(Closed) Bank Accounts/Finances Plan?

posted 5 years ago in Money
  • poll: What is your financial/bank account plan?
    all bills/accounts stay separate and 50/50 of shared bills : (8 votes)
    5 %
    set % of total paycheck into joint account, the rest into separate accounts : (43 votes)
    25 %
    100% joint accounts : (61 votes)
    36 %
    set dollar amount reserved for each of you each month, the rest joint : (26 votes)
    15 %
    certain bills paid by you, other bills paid by FH : (24 votes)
    14 %
    other (please explain) : (8 votes)
    5 %
  • Post # 3
    Member
    8444 posts
    Bumble Beekeeper
    • Wedding: April 2013

    We have joint everything and I manage all of our finances.  He basically gets an allowance that he can spend however he likes.  I don’t work and we never fight about money.

    Post # 4
    Member
    3170 posts
    Sugar bee
    • Wedding: October 2012

    We have seperate accounts and I give him money for what bills I help out with. We have talked about getting a join account but it’s just not necessary at this point. We are fine with how everything works.

    Post # 5
    Member
    4464 posts
    Honey bee
    • Wedding: February 2012

    There were no tensions or arguments about joining finances. Ok, well I was a little annoyed that I would have to be the one changing banks, but not exactly an issue. Just me being stubborn.

    The day after our wedding (no honeymoon) we went to the bank and I was added to my husband’s account. The reason it made sense for me to change to his account was because my account was set up when I was in college, which meant my mom had access to it. Obviously that woudn’t work as a married couple. I didn’t close that account though. It’s still useful, and sometimes if I have a little bit of money in there (like $10.00) I can get some lunch at work without taking from our money that we may need for bills or other things.

    Anyway, all of our paychecks, etc. get deposited into the same account. We have a checking and savings together. Every single thing we make right now is considered ours. Truth be told, we don’t make that much, so almost everything we have is going toward necessities. Perhaps in the future, when we have a little more money to use on ourselves, we will budget for each other monthly (what I can spend on manicures/pedicures, him on…whatever he wants). My husband is supportive of my needs, and I am supportive of his. If one of us needs something new, we just discuss it and either move forward or not. 

    I usually am the one to pay the bills since my husband can be a little more scattered. But he’s the one in charge of checking our online account daily and making sure everything is as it should be. So we both share some of the daily financial responsibilities. 

    Post # 7
    Member
    9952 posts
    Buzzing Beekeeper
    • Wedding: December 2012

    TO @lawbride88:  lol, we are still working thru the transition and some legal issues (see below, re: my Last Marriage / Divorce), but at least we have A Plan and a longterm goal (Retirement for both of us… being just around the corner)

    Not sure if you’ve seen my other posts on this topic… but I thought I’d share those thought here as well

    == snip ==

    As a woman who was married, went thru a horrid Divorce… and still came out broke in the end (and they say marriage laws are there to protect you) cause my man managed to run off with the majority of our money just the same !!

    I am very aware about money from a long-term stand-point.

    Which is WHY since hearing about what I believe is the most perfect financial model for Married Couples on a Tv Show (can’t recall if it was Susie Orman or if it was Gail Vaz-Oxlade from “Til Debt Do Us Part”) I have been keen to tell every woman I know contemplating Marriage this formula.

    Splitting things 50/50 or 33/66 etc (Bill is $ 100 you pay $ 50 to his $ 50… or he makes 2x as much as you and pays $ 66 to your $ 33) looks good on paper, but in reality it isn’t the best solution for a couple

    Particularly so if one is married… or gets married afterwards… because guys tend to get used to the “living together” arrangement and are reluctant to make a more fair agreement after they then marry you (I fell into that trap… and I distinctly think it is one of the reasons that when My Ex-H and I separated, he honestly and truly believed that he was in the right as in his mind things had been 50/50 all along… but in reality, he left the marriage with a pocket / bank account full of money… while mine was all gone).  There are far far better ways to operate jointly.

