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Ours was so easy and it worked out for us perfect. It's not for everyone, but I pretty much am in total control. So far, this has worked great (1 year).
We have had zero money arguments!
He understands we don't have much at all and I am very responsible with buying and paying bills... Maybe things will change when (if) we ever have more money, I don't know. I like it the way it is though :)
We have everything together. I manage the bill paying for the most part but we are both responsible for keeping up to date on our financial situation and discussing big ticket items before we swipe that card. I have never understood the idea of separate accounts for married couples but it's a decision you have to make for yourself.
We have the same checking and savings account with two debit cards. We also have another savings account that cannot be accessed through any cards, which gives us peace of mind :)
We have seperate checkings and savings accounts and then have a joint account that we both put a set amount of money into monthly. The joint account is for all household expenses, utilities, mortgage, groceries, etc. Our personal accounts are for our own use. We don't discuss what we buy with that money unless it's something that we agree upon earlier. It works great for us and we never argue about money.
My husband was more than glad to turn finances over to me once we got married. We opened a new joint checking account and savings account together.deposited the money from our separate accounts into them, and closed the separate accounts. We still have some separate accounts like IRAs, but we named each other as beneficiary.
I did keep one separate checking account open (but put his name on it as a TOD beneficiary) for buying Christmas and birthday presents. Other than those times of the year, I only keep about $50 in it. He didn't do this because he shops in person, with cash.
So far, it's worked perfectly. We both have debit cards from our joint account that we use. Neither of us our big spenders, so we don't really have any issue with the other one's spending habits.
We will be putting 100% of our money together. That means we'll join our checking accounts and savings accounts. We'll keep our credit cards but add each other's names to them. We will also be adding each other's names to our various retirement accounts and investment vehicles.
We're both very responsible about money and are totally on the same page about spending. We agreed that large ticket items need to be discussed, (the definition of what is a large purchase being dictated by our financial situation at the time).
I think we are going to do the same thing as @jamithebride said--have a joint account, and then have separate accounts too. We have been living together for over 4 years now, so we already think about all the money we make as "ours," but I think if I have some of my paycheck go to our joint account for bills and some of it go to a personal account, and the same for him, it'll be for the best. We both have solid jobs and make a similar amount of money. He really doesn't need to know what my Nordstrom/Express/Victorias Secret card bills are, and I don't know how much he spends when he goes to Guitar Center, and it's probably best for us both if it continues that way after we get married :)
We opened up a joint checking account as soon as we got engaged. I know that's not really the norm, but it worked for us.
After getting married we have a joint savings account, joint banking account that most of our money goes in, and two other joint accounts (one for paying bills, the other for my business).
He has a separate account for his business at a totally different bank.
Both of our salaries are direct deposited into one account. Every month, $150 is automatically transferred to each of our secondary accounts for "fun" money. Everything else comes out of the joint account. We roll extra money every week into our high interest money market account, and have a high yield savings account for shorter term savings/goals. It's a great system - very transparent so that we can see where we could be saving more money/where we can afford to spend more. Most stuff comes out of the joint account (like, if I need a pair of shoes or I run out of concealer, it comes out of the joint account, not personal spending). It lets us use our fun money for real "wants" and "nonessentials", which we both love!
I have a checking account and he does not - he likes to have all his cash on him (which I think is a terrible idea, but hey, I'm not gonna intrude on his way of doing things) and we opened a joint checking account for our wedding savings account.
Sounds funny, but we each have a debit card for this checking account to be used for the wedding and ONLY for the wedding. We each put 100 in the checking account every paycheck (we don't make enough to put in more:( ) which ends up being $400 a month. Pretty decent in my opinion. Our wedding budget was $5000 and we saved for a year, so we have just enough.
The reason we made a checking account was so that we could slowly buy things over time for less stress in the recent months.
This set-up worked fantastically for us, and will now be used for a joint savings for whatever is coming up in our lives after the wedding. It's in 10 days! :)
We've had a joint account for about 3yrs (since moving in together). At 1st it was really hard getting use to it. But over time we developed a system. We consult before spending more than $50 on anything thats not a bill. Just to keep eachother in the loop.
All our income goes into one bank accout - mine - and I am in charge of it. I manage our budget, give us both a weekly spending money allowance, pay our bills and put aside the rest into savings. It works for us. I am much more self-controlled than he is about money, not to mention I'm an accountant by trade.
