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Should we combine bank accounts?

Published on April 20, 2009 by entendu

My fiancee and I are planning to get married this year. I'm moving in this month. When should we combine bank accounts? It would be way easier to pay all our bills from one place, but I also realize.. living together and engaged still isn't truly married. Thoughts?

ANSWERS

Work out a budget and then combine the accounts - no budget no combined accounts.

My husband and I never combined accounts. What we did was put each other's names on our respective accounts, but we keep our money separate. The key, like Ben said, is working out a budget. DON'T COMBINE ACCOUNTS or anything until you work out a workable budget and then decide how to go about with the money. But you have to learn to stop thinking about your money as your own.

Because I'm the spender, my DH and I worked out a system where I wouldn't blow our budget on something without consulting him first (household items, food, entertainment, etc). The money allotted for my clothing and other things is different, but the stuff that both affects us, we consult with the other person. Also, if I think we can afford something outside the budget, if its more than $50, I check with the DH first. It's his money too.

We kept accounts separate until about a year after we were married. We moved and I was the only one with an income, so it seemed silly to have separate accounts. I was nervous, but it worked out. There's no right answer, just what you're both comfortable with.

I never combined accounts when I was engaged and living with my ex. I also advise people to live together for a while before you decide to get married. After a while, I couldnt stand living with my fiance. He was a total ogre, never cleaned up after himself or helped me with anything and all kinds of other horrors. I wouldve been devastated if we'd gotten married before we lived with one another....because it would've been a certain divorce. I like the idea of just adding one another to the other's account and I also like the idea of each keeping their own account and opening a 3rd account to which each contributes to pay the bills out of. Therefore, each can still keep portions of their income and you have an account to pay for everything out of.

I agree with brokenglass911 all the way! It is very important to live together before getting married. Additionally always keep your own account with your money separate from his, and start a savings account of your own if you have not already....you always need a backup plan in case he is not able to back you up for any reason. If you want to combine accounts make an account which is completely separate from your individual accounts and budget that account for bills/rent etc.

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