(Closed) Newlyweds who joined finances

posted 5 years ago in Married Life
Post # 3
Member
1572 posts
Bumble bee

We had already split the bills pretty evenly, so it was a very smooth transition. It made it even easier having a joint account. The most major change for me was when he became the primary breadwinner after scoring a great job when he graduated – I was supporting him while he was in school so it was very nice to not be struggling anymore! Haha. For now, his income pays for most of our bills and mine goes 1/2 into savings and 1/2 into a student loan we’re trying to pay off quickly.

Post # 4
Member
2193 posts
Buzzing bee
  • Wedding: May 2012

The only struggle is I have a whole boxful of checks that I do not want to toss out so we kept my checking account and opened a joint checking account.  We use my checking to pay things that require a check and use the joint checking account for everything else.  We still also do automatic withdrawals into our ING account for savings.  So far no quarrels over money!  But I think it also has to do with spending within our means and being VERY open with each other when it comes to money.

Post # 5
Member
546 posts
Busy bee
  • Wedding: January 2013

We split the bills evenly.  And we didn’t fully join accounts.  We each kept our checking accounts, but we linked them.  So we each have accesss to each others and can transfer funds online, etc.  Our debt cards only deduct from our own accounts, but we can use them at the ATM for either account.  And with both names on each account we can each write checks for any account.   We then opened a joint savings account.  Really we didn’t want to have to deal with moving direct deposits or automatic bills.  So this was the easier trasition for us. 

We each pay the bills be paid before. Split rent.  I pay water, sewer, electric.  He pays cable/internet, and cell phones.  We have lived together for over 3 years so that wasn’t really an issue.  We take turns paying for grocries or if we go out for dinner.

Post # 6
Member
1342 posts
Bumble bee
  • Wedding: December 2012

@bummbledbee:  We went to 100% joined checking and savings.  We both still have our own credit cards but we also are trying to not use them so it’s not a big deal.  The only hiccup is the weird feeling of him being able to see how much money I spend.  Not that I hide it or that he cares, it’s just a weird thing to get used to.  

Post # 7
Member
456 posts
Helper bee
  • Wedding: November 1999

we joined everything, 100%. it was a little hard to get used to him knowing every penny i spend (and vice versa! like why did you eat at taco bell today, haha) but now that i’m used to it, i love it.  He’s really good at checking for fraudulent charges, and i’m not, and it’s just nice not having to split bills or worry about who is paying more for things.  Gift giving sucks, but i tell him not to check the account around bday time, and he’s good about that.

Post # 8
Member
595 posts
Busy bee
  • Wedding: October 2012

We opened a joint account when we moved in together.  It made things sooooo much easier.  We still have our separate accounts but they are for paying a car loan and a personal loan at different banks.

Post # 10
Bee
1837 posts
Buzzing bee
  • Wedding: November 2012 - Oak Tree Manor

@bummbledbee:  I’m in the process of writing a blog post about this… It took us awhile, because my company was bought out 2 months after our wedding, and I wanted to wait to change my direct deposits until the new company took over. DH owns a house, and he pays all of the bills out of his checking and savings accounts, so  I closed my own and we added myself onto his accounts. We also got two separate checking accounts at the same bank, and we deposit 5% of our money in them as “allowances” (so we don’t argue over spending money on clothes, electronics, etc.). So far it’s working out well. We each used one primary credit card before, so we decided to keep them and add each other’s names onto them. (They’re both rewards CCs, and they have different rewards, one for travel, one for cash…We may even end up canceling one, but we didn’t want to hurt our credit score by canceling any CCs when we’re in the market for a new house.)

Post # 11
Member
2623 posts
Sugar bee
  • Wedding: November 1999

It made it easier for us, however, it was important to both of us that we still maintained complete transparency among everything. We both have access and check the accounts. You both want to know how much money is being spend on what and by who.  There should never be a surprise when it comes to how much money you have/dont have.

It also important to discuss BEFORE combining what your goals are financially. Because if one tends to spend and the other tends to save, you have to figure out a system that works for you guys. Otherwise it could be more stressful instead of less.

Every couple of months or so we will review our finances in a general way to make sure we are on target for our goals (savings, retirement, vacations etc) and discuss change we may want to make. Its always a joint review and decision.

Noone feels like the other is telling them what to do because its for both our own good since we both set the goals.

Post # 12
Member
7318 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

The only annoying part was actually having to go to the banks to close our old accounts that we no longer wanted to keep. We live in the country and we’re busy. Finding time to actually drive to the bank during banking hours was just a pain.

Post # 13
Member
456 posts
Helper bee
  • Wedding: November 1999

@bummbledbee:  the gift part kinda sucks! because even if he doesnt check beforehand, eventually he will see exactly how much i spent… thats the part that bothers me…but it is our money after all!  sometimes ill just take out cash too, if i am not buying online.

Post # 14
Member
4659 posts
Honey bee
  • Wedding: August 2012

It took me a while to get my paychecks to direct deposit to the new account, and it did take a little while to get used to his account being ours, but after the transition period I am glad we combined finances.  It’s been so much easier. 

Post # 15
Member
1096 posts
Bumble bee
  • Wedding: June 2011

We combined 100% when we got engaged. I pretty much control our finances, banking, bill pay, all of that. We have money go directly from our paycheck into savings and pay bills with the rest. We spend within our means and we don’t make any major purchases without discussing it. We work really well together and have been able to purchase a gorgeous new home and a new car and still add to savings. We both have similar tastes when it comes to wants and needs so our expectations are very similar when it comes to budgeting which really helps us.

Post # 16
Member
588 posts
Busy bee
  • Wedding: September 2012

We combined our finances because a lot of bills we couldn’t afford on our own so we were constantly transferring money back and forth so it was just easier to have one account with all the money.

We still have seperate accounts but barely use them but DH and i are really good at telling each other what we’re spending money on or asking if it’s ok if we spend money. Mostly it’s just for the sake of letting each other know and keeping each other in the loop.

Works out perfectly for us!

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