Share or not to share $$$$

posted 3 years ago in Money
  • poll: How do you keep your money?
    Everything goes into one account to share : (18 votes)
    40 %
    Everything is separate : (6 votes)
    13 %
    Some is together : (13 votes)
    29 %
    Everything is together except a small monthly allowance : (8 votes)
    18 %
  • Post # 3
    Member
    1631 posts
    Bumble bee
    • Wedding: August 2013

    We are keeping things seperate. We have done this for five years – no need to change it up now.

    If one of us needs a little cash or wants to do something fantastic then we just talk it over. We haven’t ever had money issues or woes yet so I think it works pretty good for us. 🙂

    Post # 4
    Member
    3978 posts
    Honey bee
    • Wedding: September 2014

    We plan on keeping accounts prior to marriage separate. All money made after married in one account, minus a percentage allowance from each person’s salary. 

    Post # 5
    Member
    7090 posts
    Busy Beekeeper
    • Wedding: August 2012

    We combined ours after getting married. It’s all “our” money anyway.

    Post # 6
    Member
    9412 posts
    Buzzing Beekeeper

    @flowermower:  Whatever works for the two of you. There is no right or wrong answer, it is just whatever works for you and what you both agree on.

    Post # 7
    Member
    8425 posts
    Bumble Beekeeper
    • Wedding: April 2013

    We have everything together, my husband works and I manage the finances.  I think how a couple handles their money is completely dependent on what works for them, there is no “right” or “wrong” way to do it as long as you communicate.

    Post # 8
    Member
    3557 posts
    Sugar bee
    • Wedding: August 2014

    We are separate right now, but plan to combine after the wedding. We haven’t quite worked out how we’re going to do it yet.

     

    Post # 9
    Member
    905 posts
    Busy bee
    • Wedding: September 2015

    We have a joint checking account and a joint savings account, and each of us has our own checking and savings accounts.  Every payday, we each put a set amount into the joint checking, to be used for household expenses like rent, utilities, groceries, the car, entertainment, etc.  Whatever is left in our personal checking accounts is used for our individual expenses like student loan payments, credit card payments, and fun money.  I guess that counts as our “allowance.”  We each try to keep our individual savings accounts at $1000, and if a big expense comes up like a major car repair, we each pull an equal amount from savings to cover it.  We’ve been doing this for several years, and it works great.

    We don’t have plans to change our system upon getting married.  We might get a joint credit card and focus on making more contributions to the joint savings account (it’s empty right now), but we’ll still keep our individual checking/savings accounts and remain responsible for our individual expenses.

     

    Post # 10
    Member
    885 posts
    Busy bee
    • Wedding: October 2013

    We currently operate with separate accounts, and we split all expenses.  Once we get married, we going to have one chequings account, and separate tax free savings accounts for our long-term savings (which we have now).  We will put our paycheques into the joint account and pay all our expenses (together and personal) from there.  I’m really looking forward to seeing how much money “we” actually have, rather than having to add up our separate accounts, which we always owe each other money out of.

    Post # 11
    Hostess
    4941 posts
    Honey bee
    • Wedding: May 2013

    DH and I were dead set that we would never combine finances. We got married in May and one day about a month ago he called me and told me he wanted to add me to his bank acocunt to make it joint. I didn’t have my own bank account, and we share all of the money anyway. The rule is we talk out big purchases before they’re made. We don’t ask permission necessarily, but if it’s something over $100 we’ll chat about why it’s important and what not. It works out really well for us so far! 🙂 

    Post # 12
    Member
    170 posts
    Blushing bee
    • Wedding: August 2013

    When you marry, you are a joint unit.  Everything should go into one “pot” in my opinion.  Works great for my finace and I!

    Post # 13
    Member
    667 posts
    Busy bee
    • Wedding: October 2013

    A lot of financial advisors advise doing a “Mine, Yours, and Ours” situation. Get a joint checking and a joint savings. Pay household expenses out of the checking and put an equal amount into the savings for joint big purchases. Keep separate savings and checking for personal purchases etc. Youc an work together what goes where.

    This also helps should you ever need to separate. What is in your name is yours.

    Post # 14
    Member
    343 posts
    Helper bee
    • Wedding: September 2013

    During premarital counseling, our pastor said he recommended we join finances unless we had some good reason not to (we were kind of indifferent about it). He also recommended that we set a limit for things (like, you can’t spend more than X amount of dollars on something without discussing it with your partner, so he can’t come home with a $2k TV and I can’t come home with $200 shoes as a surprise Wink)

     

    We liked both these ideas so we’re going for that.

    Post # 15
    Member
    11772 posts
    Sugar Beekeeper
    • Wedding: May 2013

    We talk about all purchases over $50. But we did that even when we had seperate accounts!

    Post # 16
    Member
    3303 posts
    Sugar bee
    • Wedding: June 2013

    We’re in the process of combining and then I will take over management etc.  It’s quite a task!

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