Post # 1
My Dh and I are going to the bank tomorrow to figure out our finances and I figured it wouldnt hurt to get some advice from the hive first.
At the moment we have separate accounts. My pay check goes into my account and his pay check goes into his. Somehow, I am the one paying for everything (literally- our rent, utilities, bills, gas, groceries, etc.) but with only my income, I just can’t afford it anymore. It’s not my husbands fault though. It’s just because I have the credit cards (that we both use and I pay for) and I have a checkbook (for rent). He’s working on getting his own credit card and wants to figure out how I can get access to his money to help pay bills.
Anyway, we need to either merge our accounts or get a joint account or something! So that he can start contributing to paying our bills. Any advice? There are so many options, I don’t know what is best. I’ve heard of completely joining accounts, opening a joint account specifically for bills, joint savings, etc. …so many options… @_@
What is your financial plan?
Post # 3
We joined and it saved us alot of arguments.
Post # 4
If he has a bank account, he should have checks or a debit card he can use to pay bills with. Have you asked him to start contributing? I’d start there.
It’s really up to the two of you how you want to merge your assets. You could have a pair of shared accounts as you said for paying bills and for savings, and then each have your own fun money account. Or you can just have your two accounts and you incorporate your fun money into your checking account that you pay your bills through. This is certainly something to discuss with him so you’re both on the same page.
My FI and I are doing a shared checking & savings and then we’ll each have our own checking accounts to sort of preserve our independence a bit without feeling like we have to ask each time we want to spend our money on something trivial, like a new purse or concert tickets. A small portion of our paychecks will go in those accounts each month, obviously after all of the money for our mortgage, bills, and savings have come out. Separate accounts also come in handy when buying gifts – Just a thought!
Post # 5
Before you think of joining accounts – have you two discussed how this would work? Are you both aware of each other’s spending habits? Is one a saver, one a spender? How to handle fun money or personal stuff? How to deal with debts?
If you have not, talk this over FIRST. You can always create a joint savings that I used simply for moving money from his account to yours until you figure something more long term out.
I am a huge advocate of the joint system. You can attain goals quicker together, you can create a sense of teamwork by agreeing on how to use the money and where. It forces communication. We have merged money and it works for us. Not one money fight in 2 years!
Post # 6
How did he pay for stuff before? Are you at the same bank? You can just have him transfer money over if you link the accounts. Or having him change his direct deposit into “your” back account, and then add him to it. There’s no need to open any new accounts when you can just add your names to the existing ones.
We had kept our separate accounts for a while, then added each other, then a year later, just decided to consolidate accounts so he changed his paycheck deposit into “my” original checking account to use as the main one. (At this point I’ve been added to all of his and he’s been added to mine, I just call it mine cause that’s how we refer to it since it’s the account that was originally just mine.) It was easy though since before and after we joined, we never really had any budget or spending issues so we didnt need to worry about a separate personal spending account or anything like that. Everything just comes out of one pot.
Post # 7
I believe married people should have all joint accounts. We are both on all of our accounts. We have one tht both paychecks go into. All bills come out of this account, all entertainment when we’re out, etc. We each have another account we use where we put a set amount in for personal incidentals. I shop out of this account, he goes to lunch out of his, etc. If either of us needs to spend more than what is in our personal accounts, we clear it with the other and transfer in however much it is (or use the joint account).
The eliminates errors on the accounts (don’t have to constantly check with each other on spending) and equals out the financial situatio completely. Hope that helps!
Post # 8
Before you go to the bank,both of you could pull your credit reports from http://www.annualcreditreport.com (run by all three and free, not like the ones you see on TV) and see where you are at and if there are any mistakes. Everyone is entitled to one free credit report from each of the three agencies per year.
It’s not necessarily a good idea for your FI to get a credit card unless he has never had any kind of revolving credit before (gas cards and store cards count).
Many credit unions have education websites about combining accounts and credit histories and you don’t have to be a member to have access to these resources.
We have a lot to look at with regards to vehicle insurance, health insurance, and beneficiary designations once we get married.
Post # 9
You waited until getting married to discuss your financial future?
And, you express upset that you pay for everything and your husband doesn’t know how to give you access to his account…. You get a card or at least information to log in online and have the ability to transfer funds, simple as that. If he wanted to give you access you’d have it, it’s not rocket science.