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3 Bumps

What are your thoughts on a joint savings account with my SO?

My SO of nearly 3 yrs asked me today to think about opening a joint savings account with him. The idea would be for both of us to put money into it so we can save up for a down payment for our house and for our wedding.

We have been talking a lot about our future together and getting married. To be completely honest, if he asked me right now to marry him, I would without a 2nd thought.

We've been thru a lot together and have over come a lot of obstacles. This is truly the man I want to spend the rest of my life with.

Thoughts?

Answer Question
 
tempsingl3mom

Asked by tempsingl3mom at 8:28 PM on Sep. 19, 2013 in Relationships

Level 26 (27,595 Credits)
Answers (16)
  • Not until you're married
    butterflyblue19

    Answer by butterflyblue19 at 8:30 PM on Sep. 19, 2013

  • He told me that we can put it in writing that in the event we do break up, we would each get whatever we put in there minus whatever we each took out (So if I put in 500 and take out 400, I would get 400 back in the even we don't make it).

    I trust him and I know he trusts me.

    I think this would be a good idea since then we would have to justify to the other person taking money out. I know it wouldn't be an issue at all. If I tell him I need to take out 50 to help with expenses this month.
    tempsingl3mom

    Comment by tempsingl3mom (original poster) at 8:31 PM on Sep. 19, 2013

  • He has not asked you to marry him, so no need for a joint savings account. Both of you can save money in the current bank accounts you have.
    virginiamama71

    Answer by virginiamama71 at 8:32 PM on Sep. 19, 2013

  • I wouldn't do something on this level til you're married. If things are that serious, it can wait.
    Ginger0104

    Answer by Ginger0104 at 8:49 PM on Sep. 19, 2013

  • I've made the mistake of having a joint account with an SO before - and I wouldn't recommend it. I think it's a bad idea. Even if you put it in writing to get back whatever, that may not be enforceable in court, and even if it is, that's time consuming and stressful - and easily avoidable.

    I would wait. If you two really want to save money for a house down payment and the wedding, why not just each open your own savings accounts and put money in them? That way, you each are contributing, but if the worst does happen and you break up (which, of course, I hope you don't), at least the money is one thing you won't have to fight about.
    wendythewriter

    Answer by wendythewriter at 8:52 PM on Sep. 19, 2013

  • I wouldn't until I was married.
    RyansMom001

    Answer by RyansMom001 at 9:05 PM on Sep. 19, 2013

  • Keep your money separate. Tell him you can save separately . Even when you are married. And have a joint account . You still should have a separate account.
    louise2

    Answer by louise2 at 9:21 PM on Sep. 19, 2013

  • If you think it would be a good idea, go for it. Many people have joint accounts successfully. Personally, I'll never put my money in a joint account with anybody again, husband or not. I got burned doing that, not because my ex acted in an untrustworthy way, but because I felt that not having control over my own money affected the power dynamic in the relationship, and because when we didn't make it, I had no credit of my own. That led to a lot of financial hardships for me. You could get around that by having your own account for checking, or you may not see it as a problem.
    Ballad

    Answer by Ballad at 9:33 PM on Sep. 19, 2013

  • Keep it separate until you are married.
    DJDNY

    Answer by DJDNY at 9:48 PM on Sep. 19, 2013

  • I would not ever have a joint account on anything. Been there done that, not doing it again
    musicmaker

    Answer by musicmaker at 10:45 PM on Sep. 19, 2013

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