Mr and Mrs Bank Accounts

[douglash]

See poll attached. I'm interested to see the outcome.

When it comes to relationships, especially marriage, do you share bank accounts or is each one responsible for each item separately?

[Spook]

You miss one -

Separate accounts, but shared responsibilities

Also it depends on how one got married - in or out of community of property!

[Aviator_01]

This is a can of worms....

I suggest you do whatever she wants you to do....

[Pietsweis]

Wifey has her own bank accounts. She handles certain things but mostly I will transfer to her account as needed for family expenses which she takes care of.

I have never like the joint / shared bank account.

[Jouko]

We keep our monies separate. Expenses for us are split based on income. SWAMBO has my CCs for agreed expenses. Never misused. Both have our own cards also.

We are not married - just living together 23 years.

[mikeml]

Our joint account has worked well for 35 years. Not married in community of property. She has her own business account as well, so can be independent if necessary.

[douglash]

To give my own side, we have our own separate bank accounts that our salary goes into. Most of the debit orders come from my account.

Then using my credit card account, we both have cards linked and setup on banking profiles so we can monitor our spends together. That way we benefit more from the bank incentives... ala ebucks, etc.

What i'm coming across more and more nowadays is 'she pays for this, he pays for that' and if she pays for something, he puts the money into her account, etc.

Point taken on the in or out of community of property also, but that doesn't detract from the above scenarios which I have come across.

It's a little bit of a foreign concept to me as we have shared our 'money' from day one.

[mullerza]

separate bank accounts, makes life a lot simpler - go listen to horror stories of accounts being in say the husbands name and he dies suddenly leaving the wife and kids with no money as the accounts are frozen.

From a day to day point of view we cross fund each other as and when needed without keeping track of anything, we each trust the other to spend as needed so do not see the need to keep track of things

end of the month excess funds goes into the bond so it doesn't really matter who pays for what.

[Ian.McM]

separate bank accounts, makes life a lot simpler - go listen to horror stories of accounts being in say the husbands name and he dies suddenly leaving the wife and kids with no money as the accounts are frozen.

The above is an absolutely huge consideration.

[JadeDsantos]

Wife and I have our own accounts, as well as a household account which we both deposit money into every month, and top up if we need to. Its in proportion of our incomes, and works quite well.

[MANDREAS]

Each have our own accounts for our own debit orders etc.

One joint account form which we pay all household expenses, school fees etc.

We calculate the total amount of joint expenses and contribute pro rata thereto.

[PRA]

What i'm coming across more and more nowadays is 'she pays for this, he pays for that' and if she pays for something, he puts the money into her account, etc.
It's a little bit of a foreign concept to me as we have shared our 'money' from day one.

Foreign concept for me too.
We've had one account for over 50 years and never had a single problem.

[Millie]

We have separate accounts for the last 38 years and each pay agreed monthly expenses and any abnormalities I take care of. She can thus do with her money what she want to do and she does not need my consent and we do not always agree. You must also take into consideration how well your spouse is financially educated because I have friends whose wives will spend every cent there is in the account every month. Saving is not a concept they understood and it work vice a versa as well. You must absolutely have the same financial education and objectives.

[Oppies3800]

Separate accounts but shared responsibility.

Who ever goes to the shop when something is needed, pays

[New]

Separate accounts.

I pay for everything (even majority of the groceries) except the once a week domestic.

Swambo pays me a "set fee" per month. (It barely covers her Med Aid)

I believe I am loosing out on this deal.

At least I am not paying for her hair salon trips.

[Half-Pint]

Separate accounts.

I pay for everything (even majority of the groceries) except the once a week domestic.

Swambo pays me a "set fee" per month. (It barely covers her Med Aid)

I believe I am loosing out on this deal.

At least I am not paying for her hair salon trips.

I presume you don't disclose this to clients before negotiating anything on their behalf

[Jouko]

There are two methods that can cause huge issues:
- Neither one has no money for totally private use
- One earns money but doesn't contribute anything towards common expenses

Both scenarios happen.

In a traditional Spanish family female handles the money. When man asks money for bull fight wife is not asking questions. Better not as that money may go for services rendered.

The point is that different cultures have different rules. In our case we have many cultures and there have been huge changes. There are many on this forum who married at the time when wife had no say on money issues, could not sign papers but was protected by a law. Husband had to provide living standard based on his income.

[IcePick88]

Apart from some legalities, this separate accounts thing does not compute with me.

My view is, we have a bond in both our names, we both enjoy and eat all the food in the house, we both work hard on two kids to raise and feed them, we both travel in and enjoy the same cars and we both enjoy holidays together. Paid with money both of us worked for to do this "life" thing together. What then is the difference if I "pay" for groceries/car installments/kids school fees/fuel or she did?

[natand]

I find it so much easier to just do recons on the one cheque account and one credit card as opposed to doing it on more accounts.

2 is already tedious but at least i know why im broke at the end of the month as it is all there in black and white columns in excel. I pay some monet to swambo for what im really not sure but every once in a while this does allow the odd surprise weekend or to smooth over any bumps encountered along the way.

She has her own credit card as well - this would be the emergency back up if met my end. She also knows to go and transfer money out of the credit card and also any access bond funds prior to informing the bank of my demise and clear to her own account.

[IcePick88]

She also knows to go and transfer money out of the credit card and also any access bond funds prior to informing the bank of my demise and clear to her own account.

This.

My wife also has her own account at the same bank as our shared account. Used for UIF when she was on maternity leave. She knows she needs to transfer all funds from the cheq to her account when I keel over.

Does a shared bond also get frozen? Cuz there is also monies in there she can use from the access bond.