How do you and your SO handle finances?

posted 1 year ago in Money
Member
616 posts
Busy bee

He works, I spend;)

 

haha just kidding.  I do not work these days, but when I did, we would split. However what I found best for us, was to open a joint account that you both contribute bill money too, and pay all the bills from that and have seperate savings.  work on how much you will contribute to the bill fund and how much he contributes. And always always, pay yourself first girlie:)

 

 

Member
841 posts
Busy bee

DFs money pays all bills but I manage all the money. It’s been that way since we been dating about 6 months. I’m just better at that and have more time. We have a joint account, joint savings accts, and I have my own checking acct.

he usually asks about money once a month

Member
2264 posts
Buzzing bee

DH and I share everything. All our income goes into one account, and all the bills are paid out of that same account. Usually, I manage the money in terms of making the payments because I’m more organized than he is.  

Member
5942 posts
Bee Keeper

@speechgal44:  We have been fighting for about 3 weeks and haven’t been able to come to an agreement about what the priorities should be.

I am very curious to hear what is this huge rift in your priorities that is causing so many arguements.  Can you give us examples?  Splitting bills may just be a short term fix if you don’t get to the root of the issue.

 

As for us, we put both of our paychecks into one checking account.  The household bills are automatically withdrawn (mortgage, cable, internet, utils, gas, etc).  Very few we have to manually pay (my prepaid cell is all I can think of).  Even my gym membership is automatically withdrawn.  So we really don’t have to assign anything to anyone.  I mainly track our daily expenses using Excel because I like to see what we spend money on.

Our priorities are paying ourselves first (aka retirement contributions).  Then of course the mortgage, food, yadda yadda. 

Member
3000 posts
Sugar bee

Currently, FI and I have separate finances but live together. I pay about 60% of the bills because I make twice what he does (he just finished grad school). When we get married in 8 months, we plan on having one joint account where a percentage of our paychecks will go into and we will pay all our bills from it. Otherwise, we will still have separate finances.

Member
1996 posts
Buzzing bee

The joint account thing didn’t work for us. We didn’t argue or anything it just got confusing and hard to keep track of spending. We do bank at the same place and have access to each others accounts for emergencies. What works for us is we split our rent even. Then the rest of the bills we split up. We’ve been doing this for years and it really works for us. He pays the electric and cable our higher bills. I pay our phones, the car insurance (its super cheap) and for groceries. 

Member
168 posts
Blushing bee

We are on the Dave Ramsey plan and live on a budget. When we get married it will all go into a joint checking account.  We then have a budget for each month and thats how we pay for everything. Its not mine and his its ours.

Member
5942 posts
Bee Keeper

I can see how joint accounts can be tricky if you have to be very meticulous about what is being spend so that you don’t go into the negatives each month.  We have a buffer in our checking, so unless I go pay cash for a $10k car today, we don’t have to keep track of things for concern of going negative.

I was in a previous relationship where merging money wold have been horrible.  He had horrible credit, wracked up at least $100 in overdrawal fees each month, saving wasn’t not in his vocabulary.  So I can see being with someone like that making financial planning a nightmare – been there, done that!

Member
686 posts
Busy bee

We share one account that  we deposit money into, pay bills, etc. We are both on the same page as far as our priorities. I am the more financially aware, so  I do all the bill paying. 

Member
6934 posts
Busy Beekeeper

My FI works, I take care of the spending/saving/bills and whatever is left over gets put into our ‘fun money’ account.  He pays for everything when we go out, so I never worry about it after that.  All of our accounts are joint and we never fight about money.

Member
10686 posts
Sugar Beekeeper

I pay the utiltiies, he pays the mortgage.  We’ll eventually just have 1 joint account I think – it’s just easier that way!

We have similar spending habits, and even that our money is separate now, he always discusses larger purchases with me, even though I tell him he doesn’t need my permission to buy things with his own money!  He also won’t buy something if I simply say I don’t think we need it but he can get it if he wants it!  

Member
1578 posts
Bumble bee

My DH is terrible with money. TERRIBLE. He is very gullible and susceptible to salesmen, he is impulsive, always forgets what needs to be paid, and he has no clue how to budget. I can also be frugal when I need to be, whereas DH is calling me like “Can I buy 3 pairs of shoes?! I can’t decide between them!” (True story from last week. I told him to pick two.)

I am a careful budgeter, remember to pay things on time, and am a skeptic when it comes to salesmen. So for the most part, I handle budgeting and bills, but I try to keep things fair. 

All our money is our money, not mine and his. I take our total incomes together to start the budget, then subtract all our bills and some for savings. Then I subtract things like groceries, gas, date nights, etc., and l leave a slush amount for incidentals. Lastly, whatever is left over is split in two, and we can each spend our half however we want, no complaints from the other. If DH has enough money in his half of the leftover to buy three pairs of shoes, he’s allowed. 

I usually take the time to pay the bills out of our joint bank account, since I’m better at keeping due dates and pay days and all that straight, but if DH wants to buy something, it’s his responsibility (even though I have to remind him every month). He wanted a new car after his old one broke down: HIS bill to pay. He wanted to sign up for satellite TV: HIS bill. It’s still our $, but he’s taking the time to handle it.

To keep things straight, we (I) use a combination of spreadsheets and Mint, which automatically tracks your expenses and the amounts left in each category of your budget, and you can use the app on your phone so if you’re standing in the middle of the grocery store like, “Do we have money for salmon?”, I can easily find out.

Member
735 posts
Busy bee

We do things a little differently. We have yet to combine our finances officially but what he does is when he gets his first paycheck of the month, he puts a little towards savings and then gives the rest to me to put into out budget binder. Which I have seperated into sections for  Food, gas, baby things, misc, and special events (bday, anniversaries, christmas, ect). My first paycheck goes into savings. My Fi’s second chec pays rent, And my second check pays all bills. and it usually works out pretty well unless we are off budget or our paychecks are low. Alot of people I know dont do things this way because they want their own money, in case anything happen or things dont work out. I am %100 confident in what we are doing because its working and we havnt had a quarll about money EVER. Im really happy about that

Member
2111 posts
Buzzing bee

He pays all the bills from his account. I match the ammount spent monthly and put it into our joint account. The joint account is used for any household purchases/repairs or entertainment we do together. Otherwise our money is our own to spend as we choose.

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