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We have linked, but separate accounts and treat the money as 'joint'. We were originally going to reduce down to just one joint account, but it was easier to keep the accounts we arleady had since we already had a bunch of auto payments and stuff linked to them. Our finances are an open book. I keep an expense sheet for us so I know exactly whats on his credit cards and what his income is. He's free to look at it and see my info as well if he ever wants. We treat our credit cards "ours" also even though it was opened well before we met and use which every one with the best rewards for what we want to charge. We both are good with our finances and dont worry about the others spending, so there's no my account for "my" stuff, or his "stuff", we just spend freely.
Ours willl probably be joint or at least linked, like pinkshoes. And since I don't have a credit card, I'll probably just get added on to his and we'll share. I can't imagine not having completely open finances, though maybe it works for some people. And he's going to be making a lot more money than me in the end, and I'll still be in school for a while anyway, so just basing it on our own earnings isn't really an option. I think it would just be easier to keep track of one account and card than each take care of our own.
We're engaged but have combined finances for a while. We just got actual joint accounts. We each have a personal account and they are both linked--which means that they can transfer back and forth and we both have access.
It was hard for me at first but I got over it. What's mine is his and vice versa--it doesn't matter who makes more or who pays more--all money goes into the same place and we're working together to make our lives better. Right now he makes more but in a few years, I will make more. It's ok. We're not roommates who split bills and costs--we're partners who work together.
When we moved in together he added me to his checking... it took me a while to move everything over completely, and I still have my old account, but I hardley ever use it. Now we are slowly joining everything else... cell phone plan, car insurance, soon a car! I agree with @zomgwut: and like what was said about partners who work together! Well said!
we each have our own separate accounts that our salary is paid into and then we have a joint account for most of our daily expenses. each month after we get paid we transfer a certain amount into our joint account to use during that month. if there are any bigger purchases, we split them 50/50 and transfer that amount to our joint account to pay for it. we'll keep it that way after the wedding bc it works for us and makes sense.
We moved in together a few months ago, when he moved into town. We already had two checking accounts at the same bank, and so we opened up a joint checking and they also gave us a free savings account too.
Our individual accounts: Personal spending comes from these accounts. The thinking is that we don't gripe over what the other buys because it's up to us to save and spend however we want. (We treat each other to dinner from our individual accounts so that we're not eating into our savings strategy, but I know of some couples who spend the joint checking account on date nights.)
Our joint checking: 80% of our paychecks go here - now we make about the same amount of money, but before we contributed an amount that left us with the same spending amount of spending money. Mortgage, household expenses, wedding costs and major joint purchases (like our couch) come from here. On a monthly basis we move money to our mid-term savings (ends up the bank's savings account had a crappy interest rate).
Our mid-term savings: This is a high-yield online savings account. Hopefully this will be our downpayment for our future house. It's good to put a good 10-15% here (but don't forget to put a similar percentage into your long-term savings/retirement).
We split our pay- 48% of gross into joint and the rest into seperate accounts for each of us.
We are lucky enough to both earn enough that all our living costs including mortgage/ cars bills etc equate to less than 1/2 our earned income.
DH is a wizard at saving his excess, me however, I tend to 'invest' in shoes and shiny things.
We have never, ever argued about money with this system- even though we both deal with money in very different ways. :D
What @Iguanatan said reminded me that the percentage that goes into joint probably won't depend upon salary as much as comfort level. I suspect that she and I have similar income/household obligation situations, but obviously we have different formulas on what works for each of us. There's no wrong way to do it as long as it meshes with your aims and personalities.
Here's where it's important to determine how comfortable you are with savings and investment strategies, what kind of spenders you are, and what your mid- and long-term goals are.
@zagora: i really like your strategy. it sounds very well thought out and it makes sense. thanks for this.
thanks everyone for the advice and ideas. it is really helpful to see what works for others.
What we are talking about is having both. Have all of the paychecks go into one joint account and pay bills from there. then every month, have a little bit go into a seperate account so we can have private spending money with out each other looking over our shoulder every single second (like christmas). We have different spending habits and don't want it to be a fight.
I guess it would be proportional- that is what we started discussing, but haven't finalized anything.
As a note- you should have seperate accounts just in case. We know we don't like to think about this, but it could happen. and then you would need to be able to have access to your money.
we have completley combined finances. we have 1 checking account, 1 savings account, he has a credit card that i have access too and i have one that he has access too (all throught the same bank) i think the only thing i cant see from our bank view is his loan for his car - my car is through a different credit union that i still need to get him added to - its what works for us..i wouldnt have it any other way.
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just wondering how you guys plan on splitting your finances. not just for the wedding, but for the rest of your lives. i have so many questions. how did you decide on how you would do it and is it working for you?
will everything be in a joint account? or separate accounts?
will you take turns paying for things or split everything down the middle?
if there is a difference in wage, will things be split proportionately?
will you have a joint credit card for household expenses and separate credit cards for your own stuff?
will you be open with all your earnings and expenses 100%?