Joint Account

[Awsmpssm]

My husband wants us to set up a joint account. Now the thing is, currently, I don’t work, so I have no contributions to this account. I’d like to know the benefits and disadvantages of having a joint account and please be as honest as possible. Should I say yes to the account? Or should I tell him to transfer money into my personal account for expenses? Why joint account why can’t I just use his card?

Sorry if This is a weird question, I’m just trying to have a better idea of this since I don’t really have much knowledge regarding this subject.

You can’t just used “his” card. How would you explain that at the checkout?

i guess if something happened to your hubby you would still have acces to the money.

You can add your name on and get a card in your name , can't see any disadvantages.

The benefit is that, assuming his wage goes in there, you have equal access to all the money rather than having to ask for expenses. You'll have a card in your name rather than using his (which you're not supposed to do). The potential downside is that both parties can see where money is being spent, but that's more a relationship issue than a joint account one.

Why are you asking, though? Haven't you discussed it as a couple? If so, why are you questioning his motives? If not, why not?
A joint account means you both have access and you can both see where money goes. There aren't any disadvantages if you trust each other.
Do you trust each other?

We do have a joint account, but I am the only user of it. It is used for food and a few household expenses.

Years ago I gave up my own personal account in favour of the joint account. I did it because my parents had always had only a joint account and so in my naïvety I thought that was how it was always done once married. I really regretted doing that and have since opened another account just for myself, which I like. I guess I just didn't like the feeling that anything I spent could be viewed by the other person, although DH was fine there. I'd just been used to my own independence for so long that for me it just didn't work.

DH's parents kept separate accounts for all of their married lives with no obvious problems. They just preferred it that way and these days so do we although we do have a couple of joint accounts for different purposes (business related).

IMO a joint account is the fair, adult way to go about living life as a family. I would consider it infantilising to rely on my DH giving me housekeeping money each month, although I appreciate not everyone would agree with me.

You're married, so legally what's his is yours and what's yours is his anyway, regardless if the money is in his personal account or a joint account.

Could you tell me why you regretted doing that? Is it just because the other person can view your spendings?

Yes. Not that DH was a problem that way, but I just didn't want it. Neither did he really as he looked to the role model of his own parents who never shared finances.

We always had joint accounts, even before we were married. Everything in, and everything out of the same account. We also have joint savings and a joint credit card. We do have separate ISA's and pensions, but then you have to.

I run all the accounts, DH just asked occasionally for our balances. He is very trusting 😁

You both should be able to look at and manage joint spending. That’s the point. You both should have responsibility for joint spending. Anything for the family as a whole - bills, food shopping, kids clothes, family holidays, etc.

If you also draw personal money from there because you aren’t earning, you can transfer that to your personal account so you have privacy around any money you are spending on yourself.

The only downside to a joint account is if one of you is bad with money and spends it all on rubbish leaving the other with no money left to pay the bills.

You can have a joint account and a personal account. That’s what we do.
I can’t understand why you’d have a problem having a joint account with your husband. Unless his credit is bad and he’d mess yours up.

We have a joint account and both of our salaries go into it. We both spend from it day to day. We are married, own a house together, have 3 kids. It was just the simplest thing to do tbh.

You are married, so you should be able to ask all the questions that you've asked on here to him. Then come to an amicable decision.
Are you happy in your marriage?