Separate or joint accounts?

[adrenalated]

I'm curious, for those of you with the joint and separate account setups, do you each have 2 credit cards? One for joint expenses and one for personal?

We try to put everything down on credit cards because of cash back benefits (paying the cards off in full each month), but that makes it harder to differentiate joint vs personal expenses. We have tried to have a certain amount go into our personal accounts, but we haven't been able to make the process work well yet.

Our joint checking account through a credit union gives us 3% interest. I haven't directly compared that benefit to a rewards credit card, but it at least helps provide some benefit to make up for the lack of cash back benefits. Without doing the math and comparing, I'd bet that it's within a few dollars of my cash back cards. Definitely close enough that I'm not inclined to have to track another account.

[old goat]

but a marriage isn't always just about the bottom line.

That's exactly what it's about Marriage is a business arrangement--a commitment to share expenses, pay less taxes, have more financial security. Joint financial arrangements and the trust that neither spouse will spend more than the marriage can afford is part of that. If not, why bother to get married?

[Danno]

This thread is perfect evidence of how there are many different ways to approach the issue of marriage and finances, that different things work for different people, yet some will always think their way is the only way that should work for anyone.

[XXX-er]

Marriage is an illogical business deal which only becomes apparent ... when it's over

[2nd mate]

Next year will be 10 years since we went skiing in the Alps to celebrate marriage. At the time we had all sorts of cards and accounts. After a few years, a few kids and a mortgage my account has become the joint account. She still has here own checking and covers the mortgage, mine covers everything else. I am out of the country 5-7 months a year so if she didn't have access it would be a major issue. She has done an amazing job getting me to be fiscally responsible. She pretty much manages the whole family operation and when I come home I take over family ops. She likes to watch me cook and clean

[uglymoney]

This thread is perfect evidence of how there are many different ways to approach the issue of marriage and finances, that different things work for different people, yet some will always think their way is the only way that should work for anyone.

This ftw.

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[skaredshtles]

I'm curious, for those of you with the joint and separate account setups, do you each have 2 credit cards? One for joint expenses and one for personal?

We try to put everything down on credit cards because of cash back benefits (paying the cards off in full each month), but that makes it harder to differentiate joint vs personal expenses. We have tried to have a certain amount go into our personal accounts, but we haven't been able to make the process work well yet.

Dude - Costco credit card - you each get your "own" but it all shows up on a single bill - but separated into "card1" and "card2" transactions.

And cash-back too.

Get on it!

[AdironRider]

Our joint checking account through a credit union gives us 3% interest. I haven't directly compared that benefit to a rewards credit card, but it at least helps provide some benefit to make up for the lack of cash back benefits. Without doing the math and comparing, I'd bet that it's within a few dollars of my cash back cards. Definitely close enough that I'm not inclined to have to track another account.

What credit union? That's a sweet rate currently.

[GeezerSteve]

We have both: A joint checking account we call "the house account" and joint credit card (Costco, 2 cards, 1 bill), and we each have separate accounts and separate credit cards. When the house account gets low, we both kick in. With the passage of time, we put more previously personal expenditures on the joint account. Our separate credit cards get little use, other than my business expenses (not much these days).

[AK47bp]

I'm in a cash only marriage.

[Danno]

Dude - Costco credit card - you each get your "own" but it all shows up on a single bill - but separated into "card1" and "card2" transactions.

And cash-back too.

Get on it!

I have the Costco card, do you think I'm some kind of rookie? Wait, don't answer that...

But it doesn't address my question. If you try to have a joint account and a separate acct, you need some way to differentiate between joint and separate expenses. If you're paying for most things with a cc, that either means you have 2 cards and have to pick which one to use, OR you go through the single bill at month end and separate out joint/separate expenses. Or maybe there's a third way.

My question was about that, how do people who maintain a joint and separate account handle this?

[BeardMech]

I'm in a cash only marriage.

Drug dealer?

[adrenalated]

What credit union? That's a sweet rate currently.

Credit Union of Denver. No minimum balance, no fees. To get the 3% you are required to 1) have one direct deposit per month 2) make 15 debit card transactions per month and 3) use estatements. Otherwise you get 0.05%. 1) and 3) are things I'd do anyway and 2) is easy enough for us to hit with our joint expenses, so it's not particularly onerous. It's a pretty sweet deal IMO.

[GeezerSteve]

My question was about that, how do people who maintain a joint and separate account handle this?

per my previous answer: 2 sets of credit cards, 1 set joint, 1 set separate

[zion zig zag]

I have the Costco card, do you think I'm some kind of rookie? Wait, don't answer that...

But it doesn't address my question. If you try to have a joint account and a separate acct, you need some way to differentiate between joint and separate expenses. If you're paying for most things with a cc, that either means you have 2 cards and have to pick which one to use, OR you go through the single bill at month end and separate out joint/separate expenses. Or maybe there's a third way.

My question was about that, how do people who maintain a joint and separate account handle this?

We have separate CC's. I carry a debit for the joint and my personal card to earn miles.

And people who are saying that having separate accounts points to some buried mistrust in the marriage are wrong. I trust that she's not going top go ape-shit and overspend to the point that I'll have to bail her out. I trust that she isn't raiding any savings and I trust that she is contributing her share for our long term goals (all laid out, but we're not checking because, trust). It's really just an easy way to assure that all of the bills are covered, retirement needs are getting met, and we don't have to check with each other if we want to buy something. Previously, she always thought I spent more of the discretionary funds because I would buy big shit like bikes, skis, etc., and I thought she spent more of it because of the daily nickel and dime purchases. Now it doesn't matter. We plan vacations in advance and determine the cost and each contribute 50/50.

It works great for us, I'm not saying it works for everyone, but then again I didn't get my marriage sanctioned by the church .

[skaredshtles]

I have the Costco card, do you think I'm some kind of rookie? Wait, don't answer that...

Carry on. My reading comprehension sucks.

I blame work.

Actually, it's probably the fault of the teenagers.

[AK47bp]

Drug dealer?

Prostitution

[BeardMech]

Renewable resource.

[Meadow Skipper]

Renewable resource.

I hadn't thought of this before, but you're right - it's sustainable.

[PNWbrit]

Prostitution

$37

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[skaredshtles]

Tree fiddy

[reckless toboggan]

Change for a nickel?

[BeardMech]

Just need to hook up the vaginas to a battery and you can power las vegas.

[AK47bp]

$37

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Sheesh. I wish.

[old goat]

If people are going to argue about how money in a joint account is spent, with separate or separate plus joint they're going to argue just as much about which account various things are coming out of and how much goes into which account. I'm sure the separate accounts work for most people but I think those people would get along just as well with a joint account, with a lot less bookkeeping to do. In the long run, keeping funds separate is an illusion; a married couple gets rich or poor together, regardless of whether they keep joint or separate accounts.