Joint Account Jibberish

This morning as I sat down at my desk with my coffee to start work for the day catch up on my favorite blogs, I noticed a post on Blogging Away Debt regarding joint accounts. Currently my boyfriend and I have completely separate banking at completely separate banks. We have joint insurance/free point accounts/etc.. but don’t really feel the need to combine finances.

If I’m being completely honest I wouldn’t mind at all handing over the majority of my income to him and have him pay the bills but A)that teaches me nothing about managing money and B)takes away a but of my independence. What happens if I want to surprise him with a gift? Working at a jewelry store has taught me a thing or two about secret presents, I don’t know how many times I’ve heard “I’ll put it on this card so she won’t see the charge until after she gets it” or “What’s the total?…ok I’m just going to run to the ATM”.

Jim feels that everything becomes “his or hers and not ours” when there is separate financing. But why shouldn’t there be? It’s my debt, I chose to buy a new outfit every weekend in university, not him. I chose to go to a 4 year university, not him. I chose to finance a vehicle, not him. Why should he be stuck paying for my mistakes with even a portion of his income?

Currently we are participating in the “52 Weeks of Savings” challenge, and even though we are doing this “together” we are saving our money in separate accounts. We might purchase something together for the house at the end (i.e. new deck) or you know….truck parts and a wardrobe makeover might happen.

I understand that joint finances were the norm for so many years, but it has left me wondering if the growing personal debt trend has pushed separate finances? I can’t see us combining finances at all before my debt is paid off (if that ever happens…come oonnn light at the end of the tunnel, where are you?).

**Note: there seems to be a bit of a controversy on BAD regarding plagiarism by Jim on the article I had mentioned and the original post can be found on Man Vs Debt

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3 thoughts on “Joint Account Jibberish

  1. Don’t worry that light at the end of the tunnel will get brighter as the months go by. I’m about a year away and it feels like forever but I’m glad I’m moving in the right direction.

  2. I can’t wait to hear how you decide to use your 52 weeks money at the end of the year! Be sure to update us on that please 🙂

  3. I’m with you – I can’t really picture joint accounts until my debt is gone! Or if I did, I think it’d be more like a ‘household fund’ and my spouse and I would still have our own separate accounts for after-bills money 🙂

    You’ll definitely get there, and I second Shoeaholicnomore- keep us all posted on the 52 weeks!

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