Boyfriend and I= Joint account?

Question

So my boyfriend and I have decided to open a joint account together. We thought is would be good since we are always arguing ( well not really arguing but I dont have a better word) about who should pay for what and if it was in one account we could just spend the money with no problem. Plus I make more at the end of the month when he stuggles and he makes more in the beginning. Is this a smart idea or is it going to cause more problems???
- We have been together 3yrs. Lived together 2yrs and plan to get married when finances and the economy settle down-

Answer 1

Sounds scary to me ... especially if you're already arguing about money. What happens when you put more in the account, but he spends more? Or vice versa?



My g'parents had a great plan -- of course they were married. He had an income, she had an income; they each added a percentage of their income to a bank account from which they paid the necessary bills -- utilities, taxes, etc. -- and bought groceries. Then they each had their own money for buying the unnecessary stuff, and neither could complain about how the other spent his/her money. They just made sure at first that they had enough to pay the bills.

Answer 2

I would not open a joint account. This will cause some more problems in the end. Plus you will have to communicate when you spent money and remember to deduct from the account. This is a sticky situation.



If you really want to open up a joint account,I would only put the bill money in there and keep a personal account.



I am married we have a joint account but I also have a personal account and so does my hubby.



Good Luck

Answer 3

It's important you have individual accounts. If you're going to open a joint account, you should stipulate that both signatures are required to write a cheque. It's a matter of protecting both of you just in case one of you decides to leave the relationship and take that money with them.



There's other ways you can do it......these days you can get gift cards for almost every place you'd want to shop. Eg. at the beginning of the month, purchase a $100 card for each of you to buy gas/petrol for your cars. Buy cards you can use at grocery stores so that whoever is out can pick up what you need. I'm on my own and I find it's been most helpful with budgeting. When the budgeted amount is gone on each of the cards, that's it! I go without until the next month. It's a good way to help control spending, keep within a budget and even save a bit of money.

Answer 4

I think that it is a good idea. It is not like you have only been together a short time. Also your account would be joint in a few months anyways. A word of caution would be make sure you set aside money for yourself in case something bad happens. I.E. a savings account in your name only in case you break up or have an emergency. It is up to you if you want him to know about this account or not. If everything works out (as I hope it does) then you have some extra money for the wedding or to play around with. If it doesn't you are not stuck without any money that is your own.

Answer 5

Honey, my husband and I don't even have a joint account. We both have access to the others account, but our paychecks are deposited into our own accounts. This is definitely going to cause a problem if someone over spends or if you two break up. Anything can happen and it could be very messy if things were to end. Legally you both have rights to the money in that account, but since you are not married there is nothing that guarantees you each would get half. I would divide things up. This is too big of a responsibility to create just to solve a simple issue. Good luck.

Answer 6

I'm married and before we got married we lived together for 3 years. We've always contemplated about getting a joint account or not. We ended up not getting one and I think its a much better idea to stick with own checking/savings account. I know how it is when you go out and just want to pay for each other depending on the situation but its going to create more problems when you pool your money together. There are just those kind of expenses that only you get and vice versa. Me and my hubby just put together a certain amount of cash a month ( say $200 each) and used that cash when we went out etc.

Answer 7

You should definitely get a joint account if you're living together. The bills are your top priority right now, especially if you plan on marrying and buying a house of your own (if not already). But, the main thing is, is if you would feel secure with putting all of your money equally into his hands? If it was me in the situation, I would have separate accounts and then a joint account from which the bills and other expenses are paid from. Good luck and good luck with your future husband!

Answer 8

I dont' think that's a good idea actually. A joint account might cause problems if one of you over spends with the others money.

Why not just work it out between you and keep separate accounts. Work out who will pay for what and when in advance.

Answer 9

The arguing is not going to go away just because you get a joint account. You have to really be committed to sharing the money equally or the same issue will surface about who put how much into the account and when,

Answer 10

It's not a good idea.



Joint accounts (Especially before you get married) will only cause more arguments.



In my professional opinion (because I handle money alot), I find people who have "money issues" at the end of the month have them because they spend too much during the month. If you spend too much during the month, you don't have the money to pay bills at the end of the month (which is why he struggles). That means that when he spends all of your money since it's all put together, you are going to be broke and angry.

Answer 11

I think this is a good idea, but definitely would not have a joint savings or investment account.

I think one person should manage the food, bill and entertainment account otherwise one might accidentally spend too much without realizing how much is in the account.

Maybe when you're married you may combine savings accounts, but I definitely would not now.

Answer 12

Well I've been MARRIED for over 4 years and we still don't have a joint account. My husband and I really don't see the need for one. He knows that if he doesn't have the money, I'll pay and vice versa. I see no need for joint accounts really... especially when you are just dating (I understand you've been together for a while but it's obvious no formal commitment has taken place yet making a joint account seem even more risky).

