Post # 1
I know there’s posts on this already but I’m wondering how you guys combined finances.
Fiance and I just moved in together, and right now we make the same amount of money. So we just split the cost of everything, moving the required amounts from our personal accounts to the joint account as we get paid every other week.
For some reason, this feels really disorganized to me. I have 4 personal bank accounts, he has two, and now we have a joint account. It’s a lot going on! I feel like it’s hard to have a tracking system, and it doesn’t feel like all the money is “ours.” I want to combine everything entirely, but then I feel like it’s smarter to have some of it separate, like if I want to buy expensive shoes or something I don’t have to feel bad.
What works for you guys? We need some new ideas!
Post # 3
We are not married but we already have combined our finances (I realize that’s not for everyone but it works for us). We direct deposit our entire paychecks into our joint account and savings account. I have another business account that he’s not on but thats because its my business.
If I want to buy him something as a surprise I will put it on my credit card so he can’t see specifically what it is.
I know everyone has there own way of doing things but we are 100% together on everything even finances. His bills are my bills and vice versa. It makes everything SOOOOO much easier.
Post # 4
for us it was eaiest to have 1 checking account and 1 savings account for the both of us – everyone is different though. My husband makes double my salary but we treat it as “our” money, not his, not mine but ours. We came to the conclusion that if there was anything in particular we want (ie, expensive shoes) we would have to clear it with the other person – big purchases mostly. Going to marshalls on my lunchbreak and picking up a shirt i like does not fall into that category. I think it benefits us to have one account, it keeps us honest about what we spend and i think twice about buying things either out of my means or something i just really really want. and if its something i really really want i talk to him about it and visa versa.
we sit down and do a budget at the beginning of the month when we both get paid we know what has to be paid in bills, what we need to put into savings, and then our fun money. it really helps when you are both looking at the same thing everyday.
It really took some getting used to for me – i was not used to having someone eyeing my spending and i felt bad at first indulging in little things like make up or clothing but you get used to it 🙂
Post # 5
We have joint everything. Splurges are okay because we budget a certain amount for stuff and if we want to go over that, we ask. But it’s really not that big of a deal.
Post # 6
We have joint checking and saving accounts and each have a personal checking. Our paychecks get deposited into the joint checking. Every month we move a couple hundred over to our individual checking accounts for our own personal use. Everything else is shared money.
Post # 7
There are so many different ways to do this and it might take a while to find what fits you best.
We each have our own personal checking/savings acct and a joint checking/savings acct. 6 accounts for 2 people. I know it’s a little crazy, but it works completely for us.
Our checks go to our individual checking accts. We each deposit our monthly “dues” into the joint acct to pay for joint expenses. Whatever is leftover in our individual accts is our “fun” money to use as we please. The joint savings account is used as a way to save up for our goal. Our current goal is HONEYMOON. After the wedding, the goal will be DOWN PAYMENT!!
Hope This Helps.
Post # 8
We recently combined our checking and savings accounts because it’s way easier to keep track of! We make about the same amount and budget based on the total of our salaries. I know what you mean by feeling disorganized! It took us a couple of months to switch everything over, and we’re still figuring out what a budget will look like. Maybe you could sit down and map out a budget, including how much you each get for discretionary spending, so that neither of you feels bad for fun/personal purchases?
Post # 9
He’s much much better with budgets then I am so this is what works for us.
It might be old-fashioned but the way we’re planning it is that he’ll control the money and give me my grocery allowance and a personal allowance.
Post # 10
Fiance and I just moved into together as well, and we’re splitting the cost of everything. We’ll open a joing checking account when we’re married, and deposit half of our checks into it. We both have our own savings. I have a shopping addiction and he’s addicted to video games lol, so it makes it easier on personal shopping. Plus, we are paying off our personal debts – I have student loans and he has credit card debt. I think having our own savings accounts makes it easier for us to keep track of our spending.
Post # 11
Ditto what totheislnds said. That’s exactly what we did too.
Post # 12
We have a joint account for the bills we each put our share into and anything left after bills get paid stays in that account for vacations or big joint purchases like TVs. We also have our own separate account for our own personal wants and such. Like if I want a black diamond turtle necklace I wont take the money for it out of a joint account I’ll use my own (like I did yesterday :P).
Post # 13
We combined our finances totally a few months before the wedding. We have one joint checking account and one savings account, and then I have a separate account for my business (self-employed). I put a certain percentage of my earnings into our joint account as the money comes in. It’s easier for us to have everything together vs. having joint accounts. Both of us are free to purchase things for ourselves here and there, and we use a credit card to purchase gifts so the other can’t tell exactly what it is (we use credit cards for all purchases for the rewards, and pay them off in full every month)
Post # 14
Like @totheislnds:, we have 1 checking account and 1 savings account that we combined together just before we got married. We opened a new one rather than one joining the other. But only because his parents’ names were still on his checking account (they just never got around to taking their names off) and I was banking at a separate credit union. We just openly communicate about what we spend and we are fortunate enough that we don’t have to watch money too tightly and also don’t have any credit card debt. We are both aware of all of our expenses. Now that we are married, we want to start creating a monthly budget to see how much we can save each month as money comes in and goes out and what’s left over.
Post # 15
We have everything combined–one savings account that he added me two, and our prior checking accounts, which we’ve added each other to. I personally don’t get keeping money separate, especially if it’s called “fun” money. I never feel like I need to ask permission to buy something, and neither does he. Obviously, if we’re thinking about making a big purchase, we’d discuss it first. But I can’t imagine what big purchase I would be making that wouldn’t be something for the both of us (like a couch or a computer or something). For gifts, we have two credit cards, and we just use whichever one we want and tell the otehr person not to look at the cc statement that month.
Post # 16
Not sure what we are going to change after the wedding, but what has worked for us for a few years now:
We have one joint Visa. All shared expenses go onto the visa. At the end of the month, we each pay half. It got rid of the “I owe you $5.25 and then now you owe me $43.07” etc etc.
This doesn’t work for everyone, you have to be on the same page regarding what is a shared expense. As time went on, nearly 99% of our spending fell into this category. The other 1% (heh, only in transaction count!) is things like presents for each other, but even those now tend to be shared expenses.