Marriage and bank accounts

meggles

you've gotten some solid advice... there's no "right" way to do this.

personally, when my boyfriend and I moved in with each other we set up a joint account. we kept our own current, savings, isa.

every month we each put (well its done via standing order) the same amount into the joint. mortgage, bills, online grocery shop, etc come out. we overpay a bit every month (an extra £50 each) so that it builds up and pays for emergencies (broken boiler, etc).

personally i like having control over my own money. and he likes having control over his. but having a joint account makes us feel more committed, is easier (who paid which bill which month).

to each their own!

Moniker

There isn't a right or a wrong way to do this. The important thing is that you have sat down together and discussed money before you get married. You need to agree your priorities/long term goals and how you are going to get there.

We have been married for 31 years and always had a joint account. I manage this and tell him what he can spend (he can't remember pin numbers anyway so I give him cash when he needs it!) We have separate ISAs but all the other savings are in my name as I pay standard tax and his is higher rate. In theory I could run off with the lot! But the point is that we trust each other and know that we are working together for the same goals. It works for us, and we have never felt cheated by not having our 'own' money (my husband jokes that he earns it and I spend it , but he knows that I am better at budgeting and planning than he is!)

So, make sure that you have an honest discussion and agree how you are going to mange your finances long term. If you do this it will save a lot of arguments later on. Good luck.

Vampgirl

I do think that what's right for one couple isn't necessarily right for the next one, but we have found that the 3 account system works best for us.

We have both kept our existing current accounts into which our salaries are paid and personal expenses are paid out of (mobile phones, loans, shopping and so on...) We mostly decided this because the hassle of moving DDs and Standing Orders to the joint account was a needless complication.

All household DDs and standing orders come out of the joint account and on payday we both transfer into this account enough to cover everything plus a small margin. At the moment neither of us have anything left in our personal accounts as we're paying off credit cards, but once that's sorted then anything left in our personal accounts will be our own.

The most important thing is for the two of you to sit down and talk through what you'd both prefer.