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The 3 Joint Accounts My Husband and I Absolutely Need

  • My husband and I have agreed to keep most of our money separate, as it was before our marriage.
  • However, we have common financial goals, so we have opened a few joint accounts.
  • We have a joint checking, savings and brokerage account which we absolutely need.
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Before I got married, I had a lot financial conversations with my partner. We discussed our personal financial goals and set a few together for our first year as a married couple. We also decided that even after saying “yes”, we would keep the majority of our finances separate, just like we did for our entire relationship. For us, it made sense to carry on as we always have and revisit the decision to combine our money and accounts later in our marriage.

Although we have our own credit cards, separate savings accounts and retirement fundwe made the decision to create three joint accounts which we absolutely needed as a married couple.

1. A current account for ‘fun money’

My husband and I usually take turns paying for everyday joint purchases, like morning cups of coffee or weekend nights out, on our own separate credit cards. This is what has worked for us in our relationship since day one and we have no desire to change that just yet.

However, we decided to create a current account which we both contribute $100 each month to use for a weekly treat which costs $50. We alternate who picks the item of the week, which could be dinner at one of our favorite local spots, or maybe an item to share at a cool store.

We call this our “fun fund” and it’s an exciting way for both of us to contribute something special each week, without having to combine our finances further.

2. A savings account for gift money

After we got married, we received cash gifts from several of our friends and family and it made sense for us to set up a joint savings account to deposit them. We decided that we would then take the money from there in small increments to spend on both our personal and common goals.

Having an account like this helps us keep our wedding gifts — and future cash gifts we receive for holidays or birthdays — in an organized place so we can then decide how we’d like to use that money. We have also opened a savings account in a bank with an above-average interest rateso we can earn more interest on that money throughout the year.

3. A joint brokerage account

Building a strong investment portfolio has been a financial goal for me and my husband for some time. We each have our own investments, as we both have very different strategies. I like investing small amounts in many different businesses, and my husband takes a different approach.

However, we have decided to create an association brokerage account so we can make investments together in things we agree on. We both contribute a similar amount and have a meeting every month to decide what changes we would like to make to this brokerage account.

It was a great learning and bonding experience, as we usually approach our finances so independently.