    A + B = C – D – E = F / 2 = (G & H)

    A = Your Income

    B = His Income

    C = Total

    D = Fixed Living Expenses (Mortgage, Utilities, Insurance, Food etc)

    E = Joint Savings (an amount you both agree upon for something like a vacation, home repairs, boat, whatever fits your fancy)

    F = Sub Total

    G & H = 2 Equal amounts

    And then G & H are further divided… but done so individually

    I & J = Equal Amounts you each agree to put into your Long Term Savings (ie Retirement)

    K & L = Is Equal Amounts you both have for Spending as you like

    Under this A to L model.  You’ll discover that ALL the money is equally divided, not based on who earns what.  All the bills are paid (D), all the dreams are represented (E), personal needs for Retirement (I & J) are met, and you have money you can spend as you choose (K & L).  And there is no resentment to build, because things are 50/50 thru the entire process… with no one person having access to more money than the other*.

    (*Only took me a decade to get that straightened out… finally).

    If someone chooses to spend all their Retirement Savings foolishly… so be it (sucks but then chances are this is going to be a situation where the relationship is in serious cardiac arrest most likely anyhow… not caring about the future with the other person / long term)

    And the nice thing is this model can be continually updated revised… so if someone loses their job, or someone goes on Mat Leave… (income) or baby / child care expenses come along (out going)

    It certainly would have good long term prospects if it was implemented early on when a couple marries…

    But it could have it’s issues in a Co-habitation situation… (in that I am not a big believer in a gal giving up a good portion of her income / independence in most situations unless there is a Ring & Date or a Marriage involved… having just seen too many things not work out… and the girl left in a not so great situation / empty handed).  Which is speifically WHY an Unmarried Couple Living Together needs a legal document / Co-habitation Agreement.

    And I would therefore say, that for anyone living together, that getting a guy you lived with used to one model (such as the 50/50 which By The Way I believe CAN WORK when you aren’t married ) to switch over to a more fair one whe you do marry, could be a challenge.  Making it happen tho is something I truly believe that a gal should plan for BEFORE moving in… as guys don’t take change well… especially change to money… once they get their hands on it and have become accustomed to a particular way of doing things (more so if this is the first time they’ve ever lived with anyone and shared expenses)

    Just my 2 Cents (somehow recently rounded up to 5) Canadian.

    Hope this helps someone,

     

    Post # 8
    Member
    447 posts
    Helper bee
    • Wedding: June 2013

    We took baby steps, but not intentionally, it was just the way things worked out.

     

    In the beginning, Fiance paid rent and utilities and all of his bills, and I paid for dining out/groceries and all of my bills. Then, he added me onto all of his accounts. Recently, he started paying all of our bills from his account and my account is for wedding stuff and is acting as a savings account. The end goal is to transfer completely to his accounts, but we were having issues with my direct deposit and since I will be leaving this job right before the wedding, we are waiting to close my account until then.

     

    Fiance runs the finances for the most part because he is into using Quicken and things like that to set up automatic payments and track our spending. We are both bringing debt into the relationship–him from CCs and me from student loans. However, he has a great debt payment plan, so I was okay with him taking the lead.

     

    Neither one of us get an “allowance” though. If we need something, we buy it. If it is a big purchase, we talk about it. 

    Post # 9
    Member
    11747 posts
    Sugar Beekeeper
    • Wedding: November 1999

    We opened a joint account after we got married and put all our wedding gifts in that to start. Nothing else has changed with regard to our personal accounts – all of our paycheck goes to our personal accounts and we still pay bills how we did before marriage. No fights about it. We haven’t planned what we will do next but this works for now Until we decide!  Even though we have mostly separate accounts we maintain a whats mine is yours attitude and always discuss purchases with each other first-big and even some small.

