Comments on: Joint Accounts http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/ Tue, 07 Feb 2012 18:14:07 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-13963 Canadian Dream Tue, 04 Nov 2008 12:01:57 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-13963 Susan, Talk to him. Find out why he wants a joint account. Then talk about what concerns you have. Make sure you set up some spending money that each of you get to use with no questions asked. That way you don't have to defend yourself on stuff that REALLY matters to you. Hope that helps, Tim Susan,

Talk to him. Find out why he wants a joint account. Then talk about what concerns you have. Make sure you set up some spending money that each of you get to use with no questions asked. That way you don’t have to defend yourself on stuff that REALLY matters to you.

Hope that helps,
Tim

]]> By: Susan http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-13927 Susan Mon, 03 Nov 2008 19:20:14 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-13927 My spouse, who makes more money than me, has proposed that we set up a joint account. Currently we have separate accounts. I pay most of the household bills , to which he contirbute proportionately, on an automatic basis and he pays for the food, the car and house insurance and our cell phones. He wants to shre his money with me (Great!) but I don't want the hassle of having to account for every little purchase that I make. (Had this happen with my last relationship). He can't understand the value of a facial or manicure and we even disagree about what clothes I want to wear. (He wants low cut and short skirts/dress of course and I prefer classic casual) What do I do? My spouse, who makes more money than me, has proposed that we set up a joint account. Currently we have separate accounts. I pay most of the household bills , to which he contirbute proportionately, on an automatic basis and he pays for the food, the car and house insurance and our cell phones. He wants to shre his money with me (Great!) but I don’t want the hassle of having to account for every little purchase that I make. (Had this happen with my last relationship). He can’t understand the value of a facial or manicure and we even disagree about what clothes I want to wear. (He wants low cut and short skirts/dress of course and I prefer classic casual)

What do I do?

]]> By: George http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-7650 George Mon, 18 Aug 2008 11:54:46 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-7650 @brooks: I know your comment is just a troll, but here's something to think about: my wife makes more money than I do. Should l keep her salary and dole out an allowance to her? It's 2008. My situation isn't unique. Nostalgic notions from the fifties probably won't work so well today. So brooks, are you married? @brooks: I know your comment is just a troll, but here’s something to think about: my wife makes more money than I do. Should l keep her salary and dole out an allowance to her?

It’s 2008. My situation isn’t unique. Nostalgic notions from the fifties probably won’t work so well today.

So brooks, are you married?

]]> By: Brooke http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-7632 Brooke Mon, 18 Aug 2008 05:19:53 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-7632 WHAT?! men pay bills, women spend money. that is one thing that hasnt changed in the last 50 thousand years. i think the husband should go work bring home the money keep in charge of the accounts and pay the bills. then whenever he wants to buy something he can if he feels like he has enough left over. as for the wife, i think the husband should give her so much money a month (or week...depending on how much she likes to shop) to go and buy food/household items/ect. thats the way my parents always did it and they been married for almost 50 years. it workes out great. WHAT?! men pay bills, women spend money.
that is one thing that hasnt changed in the last 50 thousand years.
i think the husband should go work bring home the money keep in charge of the accounts and pay the bills. then whenever he wants to buy something he can if he feels like he has enough left over. as for the wife, i think the husband should give her so much money a month (or week…depending on how much she likes to shop) to go and buy food/household items/ect. thats the way my parents always did it and they been married for almost 50 years.
it workes out great.

]]> By: Pam http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-4719 Pam Thu, 10 Apr 2008 00:24:48 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-4719 My fiance and I have had this system for the past 2 years and it's working great for us: we each have our own chequing account where paycheques are deposited. from each paycheque $x goes into the joint chequing account, from which all joint bills are paid (rent, groceries, toiletries, things for the apartment etc). we each keep the remainder of our paycheques beyond the $x into the joint. this means that overtime, bonuses and profit sharing are also kept by the earner. we've agreed that (for example) if I work a 95 hour week (it's rare, but it happens) I am the one who's put in the extra hours and I am the one who gets to keep the overtime cash. it's worked very well but we may reconsider once we have a house and adopt a system where the entire paycheque goes into the joint and we each withdraw an allowance...not sure. My fiance and I have had this system for the past 2 years and it’s working great for us:

we each have our own chequing account where paycheques are deposited.

from each paycheque $x goes into the joint chequing account, from which all joint bills are paid (rent, groceries, toiletries, things for the apartment etc).

we each keep the remainder of our paycheques beyond the $x into the joint. this means that overtime, bonuses and profit sharing are also kept by the earner. we’ve agreed that (for example) if I work a 95 hour week (it’s rare, but it happens) I am the one who’s put in the extra hours and I am the one who gets to keep the overtime cash.

it’s worked very well but we may reconsider once we have a house and adopt a system where the entire paycheque goes into the joint and we each withdraw an allowance…not sure.

