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Joint or Separate Checking Accounts for Couples Omaha NE

Couples in Omaha with mismatched spending habits are winding up in financial trouble and looking for a way out. That way out could be separate checking accounts. If this is the decision, couples must then determine which bills will be paid from which account. It is understood that each spouse will have his or her paycheck deposited in their own account.

Michael Karstens
Karstens Investment Counsel, Inc.
(402) 492-2727
10250 Regency Circle, Suite 100
Omaha, NE
Expertises
Advising Medical Professionals, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, AIFA, BS, CFP®

Keith Smith
K.P. Smith Asset Management
(402) 392-0509
9910 N. 48th Street Suite 112
Omaha, NE
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Estate & Generational Planning Issues, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, PhD

Ms. Carol A. Anderson, CFP®
(402) 397-5440
9900 Nicholas St Ste 360
Omaha, NE
Firm
Curnes Financial Group

Data Provided by:
Mr. Gabriel Kerlik, CFP®
(402) 334-7265
1111 N 102nd Ct Ste 320
Omaha, NE
Firm
Ameriprise Financial Services,
Areas of Specialization
Comprehensive Financial Planning, Wealth Management
Key Considerations
Average Net Worth: $100,001 - $250,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mr. Mark A. Schneider, CFP®
(402) 343-2886
725 N 98th St
Omaha, NE
Firm
Charles Schwab & Co., Inc.
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Jason Hiley
Karstens Investment Counsel, Inc.
(402) 492-2727
10250 Regency Circle, Suite 100
Omaha, NE
Expertises
Women's Financial Planning Issues, Advising Medical Professionals, College/Education Planning, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Rob A. Randels, CFP®
(402) 390-8271
9300 Underwood Ave
Omaha, NE
Firm
Northwestern Mutual Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $500,001 - $1,000,000

Profession: Business Executives

Data Provided by:
Mr. Timothy J. Harrison, CFP®
(402) 891-2302
9300 Underwood Ave
Omaha, NE
Firm
Harrison Financial Services
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

Data Provided by:
Mr. Joseph E Elsasser, CFP®
(402) 343-3654
8420 W Dodge Rd
Omaha, NE
Areas of Specialization
Comprehensive Financial Planning, Insurance Planning, Investment Management, Investment Planning, Life Transitions, Planning for Couples, Retirement Income Management
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Michael D. Sufficool, CFP®
(402) 397-2112
1111 N. 102nd Court, #100
Omaha, NE
Firm
AXA Advisors

Data Provided by:
Data Provided by:

Joint or Separate Checking Accounts for Couples

When couples get married it is hard to get used to a merged life. They have to get used to sharing furniture, the bathroom, and the finances. If you and your spouse have different spending habits, this begs the question: should we keep separate or joint checking accounts?

There used to be no question of what to do. If you were a couple, you had a joint checking account with pretty checks that included both of your names. Those choices are quickly being replaced in favor of an account that reflects a sound financial position.

In other words, couples with mismatched spending habits are winding up in financial trouble and looking for a way out. That way out could be separate checking accounts. If this is the decision, couples must then determine which bills will be paid from which account. It is understood that each spouse will have his or her paycheck deposited in their own account.

The separate accounts can cause dissent in the ranks when one person is not as punctual with the bill paying and fees are charged. While it won’t affect the account of the other spouse, it will affect their financial standing. Also bills may not be able to be divided equally and one spouse may end up with less cash left over in their account.

Couples that are on an even keel when it comes to financial matters may opt for the joint checking account. All wages are deposited into one account and the bills for household expenses are paid from this one account. With one checkbook, the husband or the wife will be designated as the account manager and be in charge of making sure that the bills are paid each month.

Problems with this account come into play when the bank offers to issue a debit card in each person’s name. Not only do you have a check writer, but now you also have two debit card holders that can potentially overdraw the account. In order for this system to work, both parties must agree to let the other one know when they are making a withdrawal. It may come to each person being given a monthly allowance in cash to keep the account free of financial problems.

A third solution is a merger of the two ideas: a joint account and two separate checking accounts. Separate accounts signify our independence even though we are now a couple. It allows each to manage their finances in a way that is acceptable to the account holder.

Each person will funnel money into the joint account for the sake of paying the household bills. If one spouse makes more, the amount that is given is a percentage of the total salary multiplied by the total household need for the month. This amount can be automatically transferred from the separate checking accounts each month. The only decision from there is who will manage the joint account and pay the bills.

Problems could arise with unexpected expenses. Unless money is also earmarked for the joint savings account, the couple may find themselves needing unforeseen car repairs, with no money to cover them in their joint account. Unexpected bills happen more often than we care to admit.

Joint or separate checking accounts depend on the preferences and spending habits of the individual spouses. If neither option hits the mark, the third option could be the best choice.

This entry was posted on Sunday, January 25th, 2009 at 10:26 am and is filed under Checking . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response , or trackback from your own site.

5 Responses to “Joint or Separate Checking Accounts”

  1. Timur Alhimenkov Says:
    January 27th, 2009 at 10:10 pm

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    April 8th, 2009 at 8:45 pm

    I can tell that this is not the first time you mention this topic. Why have you decided to write about it again?

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    April 9th, 2009 at 6:43 am

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  4. mark Says:
    April 14th, 2009 at 7:51 pm

    If you have to do it, you might as well do it right

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