Question

I have recently got my sister on the budgeting bandwagon. A couple of months ago right when this Covid-19 stuff started happening, I suggested we have an EF together. She didn’t say anything about it then. But I guess she had been doing the FPU and it talked about a household EF. This evening she comes so excited suggesting we do it, like i’ve never heard of it before. But then reminded her I asked a couple of months ago . Anyway, she wants to have 3mnths worth which will be $5k. We don’t have any debt besides credit cards but those can be paid off. But we have to keep them open as we’re trying to build our credit. We’re immigrants so our credit is less than 5yrs old. Neither of us have kids or SO. Should we combine it in one account or should we just keep our parts? She will put $2. 5k and I’ll do the same. I already have the money in a HYSA.  

Answer 1

My opinion. keep it separate. Money changes people when you least expect it and I don't want you to lose your money or even worse, your relationship with your sister due to a fight over the money.  

Answer 2

I would keep it separate  

Answer 3

Keep your own. But it doesn’t stop you deciding to help each other. I wish I had a sister like both of you! Xxxxx

Answer 4

If you decide to do joint account, approach this as a business transaction and put protections in place in case the business has to dissolve or the partners in the business relationship decide on a different journey in the future. Like a prenuptial agreement. Define, in writing, what constitutes an emergency, how often contributions should be made and how much they should be, percentage of ownership, etc. Keep in mind that once you do this, her creditors can access if there is ever a lawsuit and you will have to fight to get your half of the money back. Or vice versa. But really keep separate accounts. So much easier in the long run.  

Comments

@endostosis9 funny thing is, we even have a contract to say we will not abandon each other. Only events that will warrant our separation, would be death or marriage . Any other event we can work it out

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@bragi32255 how wonderful! You'll do what is right for you and your sister. Turn off the comments, you got this!  

Answer 5

Separate accounts and motivate eachother in the process!  

Answer 6

Thank you ladies! We’ll keep it separate