Answer 13

You guys seem to think rationally, given that you're smart enough to realize a marriage is more than hugs and kisses. I discussed the possibility with my GF, so for me to say it's a bad idea is hypocritical. However, I don't know how responsible you two are with money, like I said you seem responsible, so I have to say that if you both agreed on it, then yes it's a good idea. Joint accounts are useful for monitoring finances and paying bills.

Answer 14

It shouldn't be a problem as long as you both keep your own seperate accounts as well. In the case of a break up you can just close the account and things will be fine. I wouldn't put my entire income into it. Put the majority of your money into your own seperate account until after the marriage. Maybe you can both agree on a set amount to each contribute to it each month.

Answer 15

No, not a good idea. Just watch an episode of Judge Judy when a girlfriend sues her ex-boyfriend for rent, utilities, etc. You should never pool your money until you are married. What would happen if you broke up and he cleaned out the account? You have to protect your interests.

Answer 16

Never ever ever get joint accounts. I am a Mortgage Agent, and I deal with a lot of ppl who seperate and buy a new house on their own. You wouldn't believe the kind of stuff I have seen! I have seen stuff that I can't disclose because of confidentiality, but I CAN say that many of these clients had to pay lawyers to fix it. $$$$$$

Answer 17

Bickering is a good word.....

I'm married and I still have my own account, but MOST men are Really bad w/money My husband is 1 of them lol

I'd say if he's not real bad w/money it will be fine

(my hubby would probably try to spend as much money on a superbowel party as our wedding) LOL

Good Luck

Answer 18

definetly a bad idea.if you guys are arguing now about money how are you guys going to deal with it later on....and the joint accounts is only going to cause you guys more trouble..then the problem is going to be of who uses more from the account and the probs. are going to be even bigger.keep separate accounts and try to orgainze yourselfs.but from the way you two are going it seems like thats always going to be an issue.

Answer 19

If you can really trust him then i would say go for it. However you have the responsibility to ask him weather or not something is out of bounds. You cant use this money to go buy shoes. Communication is Key, as is with most relationship decisions. I say go for it but also have a spare account for your self

Answer 20

If you are stable together and responsible, go ahead. If he is always spending money on "toys" and not paying his bills I would not do a joint account.

Answer 21

You two may as well try it.



If it causes huge problems that you can not resolve, then you probably shouldn't get married.



just set some basic ground rules that you both will follow.



Otherwise one of you will spend the "joint" money out drinking with a friend and all he!! well break loose.

Answer 22

if i can suggest an alternative, it might work out better to open three accounts:



1. the main account. both of you have access to this account. both of your paychecks are direct-deposited into it. all of the bills are paid from this account. it is also used for nondiscretionary purchases such as groceries.



2. your account. only you have access to it. a monthly "allowance" is automatically transferred from the main account to this one. you can save it or spend it on discretionary things (e.g. clothes, electronics, whatever you want).



3. his account. only he has access to it. a monthly allowance is automatically transferred from the main account to this one. he can save it or spend it on discretionary things (whatever he wants).



the direct deposits and the automatic transfers are very easy to setup. this allows you both to have some guaranteed availability of money to spend however you like, but still ensures enough money will be in the main account to pay the bills. you will have to work out together how much you should budget for monthly allowances.



i hope this helps; good luck!

Answer 23

It's never a good idea to have a joint account, even in marriage. What would happen to your money if y'all started having relationship problems if if y'all broke up???

Answer 24

Hell no! Don't get a joint account!! Been there, done that.

Just have your own accounts and be adults about who needs to pay what. Having a joint account won't make that any easier on you!!

Answer 25

It may start arguments about who is taking the most out of the account? It becomes more apparent who is spending what on what, so you may start complaining about each other buying things that the other may deem unnecessary?

Answer 26

Not a good idea. Watch Judge Judy or any of the other TV court shows. Problems could arise and you could lose a lot of money without recourse.

Answer 27

No! This is an awful idea!



Here's how you make a relationship work. Seperate stuff. Accounts, TiVos, as much as you can.

Answer 28

sure. each put the exact same amount in and agree on what gets paid out of the account. keep the majority of your money separate

Answer 29

no cause itll cause problems like whered all my money go and stuff you really dont want to get into that like you pay sometimes and he pay sometimes

and split up bills but take more since you make more but dont let him know about it okay?:/ thats not nice just idk take the higher bills. and slit equaly and pay your bills early if can, so he'll feel better too.. since his money comes early.

Answer 30

it's a good idea if you can both be responsible.



but i'd get married first, otherwise..something awful could happen and he could disappear with the money and run.

Answer 31

its a cool idea but just make sure you both agree on what you spend the money on, because i know you wouldn't be happy if he spent the money on something he only wants!

Answer 32

if you two get along well together and think it's a long-term relationship that's probably a really good idea.

Answer 33

Bad idea.

Answer 34

bad, bad idea. You should wait til marriage to do this.

Answer 35

no

Answer 36

NO NO NO NO NO - Don;t do it

Answer 37

Don't do it!!

Answer 38

idk