Post # 1
[This probably a reboot of this topic.]
The DH and I are trying to figure out what to do in terms of bank accounts, credit cards and debt. The DH and I are from different financial backgrounds so we have different views on it.
My plan: separate discretionary spending accounts; joint checking/savings; and, 1 credit card each.
His plan: joint everything; and, 1 credit card each
How did you do it?
Post # 3
We’ve only really talked about this once but I’m really not in a rush to join our finances. Money is just a weird subject for me. We’ll probably get a joint checking account just to make bills easier. Technically, he makes more money than I do but my dad died at the beginning of the year and as a result I “came into” a significant amount of money of which I really have no interest in spending. It’s all scattered about in saving and investment accounts so we’ll be keeping all of that seperate.
Also, I’m 30 and pretty used to how everything is set up (automatic drafts, etc) so changing it all just sounds like a lot of work!
Post # 4
@mnp: Our plan is to share a checking account (his account) but keep my current account open for my car payment which is automatically deducated, and to use it as a savings as well.
Post # 5
Our paychecks go into a joint account and we contribute a certain percentage of that to a joint savings account. We each have a credit card that we use to buy personal things (especially good around holidays, birthdays, etc) but the balance is paid off with the joint checking account.
We toyed with your plan for a while but it was too complicated to figure out how much of our paychecks went into individual accounts. We’re happy with this set-up. It definitely feels like “our” money.
Post # 6
Seperate accounts, seperate credit cards, we both contribute half to bills, a set amount to savings and the rest is whatever!
Post # 7
Right now we have separate checking ands savings and one joint checking plus our joint honeymoon fund. we each have one credit card. My FI is new to managing money so we decided this would be best for now. We will probably merge all of our accounts I within the next year. It does feel like a lot to juggle right now. But I thought this was a good stepping stone to teaching him about finances.
Post # 8
We haven’t talked about it a whole lot, but we discussed keeping our individual accounts (different banks) and then opening a joint account for bills and whatnot at one of our banks (probably my credit union). He talked about adding me on his retirement accounts, as well. I tried to add him to one of my credit card accounts recently, and was told that they “don’t do that.” WTF.
Post # 9
we keep talking about it but haven’t come up with anything yet. For the time being I’m sure we will just keep everything separate. It just seems like a hassle and a lot of work to change everything – especially when we have auto deducations coming out for different things. I’m guessing we may open up a joint account and potentially contribute a % of our salary to it for savings/fun things we want.
We’ll see though. Neither of us have any spending issues or issues sharing our money when the other needs it, so I don’t really see a problem with the way it is so far.
Post # 10
@BooRadley: oh I actually really like this idea and think it could work for us! Thanks! 🙂
Post # 11
- Wedding: November 2011 - Florida Aquarium
We had joint bank accounts before we were engaged. We maintained our separate credit cards and got 1 new joint card. All of our cash is joint– and we really do consider it all our money.
Post # 12
We are taking our time and making changes as they become appropriate and relevant. We got married in our 30s, so we were used to managing things on our own. Here are the steps we’ve taken so far:
1. Moved in together, set up a shared savings account for the money we saved on rent, got a joint credit card to pay for mutual expenses such as utilities and food.
2. Got engaged, he paid for the ring, and we amped up our contributions to the shared savings account so we’d have a wedding fund. Contributions were proportional to our respective incomes. Expenses still split 50/50.
3. Got married, resumed saving, replaced the husband’s 10yr old car, added him to my primary credit card because of the improved rewards points.
4. Now we’re buying a home. One of us has significantly more savings than the other, so the downpayment contribution is pretty one-sided. But, we’re married, so that’s ok. Both names are on the mortgage and the title, so we will feel much more financially merged once the transaction completes.
5. All along, we have maintained our individual bank accounts and credit cards. We still pay for our own personal expenses (e.g., I pay for my own lunches at work, clothing, etc.). So, we can retain some independence, but we still both contribute the bulk of our excess cash to our shared savings account.
Post # 13
We have a joint checking and savings, but we also each a separate, linked checking account that we call our “slush fund.” It’s essentially like an allowance, and it allows us my spender husband to buy stuff without me questioning his purchases, and my thrifty self to buy things without feeling like I should be saving it instead. It’s working out really well so far!
Post # 14
DH and I are having a hard time with this. We have been doing everything 50/50 with our separate accounts, we each have 1 separate CC and then one joint that we just recently got. We paid for our honeymoon with that one. I think we’ll just continue with what we are doing for now since DH has no interest in a joint account but I would like to eventually get a joint account because when we go out to eat, pay for groceries, ect it always turns into “well I paid last time” even though we both know it’s our money, it’s hard to get out of that mindset.
Post # 15
We have joint chequing and savings account for our paychecks to be deposited into. From there we pay mortgage, bills, groceries, date nights, etc. etc.
From that joint account we each have a TFSA. We each have a specific amount that comes out of our chequing account the day we are paid and is immediately sent to our seperate TFSA’s. Any extra savings goes into the joint savings account.
From there, we each have seperate credit cards, loans, etc.
I find the BIG thing with this system is that some people have a problem with the saving/spending ratio. We don’t worry so much about the saving, because 10-15% of our income is immediately put away before we can see it. After that, any savings is just bonus money. Also, because we are both fairly thrifty people, it is rare that we will spend any significant money (more than $100) without telling the other person. I find that for people who have a one sided financial view (I’m a spender/he’s a saver or she blows through money like water or he can’t spend a penny without prying it from his cold, dead hand) this system does NOT work because the other person cannot stand how the financial decisions are being made.
Post # 16
We have one joint account and the rest is separate. We are older, have been on our own much longer so we are use to managing our own money. We are happy with it that way. If either of us need cash, we transfer into the joint account.