Comments on: Getting a Joint Bank Account and Making it Work http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/ Personal Finance, Writing, and Blogging Fri, 08 Aug 2008 18:24:03 +0000 http://wordpress.org/?v=2.5.1 By: The Writer’s Coin » Blog Archive » Do Emergency Funds and Targeted Saving Really Matter? http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1713 The Writer’s Coin » Blog Archive » Do Emergency Funds and Targeted Saving Really Matter? Thu, 31 Jul 2008 11:34:34 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1713 [...] and I have recently set up a joint bank account and now we’re budgeting as one entity, which has its challenges. One of them is how we treat [...] [...] and I have recently set up a joint bank account and now we’re budgeting as one entity, which has its challenges. One of them is how we treat [...]

]]> By: The Writer’s Coin » Blog Archive » Budgeting For Two: Newlyweds Edition http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1191 The Writer’s Coin » Blog Archive » Budgeting For Two: Newlyweds Edition Mon, 02 Jun 2008 11:42:32 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1191 [...] the biggest change in our day-to-day activities (besides not having to do wedding stuff) is our budget. Instead of having our own, individual budgets, now we have one centralized budget and that makes [...] [...] the biggest change in our day-to-day activities (besides not having to do wedding stuff) is our budget. Instead of having our own, individual budgets, now we have one centralized budget and that makes [...]

]]> By: The Writer’s Coin » Blog Archive » 31 Days to Building a Better Blog http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1055 The Writer’s Coin » Blog Archive » 31 Days to Building a Better Blog Mon, 12 May 2008 11:17:42 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1055 [...] each task. Otherwise, what’s the point? So I found a really insightful, helpful comment on a recent post and am sending a nice email saying thank you. It may not sound like much, but at this point I [...] [...] each task. Otherwise, what’s the point? So I found a really insightful, helpful comment on a recent post and am sending a nice email saying thank you. It may not sound like much, but at this point I [...]

]]> By: J http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1053 J Sun, 11 May 2008 22:59:29 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1053 We're getting married this weekend! We both have accounts at the same back so we added each other as joint on each account. We use one account as a "spending" account and one as the "bills" account. Both paychecks are deposited into the bills account and we transfer money into the spending account weekly (groceries, gas, fun money). This guarantees we have money for bills every month and if we run over on groceries or gas, we get less fun money. This has worked well for us because we also get our own savings accounts tied to each checking account. Good luck! We’re getting married this weekend! We both have accounts at the same back so we added each other as joint on each account. We use one account as a “spending” account and one as the “bills” account. Both paychecks are deposited into the bills account and we transfer money into the spending account weekly (groceries, gas, fun money). This guarantees we have money for bills every month and if we run over on groceries or gas, we get less fun money. This has worked well for us because we also get our own savings accounts tied to each checking account. Good luck!

]]> By: Weekly Roundup: Pollen Allergies Edition | Frugal Dad http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1049 Weekly Roundup: Pollen Allergies Edition | Frugal Dad Sat, 10 May 2008 14:00:37 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1049 [...] Getting a Joint Bank Account and Making it Work.  Excellent post to generate ideas on merging bank accounts with your new spouse.  (@The Writer’s Coin) [...] [...] Getting a Joint Bank Account and Making it Work.  Excellent post to generate ideas on merging bank accounts with your new spouse.  (@The Writer’s Coin) [...]

]]> By: Frugal Dad http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1037 Frugal Dad Thu, 08 May 2008 21:36:59 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1037 My wife and I merged everything the week we married. We have joint checking and savings accounts and that's it. I'm old-fashioned I guess in that I don't like the idea of separate accounts, unless you have one joint account for shared goals. My wife and I merged everything the week we married. We have joint checking and savings accounts and that’s it. I’m old-fashioned I guess in that I don’t like the idea of separate accounts, unless you have one joint account for shared goals.

]]> By: jb http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1036 jb Thu, 08 May 2008 20:06:17 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1036 Whats hers is hers, whats yours is hers. Let her keep her own account and just open a joint account. Your going to end up having 4-6 accounts if you make it complicated. Don't make things too complicated, it is alot less stressful. M and I have everything joint including our investments, except retirement benefits which can only be invdividual. M has her own account which was hers before marriage, but she does not put anything new into it. Everything of ours goes into joint accounts. Whats hers is hers, whats yours is hers. Let her keep her own account and just open a joint account. Your going to end up having 4-6 accounts if you make it complicated. Don’t make things too complicated, it is alot less stressful. M and I have everything joint including our investments, except retirement benefits which can only be invdividual. M has her own account which was hers before marriage, but she does not put anything new into it. Everything of ours goes into joint accounts.

]]> By: No Debt Plan http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1035 No Debt Plan Thu, 08 May 2008 19:48:06 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1035 We come up with the minimum income that we can expect each month (for variable incomes)... if you have two salaried folks, then you should know what you have each month. Then you see how much you spend in each budget category each month... it can help to set an initial cap and then reevaluate after a month. You're going to be cooking together, so you can't simply add your two groceries budget together -- there's going to be some overlap. Let me know if I can help you setup a budget. We come up with the minimum income that we can expect each month (for variable incomes)… if you have two salaried folks, then you should know what you have each month.

Then you see how much you spend in each budget category each month… it can help to set an initial cap and then reevaluate after a month. You’re going to be cooking together, so you can’t simply add your two groceries budget together — there’s going to be some overlap.

Let me know if I can help you setup a budget.

]]> By: Lazy Man and Money http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1034 Lazy Man and Money Thu, 08 May 2008 13:54:03 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1034 We simply decided to each put a certain amount in the joint account each month. We pay expenses, rent, utilities, etc. from that account. We have a joint savings account as well for long term... basically a combination of a new home fund/emergency fund. My wife contributes mostly to that, because I'm not currently make enough money for that while building my businesses. We simply decided to each put a certain amount in the joint account each month. We pay expenses, rent, utilities, etc. from that account. We have a joint savings account as well for long term… basically a combination of a new home fund/emergency fund. My wife contributes mostly to that, because I’m not currently make enough money for that while building my businesses.

]]> By: Jon http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1033 Jon Thu, 08 May 2008 13:35:05 +0000 http://www.thewriterscoin.com/2008/05/08/getting-a-joint-bank-account-and-making-it-work/#comment-1033 Hi Nut - My wife and I merged/moved our accounts to a set of joint accounts shortly after marrying. It caused problems during the marriage, and was the most *ridiculous* hassle to undo when we separated. My sincere advice, which I'd be suggesting even if I were still married, is don't do it. Create, rather, one shared account for outgoings (rent/mortgage/bills/etc) and - if you REALLY want to - a joint savings account for very infrequently accessed funds. If I did it all over again, I would genuinely *never* again share a current account or the account into which my salary was paid. For what it's worth, this wasn't a bad thing simply because myself or the missus were bad with money; it's just a very inflexible set up! All the best! Jon Hi Nut -

My wife and I merged/moved our accounts to a set of joint accounts shortly after marrying. It caused problems during the marriage, and was the most *ridiculous* hassle to undo when we separated.

My sincere advice, which I’d be suggesting even if I were still married, is don’t do it. Create, rather, one shared account for outgoings (rent/mortgage/bills/etc) and - if you REALLY want to - a joint savings account for very infrequently accessed funds. If I did it all over again, I would genuinely *never* again share a current account or the account into which my salary was paid. For what it’s worth, this wasn’t a bad thing simply because myself or the missus were bad with money; it’s just a very inflexible set up!

All the best!
Jon

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