What do you do with Stash of Cash?

**winner** · 02-28-2009, 07:58 PM

I came accross that many women have their own account or stashing some cash away which is keps as a secret shhhhhhhhhhh!
I am completely agree with this policy,but I have a question. What you are saving for?

**thesightofoneself** · 02-28-2009, 08:03 PM

mad money ...

**ladytoysdream** · 02-28-2009, 08:08 PM

Saving money if we run into any problems with the budget.
Hubby likes to spend......
I like to save.

**mommy4ever** · 02-28-2009, 09:41 PM

There are 2 schools of thought on this. Some people think it's in case the woman ever has to leave, that she has something so she is not destitute. And in some cases this is true.

Others it's for a rainy day. Saving for that special something. Whatever.

Now, my thinking is both husband and wife should each have a separate savings account, both should have an equal amount of savings. Why? Because if, God forbid, something happen to one of them and it is a joint account, that account can be frozen. What good is an EF in an emergency, such as death, hospitalization, coma, yadda yadda, if some one can't reach it. So if each has say 5K+ in a savings in their own names, and something happens, this gives time for legal matters to be sorted out and the other getting access to it but in the meantime, there is money for mortgage, food, whatever needs to be covered.

I do think both wife and husband need to have their own things too. If you budget $100 a month for pin money, and only spend $20 a month. You save the other $80 at the end of the year you have $960, that could get you a pretty nice something(serger maybe? Tile flooring? spa packakge). I don't think it needs to be hidden, but you do have a right to save for something.

**McD** · 02-28-2009, 09:49 PM

Originally Posted by mommy4ever

Now, my thinking is both husband and wife should each have a separate savings account, both should have an equal amount of savings. Why? Because if, God forbid, something happen to one of them and it is a joint account, that account can be frozen. What good is an EF in an emergency, such as death, hospitalization, coma, yadda yadda, if some one can't reach it. So if each has say 5K+ in a savings in their own names, and something happens, this gives time for legal matters to be sorted out and the other getting access to it but in the meantime, there is money for mortgage, food, whatever needs to be covered.

It depends on the type of ownership on the account. If you open it as a joint with survivorship, the surviving party will have access to the account. If it's open as joint with NO survivorship, then the account would be frozen.

**mommy4ever** · 02-28-2009, 09:57 PM

That's true, I'm not familiar with survivorship, not somethign our bank has mentioned to us but what if in the event due to arrears in something like alimony, accounts can be frozen. That could tie up the money for both parties, but if each has a fund in their own names it prevents that.

**DJ1972** · 02-28-2009, 10:13 PM

I don't have my own account. Everything we have is in both of our names. We keep a small amount of cash on hand for emergencies and the rest in a savings account. I guess I am a little old fashioned, but when we got married, we became one...money and all.

**thefrug** · 03-01-2009, 09:06 AM

My "extra" is for emergencies. Also, in a SHTF senerio, we'd still all probably have to pay our taxes, so to have cash ( if it's still viable) to pay them would be an asset. If cash is not king at that time, I have other "stuff" to use.

**Grainlady** · 03-01-2009, 10:25 AM

DJ1972 and I have a lot in common...old-fashioned attitude I guess. We have an "OUR" relationship and it wouldn't even dawn on me to hide money or assets from him - nor him from me. We're also very close to each other and pretty much "joined-at-the-hip".

Unlike the neighbors.... Both on their second marriages and they were unmarried for a long time before getting married again. He pays HIS bills, she pays HER bills, they split other bills. They even do their laundry apart from the other one. She said she couldn't stand to have his dirty clothes mixed in with hers..... And it's not because he works some job where his clothes are filthy from the type of work he does and you'd want to wash them separately.

It's more like being roommates, or a joint venture, than a marriage. I see it as lack of committment and trust, and that may be for reasons based on their past experiences, and they are more prepared to leave the marriage, than stay.

**Contrary Housewife** · 03-01-2009, 10:36 AM

I have money set aside so that if I ever needed to walk out of my marriage, I could. I don't think I will ever need to use it now, but after some of the things I saw in my younger years, it just seemed like a good idea. I just this year converted it from cash savings to along term CD, so it will eventually become part of the retirement savings fund.

**Sassyclass** · 03-01-2009, 11:06 AM

I have my own little savings account, but we aren't married yet. I got it in case something happens to me. My kids would get it. I put the money I earn from surveys, rebates, and recycling aluminum cans in it. It isn't much but it is a small peace of mind.

Cat

**rainbowgc** · 03-01-2009, 12:28 PM

We have a cash stash for a SHTF scenario

**C@rol** · 03-01-2009, 12:39 PM

No secret account here. He hands all the money over to me to manage and my feeling is if he trusts me that much with every cent of our money I have no need to worry about the "what if's." Most of our accounts are survivorship's accounts and now that it was mentioned about the bank accounts I'll look into that.

Everything and I mean everything we have is our's, all in one pot. I don't have a feeling I should have a separate account. Dh funds fully my retirement account yearly.
No worries here. Just speaking for me only.

**rowdy35** · 03-01-2009, 02:31 PM

i have a "personal" account but he knows it is there. and if i die, he is the beneficiary so he will get the money. it's my money that i had before we got together.

also i have put more of my own money (60k) Into marital assets and he only brought (11K) to the table

i've been *damaged* by prior relationships financially in the past but I had to let go when I got married and just take the risk.

it is not a bad thing to protect yourself, if you are a man or a woman. it's a good idea to have a little personal account and a back up plan to cover the what ifs.

I had a coworker back about 7 1/2 yrs. ago whose 28 yr. old husband fell off a roof, died and left her with 2 small kids, 3 & 5 yrs. old. He has just graduated from college 3 days prior to his death. Luckily she had ample life insurance on him but it's good to think of all the what ifs and scenarios that can happen in life and protect yourself for the future. These things are unpleasant to think about, but you never know what can happen in life.