How do you divide money between your joint and personal account?

posted 3 years ago in Money
Post # 3
Member
204 posts
Helper bee

@MichiganGirl24:  My SO and I have a joint account that we pay for all “joint” expenses out of: Rent (ours includes utilities), groceries, gym membership, netflix & then we added in a spending amount. Each paycheck we deposit in the same amount into this account. We aren’t engaged/married yet – so I wanted to keep my bills mine, as I have quite a bit of student loan debt. After we get married, though, I plan on having our paychecks and all ours bills into the joint account and then a certain amount will go into each of our own accounts, for personal spending (gifts, splurges, etc). I make quite a bit more than he does, but until we are married it’s 50/50 for the bills.

I’m curious to see how other bee’s do this – as I’m sure I might change my mind on how to do this once we do get married!

Post # 5
Member
1302 posts
Bumble bee
  • Wedding: June 2013

Personally, I think all the money should go into one shared account, regardless of who makes what. That is what we do and have done since way before we were married. Our income is shared, as well as our expenses and debt.

I do have friends that maintain separate accounts, as well as a joint account. Their entire pay check goes into the joint account and then they get a weekly “allowance” of $100 in their personal accounts to spend on whatever they choose.

 

Post # 6
Member
83 posts
Worker bee
  • Wedding: October 2014

We put both our wages into a joint account and all bills come out of that, we each take 50 per week as ‘spends’ into our personal accounts for trips out or if we want to save for something and whatever is left out of our wages in the joint account goes to savings, which is currently the weddingfund 😉 or in previous years holidays / xmas etc, or when the washer breaks :/ seems to work for us we next to never argue about money. Hope that helps 🙂 x

Post # 7
Member
4441 posts
Honey bee
  • Wedding: January 2013 - Harbourfront Grand Hall

@MichiganGirl24:  DH and I have seperate checking accounts, credit cards and savings accounts which we put our paychecks into.  We share a savings account which we deposit any bonuses and spare money that we get, the plan is to go on an awesome 5 year anniversary vacation… but in reality it will probably be used to replace my aging car!

Post # 9
Member
1125 posts
Bumble bee
  • Wedding: January 2010

All of our incoming money is deposited in our joint account, then we each transfer an equal allowance in our personal account for expanses that we don’t want to have to discuss together.

Post # 10
Member
1125 posts
Bumble bee
  • Wedding: January 2010

@MichiganGirl24:  the goal of the separate account for our allowance is to allow us to accumulate the money. I don’t spend my whole allowance every week, but sometimes I want to splurge a bit on something that would in no way benefit my DH, or something he doesn’t want to spend money on. That way I have the freedom to buy that expensive item with my own saved money without his contribution. Best example I can think of is actually his.. He is an avid cyclist and is considering replacing his bicycle with one that would cost a few thousand dollars… Good for him, but I don’t want to dip into our savings towards car/home for him to buy his bike! So he saves his own money from our allowances in his account in order to make his purchase.

makes any sense to you?

Post # 11
Member
409 posts
Helper bee
  • Wedding: September 2012

We have a joint account, and that’s where our paychecks go, and our bills get paid.  We each also have a personal account, and a set percentage of each paycheck goes in there.  That’s each of our money to do whatever we want with, the other person has no say or judgment over it.  If I want to spend $100 on a pair of shoes (which I’ve never done), he doesn’t get to whine about it.  If he wants to spend $300 on a video game console, he can – that’s what the personal money is there for.  It also covers date nights, dining out, basically anything that’s not a necessity.

Post # 12
Member
1311 posts
Bumble bee
  • Wedding: January 1994

My FI and I have yet to bring this up with one another. Though, we will have to make a decision at some point. Right now, I am unable to work because of chronic health problems, and I go to school very part time. If I am able to make a recovery health wise I plan to go back to work. I think we will keep things separate. Atleast until I am making money. Then we might open a joint account for bills etc. I am far better at saving money than he is. But he is making an effort to save. And it would be a lot easier if we had two normal incomes. We do talk about money though and keep the communication open. I give him some money to cover insurance and rent (though he covers most of it), and I take care of the utilities. We share the cost of groceries.

Post # 13
Member
3635 posts
Sugar bee
  • Wedding: May 2012

@MichiganGirl24:  Both our checks are deposited into our joint account.  We have joint savings accounts, a checking account, and investments.  We each still have separate accounts, too.  We were 30 when we married so we both already had assets.  We kept those and just combined when we married. 

Each month we both get an “allowance” that we transfer to our separate accounts, to do whatever we want with.  My husband is a tightwad, and hates spending money – so what I spend is out of sight out of mind for him.  He has some habits I don’t like him spending money on, so I don’t have to see it.  It works for us.

We also maintain separate credit cards, but only to keep our credit scores high. My personal card is the one I’ve had the longest and has the highest limit so I don’t want to cancel it.  Every rare once in a while I use it for something I’m hiding from him (like a gift for him).

Post # 14
Member
83 posts
Worker bee
  • Wedding: October 2014

The seperate account for the ‘allowance’ (not a word we use much in the uk haha) also allowed him to save for my engagement ring without seeing money taken from our joint account 🙂 x

Post # 16
Member
920 posts
Busy bee
  • Wedding: June 2015

I personally think that’s a great idea! Thats what me and my BF currently do. We figured out how much shared bills we have a month, plus groceries and dates. All added up it’s around $2,000. We each contribute a portion of our checks to cover the expenses. I put in $600 twice a month and he puts in $400. Gotta love direct deposit!

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors