I like a joint bank account for married couples (it is what we do), but I understand the hesitancy for someone to do so. Thanks for covering the pros and cons!
Absolutely! There’s pros and cons to almost everything in life. While the optimist in me wants to only see the bright side, it’s important to get the full picture
We combined our accounts when we got married and never thought of doing it another way. We have 1 joint account, and then 2 individual savings accounts for anything we want to spend that's not in the normal monthly budget. The 2 savings accounts are at the same bank so when we login, all 3 accounts show up together on the same page. And funds can be transferred between/among the accounts anytime. I've always wondered how the Ramsey team would view that nuanced approach. The only thing they ever talk about is only having the 1 account.
I understand how you're feeling! What are some of the challenges you're having? Perhaps some of your own "buckets" of money within the budget may provide you with the autonomy you're looking for.
@@MarriageKidsandMoney we had some financial set backs because i no longer work full time. (Nanny/daycare issues). Like the saying goes when it rains it pours. Every penny counts at this very moment. And one of us, does unnecessary small purchases when we are low on funds. I don’t want to be mean or controlling but i want to set a spending limit either with a separate account or “cash” to set limits on lunch items or coffee for example. I want to start saving again, even if it’s $20 every check. I also would like for us to have IRA’s or something similar. We have a mortgage that also goes up every summer (Florida insurance and taxes) so i am just worried about over drafts happening more often. I always calculate every penny i have and how much i can and cannot spend. And well my hubby is more day to day, and forgetful. He also does not like discussing bills but wont let me completely take over and be in charge of the stress of bills.
I do think it can be beneficial for each person to have a “mad money” account.” Transferring a set amount into this account monthly (of course within their budget 😉) allows each person to spend on the things they value and help remove some “judgment” and as you pointed out you can still surprise one another with gifts.🎁
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I like a joint bank account for married couples (it is what we do), but I understand the hesitancy for someone to do so. Thanks for covering the pros and cons!
Absolutely! There’s pros and cons to almost everything in life. While the optimist in me wants to only see the bright side, it’s important to get the full picture
We combined our accounts when we got married and never thought of doing it another way. We have 1 joint account, and then 2 individual savings accounts for anything we want to spend that's not in the normal monthly budget. The 2 savings accounts are at the same bank so when we login, all 3 accounts show up together on the same page. And funds can be transferred between/among the accounts anytime. I've always wondered how the Ramsey team would view that nuanced approach. The only thing they ever talk about is only having the 1 account.
Your approach sounds great! Especially if you and your spouse like it. There’s no one right way here in my opinion.
12 years separate accounts, new to joint account its been 1 week and im already stressing
I understand how you're feeling!
What are some of the challenges you're having?
Perhaps some of your own "buckets" of money within the budget may provide you with the autonomy you're looking for.
@@MarriageKidsandMoney we had some financial set backs because i no longer work full time. (Nanny/daycare issues).
Like the saying goes when it rains it pours. Every penny counts at this very moment. And one of us, does unnecessary small purchases when we are low on funds.
I don’t want to be mean or controlling but i want to set a spending limit either with a separate account or “cash” to set limits on lunch items or coffee for example.
I want to start saving again, even if it’s $20 every check.
I also would like for us to have IRA’s or something similar.
We have a mortgage that also goes up every summer (Florida insurance and taxes) so i am just worried about over drafts happening more often.
I always calculate every penny i have and how much i can and cannot spend. And well my hubby is more day to day, and forgetful.
He also does not like discussing bills but wont let me completely take over and be in charge of the stress of bills.
What do you think of these Joint Bank Account Pros and Cons?
I do think it can be beneficial for each person to have a “mad money” account.” Transferring a set amount into this account monthly (of course within their budget 😉) allows each person to spend on the things they value and help remove some “judgment” and as you pointed out you can still surprise one another with gifts.🎁
Great insights Andy.
Glad you enjoyed it Alissa!!
I have my USAA account but I gave it back to my hubby back because I couldn't use it or open it no access at all😮😮😮
What happens when one of the co account holder dies?
The money is available to the surviving owner.
@@MarriageKidsandMoney thank you