Joint or separate accounts? And how much fun money should we each get?
There are three setups: everything joint, everything separate, or a mix with a joint account for shared bills and your own accounts for personal spending. Moneysmart says there's no single right way, so choose what works for you both. Whichever you pick, give each person a set amount of fun money every payday that they can spend without asking.
The short version
- Each payday the joint account gets $3,100 and Sam and Alex each keep $450 of fun money.
- By income, Sam gets $540 and Alex $360 a fortnight. By equal leftover, they each get $450.
- A joint bills account is easy to undo. A joint loan or credit card isn't. Take more care with shared debt than with a shared everyday account.
Maybe you've just moved in together. Maybe you've been together for years and still argue about the $60 takeaway order. Either way, the question of whose money is whose keeps coming up.
Some people worry separate accounts mean you don't trust each other. Others worry a joint account means losing a say over their own pay. Neither is true on its own. What matters is that the setup is clear and you both agree to it.
The three setups
- All joint: both pays go into shared accounts and everything comes out of them. Simple to see, but you need to agree on spending.
- All separate: each keeps their own account and you divide up who pays which bill, or transfer each other money. Lots of independence, more admin.
- A mix: a joint account for shared bills and goals, plus your own account each for personal spending.
The mix is common. In a 2025 Finder survey of 559 people with a partner, 25% said they have both personal and shared bank accounts, and 84% of couples have at least one shared account.
What a joint account actually means
Before you open anything together, it's worth knowing what you're signing up for. From Moneysmart:
- A joint account is a bank account more than one person can use, and having joint access means the other account holders can take money out.
- When you have a joint account, you share liability for any debts connected to it.
- A joint credit card is in both your names. If you can't keep up with repayments, it affects both your credit scores.
- If one of you is a secondary cardholder on the other's card, the primary cardholder is solely responsible for the debt.
- With a shared loan you're both responsible, and if one of you doesn't pay, the other has to pay the full amount.
How a mix works on payday
With a mix, each person's pay lands in their own account. On payday, each moves their share of the bills and savings into the joint account, and what's left is theirs.
Worked example
Sam and Alex's mix
Example only. Sam takes home $2,400 a fortnight and Alex $1,600. They split $2,500 of shared bills by equal leftover (Sam $1,650, Alex $850), and they each add $300 to joint savings.
| Step | Sum | Result |
|---|---|---|
| Sam moves to the joint account | $1,650 + $300 | $1,950 |
| Alex moves to the joint account | $850 + $300 | $1,150 |
| Joint account receives | $1,950 + $1,150 | $3,100 ($2,500 bills and $600 savings) |
| Sam's fun money | $2,400 minus $1,950 | $450 |
| Alex's fun money | $1,600 minus $1,150 | $450 |
Each payday the joint account gets $3,100 and Sam and Alex each keep $450 of fun money.
Example only. Fortnightly take-home pay.
If you're all joint, you can do exactly the same thing with budget lines instead of accounts. One $4,000 account, with $450 a fortnight marked as Sam's and $450 as Alex's.
Fun money: equal or by income?
Fun money is a set amount each of you gets every payday to spend however you like, with no explaining. Coffee, footy tickets, a game, a haircut you didn't need. It's the single best way to stop small spends turning into big arguments.
There are two common ways to set it.
- Equal: you both get the same amount. This is what you get naturally if you split bills by equal leftover.
- By income: the higher earner gets more. This is what you get if you split bills and savings by income share.
Worked example
equal fun money or by income
Example only. Same couple, same $2,500 of bills and $600 of joint savings. This time they compare splitting everything by income share (Sam 60%, Alex 40%) with the equal leftover setup above.
| Step | Sum | Result |
|---|---|---|
| Income share: Sam's bills and savings | $1,500 + ($600 x 60%) | $1,500 + $360 = $1,860 |
| Income share: Alex's bills and savings | $1,000 + ($600 x 40%) | $1,000 + $240 = $1,240 |
| Income share: fun money | $2,400 minus $1,860 and $1,600 minus $1,240 | Sam $540, Alex $360 |
| Equal leftover: fun money | from the example above | $450 each |
| Equal fun money over a year | $450 x 26 | $11,700 each |
By income, Sam gets $540 and Alex $360 a fortnight. By equal leftover, they each get $450.
Both versions put the same $3,100 into the joint account.
