(Closed) what did you do with finances?

posted 8 years ago in Married Life
Post # 3
Member
8354 posts
Bumble Beekeeper
  • Wedding: March 2011

We already have our accounts held jointly. I pay the bills from the account and 10% of each check goes into our savings. To us, it doesn’t matter who makes more. We are one and we treat our accounts that way. If either of us needs extra money for something we just let each other know, so that we can budget it in if it is a big purchase or make sure the funds are available if it is a small purchase. We both have access to the accounts.

Post # 4
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

We are joint as well. We balance togethor and I handle all the bills and let him know where everything stands. We automatically put 10% direct from each of our paychecks into savings. Anytime we have extra cash we put it there too. We have a higher interest return on our savings. We do what we want in moderation. Any big personal purchase, am I’m talking like guns etc as my honey is a collector, he likes to check with me to make sure its no issue. And I give the same respect back. I know many couples who have kept everything separate but have seen it backfire. If your spouse collects debt you can still be responsible. Our communication, openess and honesty on the financial side has helped us so much. We don’t have those fights or any, most do over money. We don’t care who makes more, we are a unit, a team and we are there to help each other. It is bc of my DH we are now (well me) literally debt free, and believe me before him it was bad! Just mortgage nothing else! We have a monthly budget and it helps us prepare.we love it and what works for us.

Post # 5
Member
248 posts
Helper bee
  • Wedding: March 2010

Well, we’re not married yet, but this is what we’re planning:

Fi’s income is greater (by about 20% at the moment, but by a lot more as the years pass), so we will save 100% of his, and live off my income ($40,000/year).

We will have 3 joint accounts: 1 savings (which his will go directly into), 1 for bills, and one for spending money. My income will go into the bills account (I get paid weekly, which helps). We will draw a predetermined amount (based on our budget and how much we think we’ll need for essentials) into our spending account.

We’ve drawn up a rough budget, which looks like this: (per week)

Food – $90, Power – $50, Phone/internet – $20, Petrol – $50, Insurance (various) – $23, Health (Drs visits, prescriptions etc) – $15, Vehicle running costs – $20, Rent – $230, Bike/car payments – ?, Christmas – $10, Holiday – $80.

I thiiiiink we’re looking at spending < $600/week (our rent and household expenses will probably be less as we’re considering letting my brother live with us), which won’t leave us a huge amount of spending money ($60?) between us each week, so we’ll see how we go.

I wanted separate spending accounts initially but fi wanted to share, so we’ll see how we go!

Overall, I think our cost of living might be quite low compared to some places? But then our incomes are a lot lower than many of the other bees, too, I think.

(Hey, if anyone has suggestions to improve our budget I’m all ears!)

Post # 6
Member
1093 posts
Bumble bee
  • Wedding: Private home

We’re in the process of figuring this out  – Right now we each have a checking account and at least one credit card in our own name.  We just applied for an American Express card and we’re putting all our bills on it, plus the mortgage payment (so that we can start saving for a trip or twelve).  Since we have to pay it off each month, we both will put a specified amount toward the credit card each month and a percentage towards savings.  With any luck, we’ll be able to get rid of the other credit cards and just keep the checking accounts and the one card. 

Post # 7
Member
682 posts
Busy bee
  • Wedding: September 2010

We are also already joint in everything. Have been for a few years actually. We handle things pretty much like Noritake and MissGreen.

Post # 8
Member
1757 posts
Buzzing bee
  • Wedding: September 2010

We’ve discussed this but not put it into action yet, as I think we’re both too lazy to set up a joint account. We’ll get to it eventually. Our plan is for our finances to be joint, with each of us receiving an equal, amount to-be-determined allowance. That way, if I want to go out and buy a pair of shoes or if he wants a new XBox game, we won’t need to consult the other. If it’s coming out of the joint account (i.e. groceries, rent, utility bills, furniture, etc), anything over an again to-be-determined amount needs to be discussed with the other person. He makes enough money that we’ll basically be living off of his paycheck, and mine will go toward paying down our highest-interest debt as aggressively as possible.

Post # 9
Member
671 posts
Busy bee
  • Wedding: March 2018

We’re planning joint accounts as well – one checking and one savings.  Really simplifies things, keeps us open and honest with one another and means less paperwork.  To us, we don’t care who makes more.  Let’s face it – this economy has taught us that things can change overnight!!

We have already discussed the need for a planned monthly budget that will include “fun money” for each person and that the other person cannot criticize how that money is spent (i.e. fantasy football vs another new purse).  I agree with most of the girls above talking about joint accounts — marriage IS teamwork and sep. accounts just doesn’t speak to that team spirit.  Good luck with your decisions! 

