I have started working again sometime back and my salary gets credited to our joint account.Suddenly felt if it is better to own a separate account..Do you guys have a separate bank account for your pay or joint account? Is it better to have a separate one? Can I change my account later on?
We have always had everything joint. If there is any account in only my name, I don't know the reason or the password. : ) Generally speaking, it is better to have separate accounts, in my opinion. For your situation, where I imagine, your husband has never put any restrictions, or made you feel like it is "his" money, I would step a bit carefully. If you do want a separate account, think of a good and non-confrontational reason that you can give for that. I would suggest create a separate account, and have every alternate paycheck deposited into it. Some employers also allow a fixed dollar amount or percentage of each paycheck to go into a separate account.
He is a good guy no restrictions as u said and always referred to as “our money”..just to see how much I earned and keep it as a separate budget that’s why I wanted separate account
We have always had everything joint. But I know some people have a joint account and then also a separate account for a set percentage of their income, to do as they wish. There are no rules, do what feels right for you.
Given what we know about you from what you have shared, my suggestion is to open a new account. This could be a joint account and this is still your family's money. However open it in a different bank. People recommend saving 100% of the money from one spouse and spending only from the other's. This account of yours will be that savings account. Don't take money from it, ( unless you want to invest in something else, which again, stands on its own from only the money you have earned ). Over time as money builds, you can look and tell that you have earned 100K, 200K, etc. You will feel good looking at this. This boosts your self esteem, which is more for yourself than for anyone else.
Considering nature of your husband I don’t see a need to open a separate account . You can achieve same thing in joint account .
Joint account would be better as your husband has never said no to any of your demands. If he had been cross questioning you for each and every thing , then keep separate account.
we have 4 accounts. saving, his personal exp, mine personal expenses sounds shows off but with automating salary deductions automatically . it has helped not bothering micromanaging repeated things every month. also it on track on responsibility on how much we spend on us too.
Congrats that you are riding on two horses one office and another home. Do factor in ramifications of having a joint or single bank account vis-a-vis tax return filing. Do consider how it would facilitate in case employer contributing to an employee contribution plan such as a 401(k), contributing to a health savings account (HSA) or a flexible spending account (FSA), and contributing to a traditional IRA etc. Take into confidence your hubby and co executives before deciding to have joint single as well and the account that reflect in your returns filing.
1. Open one high yield savings account in your name or jointly in both your names 2. Add your trust or kids or spouse as beneficiery in that account 3. Make sure your salary goes in that account 4. Continue to spend using one person's salary and let the amount in this account to accumulate with some interest. Its definetly better than a regular savings account
