Post # 1
I know there have been posts like this, but there aren’t any on the first couple of pages so I thought I’d make a new one to see how all the new newlyweds are managing finances since “the merge”.
Right now hubby and I are managing them exactly the same as when we were engaged. We have seperate bank accounts and I do the bank transfer for the rent on our tiny apartment, then he pays me back half in cash. We don’t have other bills because our apartment takes care of all utilities, we don’t have cars, debt, our health insurance is taken out of our individual paychecks, our cell phone bills are automatically deducted, etc. We also each put a certain percentage of our paychecks into a savings account.
I don’t like our system now because I earn a bit more than him and he’s got expensive city tax to pay, so he’s always broke (i.e. sorry hun, I can’t afford to go to that concert or out drinking) and I feel bad. We are hubby and wifey and it shouldn’t be this way. I am thinking about having a talk with him about merging our accounts that way he has more money available to him.
Anyway, soon this will all change because we are moving back to America (we live in Tokyo right now) and we will be living off our savings because we will be unemployed. Once we find jobs I’m a little unsure of how to go about finances, but we’ll be more of a “normal” hubby and wifey so I am looking forward to your responses, newlyweds!
Post # 3
We are engaged but we’re trying a new financial method on for size. Basically we have a joint savings and checking, and then we each have personal savings and checking. We made a budget for all joint expenses (mortgage, taxes, utilities, groceries, dates, etc), and we each deposit equal amounts into joint checking and savings.
We both agreed that we’d like to keep it up after we’re married, but after only 2 months of doing this we’re both a little sick of it. Its a pain to try to figure out what is joint vs. personal. Its a pain if we buy personal and joint stuff to separate it out. Its a pain to try to keep track of. blech.
We’re going to stick it out for the next year to see if we like it better, but right now we’re leaning towards having almost everything joint when we’re married and just keeping separate accounts to put a little “play money” into each month for stuff we want to be totally unaccountable for.
Post # 4
My husband and I have joint accounts and we had joint accounts for a few years before we got married since we owned a house together. Right now, my husband is the only one with income so his paycheck has to cover all expenses and savings. That makes for no fun money right now but I’m trying to find a job so that I can do fun things ahain! When we had fun money, we each were allowed to spend X amount without asking the other,
Post # 5
We’re planning on doing joint everything. It’s just easier that way, and we already treat all the money as “our money”. Plus, I hate the thought of keeping track of what I buy, what he buys, who owes more, etc.
Post # 6
We have his, her and our checking accouts. Most things come out of the our accounts. Gifts, clothing and things like manicures come out of personal accounts. It get annoying at times. We haven’t merged savings yet except for a wedding gift money account. He did add me to his Money Market account since our tax refunds are headed there. I just need to contact the banks to add him to my savings accounts. I am keeping his name off the account that I have the sale proceeds of condo in.
Post # 7
We’ve merged everything to one bank (but keep my old checking account open because it has more ATMs). I manage our household budget in Excel (mostly record-keeping and less “we can only spend X), and keep track of the credit card. My husband manages the bank account and pays the bills.
Post # 8
We’ve done it the same way for a few years, so nothing has changed for us. We each have our own accounts and we also have a joint. A certain amount goes into the joint each pay day (it’s an amount based on expenses and savings, not a % of our income) and the rest is ours to keep. However, the longer we’ve been together the more has gone into joint and I suspect it will keep going that way until everything is joint and we just have our fun money kept separately. Darling Husband has savings, I don’t (he bought 2 houses before he met me which he has since sold) and we consider that “his” money since I had nothing to do with it, although it’s sitting on our home loan right now to save us interest. We will have to change the system when kids come along and I’m not earning, but for now it works for us quite well.
Post # 9
Joint Spending Account: both our paychecks go in it and work everything from that account
Joint Savings Account: We each put the same amount
Personal Spending Account: Each have a small allowance for small things we want to buy without affecting our joint account
Personal Savings: We each have an allowance there too, so that we can make big purchases without it affecting the other (i.e. he will sometime go on travel for training camps that can be pricey, and I do not attend, so it’s all his money)
We mostly use the joint spending account for everyday, and the savings for travel. I like to have allowances though, it allows us to spend without arguing that one spends more/too much/on things that aren’t useful, etc… Money is a source of argument in most couples, so I think this way, it stays healthy. 🙂
Post # 10
Well we’ve done this for a couple of years because we bought a condo before we got married, but we have:
Joint Checking and Savings: All bills and savings except for personal cell phones go here
Personal Checking and Savings: personal shopping, cell phones, etc.