Post # 10
Member
6661 posts
Bee Keeper
  • Wedding: May 2010

I am against separate accounts once we’re married for a couple reasons. First of all, what if one of us gets laid off (god forbid) or decides to stop working? Is that person just going to be on an allowance like it’s 1955? Second, like others have pointed out, we are both responsible for any debt occurred by the other person. I think it makes more sense to have full disclosure and work as a team by the week, month, year purchase by purchase. I understand it takes away a little privacy and freedom, but the second I decided to marry him I also decided to trust him to become one person, that includes finances. 

Also, I make more than him right now, not a lot, about 10%. But I also don’t have any debt and I have about triple what he has in savings. He has student loans and a small credit card balance to pay off. So that being said, I really don’t feel comfortable living the ‘high life’ compared to him and having more disposable income once we’re married. We’re supposed to be a unit and it would break my heart to see him passing up buying something he really wanted just b/c he didn’t have the money. And there I am at the cash register, buying away. 

It’s also not fair to the person running the errands to have separate accounts. Before he moved in, I was always going to the grocery store buying all the food, cleaning supplies, etc. and I finally had had it. We both aren’t organized enough to track all our spending by category, add it up and ask the other person for half. It also doesn’t sound very romantic to do that. So I was spending a ton of money supporting us while he just came and went as he pleased, not realizing how uneven it was. Once we realized what was going on, it was like a wakeup call and things changed immediately. 

Post # 11
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

We have a joint checking and individual checking accounts. While DH isn’t working, I’m paying all the bills out of my account. We’re saving our joint account (with all the money in it from the wedding) to do our floors with in a few months. So for now we’re living off my salary. It doesn’t matter that i don’t pay the bills out of the joint account or my account–I’m working so I pay them. No biggee. When i go back to school, DH will cover the bills and stuff. Then, when I start work again (about 2-3 months later, i’m only taking off for a summer semester), I’ll start helping out again, except my salary will have gone from 60K/year to 25K/year because It’s a prerequisite for a grad program. I’ll help out but he’ll be pyaing the bills and my money will go to savings. Then, when I go back to school (for 27 months), the load will fall on him again. But we haven’t worked it out too much yet. Because once i go back i’ll have 80K in student loans and I want them paid in 3 years, which will pretty much be my whole take-home salary. So we’ll be living off “his” salary for awhile. by the time I’m 33 or so I’ll be contributing significantly. At which point we’ll be able to sit down and start an official savings account, ideally with the joint checking, joint savings, and two individual accounts for ‘fun’ stuff.

I think we’ll combine more heavily in the future, but we’re kinda winging it for now. In about 5 years we’ll have to sit down and reevaluate. Right now, we’re just going “ok the bills are paid” because with having loans and trying to save for school and one of us not having a good job for awhile, there is no savings account. DH came in with a sizeable checking account that is essentially back up money just in case.

Separate accounts doesn’t mean you guys aren’t a “team” it just depends on how you break them down and look at them. In some sitautions, yes, they can become bad news. I think for us, we don’t care WHERE the money comes from, just that it goes where it needs to go. There’s no animosity that I’m always buying necessary things or whatnot. But, that heavily depends on the individual people involved.

Post # 12
Hostess
18646 posts
Honey Beekeeper
  • Wedding: June 2009

We have completely combined all our accounts.  Before I was the one paying for the bills but now my husband is because I’m a full time student.  We do have seperate credit cards and we discuss major purchases but as long as we spend under X amount every month, we don’t have to discuss it.

Post # 13
Member
3564 posts
Sugar bee
  • Wedding: August 2010

We’re planning on combining everything. One joint checking account for bills and fun stuff, and one joint savings account for (duh) savings. Much less complicated this way, and we’re both responsible enough to not go out an spend a huge amount of money just because it’s available in the joint account.

Post # 14
Member
768 posts
Busy bee
  • Wedding: January 2010

We’re not married yet (20 days!) but we combined accounts after we took Dave Ramsey’s Financial Peace University. We’re on the same page about how we spend and save money and it’s WONDERFUL! I highly, highly recommend taking the course. It will save so much trouble later both emotionally and financially. 

Post # 15
Member
3332 posts
Sugar bee

We kept things mostly the same as they were before we were married.  We have a joint savings/checking account that we use for joint expenses. We contribute to the joint account in proportion to what we make.  We also each have our own individual accounts and credit cards and we’re responsible for paying those.  We each know what the other person has in terms of savings/debt, but I feel that those debts that we incurred before we were married are our individual responsibilities.  Some of our bills are in his name, some are in mine.  Honestly, I think this works best for us.  Nothing against anyone else, but this way, we can jusfity our individual expenses with our own individual money.  I can use my money to buy my $4 latte and he can use his on basketball tickets, or whatever.  I think it’s just a good system for us.  We’re both active in how our finances work each month and have our own financial freedom as well.

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