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Thread: Should couples have joint or separate bank accounts?

  1. #201
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    Quote Originally Posted by you&me View Post
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    Agreed.

    I wish misterman wouldn't have brought up Bath & Body Works... Gross.
    I'm still trying to decide who Misterman's wife's $1000 sheets are for, if they aren't for him!

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    So on an expansion, what are people’s thoughts on having separate vs joint credit cards?

    Probably a way more relevant question these days than bank accounts

    *stirsthepot*
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

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    I have my own, and I have a separate where the wife has an authorized card.
    Quote Originally Posted by Gestalt View Post
    Im the one with a learning disability....

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    Quote Originally Posted by Buster View Post
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    I'm still trying to decide who Misterman's wife's $1000 sheets are for, if they aren't for him!
    We just got them to make a sweet bed fort with. You guys think dual bathrooms are baller? pfft.

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    Quote Originally Posted by Misterman View Post
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    We just got them to make a sweet bed fort with.
    That probably has dual washrooms too.

    I have 2 credit cards and my wife has 2 different ones. She wants the WestJet points and I want the cash back, our 2nd ones are just back ups.

  6. #206
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    Credit cards are less of an issue either way because the money to pay them would be coming from the same place(s) regardless of your chosen financial situation. Even if you "share' credit cards, they have separate numbers and arrive as separate statements within the same bill. I suspect most 3-account folks have their own CC(s) and then one joint CC for anything that gets paid with the joint account.

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    Quote Originally Posted by Mitsu3000gt View Post
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    Credit cards are less of an issue either way because the money to pay them would be coming from the same place(s) regardless of your chosen financial situation. Even if you "share' credit cards, they have separate numbers and arrive as separate statements within the same bill. I suspect most 3-account folks have their own CC(s) and then one joint CC for anything that gets paid with the joint account.
    I wouldn't exactly call them "separate statements". They are grouped/subtotaled separately, but there is only one final balance/minimum payment amount. i.e. one user can't just pay their balance to get no interest charges on their card.

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    Quote Originally Posted by sabad66 View Post
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    I wouldn't exactly call them "separate statements". They are grouped/subtotaled separately, but there is only one final balance/minimum payment amount. i.e. one user can't just pay their balance to get no interest charges on their card.
    Yes, that's why I said "within the same bill", but there are 2 card numbers and 2 subtotals on the bill, so it's treated as separate right up to the total so you know exactly how much you each owe if that's how you're set up. If it's the joint account CC, then it doesn't matter either because you're just paying it from the joint account anyway.

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    My problem is with our WestJet card I can't see all the transactions or the statement. Not sure why they can't just make it so both cardholders have full access.

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    Quote Originally Posted by lasimmon View Post
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    My problem is with our WestJet card I can't see all the transactions or the statement. Not sure why they can't just make it so both cardholders have full access.
    really? I see both. Are you not the "primary" or something? Better get a divorce.
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    Quote Originally Posted by ExtraSlow View Post
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    really? I see both. Are you not the "primary" or something? Better get a divorce.
    No they gave it to my wife even though I thought I was the one who set it up! Going to be an expensive mistake!

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    Well me and my wife only have one credit card. So do I win the marital trust contest for that category?
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

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    Quote Originally Posted by killramos View Post
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    So on an expansion, what are people’s thoughts on having separate vs joint credit cards?

    Probably a way more relevant question these days than bank accounts

    *stirsthepot*
    You want to keep separate credit cards. It only builds credit on the main account holder.
    If the client separates or dies. It creates a nightmare for the other cardholder as they are starting all over again.

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    Quote Originally Posted by killramos View Post
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    Well me and my wife only have one credit card. So do I win the marital trust contest for that category?
    You obviously don't trust her with her own card.

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    Quote Originally Posted by killramos View Post
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    Well me and my wife only have one credit card. So do I win the marital trust contest for that category?
    The real question is do you share a bathroom stink spray?

