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Original poster

Single or joint account?

66 replies

PickasillyChristmasName · 06/12/2004 13:58

DH and I have had a joint account since we got married 5 years ago; everything either of us earn goes into it and everything we spend comes out of it. We've never had the concept of "your money" and "my money" which I think I am glad about.It meant that when I was bringing in nothing at the end of maternity leave, I didn't feel I had to ask DH for money - it was just there.

I know lots of people do have single bank accounts, or contribute a certain amount into a joint account but DH and I have been glad that we do have a "what's yours is mine" way of money.

Interested in what other people do and how it works for them (and I'm bored at work Smile)

OP posts:
NomDePlumPudding · 06/12/2004 14:02

DH and I have single bank accounts. I'm not fussed either way but DH is a bit of a financial control freak, due to his 1st wife draining their joint account on a regular basis with stupid spending.

woodpops · 06/12/2004 14:03

Like you me and dh have a joint account and have had so since we brought our 1st house together many years ago. I always think it's very odd when people have different accounts. My bil and sil have seperate accounts and when we go out with them they each buy their own drinks. They often argue over who's buying the food shopping for that week as well.

NomDePlumPudding · 06/12/2004 14:03

When I return to work, I expect we'll continue to have our own bank accounts, one joint account for bills etc and a joint savings pot.

FestiveFrex · 06/12/2004 14:03

DH and I have sole accounts and a joint account. Housekeeping goes into the joint account, which I control. We each have some money which goes into our own accounts, which means that, when I want to buy DH a present, he doesn't normally get to see how much I've spent.

NomDePlumPudding · 06/12/2004 14:05

Woodpops, I think that your BIL & SIL are unusual in arguing over who pays for the shopping and certainly when it comes to buying your own drinks on night's out !

LAMBda · 06/12/2004 14:11

we have separate accounts and a joint one for bills etc. I still have my separate account even though I haven't worked for 18 months (I spend my redundancy money when I fancy some independence)- am thinking of asking dh to give me some money each month, but at the mo I mostly spend out of the joint account.

We never argue over money and never have done in the 12 yrs we have been together

cranberryjampot · 06/12/2004 14:13

We have a joint one for bills and a joint "slush" account, 2 joint savings accounts. In addition I have my own current account and savings account that dh cant even see Grin

ItllBeLonelymumThisChristmas · 06/12/2004 14:15

Joint accounts definitely. I know I feel this way because my parents have a joint account and I grew up with that. Dh's parents have separate accounts and I can't understand that. You are together as a partnership aren't you? What is separate about your money?

Having said that, I brought loads of savings to our marriage and dh brought practically none so we still have separate savings accounts but only as a hangover from pre-marriage. We can't afford to save now anyway. And that money I had saved, might be called mine, but I spend it on things for the house / children / cars so it really joint money.

LAMBda · 06/12/2004 14:23

Lonelymum- when I met my dh I had my own house and earnt more than him - he had debts. Now he has as well-paid job and I am SAHM - our financial affairs have always been a joint effort and we never argue over money, but I still like having my own bank account.

What's wrong with a little bit of independence? BTW we do internet banking and can access each others accounts as we know each others passwords - useful for downloading to MS money.

Tinker · 06/12/2004 14:26

Almost same situation as Lambda. Have got to 40 with a separate account - just couldn't imagine pooling it all now. My house, all the dds go out of my account, so he just pays into my account his share of bills. Suits me Smile

motherinfestivemood · 06/12/2004 14:27

We have a joint account, separate personal accounts - with a fair bit of idiotic 'I pay for this, you pay for that' - and completely different spending habits, which makes me VERY glad we don't share more.

MrsDoobaubles · 06/12/2004 14:33

Same situation as motherinfestivemood. The joint account is for the obvious household stuff. Lots of "I'll pay for this, you pay for that" too. Again very different spending habits. We earn the same as each other so we make it as even as possible
Works for us Smile

sweetheart · 06/12/2004 14:33

I don't understand seperate accounts at all. My dh and I share everything and all our money is joint.

I get a big xmas bonus each year and I would never spend it all and expect dh to go without.

I think the concept of having seperate money is really odd.

Tinker · 06/12/2004 14:36

Separate accounts doesn't mean that you don't share though. Boyfriend will get a Christmas bonus, I'll definitely be sharing that Smile

sweetheart · 06/12/2004 14:38

but - for example - what would happen if your child needed new shoes?!?!?!

Would you each pay half - or the highest earner provides them?!?!? It just seems very very odd to me.

I can't imagine "owing" money to dh that I'd "borrowed" how wierd!!!!!

zubb · 06/12/2004 14:40

paid into seperate accounts, then enough to cover all bills / mortgage etc goes into joint account and rest stays put. Savings are joint.

Wouldn't like wages to go into joint account. Not sure why really.

Blackduck · 06/12/2004 14:48

separate...been with dp 17 years and always had separate accounts. We agree who pays for what based on income (I earn more than him, so I pay the lioness's share of the household expenses), and thats that. I have always had a separate account and wouldn't have a joint one - different speading attitudes!!

MrsDoobaubles · 06/12/2004 14:54

sweetheart - I really think spending habits is a factor. Dh can be a real "tight-arse" which is great or we would be bankrupt!
Kids stuff would come out the joint account though, surely. Although to tell the truth we haven't got there yet, dd is 8 months Smile

yingers74 · 06/12/2004 14:59

Joint, we have had joint accounts for most of our married life and it suits us fine although perhaps when our kids are grown up we will have separate accounts again!!! My dh has a tendency of never paying any attention to finances so it is lucky for him that we have a joint account otherwise no bills would ever get paid!

motherinfestivemood · 06/12/2004 15:19

I am quite aware our personal version of it isn't ideal, but I do think it's perfectly logical to pay roughly equal proportions of our separate earnings into the joint account, and then have personal accounts which we spend according to our own very different habits. The joint account usually pays for new shoes - if it's in crisis one of us (usually me, as I earn a bit more) will shell out. DH is terrible with money. No way would I want to be saddled with the debts he built up before he met me.

My parents had a joint account, and my mum didn't even know how much my dad earned. No way.

wrapmefestively · 06/12/2004 15:23

We have a joint account - my own personal view is what is the point of being married otherwise ? (not casting aspersions on those of you with individual accounts, I am sure you're marriage is as strong as a rock - just giving my own personal take on this subject) What's mine is his and what's his is mine. Can't really understand the mindset of individual accounts - it's a bit like saying about the dirty laundry that I will only wash my knickers and leave him to launder his own boxers! Or I'll make dinner tonight - but only for me....

(Ducks.....)

motherinfestivemood · 06/12/2004 15:23

Ah, you see, I'm not married Grin

Tinker · 06/12/2004 15:26

Exactly, me neither. And daughter is mine not his, therefore my financial responsibility.

Blackduck · 06/12/2004 15:26

MIFM - I'm like you - dp has a 'here today, gone yesterday' attitude to money which is totally at odds with my 'i know how much, to the penny, I have' Grin so why stress out having a joint account? We have agreed how to pay the bills - we review it on a regular basis and if ds needs new shoes its probably me that pays (so what - I don't mind...)

wrapmefestively · 06/12/2004 15:26

Good answer!

Actually, I've re-read the thread and see that some of you are paired up with partners who have different spending habits. I can see how that might influence things - if dh was a real spendthrift I might not be too chuffed. As it happens, we both are quite similar with regards to 'discretionary spending'