What to Consider When Opening a Joint Account, Back to Basics

Back to Basics: When Two Become One

March 23, 2009

It's something a lot of couples argue about. Often it's more important to one of you than the other. But when one of you slips, both of you suffer. What am I talking about? Money, of course. Because money can be such a sharp point of contention in relationships, it's important that you come up with a financial plan that works for both of you.

Whether or not the last names on a joint account are identical, the money in that account belongs to both of you. But you're each responsible for keeping track of spending. You may have been a master of tracking when you had an account to yourself, but this becomes more difficult when two people have access to one account. But difficult doesn't mean impossible — it just means the two of you really have to communicate.

Coming up with a joint-spending plan is one of the first conversations you should have about your shared money. There are plenty of computer programs, like Mint and Quicken that keep track of all expenditures so you can see exactly where your money is going. And if all of your bills aren't set up for automatic payments each month, make sure you know who is responsible for making timely payments to avoid any late fees.

What are your tips for managing a joint account?

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12 Comments

3 years

I wanted to open a joint account my husband doesn't. I guess that says it all. He seems to hold his money close to his chest. So now I figure, just leave it there. What's mine is mine and what's his is his. & the expenses, we've already worked out. I find it dishonest and selfish, personally, but maybe he just wants to hold onto as much of his money as possible. Nice. I guess I can only learn from the best and do the same.

gallcat11 4 years

I got married in Oct. of last year. My husband and I weren't really sure how to go about the money situation. We have each kept separate accounts and have one joint account. We both contribute money into the joint account and it is used for large purchases or just going out to dinner. We keep our separate accounts and have divided up the bills so that we are each responsible. I pay the electric/gas, the condo dues, the car insurance, and my husband pays the mortgage and the phone bill. (he makes wayyy more than I do lol) It has worked great so far. We want to eventually put everything together, but we are in no rush!

bluebellknoll 4 years

I got married last May and we still have not opened a joint account. We don't feel like we need to yet and we don't fight about money and the bills get paid with no troubles.

supercoolnat 4 years

My husband and I discussed this thoroughly before we got married, so we were both on the same page from the beginning. We have a joint checking account for most of our expenses, personal accounts for our own separate money, and savings & investments we both consider joint. I manage all the money stuff, mostly just because I'm better at it. I keep track of our "joint" budget, which includes the joint checking as well as credit card.

aimeeb 4 years

I'll always want to keep my independence when it comes to my funds so it'll be curious how I will handle this someday. I'm great with money so I don't think it'll be THAT hard for me... I like Spectra's idea.

Spectra 4 years

We've managed to never fight or argue about money by doing a few things: We set up a joint checking account that we deposit half my husband's check into. We use that account to pay the bills (cable, cell phone, utilities, water) and our credit card every month. The other half of his check goes into a separate account at the credit union where our mortgage is held and we get our mortgage payment deducted automatically off that account every month. Then we each also keep seperate checking accounts for day-to-day spending. I use mine mostly to buy groceries and household products and if I need clothes or something, I'll use my own money. That way, my husband doesn't freak out about me spending $50 on makeup or whatever. And I don't freak out about him spending $300 on ATV parts or other junk he finds at auctions. Sometimes your spouse doesn't NEED to know about every penny that gets spent...as long as you keep enough in your accounts to prevent overdrafts from happening, you should be good to go.

carak 4 years

"Whether or not the last names on a joint account are identical, the money in that account belongs to both of you. Ahem. Not all married couples have the same last name." i'm pretty that's sure what she meant when she said, "Whether or not the last names on a joint account are identical"

syako 4 years

My tip --- Don't assume that you have to have a joint account. There is no rule that says when you get married you have to sign up for a joint account. So don't just do it because it's "what everyone else does." The two of you should discuss it - weigh the pros and cons of both and do what works for you. Our first year and a half of marriage we had two separate accounts. I was responsible for certain bills, him the others. We knew how much money each other had, and we always discussed major purchases. Our paychecks went into our respective accounts. Now we do things a little differently. I still have my own account, which a small portion of my check goes into and it's my "fun" money. He manages the main account and pays all the bills. Both ways have worked for us. I still can't ever see us getting just one account. But things change so I won't rule it out. Point is, don't just assume it's the way to go. TALK about it.

valancyjane 4 years

Whether or not the last names on a joint account are identical, the money in that account belongs to both of you. Ahem. Not all married couples have the same last name. Anyway. We have a joint account for fixed expenses (mortgage, insurance, car payments), but we still have separate accounts for our day-to-day spending. He would rather we just merge and get it over with, but we both use debit cards so much that I’m worried we’d overdraft. As we pay down our debt and we have a little bit more free money each month I might feel more comfortable with it.

bluebird 4 years

We don't have any joint bank accounts, but we split the bills according to income. Since I'm a student, I pay for the less expensive cable bill and my cell phone, and he's in the Army, so they pay for our housing.

luna08 4 years

One of my friends said the hardest thing about getting married was giving up her "money independence"; I often think about that.

ilanac13 4 years

well my fiance and i talked about this one and we've decided that for now we're not doing the joint account thing. we'll share the cost of things but our money is our money. he keeps reminding me that it's typically the case when both contribute and one spends more - that's when arguments start. so we're going to avoid that at all costs.

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