It helps to agree a few ground rules:
- Fun money is no questions asked. That's the whole point.
- Agree what comes out of it. Gym, hobbies, gifts for each other and your own clothes are common ones.
- Agree a “talk first” number for shared money, for example anything over $200 from the joint account.
- If one of you saves their fun money and the other spends it, that's fine. It's theirs.
Moving from one setup to another
- Agree the list of shared bills and goals, and roughly what each costs per fortnight.
- Pick how you'll split them (equal, income share or equal leftover).
- Open or rename the accounts you need, and set automatic transfers for payday.
- Move direct debits across one at a time, so nothing gets missed.
- Check in after a month and adjust.
Moneysmart's suggestion is a good one to borrow: talk about how you'll split expenses, who pays which bills and how you'll track spending, then put your budget together, together.
Different money styles, or something more?
Couples often handle money differently, and working that out is normal. But some setups that look like “an allowance” are really about control. Moneysmart lists signs of financial abuse, including:
- restricting your access to bank accounts, credit cards or cash
- pressuring you to ask permission to spend your own money
- using or accessing your money without your consent
- withdrawing or transferring large amounts of money from a joint bank account
- refusing to contribute to shared costs or child support
- making you feel guilty, foolish or afraid about how you manage your money
Key numbers
| What | Figure and source |
|---|---|
| No single right way to organise couple finances | Choose what works for you both Moneysmart |
| A mix of joint and separate accounts is an option | Joint for shared bills, separate for personal spending Moneysmart |
| Moneysmart suggests talking about splitting and tracking | Split, who pays, tracking Moneysmart |
| Finder survey on joint and personal accounts | 25% have both personal and shared accounts, 84% have at least one shared account (559 respondents with a partner, January 2025) Finder |
| Joint access lets other holders withdraw | Other holders can take money out Moneysmart |
| Joint account holders share liability for connected debts | Shared liability Moneysmart |
Free official help
- Moneysmart: Marriage and money
Joint, separate or a mix, and what to talk about first. - Moneysmart: Joint accounts
How joint accounts work, and the risks of shared access and debt. - Moneysmart: Relationships and money
Sharing accounts, credit cards and loans with a partner. - Moneysmart: Financial abuse
Signs of financial abuse and where to get help. - National Debt Helpline
Free, confidential financial counselling on 1800 007 007. - 1800RESPECT
Free, confidential support 24/7 on 1800 737 732 if money is being used to control you.
Questions people ask
Do separate accounts mean we don't trust each other?
No. Plenty of couples keep separate accounts and share everything openly. Trust shows up in being clear about the money, not in whose name is on the account.
Can my partner take money out of our joint account without asking?
Usually, yes. Moneysmart explains that joint access means the other account holders can take money out of the account. Talk about rules for big withdrawals before you open one.
Should fun money be equal?
It's up to you. Equal fun money comes naturally from splitting bills by equal leftover, and income-based fun money comes from splitting by income share. Pick the one that matches how you split bills.
What if one of us spends their fun money and the other saves it?
That's fine. Fun money belongs to each person. The rules only matter for the shared accounts.
Do we have to change banks to set this up?
Not necessarily. Many people just add a joint account or rename existing ones. Compare fees and features yourself, as we don't recommend particular banks.
Get the free pay check sheet
Type in one fortnight's pay and bills and see where it all goes. Works in Excel and Google Sheets.
Keep reading
Sources
- Moneysmart: Marriage and money. https://moneysmart.gov.au/family-and-relationships/marriage-and-money, accessed 2026-10-16.
- Moneysmart: Joint accounts. https://moneysmart.gov.au/banking/joint-accounts, accessed 2026-10-16.
- Moneysmart: Relationships and money. https://moneysmart.gov.au/family-and-relationships/relationships-and-money, accessed 2026-10-16.
- Moneysmart: Financial abuse. https://moneysmart.gov.au/family-and-relationships/financial-abuse, accessed 2026-10-16.
- Finder: Aussie couples don't fully combine their finances (2025). https://finder.com.au/news/aussie-couples-dont-fully-combine-their-finances-2025, accessed 2026-10-16.
- National Debt Helpline. https://ndh.org.au/, accessed 2026-10-16.
- 1800RESPECT. https://www.1800respect.org.au/, accessed 2026-10-16.