Joint/Separate Bank Accounts

ILs.

Have a question for you. Interested in your perspective regarding joint vs. separate banking accounts when both husband and wife are earning.

I think it's okay to have a joint account for all household/joint expenses but women/men should also have a little independence and maintain some strategy for personal expenses.

What strategy do you use for your own and spouses personal expenses???

yeah...i am too interested to kown.........

bye

well I wud say its not about having a joint or separate bank account... its about how comfortable you are with it... and both spouses should have an understanding about each other's expenses and savings..

amongst both the partners there shud be a transparency... Initially everybody does have problems but slowly gradually we learn...

I dont think there is any harm in having separate bank accounts...i somehow feel u get confused in a joint account and cant keep track of things

I feel personally, joint accounts don't work. Keep seperate accounts, plan your responsibilities and savings. Ans stick to the plan on mutual consent

hi,

i feel u must have joint account but both husband and wife must have a separate saving account too, in which they must save atleast 10% of their earning and don't touch it. i feel this helps in emergency.

bye
padma

Great ladies, thanks for the feedback.

Abha, your note was interesting. I would like to dwell a little bit on what you said. I know these conversations between spouses need to happen sometime early in the marriage. I feel comfortable in saying that men will not take the lead in having these discussions, but it will be up to the women to bring this to the forefront to discuss.

If you guys agree, what's the best time, place and approach in the marriage cycle to begin these discussions with your spouses since we all seem to agree that each partner in the marriage needs some independence and security.

Hey Mrs. Gandhi

Thanks for your response. I would say that there is no right time to discuss all these things... again its about, when you feel u have acheived the level of closeness, where you can tell the person somethings or u wud also liked to be told things by the other... I think the both the spouses should discuss and settle finally on one choice, on which way to go... so that there is no resentment. One person should be assigned to keep a track of expenses, and the other perrson shud report everything to him/her and there is nothing to be felt bad about it, and egos shudnt come in between. Some ppl mite think that why shud i be answerable abt small small expenses to anyone... but then its all about uinderstanding, that its for your good only...

and it should always be like, money is neither mine or yours, its OURS

~Abha

hi friends,

my feeling is we should have joint account & also separate accounts ,joint accounts will help to meet rouitne financials matters. Separate account we can maintain some balances so that anytime ,anyday we can help our husband ,we can give him fianacial support & for us also it is good to maintain a separate account.


anu