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    Quote Originally Posted by rx7boi View Post
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    The real question is do you share a bathroom stink spray?
    We just share bathroom stink unfortunately.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

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    Since this thread has gone off the rails, I'm going to turn the trust argument right around and say it's the joint account people who don't trust their spouse/partner and thus they need to be able to see where every dollar goes!

    On a more serious note, has anyone brought up tax efficiency? Being team sport and all, I'm so glad my wife is naturally an awesome saver/investor at her tax rate, while I foolishly spend my money on things like our mortgage, daycare, food, utilities, clothing, etc.

    Joint CCs, except I have 1-2 more cards than her at any given time as I churn for rewards points.
    Originally posted by max_boost
    Hey baller, any problem money can solve is no problem at all. Don't sweat it.

  18. #218
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    Bumping because recently married and we are trying to figure out how to do a joint account the simple and fair way. Searching on beyond.ca was pretty much the first thing I did when researching. What penis has written below is pretty much what we have come down to. 3 account system... contribute to joint account by percentage of gross income. Add up living expenses. Use joint account to pay bills. I make considerably more than her so I'll be contributing quite a bit more towards the joint account but it seems to be the most fair way of doing things.

    On the right path here? Also, thanks for the words of wisdom here. Good discussion.

    Quote Originally Posted by ThePenIsMightier View Post
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    3 accounts is easy & clean and it isn't an automatic sign of distrust or inequality. Although... Depending on the motivation, it could be. Fine, whatever.
    My cheque into "my" account and her cheque into "hers" then about 111% of our absolutely total, total, everything, living expenses gets deposited by each partner into the joint account where EVERYTHING gets spent from except truly selfish things that don't benefit anyone on the team.
    Some examples:
    Booze for house even if I drink most of it? Joint $.
    Go out without her after work for drinks? Selfish $.
    Gas in car that she drives 99% to work? Joint$.
    Gas in my motorcycle that she never touches? Selfish$.

    Some of examples that don't make sense but don't cause issues:
    My haircut? Selfish$.
    Her hair? Joint$. (These are by my choice).
    Insurance/reg/gas on a vehicle the one person never touches? Selfish$.
    Buy lunch at work even though joint$ already bought sandwiches I could've taken to work? Selfish$.
    Wife makes me fanciest lunch for work, ever and obviously I'm the only one eating it? Joint$.

    It's CRITICAL to break this system when tax refunds come because tax software spreads rebates all over the place and severe inequity can show up. Those cheques MUST be deposited to the joint account and redistributed, if needed. You can't have one partner magically getting an extra $10k from tax refunds because Ufile treated it like she paid for 100% of last year's daycare expenses.
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  19. #219
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    It is what we do as well.

    Our joint account is where the majority of the money goes for the house and major bills and some savings.

    We then each have our own accounts but even from there we will help one another of something is needed.

    Since I make more than my girlfriend I also help out more where needed in the household.

    Works fine for us.

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    Quote Originally Posted by 16hypen3sp View Post
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    Bumping because recently married and we are trying to figure out how to do a joint account the simple and fair way. Searching on beyond.ca was pretty much the first thing I did when researching. What penis has written below is pretty much what we have come down to. 3 account system... contribute to joint account by percentage of gross income. Add up living expenses. Use joint account to pay bills. I make considerably more than her so I'll be contributing quite a bit more towards the joint account but it seems to be the most fair way of doing things.

    On the right path here? Also, thanks for the words of wisdom here. Good discussion.
    It is the way.

    - - - Updated - - -

    Quote Originally Posted by firebane View Post
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    It is what we do as well.

    Our joint account is where the majority of the money goes for the house and major bills and some savings.

    We then each have our own accounts but even from there we will help one another of something is needed.

    Since I make more than my girlfriend I also help out more where needed in the household.

    Works fine for us.
    It is the way.

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