Friday, November 19, 2010

Joint Account

Read from a magazine mentioned that joint accounts will always create problem to the relationship if we did not handle it properly. In this case, most of the time both will hold ATM cards and can make withdrawal independantly.

After reading, I have an urge to share with my friends and readers how my husband and myself dealing with this.

Both hubby and I are working. We have our independent and individual banking accounts. Meanwhile, we also have maintained one joint account. This account was open since both of us started work and is meant for our saving to purchase our mansion and other big ticket items. Remember when we was young, every month when we banked in our money into the account, we will tease each other: “Hmm.. this will allow us to buy a brick.” “Hmm.. another piece of bricks” “Hmm.. this money is enough for us to buy the bedroom door.” … and the list goes on.

After we formed a family and moved to our own home. We have taken a mortgage loan from a foreign bank whereas we can save a portion of monthly interest if we have cash in the account. We have moved most of our other saving to this account. We use this account for our joint saving, for our personal saving as well as for Voei Ton’s saving. The account is mainly maintained by me and I keep a spreadsheet to trace how much money is belong to US, how much belongs to HIM, how much belongs to ME, how much belongs to VT. As for VT, we will pay him saving interest at the end of the year from OUR saving account to compensate the poor little kid. Hehe…Once in a while, I will automatically report to hubby the movement of the account.

Year over year, we use our saving to pay for part of our wedding expenses, we use our saving to pay part of our house deposits and renovation cost, we also use part of our saving to pay part of our “family car” initial deposits. The withdrawal from the account needs to be approved by both parties.

It’s fun to have both of us working towards the same goal. We banked in a pre-agreed fixed sum of amount from our salary into the joint account every month. As for extra fortune like bonus, it will depend on how much the recipient wants to contribute.

It’s great to see the amount building up slowly, cent by cent, ringgit by ringgit.

It’s a strong bonding, trust, commitment, love reflected through the joint account.

1 comment: