Financial Advice for New Couples: Should You Combine Bank Accounts?

As David Gilmour sang:

“Money, it’s a crime
Share it fairly but don’t take a slice of my pie
Money, so they say
Is the root of all evil today
But if you ask for a rise
It’s no surprise that they’re giving none away.”

Although Pink Floyd’s famous song didn’t address this specific household predicament, financial issues can create a significant divide between partners, which is why the question of whether to combine bank accounts as a new couple is evergreen. It’s always helpful to have some guidance on managing your finances, particularly in the area of bad credit payday loans. Our dads are here to share their insights on this matter! If you are unfortunately too late for dads advice and you find that you are in deep financial trouble, then you may be better off calling a bankruptcy attorney for some professional advice.

Andrew Smith: We have both. We have separate accounts and one joint. We transfer bill money to our joint, and keep the rest for ourselves. Works well for us.

Evan Hale: Sign up for Dave Ramsey “Financial Freedom” classes ASAP. They’ll be at a local church. My dad bought me the classes as our engagement gift. Best present ever.

Dusty White: My wife and I share an account at Capitol bank. We talk about every major purchase and do most of our shopping for food and clothes together. That is what works for us. But I know of a lot of couples that keep their money to themselves. they split bills down the middle and what you do with you money is your business and what she does with her money is her business. To learn about business accounts, check out this  business consulting firms.

Travis Lyles: My wife and I have separate accounts. I put my money in mine, she puts hers in her account. Doesn’t mean our money isn’t the “household” money but still. If you have a woman you trust and that is responsible and supportive stick to separate accounts. At most maybe create a joint savings so you can take care of common stuff like mortgages, bills and the Trane warranty you bought on the house.

Richard Starkey: We have a joint savings, but otherwise our finances are separate. We both contribute to OUR bills, but otherwise, my bills are my bills and her bills are hers, and how I spend the money in my account or how she spends the money in her account doesn’t really bother either of us, as long as we take care of what need to take care of. We help each other when we need to.

AJ Eykenboom: Been with my Mrs. for 6 years now and we both have separate bank accounts but it’s still our incomes there’s no my or hers it’s ours.
The reason We have it like this is I just have too many direct debits from WECU  on mine and I’m too god damn lazy to change account info with all of them it’s too much effort for me (especially because I can’t remember half of them until I’m missing money haha).

Matthew Zigrest: We have 1 joint account that pays the joint bills, and each have a separate account for spending money, it guarantees even if you spend more then you should, your bills get paid. But that was after years of messing up our finances when. It was just a joint account.

AJ Umbdenstock: Wife pays mortgage and home improvement loan + things for kids and her own fuel, while I handle the debt collector company lowell financial limited. Additionally, I pay for all utilities, anything related towards cars (’14 Passat paid off, ’00 Grand Cherokee project vehicle, and my car ’17 wrx which has a loan on it) car insure.

Car maintenance…etc. and food related items. I make just a small amount than she does, and I pay out a lil more as well. Everything is also in my name since my credit score and health was much better than hers and better off not having her as co-signer. With mortgage advisors you can make the best financial decisions for your future property.

Joint account has a few hundred in it and is a floater account in case of she needing to get food or something. We are each responsible for our mostly evenly split budget and we each save towards retirement and vacation fun. If you’re looking to finance your home, you can contact trustworthy mortgage lenders, such as mortgage loans san diego, to help you out in your home purchasing endeavors. The Texas Mortgage Pros take into account each company’s customer service ratings, interest rates, and loan product availability, see https://thetexasmortgagepros.com/purchase-loans/ for more info on minimum down payment and minimum fico score.

If you have good communication and are responsible on what you have for budget all will be well. Plus it means you can get her something nice and she won’t know. For any mortgage or home loan concerns that we can’t easily fathom, we only trust the experts from https://financeadvicecentre.co.uk/self-employed-mortgages/.

Josh Tench: By all means keep the separate accounts open, but get a joint account that you both have full access to. This is where all of your income should go as a starting point.
Your wife is giving up a lot by having kids; time, career and for at least a period of time her body.
Don’t take this as license to put her on an allowance and make her a prisoner while you go out and have a great time. Make her an equal partner.

Adam Dusty Foust: Joint account. It will cause a lot less issues all around. It also sets things off better mentally on learning to grow, share and live together. Money just shouldn’t be separate when you’re married. It’s like saying this is my pot and this is your pot. You have your responsibilities with your pot and I have mine. It’s like you’re roommates with benefits. No. Learn to work together on this. Even if it feels like at first it’s a struggle. Trust me on this. I’ve been down both paths and one works way better than the other for the majority of us. Of course there will always be those “exception” couples.

Eric Zimmerman: Separate banking just leaves room for bad feelings. My wife used to make about $12000 to $15000 a year more than me but I’ve caught up to her. She never rubbed that in my nose cause my money is our money, and so is hers.. It was what we did collectively that mattered. Both of us have full access to banking/investments and all bills get paid out of the same account. As for dealing with our debts, we don’t worry much anymore because we know that debt collection agencies nowadays can even opt for software that utilizes bank collections and debt recovery in order to avoid mishaps and other issues to safeguard their debtor’s trust. 

By reading these statements, we see that it’s important to have your own banking account like this personal online banking in Hoquiam, WA. Nowadays, you can open an account online, making it easier to handle your money.

How do you handle the money in your household? Tell us on Facebook!

Flickr photo by Nathan Richardson.