Do both your salaries go into one account?

[frolicmum]

I've lived in the UK for 10 years, came here for university and am German, met hubby, stayed etc. Since about 2017 when we bought our first home, we have shared accounts meaning that both our salary go into one account.

All my German friends who are married have this, every single one and not one over here (none German, all British).

Why is there such a cultural difference? I'm just interested to know why after you bought a house, are married and have children, why isn't everything "ours" but still very much my money, your money.

I am just interested how everything is managed & why. Maybe there are people that have one account, it's not like that's the first thing I ask everyone, obviously, I just don't know.

I'm sure lots of couples have a joint account where both salaries go. Dh and I have joint current and savings accounts although I'm not working just now.

We do this. One account, everything goes in, savings go out and then we spend what is left until it's gone and then the cycle starts again

My salary is paid into my account and then most of it transferred into the joint account. I just keep a bit back for a couple of direct debits that I have

Maybe it's because we're in our very early 30s, I'm not sure or maybe I don't have the friends who have shared accounts. Good to know that it seems quite similar though & we're not "strange" haha!

We have our own accounts for salaries and individual savings and then a number of joint accounts for bills and joint expenses.

Best of both worlds. We have a set amount each month that we can choose to save or spend on anything we like from our individual accounts but all bills, holidays etc come out of the joint accounts.

Each have personal accounts that salaries get paid into, with automatic transfer into joint ‘housekeeping ‘ account from which all shared costs are paid. Separate savings accounts. Works for us.

I’m British & DH and I have separate accounts, I just prefer it. We have a joint credit card for larger purchases.

We’re seen as very unusual amongst our friends for doing it this way, almost all have joint accounts.

My parents have always had separate accounts, so maybe that’s what I’m used to.

We are British but have always just had one joint account. Everything goes in it and everything goes out from it. This was even before we had children. It was how our parents did it and we just did the same as them.

One account all money is shared, we do have savings in individual names as they are tax efficient but thats the only reason, it’s definitely all shared money.

In-laws think we are very odd, They have everything separate, all I hear from MIL is how short she is of cash and her sneaky ways she gets FIL to pay for things like she’s got one over on him - horrible, never want to end up like that, it’s not a marriage.

We are in our late 20s, house, kids. We have put things into one account since we got engaged and were saving for a wedding and house. We keep some money in our own personal accounts just to be able to buy gifts for each other without the other seeing but that's about it. It's always been 'our' money, not 'mine and yours'. There have been times where he didnt warn much so my income kept things going and then times like when I was on maternity leave where he contributed most. Everything money wise is us together. I dont know how I would keep track of who owes what or who should pay what.

Friends I know with one account that both wages go into... Met young, money v tight early on... All in 1 pot and carefully spent....has just stayed like that...

Those with seperate that transfer to joint account to pay bills... Met later in life, were financially better off at that stage...again just stayed like that...

We have different accounts..but transfer an agreed proption of wage into a joint account each month to pay bills... From this pot money goes to seperate accounts for Christmas, holidays, emergency funds...

My DH buys rubbish... If we had one account we would be over run by classic cars and alike he will never get around too.... (we are already but its be worse 🤣)

I earn more, am a cautious spender, like to have reserves and plan our money etc.... Where as he would spend and has a more fluctuating income ... It suits us and definitely my blood pressure better for us to have seperate accounts...
We still see if as 'our' money though..

Nope don’t share an acc, I don’t want to see everything my husband spends and vice versa. I also don’t like the what’s mine is yours mantra, we share certain things and finances can flow between us- but I like my independence.

We share everything to do with money. All goes into a joint account.

Joint account here. Everything goes in.
(I may also have a small side account for a rainy day ...)

Joint account, credit card, mortgage and savings.

The only things we have individually are ISA’s and pensions.

We are married and a team, working together for a better life. We have fun, each have and do what we want and I think it all evens out of you both have the same attitude to money.

We have a joint account. Our money is just that, I find it very strange reading about couples where they are arguing over who pays for what

We don't share an account. I have my salary paid into my own account - so does DH. He pays for everything.

We have separate accounts and just pay each other back for stuff. My OH had debt and spending problems before we got married, it's just safer and tidier this way.

Joint account here ever since we got married, for many years I was a SAHM but we've always shared a bank account and never had any issues over 'who earns the money'. It helps that we have very similar approaches to money both quite frugal I should imagine it's much harder if one of you is a saver and the other likes to buy luxuries.

However I have to say I have no idea how my friends manage their financial affairs, I can't imagine asking anyone about such a personal matter . I have occasionally noticed it if we are out with another couple and they seem to be discussing who is paying for the meal for example, but it something I rarely think about.

We met young and money was very tight at the beginning but we now own a house and have shared bills.

Our finances have always been separate. Our salaries go into our current accounts and we each have a standing order of x amount going into the joint account for mortgage, bills and food.

I think I would grow resentful because DP often buys annoying unnecessary things and if I knew my hard earned money was being used for this it would cause arguments.

We have two joint accounts. Dh salary goes into one, my salary goes into the other.

We then set it up so that all direct debits come out of one of them and the other one is used for day to day spends.

The direct debit account "washes it's own face" so to speak, with a gradual increase in the balance with what's left over. We then just keep an eye on the day-to-day account.

Ours go into separate accounts, then bills (childcare from mine, mortgage, council tax and utilities from his) are taken from each, then we put an amount into a joint account for general spending (food, stuff for DD, stuff for the house, family presents etc). This leaves us both with the same amount (he earns more and puts more into bills and into the joint account), which is generally used for birthday/,Christmas presents to each other, and more personal, luxury spending - for example my husband just bought a new laptop, which didn't come out of "family" money, but he saved his own account money and spent that. We also have a shared savings account.
Obviously it is all family money really, it would never be the case that I couldn't afford something and he could. It just gives us a bit of "extra" money each that we know we can spend without having to think about the effect on family spending.

No. We do have a joint account for bills though . Married 3 years with kids.

I am just interested how everything is managed & why. Maybe there are people that have one account, it's not like that's the first thing I ask everyone, obviously, I just don't know.

Because I would tear my hair out if I had to see every Costa coffee transaction my DP allows himself. He would tear his hair out over the amount I spend on yarn.

Because it's nice to have privacy and not have all your expenses scrutinized.

Because it's nice to be able to buy surprises for your other half.

Because 50% of marriages end in divorce and I want to make sure that I have my own money in case things go tits up. I don't want to be like my mother, hiding cash in socks.

Because we invest in different ways and the cash coming and going can vary quite dramatically.

We've always had a joint account but when there used to be good 'deals' on accounts then we both had separate ones and then transferred most to a joint one. Halifax used to (maybe still do I'm not sure) give you £5 a month for paying in salary and another bank did something similar so we used to make the most of those. Savings accounts were also separate to make the most of bonuses and to be tax efficient but not for any other reason.

We're no longer in the UK and now just have everything in one account because it's just simpler and I'm currently not earning anyway. It makes buying presents difficult though as the other one will always know when you've spent money and where!