Post # 1
- Wedding: June 2013 - Upstate NY
Background: The mortgage is in my name and FI is paying off SUBSTANTIAL debt right now. I am fine in term of salary, job stability, savings, retirement, etc, so in planning to combine our finances, he says he’ll pay a little less towards “combined finances” each month. There must be an easy way to set this up.
How have you combined finances? Joint checking? All in one big account? Totally separrate? Who pays the bills?! Personal question but I’m just wondering what you do.
Post # 3
We thing of everything as ours. So all debt is ours and all gains are ours. So we combined all our finances. We have a joint checking, joint savings, joint credit cards, joint retirement accounts and joint investments. We do not have anything that is separate. All bills get paid from our joint checking regardless of what the bills is, (whether it’s his car bill or my student loans).
It works perfectly for us. We’ve never once had an argument or even disagreement about money.
Post # 4
- Wedding: August 2013 - Brookfield Zoo
We are not yet married, but we have one joint checking account, one joint savings account, and one joint credit card, and then we each have our own separate accounts. Joints are of course for stuff like bills, the wedding, eating out together, etc. and it works pretty well so far!
Post # 5
We are planning on maintaining our seperate accounts but creating a joint account for bills and what not. Currently, the system we have is working (we live together). He pays certain bills and I pay other bills. Once we get married, a portion of our paychecks will go into the joint account and the other portion will go into our seperate accounts for personal use. That is how my mother taught me that I should do it, it has worked for my parents, and FI is okay with it.
Post # 6
Everything will become “ours” – assets, debts, accounts, etc. We will have one main checking and savings that everything goes into. We will also each have our own checking accounts that we each get an “allowance” or fun money into every month. We will do a budget together every month and one of those budgeted items will be our fun money. The intent behind those accounts is just to allow us to buy ourselves stuff without having to justify it, buy gifts without the other person knowing, etc. We will both have our names on every account, even if it isn’t ours to use. That is just in case of emergency.
Post # 7
We are married, do not have joint anything as of right now. Maybe in the future, but we just havn’t really gotten around to it. No other reason then that. We just havn’t got around to it. I have certain bills I am responsible for, he has bills he is responsible for. We have had no problems with this thus far, so thats probably why we havn’t really seen the need to change.
Post # 8
We recently decided to do one joint account for everything. My husband’s new job will require him to be away for weeks at a time, leaving me in charge of bills and other things. It will be easier to pay these bills with us having a single shared account instead of having him transfer funds to me all the time. Especially now that Wells Fargo is going to start charging fees for transfers.
Post # 9
We have a joint savings account and we have separate checking accounts and we are keeping it that way.
Post # 10
@Meowkers: We do the same. We don’t think of any bills as “his” or “mine”, nor do we think of our paychecks that way. We combine all of paychecks in the same account, out of which all bills are paid. Spending money is transferred out of that account into our own personal checking accounts weekly (spending money is $50 a week), and whatever is leftover at the end of the month goes into our joint savings account. I manage all the finances as my husband has little interest in doing so, but I definitely don’t think of anything as mine or his. It’s all ours, the good and the bad.
Post # 11
1 joint and 2 separate. I get paid weekly and get gets paid bi weekly. 1 of his checks and 2 of my checks go into the joint account monthly and the rest of the money goes into our own separate accounts. Our separate accounts pay our student loans and fun money… joint account if for anything for the household, food, utlitities, rent etc.
Post # 12
@lealorali: we have a joint checking, joint savings, and a joint credit card. We each have another separate credit card that hardly ever gets used. We have combined everything all debt and just consider it all our money. He sets the budget because I’m pretty terrible with money and budgets. It works for us 🙂
Post # 13
We’re not married yet, but we have a joint account and our separate accounts. We put a set amount of each paycheck into our checkins/savings. Our checkings for rent, utilities, groceries, going out, etc. Our savings for our wedding….after the wedding, we’ll put a little less into savings- this will be for new furniture, trips, house for the future, etc. Our credit cards will stay separate, unless we decide in the future to get a joint cc.
Post # 14
It’s easier to keep track of spending and savings if it’s all in one place. Just combine it all, then decide what you’ll be putting towards his debt. It’s legally all joint after marriage, so we deided to treat it that way logistically, too. It’s made it a lot easier to see our spending habits and dial stuff back if necessary as well!
Post # 15
We each kept our own accounts but we share our money anyway. It’s just the easy (lazy) way to do things when direct deposits and bill pays and all of that are all set up and don’t want to be messed with. 😉
Post # 16
We opened a joint checking account and we each contribute to it monthly. We use that for our shared bills and groceries. We use our individual accounts for everything else. This works because we both earn decent income.
If I were a SAHW I think he would just pay everything out of his personal account and toss me some cash every month for gas and groceries.