Posted by
dairybread
15 yrs ago
My boyfriend and I are considering opening a joint account so that we can both save some money together. Hoever, he has asked that we put both of our full salaries into the new account and then save and take money out for expenses too. I dont think this is a good idea. I prefer to open a new joint account and agree on a sum each to put in every month instead. I think this way is better so that we can control our expenses and not have to dip into the saving account for monthly expenses. Its also clearer to keep an expense a/c and a saving a/c separate right?
Please can I have your views and what sort of arrangements do other people have?
Thanks,
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Dairybread, you are absolutely right. In fact, I wouldn't even create a join account until you guys are married.
But if you really want to do that, do it your way. Each of you put an amount there every month and that's that.
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i agree that you should have separate accounts for savings and expenses. i think the fundamental question is whether this joint account is a savings account or an expense account.
the other even more fundamental point is what this joint account means to you guys - him and you. money and money management is not unimportant in a relationships and people sometimes attach more value to certain arrangements that is obvious at first glance.
i would have a very detailed discussion about the purpose of opening this account, what it means, etc. maybe that's when you find out why he proposes to put in the salaries (e.g. transparency = real love?, etc.)
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Keep your salary accounts seperate. Even if you are maried, having another bank account can give you flexibility with you finances.
You also have to think about when things go wrong. If you did break up with your boyfriend how would you re-arrange your finances? Worst case, if you did have a big fight, it is possible for one of you to empty the account and leave the other in real trouble.
I can see no good reason to have a joint account in your position.
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Of course seperate the expense and the savings and just deposit the agreed saving amt into the joint a/c every month.
Best Scenario: Open a joint account but only your bf putting $ into it.
OK Scenario: Open a joint account and both contribute a certain amt together every month (hopefully he contributes more than you)
Worst case scenario: he doesn't contribute even he promised and only you putting $$ into the joint account every month but he can withdraw.
I dont' understand the point to open a joint account with bf if it's 50-50. I would love to open the joint a/c if only he putting in $ but the account belongs to us and I have access to it. once financially related things become complicated but doesn't mean the relationship is deeper. Also, I never disclose to my bf how much is my salary, well, or with a discount first so not to mention to deposit my full salary into the joint a/c with him.
Women should know how to protect ourselves financially. Men are not as reliable as you think hehe..
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bearbear that's a really revealing post.
if you apply such tactics and tricks right from the start, i am sure you will build tons of trust between you and your partner
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There are a lot of legal implications for joint accounts that you need to consider. Joint accounts mean that regardless of who puts what in that account, it is generally through to be split 50/50 if push ever comes to shove, unless there is some prior express understanding to the contrary. Too risky in any case... Do you earn more than him? Like others above, I can't see any reason for you to be getting a joint account at all unless you are married.
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>>the real point about joint accounts is that either party can take it all without the permission of the other. Ask any divorce lawyer: they will often advise their client to clear out any joint accounts before the other party does<<.
You are so right about that Mr. Mason. It happened to me! You can also in some cases end up liable for debts run up by your spouse (joint and several liability) in terms of unauthoised overdrafts etc. I would NEVER have a joint a/c again.
Have to also agree with notaeuropean. My advice to any man would be the same. Adopt and hire a nanny. For any woman, I'd advise she has a kid but does not bother to marry. Just strike a support deal with the father and give the father good access. 50% chance it's going to come down to that anyway at some stage within 10 years. God, I am so cynical...
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