any way I wouldn't hesitate in contributing some of my own savings.

BikeRunSki Mon 17-Nov-14 16:04:56

Hell yeh to my own savings, din't think DH has saved a penny in his life. But inheritances (dh has had £30k, I have had £1k) go on family things. DH's went on mortgage and dc savings; mine went towards a new boiler.

Pensionerpeep Mon 17-Nov-14 16:13:43

Message withdrawn at poster's request.

foxdongle Tue 18-Nov-14 19:23:35

Yes because we have Isa's and premium bonds, which have to be in joint names. Plus other bonds.
But really all the money including any inheritance and future pensions are joint and shared. We have pretty similar views towards saving and spending though so have never had any issues.

foxdongle Tue 18-Nov-14 19:24:28

not joint names obv

Flown2304 Tue 18-Nov-14 22:06:12

We've always had joint and personal. Retains independence and can buy presents etc and still give a surprise! If you do save, interest rates being so low, look at a Santander 123 account. You can get 3% interest over £3k and up to £20K. Best rate we've found.

Mitchdafish Tue 18-Nov-14 22:32:44

We have everything shared in principle. There are things set up in a single name, either historically (credit card) or because it is an ISA / just easier, but we agree general spending/saving/allocation together. We have a credit card each for gifts. All spending is now logged in a homebudget app, it's somewhat revealing. We are always kind to one another about moments of financial weakness.

lavenderhoney Tue 18-Nov-14 22:45:13

By sharing do you hear spending? Even so- it's yours to decide.

If not, then keep it in your own account, isa, whatever. Why put it in a pot? You will use it for dc, you can will that balance to your dc etc.

Before marriage, friendly accountant said " keep your inheritance separate, just in case" Me " no- we are to be married, we share"

Should have listened.

AllSorted Tue 18-Nov-14 22:49:07

It's worth thinking about tax implications - if one of you is higher rate tax payer put savings in the others account (or use ISAs)

elQuintoConyo Tue 18-Nov-14 22:53:12

Hell to the yes. Half my bonus goes in my savings account, half in family savings pot.

I have always had my own savings, getting married didn't turn me into a doofus.

elQuintoConyo Tue 18-Nov-14 22:55:08

Oh tits. Sorry lavendarhoney blush

FelixTitling Tue 18-Nov-14 22:59:00

We don't have anything joint except for one account which rarely has anything in it.
However, we're both very open about what we have and consider everything 'ours'.

flipchart Tue 18-Nov-14 23:02:53

Yes, we have joint account and individual savings.

My mum was, for many years, a housewife and she too had her own savings. Her and dad had a joint account and she would transfer a lump into her savings account.

JennyWren Tue 18-Nov-14 23:07:19

We only have separate savings accounts. In practice, DH has far greater savings that I do, but they are earmarked for family spending. But even as the lower earner I feel it is important to have savings put aside. I have about four months' income put aside in my own name, that is earmarked never to be spent except for in an emergency. Partly because as a self-employed person, that is enough to keep me afloat until I got a permanent job in my field, if I ever needed to, or to float me while I am too ill to work. Over time, I plan to increase that to six months. My DH would cover my personal spending if push came to shove (most goes on the DC, running my car and paying into the joint account - I'm not a big spender on shoes!), but that is emergency money.

Even before I worked for myself, though, I had this money set aside. My DH earns so much more than me and has good death in service benefits, insurances etc. We joke that he is worth far more to me dead than alive! But I have always felt it to be hugely important to have accessible money in my own sole name, that wouldn't be frozen during probate or delayed until the paperwork were sorted etc. In bald terms, I'll be able to cancel my work commitments for the initial grieving period, not let bills go unpaid, and afford a black dress for the funeral!

Of course, if we ever split up, I also know that I would have some money in cash of my own for those inevitable initial expenses before a divorce settlement were worked out - but that is not my first expected use of the money.

Lieveke77 Wed 19-Nov-14 09:21:57

We have a joint account for every day expenditure (mortgage, nursery, shopping, insurance etc) The rest (half) stays in my own account. I invest in an isa myself. Bonus stays in my savings account aswell. Also have my own pension plan via employer. We are doing some building work to the house so most of our separate savings are going to this. I firmly believe in keeping my own finances & investments. You never know what might happen...I've learned my lesson the hard way in the past sad

Jemster Thu 20-Nov-14 19:36:36

Thanks for all the replies. I do think it's sensible to have your own money aswell as joint but we barely have anything left to save each month anyway, it all goes on just living. I think that's why I'd like to save some of this money I've received but I think dh would like to use it on things that would benefit our family now.

FelixTitling Thu 20-Nov-14 21:45:48

Jemster I don't know how old you are, but It's only in the last 10 years that we have been able to save (we're in our mid 40's) before that everything went on mortgage and childcare.

Jemster Thu 20-Nov-14 22:05:44

Thanks Felix, we are late 30's so hopefully things will improve when dd goes to school. I just feel like I'm the only one not able to save and that it's irresponsible. My parents would not be impressed if they knew but things were different for them.

AdoraBell Thu 20-Nov-14 22:18:49


DH and I both have our own seperate accounts in addition To joint accounts. There's Precious little in them after the year we've had, self employed, but we still keep them. And DDs have there own too and I will be advizing them never To give up their own finances regardless of whatever Life choices they make. I've had men try To Get me To close my accounts and transfer salary and savings into their ñameshmm not fucking likely.

There is Nothing wrong, btw, with using your inheretence for the family's benefit.

IsabellaofFrance Sat 22-Nov-14 21:40:14

We have separate ISA's and then a joint savings account which we both put money in for mortgage overpayment. DH has our rainy day fund in his name.

Innocuoususername Sun 23-Nov-14 10:21:49

OP what sort of things does your DH want to spend the money on? If it's improvements to your house for example that's one thing, if it's holidays, new cars etc then I'd definitely be saving it. If it's an inheritance I'd also consider the person who has given it to you and their memory IYSWIM. When I inherited some money from my grandma I did save the vast majority of it very sensibly and for the benefit of our family (though rather than saving as such I paid a lump sum off the mortgage as this was a more efficient use of the money) She and my grandad worked hard for it and were very sensible with money themselves. It wouldn't have seemed right to spend it on a flash car. But I also spent a little bit on the garden as she loved hers and it seemed a good way to remember her.

We have one pot of family money in a joint current account and separate savings mainly for tax purposes, but I agree with PPs that it's a good idea to have savings in your name that you can get to if the worst happens.

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