Post # 1
I am wondering what people are doing about money now that they are engaged, about to be married. We have a system that works for now but when dealing with a mortgage and kids someday, I don’t think our completely separate accounts will work.
So, from all you experienced bees, what are you doing about joint accounts, joint credit cards, joint savings . . . or are you keeping everything separate?
Thanks for the feedback!
Post # 3
We will keep everything seperate. The current house we live in is only in my name if we ever put a house in both names we will set up a joint account for house bills only.
Post # 4
We are going to get a joint acct, and still have some separate for our own private “allowances”. We are getting a joint credit card for groceries, etc.
Post # 5
We’re doing this too–joint account for savings and household stuff, plus personal spending accounts.
Post # 6
We have a joint account for big stuff. We split bills and things fairly evenly each month from our separate accounts which is also there for our own things to do without having it questioned by the other.
Post # 7
Joint checking/savings account with debit cards tied in, plus personal checking and savings accounts each (i’m saving for a car, actually!). I don’t use my CC very much so it’s not an issue but DH wants to add me to his credit card so we can get points.
Before we got married, we set up the joint account so we could pay for all the wedding stuff out of that and we deposited money into it. Then all our wedding checks went in. And now we drop in percentages of our paychecks into our joint account.
The his/mine/ours philosophy works great for us so we have some of our own mad money (and this way, he doesn’t feel like he’s contributing to ‘my’ car) and yet all the household purchases and bills and mortgage and car insurance, etc, come from “our” money. We both plan on working when we have kids, so we never considered 100% joint.
Post # 8
We just merged almost everything! It was quite an undertaking! We have a bunch of accounts, nearly all of which are shared. We have a joint “static bills and paychecks” account, into which our paychecks go in, and big bills like rent and student loans come out. The we have a joint “expense” account for smaller bills and groceries, haircuts, medications, joint dinners out. We also have two joint savings accounts, one for “flexible savings” like trips, cars, etc, and one that we consider to be “emergency only” which has only about $1,000 that we never ever touch.
Additionally, we each have a “personal expense account” into which we each get an allowance of sorts each paycheck. We’re welcome to spend that on whatever we please (gifts for each other, espcially!), or hoard it to save up for a big personal expense. We also have separate credit cards (for no particular reason), so if we need to buy something spendy and then use our “fun money” to pay it back a little at a time, that’s totally okay with the other person.
It sounds complicated, but it works so well for us because it helps us to budget everything in a pretty detailed way.
Post # 9
Everything is joint. Every single thing. Credit cards, checking accounts, investment accounts. The only thing in our individual names are retirement accounts and we are 100% beneficiary of each other. There is no such thing as “his money” and “my money”… everything is “our money”. But just because we don’t have our own separate spending accounts doesn’t mean we question each other’s purchases. We both buy whatever we want/need and don’t feel the need to question each other. We trust each other to be responsible with money. I wouldn’t have married him if I didn’t trust that he was reliable about finances. If a purchase is large (say, over $500) we talk to each other first to make sure we are both comfortable with spending that kind of money. Otherwise, we do what we want to do.
Post # 10
We have a joint checking and 2 joint savings accounts. We just set these up because we recently closed on our house and will be getting married in a month. The only things that are seperate are our credit cards because we had those before we got engaged. I find that it works great for the two of us and we have great communication when it comes to money. The reason we do not have out own seperate accounts is because we do not have much money remaining to split t up between two additional accounts. However, I handle the accounts and the bills and FI spends absolutely nothing on himself so it’s not too difficult for us and he could care less if I went shopping or bought stuff for myself as long as the bill didn’t bounce and anything over $50 he will call about, not because he has to but I usually know what is in the accounts at all times.
Post # 11
- Wedding: June 2010 - New York Botanical Garden
We’re totally joint as well, and we have been for about a year now. It works for us.
Post # 12
We will be/are completely joint. The only thing we actually have to do is add each other to our respective accounts (so we will have two joint checking accounts and one joint savings account). I pretty much agree with everything that @Moose1209 said–that’s how we handle things as well.
Post # 13
We will probably never have a joint account. At this point, FI makes 3 times as much as I do, so he takes care of our mortgage which is in both our names, and I take care of all the bills except his cell phone bill. He also usually buys groceries and dinner when we eat out, and pays for most of our holidays, and I pay for our meals/activities (except golf) when we’re away.
We have seperate savings accounts, seperate credit cards, etc.
It’s been working great for us so far, just because we have established what we were doing from the very beginning.
Post # 14
Separate! For a bit…. But our plan in the next few years is to join everything.
Post # 15
We’re completely joint already. We did it when we purchased our house together, and it works really well for us. I agree with everything Moose said!
Post # 16
I love you all! I knew this site would come through. I will go through this board and all your responses with my FI and see what we think best suits us.
Much love & thanks!