My DH and I share a checking account. All the money either of us make goes into it, and all the money either of us spend comes out of it. (We of course have other savings accounts, but that's as far as our checking/spending money goes). My DH makes about 4/5 of our money (I work very part time), so he would have had to pay all of our bills anyway.
At first, since it felt like his money, I felt like I should call him everytime I was buying anything. He finally told me that he is happy to share his money/give his money to me, so I can buy things with it without guilt. Now, we just consult eachother if we are buying anything large.
It works out great for us, and we never seem to have problems or arguments with our money. Oh, and he handles the bills. He always wanted to be the one to do that, and I don't mind at all! : )
We have seperate accounts but we are going to open a joint account for wedding expenses and then after the wedding we will use that account for all our joint expenses.
we have joint everything! All our paychecks get deposited into 1 checking account which we each have a debit card. We make about the same so it doesn't matter - but when he's in school this fall it won't matter; everything's OURS. It works for us! We don't have 'fun' money, and all major purchases get discussed with each other before purchasing. I say we're pretty frugal overall. I'd say we monitor it equally through mint.com and the iphone app.
So long are the days of having one spouse in charge of the check book right?
Same way as some of the other ladies above.. We have our own separate bank accounts for our own personal banking.. and we both contribute monthly to a joint bank account where we both have a card and access too.. It is for groceries, going out, socializing, birthday gifts or house stuff.. I think it works well since we hated arguing at the beginning about who had to pay for dinner so we opened up the joint account years ago and its good!
We have a joint checking that both of our full paychecks go into and we pay everything out of it. Very simple and fuss free.
I don't know what we'll do yet. But I like to model after my parents. They have three checking accounts (and one savings maybe?). What they do is, the middle account is the pool of all the money they make. They take out a percentage and put it in savings. Then they give each other "allowances" per month and put that in each of the left over accounts. Dad uses one, mom uses the other. All of the accounts are connected to each other, but it's just easier to have your own and to have an allowance so you don't overspend. (He may see that you have $300 and decide to spend $200 on something random. She may see you have $300 and decide to spend $150 on something random.... but that doesn't add up, you are $50 short!) The allowance allows the couples to conveniency of not asking each other if they can buy this or that... they just do it, because they know they are the only ones drawing from their alloted account. I love this idea! :)
As of right now we have separate accounts.
we are going to consolidate to one account once we are married.
We have a joint checking and joint savings account, in addition to personal accounts. I have mine broken down into a personal checking and personal savings (i'm saving for a car!) and DH has just a personal checking account and he contributes to a Roth IRA and investments. We have never had a money argument and it has worked out fabulously since we make about the same amount of money and we decided on what's an appropriate value for individual funds.
We have one joint account. We got it pretty early on. I am now in charge of everything- it's going well!
We each maintain a checking account. We have a joint savings account but he add way more to it than I do.
We'll do the 'yours, mine, ours' type of set up that other PPs have mentioned. FI and I both have our own savings and checking accounts, so we'll be setting up a joint savings and checking account shortly. *Since FI just got a job, yay!* That will be where our money goes, and we'll use it to pay off the bills/contributions, give ourselves some fun money, and then move the rest over to our joint savings. That's the plan for after the wedding - right now it's just save, save, save and fun money will be something to look forward to in a year :-)
We have a joint checking and a joint savings, plus our own checking accounts. All of our income goes into our joint checking. The difference is that he's in law school, and we need to be able to track all of his spending with loan money for tax purposes and such. I don't carry cash, and it's easier for me to manage my money if it's in a separate account (and I don't feel bad going hog wild at Michael's every once in a while)
We recently set up a joint checking account for the wedding, and will continue to use it for joint expenses/savings when we're married. Each of us deposits an equal percentage of our paychecks into the account every month (instead of a set amount, eg $500 each, because our incomes are quite different) and the remainder goes into our individual accounts, for personal expenditure and saving for gifts, dinners out, etc.
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FI and I decided to have one savings account and we will each keep our own (2) checking accounts (which we will both have access to but I’ll use my own and he’ll use his.)
The savings account will only be linked to his checking account because he is super paranoid. He does not have a debit card linked to his checking account (he doesn’t believe in ATM cards) but I have a debit card linked to mine (I could never live without it). He worries if my debit card number gets stolen that they may have access to my checking account therefore have access to our Savings account, etc. I know his idea is a little far fenched, but I’ll go with it just to give him peace of mind.
How has everyone else put together their money? I’m curious, has it started any arguments?