Post # 1
Ok bees, in my pre-marriage class my pastor brought up and interesting point about finances.
Who takes care of it? And I’m not talking earnings here.
In our relationship, it’s me. I sit down once a month and pay ALL the bills at once. I write the checks, balance the check book, move money to the savings, and then I let FI know what we are working with.
It isn’t something we ever discussed in great detail, when we joined accounts I just sort of took over. I like to have everything on paper, and FI just pays things when they are due and doesn’t look twice. When we first had our joint checking it had WAYYYY too much money in it because FI never moved it over to savings!
I like doing it. He likes that I do it. It’s easier for both of us because he knows it’s taken care of, and I know that it’s done (the way that I like it done! lol)
Post # 3
We have joint accounts and almost every bill is set up to auto deduct, so I guess we share the responsibility for the most part.
Post # 4
@jb20: We aren’t married yet, but we are planning on having joint accounts. We are going to share that. I might be the one to write out the checks (because I would just get anxiety not doing that) but we are both going to know everything that’s going on. So we are both going to do it, I guess. We are planning on doing auto deductions for our mortgage and stuff, though.
Post # 5
DH does. We use Quicken to keep track of everything and he seems to enjoy paying bills and entering all of our purchases. I’ve offered to help out with some of the bill paying but we decided it’s easier for one person to do it.
Post # 6
I have this complex spreadsheet that calculates how much we should each move to the joint checking account, which accounts for all the expenses that are tied to our individual accounts (like car payments, student loans, etc) and all the expenses that need to be covered by the joint acct, with the goal being that we are both left with the exact same amount of personal spending money each month. DH doesn’t even know how the spreadsheet works, so every month I just tell him how much money to transfer and he does it. Haha it would be so easy for me to rob him blind! Lucky for him, I don’t. I steal a maximum of $50 from him per month.
Post # 7
I do it for most of the reasons you listed! I like to have things written down and organized, my husband doesn’t really care. Originally, we had planned to handle things more jointly but because he’s often gone for months at a time for military training or deployments, it just makes sense for me to be the one to do it because then we can’t forget anything! But lately he has been much better about being involved and at least having some concept of how much we pay for things. A few months ago he couldn’t have told you if we spent $20 or $200 on electricity!
Post # 8
A combo of both.
We have a joint account and the mortgage and housing bills are auto-drafted, as far as for our cars, cells, and credit cards; we each pay those on our own, but the money is still deducted from the joint account. As far as savings, my husband moves money on a monthly basis and determines what that amount is each month, so I will say that he does a little more then I regarding our funds. He also manages our investments.
Post # 9
I’ve discussed this with my FI. He’s a much better saver than I am, and he’s super into stocks and such, so we agreed that he will be taking care of our money. I have asked to be included in what he is doing, just so I know, but for the most part, he will be paying the bills!
Post # 10
I pay my own bills like cell phone and credit card. He pays his own. For joint expenses like water, electricity, phone, cable etc we divide the bill based on percentage of total income. So, for a year we make X dollars together, my income is say 45% of that, so I pay 45% of the bills.We re evaluate that percentage annually. For groceries we take turns. We have a smaller joint account for some things but we keep the majority of our finances separate. Maybe it seems complicated but for us it works.
Post # 11
@jb20: We have differnet roles.
I take care of the expenses tracking in my ancient spreadsheet I’ve used for 15 years. All the bills are on autopay so no one has to worry about them. But I like tracking things and keeping H updated on where our money went this month. I send him a chart at the end of each month. This way we can compare spending from year to year, or try to figure what our replacement income would need to be in retirement. I also predict how much we have in checking for future months as well.
H does the long term planning, like with retirement accounts and figures when we can retire. However, he needs my short term planning to see if we have enough per month to open more accounts.
Post # 12
I also think part of this comes from owning my own small business. I have to track EVERY SINGLE purchase, file reciepts, etc. So I am naturally more business and financial minded (plus I worked in banking for years and it’s SCARY to see how some people use their money).
My FI wants to be debt free, and still have enough savings to cover if we needed it, he just doesn’t know how to achieve it. I know how to achieve it, but I have always been so strapped (until this past year) that I couldn’t. So when we came together, it made a lot of sense to do it this way.
Post # 13
I like doing it. I like being in control. I’m more organized. He is much more forgetful/scattered than me.
I have some things set up to autobill but not everything. I think his auto insurance is auto billed to a separate account of his but otherwise I take care of all our bills and make the budgets.
We technically don’t have joint accounts at the moment though. It makes things a little more difficult (transfering money) but he has some business accounts he prefers to (obviously) keep separate and just ends up giving me cash. Also he makes $ frequently in cash so he just gives that to me as well for put into what is technically my account (even though it’s “our” money). I should add him to my account, just haven’t gotten around to it.
Post # 14
@jb20: We have been living together for almost two years, but havent joined finances yet. I moved in to the apartment he already lived in, so stuff like gas/electric/internet was already in his name, so he takes care of the actual payment, and also writes/mails the rent check. Our cell phones are under my name, so I pay that and our season tickets for soccer. We split everything 50/50, and just say “you owe me this much for x” as the bills come up, or a couple of times a month. I really want to take over the bill pay though, because he forgets sometimes and it drives me batty!
Post # 16
I take care of all the household finances and bills. DH is just responsible to pay for his car loan each month as it comes from his personal account. I like to be the one to take care of it all cause then I know they are all paid on time and I dont need to nag him about anything. Plus he is super busy with his own business and I work a desk job so its alot easier for me to take care and manage the finances