We basically just added a joint checking and savings account because both of us had personal ones…so we added up all of our bills and how much we wanted to save each month and split the costs…we’ve had to adjust since first doing this since I only work part-time now, but it still works out…
Post # 11
We came from Japan too! But we lived in Osaka. 🙂
We are not married yet, but we joined our accounts this past year and we both know the passwords to each account to allow us to transfer between. We each have a personal checking that is linked to a joint savings account. This allows us to have control over our own accounts but still transfer money between them easily as needed.
Generally when Fiance gets paid I take out a specific amount each month for bills and put it into my checking and a specific amount for savings. Right now it’s a lot because of the wedding. I let him know when I make the transfer and let him know what his remaining balance is. He’s terrible with this stuff, so I try to keep him updated as much as possible. I use that money and my paycheck to pay all of the bills and we’re each usually left with a few hundred to take care of our own every day expenses (food, gas, tolls, Twilight movies, etc.)
Basically, bills are my department. It took me a long time to figure this system out. I keep a notebook with each bill that needs to be paid and update it every time I pay with the date, amount, and remaining balance if there is any. Once we figured out what was coming in and what was going out, it helped a lot. I’d also recommend signing up with Mint.com. It really helped us get our discretionary spending under control. We were spending $800 a month on food – WHAT?! No wonder we were always broke! But now it’s a lot more reasonable.
Post # 12
We merged bank accounts after we got married and right now we are working on the whole learning to live on a budget thing. FUN TIMES. (hear the sarcasm?) We are using mint.com and it is turning out to be pretty awesome. It keeps track of EVERYTHING and allows us to see all the little trends we might be able to gloss over otherwise– like the fact that my husband has been eating breakfast and lunch out WAAAY too much and it’s adding up.
Or the fact that we now save a bundle because I gave up purchasing my coffee for lent, and before I was spending a ton of cash at starbucks
I highly reccomend it!
And JUST NOW I looked up and saw that SweetAdeline posted the exact same thing above me! Awesome. That’s proof, right there 🙂
Post # 13
I use Quicken to track our finances. My dad gives me a copy for free every few years. They bought out mint.com so it’s basically the same thing just more complicated with investments and everything.
Post # 14
Since we got engaged and have been trying to save for the house and wedding I took over all of the accounts. He wanted to do joint accounts but I didn’t feel comfortable before we were married so I became a control freak instead and took over everything. Mainly to save and make sure our credit scores were perfect for our mortgage application.
Because we don’t live together yet, we don’t have any joint bills so Fiance has a checking, I have a checking, and we have a joint high interest checking account. We will actually going in the next month or two to close out his checking account and add him onto mine. I think it’s great that people can have joint and sepearate accounts, but in reality we won’t have enough extra cash to have our own chunk of spending money. If we have it jointly and we want to buy something for ourselves we can spend it and if we don’t we don’t spend it.
I just feel that it’s a joint effort and when we are up we’re both up and when we are down we are both down. Everyone is different but I’m not the type of person who could be okay if I was worried about paying “my bills” and he had no problem paying “his bills” we are a partnership and we wanted it this way. Fiance grew up with parents who had seperate accounts and his mother couldn’t even slow down with work when her kids were little because she still needed to pay her portion of the bills so I think this has had a lot to do with our decision.
We have extremely great communication about money so I think we should be okay and he doesn’t spend so that helps alot.
Post # 15
We have joint checking and savings. I have the check card and pay all bills but he has the bank credit card that we pay in full every month. Boys and reciepts dont go well so balancing is a breeze. Plus the credit card has a great reward system and we earn cash back each month. (as long as you always pay your balance in full off each month) We put about 25% of our income in savings a month, we are big savers. We worked with and went on financial advisor Dave Ramseys plan. We only have our mortgage as debt and are on a budget. Even if you have no debt it is always good to be on a budget, weird I know. But for us we budget personal spending each month and anything not spend each month gets put into savings or towards something else. Our budget for example allows a certain amount for clothing each month, but now that I am married, we built a home, things like that are not that important to me. We are constantly in tune with each other about our finances and he and I are always in the know about where things stand. We do ask before we purchase anything big for personal reasons. I know some disagree but for us it is out of pure respect for each other and making sure the money is not needed elsewhere. It works for us. We never have an argument or disagreement about money and there is no tension.
Post # 16
We do it the same way we did before we got married. We both have our own accounts and then after we got engaged I opened up a 2nd checking account and a savings account. I pay the household bills and my bills from my checking account and he pays his bills from his checking account and then he gives me x amount of money every month for the household bills and we put some in the 2nd checking account for groceries and such and then the rest in the savings account! We found it was just easier to continue doing it this way, but maybe we’ll change once we start having kids!!