Business & Finance Joint bank accounts

[Catfish Alley]

That's the way to go. Makes life so much easier when you or your partner want to spend some money on yourselves.

Your marriage would have to be pretty shitty if you didn't allow each other to spend money on themselves.

 

[Leper]

When you have a joint account and a card that goes along with it, then you obviously use that card when you go out for dinner, and no you dont worry about who ordered what, kind of like how you dont worry about whos eating the most out of the shopping budget (shoutout to the guys)

You dont split hairs or anything, but when everything is shared then I imagine spending money on natural things is more difficult

For example a year ago I bought shares in a horse, how do you think that would go down coming out of a joint account?

Allocating a dinner to a specific account is still separating "ours" from "mine or "yours". Each to their own, but to me it doesn't matter - we're married. Though without blurting out details my situation is probably more unique than most.

If I wanted to buy shares in a horse I would do it, and I'd probably tell the wife she's now part owner of a nag. I wouldn't stop to spare a thought for what account it came out of other than maybe which might get a tax benefit or whatever. She'd probably tell me it's a crappy investment, and I'd probably tell her she's right, but we wouldn't tear each other's hair out over it.

 

[Jackfrost]

Im completely comfortable with having combined accounts and a 'whats mine is yours' thing happening. We both earn exactly the same and have the same pretty conservative spending habits.

Its just the process of setting this up is a bitch. I looked at my bank statement and have direct debits for insurances, car loans, health care, internet, charities, storage places etc and it will be a nightmare sorting all this s**t out.

Better than arguments with your partner over money. It can be one of the ugliest and most unnecessary arguments there is. It will take a couple of hours at most to change everything and about 30 mins if you have all the info at hand and save you untold grief.
We have an excel budget that works out how much to cover mortgage, bills and stuff. We nominate how much we'll need for the fortnight for household expenses and the rest goes into savings. If we go over our expenses budget we withdraw from the savings account.

 

[JuddsABlue]

Allocating a dinner to a specific account is still separating "ours" from "mine or "yours". Each to their own, but to me it doesn't matter - we're married. Though without blurting out details my situation is probably more unique than most.

If I wanted to buy shares in a horse I would do it, and I'd probably tell the wife she's now part owner of a nag. I wouldn't stop to spare a thought for what account it came out of other than maybe which might get a tax benefit or whatever. She'd probably tell me it's a crappy investment, and I'd probably tell her she's right, but we wouldn't tear each other's hair out over it.

Without prying into too much of your personal life it sounds like you're pretty well off (unless you don't know how much a horse usually costs lol) which makes things like this a lot easier

The joint situation I'm talking about is more for younger people who live closer to the line/pay cheque to pay cheque.

Anybody can find any way to work for them, I just think the way we are talking about here is the most efficient and the best at preventing money issues or fights

 

[Leper]

It does help.

As an insight, I did grow up with my old man holding onto most of the $ and only giving my mum a limited amount a week for "housekeeping" (grocery shopping mainly) whilst he went to the pub and pissed the rest up against the wall and cracked the shits if she bought a dress. I know that way was a bit "old school", but I think I learnt a lot from that in terms of how to (or, more to the point, how not to) manage money within (probably) your most important relationship.

On the horse example, yep, it must cost a shitload for agistment, training etc. But my missus would more likely argue about silly s**t like what to name it. I'd want to name it Cotchin or "Hayfa" or something purile like "Nads" (as in go...); she'd want to call it Black Beauty or some other girly s**t.

 

[iluvparis]

As a lifelong horse racing fan her name suggestion is better than yours.

 

[skilts]

If you were worried about the security of your joints, I would think a safety deposit box would be the best bet. There are so many rip-off merchants out there. It is well to be careful of your stash.

 

[Smiling Buddha]

If there are two aspects of modern society I detest, they are long-term relationships, and fiat banking.

 

[Illinois Nazi]

If there are two aspects of modern society I detest, they are long-term relationships, and fiat banking.

Now there's a surprise...