How to Open Bank Accounts as a Married Couple

When you get married, your money and savings sometimes gets joined with your spouse's finances. Should you have one big bank account? Not really. Here's how to manage your money and make sure your finances live happily ever after too.

Difficulty: Moderately Challenging

Instructions

1. For my plan, you will open four bank accounts.

2. First open one account for BILLS. This will be the account that both you and your spouse deposit allocated funds to cover all of your bills including mortgage or rent, heating, electrical, groceries, cable, any bill that you can think of that you have in your household.

3. Next, Ladies, open your PERSONAL bank account. This is the account that you will deposit funds for your personal spending. Clothes, personal items. No necessities, but just things you purchase. Use this account as a savings account for anything you wish to pursue as well such as future education, opening a business, any dream that you wish to pursue. If you use this for BOTH purposes, you will be able to discipline your spending. It's difficult for me since I love clothes, but does work!

4. Men, open your PERSONAL bank account. This is the account that you will deposit funds for your personal spending. Men and their interests differ greatly from women, and on the average men may not spend as much on personal items. (most men:) Whoever is the bigger spender, these personal accounts will eliminate resentment or arguments over buying things and allow both spouses to have some financial freedom when it comes to spending.

5. Finally, open a JOINT SAVINGS ACCOUNT. This is the account that both of you will deposit funds for overall savings. To establish and maintain a six month emergency fund and to save for renovation projects, vacations and other big ticket items for the both of you such as appliances.

Tips & Warnings

• Once you choose the amounts to be deposited in each account, stick to those.
• Savings can start small. Anything that goes into these accounts can accumulate after a period of time.
• Using these accounts and not using credit cards can help reduce and eliminate credit card debt.
• Being an at home, full time mom or homemaker is a top job that deserves pay too! Make sure your PERSONAL savings account is established and maintained.
• Every marriage is a unique partnership! This is one way to navigate finances successfully, but doing what works best for you and your spouse is always recommended.

[sneedc]

on 12/10/2008 While you make a good argument with the his/her accounts and joint ones, too....I thought it was supposed to be what's his is MINE and what's MINE is MINE too!? ;-) Thanks for the great tips,

[rjessiegreen]

on 11/16/2008 Good ideas!
Some couples feel uncomfortable discussing separate accounts before hand. Keeping personal accounts you had prior to marriage is an easy way to avoid a dreaded disagreement.