Combined or separate checking

Home Personal Finance and Budgeting Combined or separate checking

  • Avatar justlearning 
    Status: Other Professional, Spouse
    Posts: 118
    Joined: 08/15/2017

    Combined and we have monthly allowances that goes to separate accounts for each of us for no question asked discretionary spending. if i want to buy a new gadget i may save/accumulate my allowances for couple months get expensive gadget etc. if she wants to buy designer purse she saves/accumulates her monthly allowances then buys it. So far it has been working great for us. Also we use single Personal Capital account we both keep track of spending, saving, retirement accounts etc so we have complete insight into our finances.

    #195793 Reply
    Avatar DCdoc 
    Status: Physician
    Posts: 553
    Joined: 06/14/2016

    If one spouse is stay at home, clearly combined. If spouses both make good incomes are possessive, separate accounts might make sense, especially if marriage was later in life. We had separate for a long time, but combined when kids were born and we bought a house.

    #195797 Reply
    Zaphod Zaphod 
    Status: Physician, Small Business Owner
    Posts: 6177
    Joined: 01/12/2016

    we had separate accounts for the longest time out of pure laziness. They were there before and it took effort to change it. No issues. We did eventually add her to our main account and the other is basically dormant now. We have always thought of everything as joint and ours so what account it was in made no difference.

    #195813 Reply
    Avatar Tim 
    Status: Accountant
    Posts: 3030
    Joined: 09/18/2018

    Checking accounts have drastically changed. Writing monthly bills once or twice a month, direct deposit became available and not many even use stamps any more. How many even balance a checkbook now?
    Money flows in and money flows out, like a faucet.
    You don’t need more than one. If you want two, great. I’d make sure both were joint accounts. Like a master bathroom. Most have two sinks, his and hers for convenience. A lot easier to scan for anything unusual.

    #195821 Reply
    Avatar FluorideFreeVaccines 
    Status: Dentist
    Posts: 19
    Joined: 01/31/2019

    We added each other to the checking accounts when we got married, probably need to consolidate them though. We were biog credit card churners when we were dating/engaged so I still like having separate credit cards so that neither of us “burns” an application/sign up reward just for being an authorized user. They are all paid for from our shared checking accounts. We use the CSR as our main credit card but it is only under my wifes names (they charge for authorized users).  We did ask chase for a duplicate credit card which has the same numbers and everything, I carry it and use it all the time even though it has my wifes name on it.  Liquor store is the only place that has denied me.

    #195881 Reply

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