     

    Post # 10
    Member
    946 posts
    Busy bee
    • Wedding: November 2012

    We have separate accounts and 1 joint account (for wedding gifts) at this point. 

    he makes more money so basically he pays all utilities and a majority of our rent and I cut him a check every month for a portion of the rent. We really don’t keep track of who pays for what – sometimes I pay for dinner, dry cleaning, air fare, gifts, etc and sometimes he does. 

    I like having my own money and believe we are both entitled to some privacy in regards to where we like to spend our own $.

    Post # 11
    Member
    10603 posts
    Sugar Beekeeper
    • Wedding: January 2011

    @This Time Round:  Technically it’s rounded down to 0.  Laughing

    Darling Husband and I consider everything to be joint, even if officially it isn’t.  I had a decent amount saved up, but have no income.  Darling Husband has an income.  The non-registered savings are all in my name to help with the attribution rules to avoid being excessively taxed.  TFSAs and RRSPs can’t be joint.  It’s still all our money.  The chequing account and our primary credit card are joint.

     

    Post # 12
    Member
    13290 posts
    Honey Beekeeper
    • Wedding: November 1999

    We do joint everything, with a set dollar amount going into our personal accounts.

    Post # 13
    Member
    9952 posts
    Buzzing Beekeeper
    • Wedding: December 2012

    TO @AB Bride: lol, when the demise of the penny was announced I too thought that was going to be the case (technically / mathematically correct)… but evidently there are some mass confusion in this and some places are rolling down** and others are rolling up* at the 1 and 2 cent mark.

    8-} *ROLLING Eyes*

    *Not 100% sure WHO is rolling up… talk about “taking advantage”.  I haven’t seen it, but have heard about it.  In any case, I haven’t come across it personally, as we don’t buy a lot with Cash (lol, like a lot of Canadians we are “plastic” virtual money folks… Debit Card or Credit Card) and as the New Rules don’t apply to Credit it probably won’t have much affect on us.

    ** As for rolling down.  Do know that Loblaws Grocery Stores here for example have signs in their Lobbies that state that if you are paying cash they will automatically roll down EVERYTHING be it 1, 2, 3, or 4 cents on your Total Purchase amount.  Lol, it is only a few cents here and there (as they’d roll down at 2 anyhow)… but I think it is a nice sentiment.

     

    Post # 14
    Member
    10603 posts
    Sugar Beekeeper
    • Wedding: January 2011

    @This Time Round:  I don’t use cash that often either to know.  You’re probably right though, I believe the Mint/government just published a guideline that stores don’t have to follow.  I just couldn’t resist commenting!  Laughing

    Post # 15
    Member
    8471 posts
    Bumble Beekeeper
    • Wedding: July 2012

    We are just about to open a joint account since we are buying a home.  We’ll figure out what mortgage & monthly bills will be.  Deduct that from my paycheck… Then I, however, also want a seperate account for my personal shopping spree bills. Not sure if my husband plans to do the same. 

     

    Post # 16
    Member
    2363 posts
    Buzzing bee
    • Wedding: September 2013 - B&B

    My Fiance and I recently got a joint account. We both had individual accounts at the same bank (and we’re pretty happy with said bank), so it was a pretty easy transition. We put our paychecks into the joint account, and we’re in the process of transferring all our bills and automatic debits to the joint account. We pool our money into one big fund: and then subtract all our bills. What is left over, we will figure out what we want to save for our future together. It stays in our joint savings account. And from whats leftover after that, we will each get a % to put in our individual acounts. For instance at the moment I make a bit more than him, so (as an example) he might get $75 every month and I might get $100. Our individual accounts are strictly our own… if he wants to save up for 3 years and blow it all on a lift kit for his truck, he is mmoooorrreee than welcome to! Likewise when I JUST want a new dress or a new pair of shoes to add to the 30 I already own, I can go right on ahead with my bad self in the store lol.

    Basically, we make our important decisions together, all the way. Whats left over we get for our own jollies so we still have that small taste of individual freedom to treat ourselves to something special!

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