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-4709 Canadian Dream Wed, 09 Apr 2008 12:21:14 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-4709 Wow. That's a lot of comments! I'll start out saying I did not try to offend anyone with the post. I tried to stay general and just say what was on my mind (Hence the first line of the post to point out I know I'm not completely right on this). Thanks to everyone who posted alternative systems of handling the money. It was interesting to see what works for various people. I decided to just focus on the joint chequing account in the post , but in reality I was mostly getting at people the keep completely separate finances. I also tried to stay clear of focusing on common law relationships since I've seen so many variations on how those work for people. I didn't want to get bogged down in a married/common law debate, because I really don't care which people do. Yet the language of those two tend to get fuzzy so I decided to focus on married couples in the post. Excellent debate everyone. Thank you for your thoughts and ideas! Tim Wow. That’s a lot of comments!

I’ll start out saying I did not try to offend anyone with the post. I tried to stay general and just say what was on my mind (Hence the first line of the post to point out I know I’m not completely right on this).

Thanks to everyone who posted alternative systems of handling the money. It was interesting to see what works for various people. I decided to just focus on the joint chequing account in the post , but in reality I was mostly getting at people the keep completely separate finances.

I also tried to stay clear of focusing on common law relationships since I’ve seen so many variations on how those work for people. I didn’t want to get bogged down in a married/common law debate, because I really don’t care which people do. Yet the language of those two tend to get fuzzy so I decided to focus on married couples in the post.

Excellent debate everyone. Thank you for your thoughts and ideas!

Tim

]]> By: What direction will my blog take? Goals and missions… « Random Things from David McKenna http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-4702 What direction will my blog take? Goals and missions… « Random Things from David McKenna Wed, 09 Apr 2008 02:23:00 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-4702 [...] while reading a post on joint bank accounts on Canadian Dream (CD), I’ve decided that I want to blog my goals.  I’m already [...] [...] while reading a post on joint bank accounts on Canadian Dream (CD), I’ve decided that I want to blog my goals.  I’m already [...]

]]> By: Sarlock http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-4701 Sarlock Wed, 09 Apr 2008 02:01:07 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-4701 I think it boils down to the people in the relationship and what works best for them. My wife and I went to a joint account many years before we married and it has worked well for us. Everything operates out of the same account and we do not allocate any "spending money". We just buy what we want/need and just let the other person know. If it's something substantial, we talk it over first and make the decision to buy or not buy together. But, like with all couples, what works for one won't work for the other... it depends on the personalities involved. Money can be a very touchy subject with some couples. I think it boils down to the people in the relationship and what works best for them.

My wife and I went to a joint account many years before we married and it has worked well for us. Everything operates out of the same account and we do not allocate any “spending money”. We just buy what we want/need and just let the other person know. If it’s something substantial, we talk it over first and make the decision to buy or not buy together.

But, like with all couples, what works for one won’t work for the other… it depends on the personalities involved. Money can be a very touchy subject with some couples.

]]> By: Nhi http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-4700 Nhi Wed, 09 Apr 2008 01:26:56 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-4700 I think you show more trust when you allow your partner to keep a separate account, rather than create a joint account where you can police each other. I think you show more trust when you allow your partner to keep a separate account, rather than create a joint account where you can police each other.

]]> By: George http://blog.canadian-dream-free-at-45.com/2008/04/08/joint-accounts/comment-page-1/#comment-4699 George Wed, 09 Apr 2008 01:01:59 +0000 http://blog.canadian-dream-free-at-45.com/?p=395#comment-4699 We've come up with a bit of a hybrid system. We have three accounts, all set up as "joint" with the bank. Two are chequing accounts (the "his" and "hers" accounts) and one account is a high-interest savings account (the "ours" account). We treat the chequing accounts as if they're "personal" accounts, and we trust each other not to use the other person's account without getting the OK from the "owner" of the account. We earn similar incomes, but we transfer money between our accounts at each payday so that each "personal" account gets the same income. We split expenses 50/50, so there's no tension over who pays more or less for anything. Under the umbrella of "expenses" we include transfers to the joint savings account, which serves as our emergency fund and a slush fund for larger purchases (house repairs, appliances, etc). We have very few disputes over money. The one downside of this system is the extra bank fees, but we feel it's a worthwhile tradeoff for a system that works as well as it does. We’ve come up with a bit of a hybrid system. We have three accounts, all set up as “joint” with the bank. Two are chequing accounts (the “his” and “hers” accounts) and one account is a high-interest savings account (the “ours” account).

We treat the chequing accounts as if they’re “personal” accounts, and we trust each other not to use the other person’s account without getting the OK from the “owner” of the account.

We earn similar incomes, but we transfer money between our accounts at each payday so that each “personal” account gets the same income. We split expenses 50/50, so there’s no tension over who pays more or less for anything. Under the umbrella of “expenses” we include transfers to the joint savings account, which serves as our emergency fund and a slush fund for larger purchases (house repairs, appliances, etc).

We have very few disputes over money. The one downside of this system is the extra bank fees, but we feel it’s a worthwhile tradeoff for a system that works as well as it does.

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