(Closed) Combined and Separate Accts, how much goes where?

posted 9 years ago in Married Life
  • poll: How much of your money is combined, how much separate?
    We combine ALL our money : (14 votes)
    38 %
    We have joint and separate accounts, and the individual amounts are based on our salaries : (11 votes)
    30 %
    We have joint and separate accounts, and we each get the same amount regardless of who makes more : (8 votes)
    22 %
    We have completely separate accounts and plan to keep it that way : (4 votes)
    11 %
  • Post # 3
    778 posts
    Busy bee
    • Wedding: March 2009

    We did 15% of each of our paychecks go into our personal accounts.  With the remaining amounts going into our joint checking.  At the end of each month we take most of the money left over and put it in our savings.

    Post # 4
    3331 posts
    Sugar bee

    We make different amounts of money (I’m only working part-time while I’m going back to school), so we contribute different amounts to our joint expenses. We split our expenses on a percentage, based on how much we make.  When I was working full time, we split things like 55%-45% because that’s what we made. However, now, we’re splitting things more like 70%-30%.  So I guess, we’ve set up a budget for the joint expenses, then split that total monthly amount based on what we make–and that’s what we contribute to the joint accounts.  Everything else stays in our individual accounts for our individual expenses. 

    Post # 6
    2344 posts
    Buzzing bee
    • Wedding: June 2010

    This has been a serious discussion for Fiance and I. I come from a family in which its traditional for a husband and wife to lump all their income together, with no separate accounts. My mom definitely looks down on having separate money or splitting expenses "evenly" because she thinks it isn’t that marraige mentality of "what’s mine is yours", and I somewhat agree with her. Fiance on the other hand comes from a family where expenses are split, his parents pay for their own cars, phones, college bills, etc. His parents are very happily married so its hard for me to criticize this, but for us I don’t think its the best plan, because we won’t ever have comparable salaries, and I want to be a stay at home mom eventually.

    I think our plan as of now is to do sort of what Jessie and her husband do. We’ll make a budget of our monthly expenses and based on that, figure out how much we’ll need to have in our joint checking account. Then, based on our respective incomes, we’ll see how much we each contribute. So basically if my income is 30% of the household income, then I pay 30% of our bills. Anything leftover goes into our own accounts.

    The thing that we disagree on is if our "own" expenses should include things like student loans, individual cell phone bills, individual credit cards. In my opinion, all our expenses should be considered household expenses, but I know he’d rather keep those separate.

    Something else we are planning on doing is, as we get closer to being ready to have a baby, I will start saving more and more  of my income. So say next year, I am putting aside $100 a month in a savings account. After a couple years, I will put $200 a month aside, and the next year, $300. By the time we start trying to concieve, I will be saving the majority of my income. This does two things – it teaches us how to live on just his income, which we will have to do because I’ll be staying at home, and it puts money aside as a "baby fund" so things aren’t too tight when we do start a family. Credit Mama Daniellemybelle for this great plan!

    Post # 7
    416 posts
    Helper bee
    • Wedding: June 2008 - Imperia Hotel (modern chic hotel)

    Oops I voted wrong.

    We have both seperate and joint accounts. I budget all the money but we have an amount for spending money. The rest pays the bills. It works for us. But I am a very budgety person

    Post # 8
    558 posts
    Busy bee
    • Wedding: August 2009

    We have one joint checking account and a savings account. My paycheck is direct deposited, and most of the time I have to go to the back to deposit FI’s check or else he never would. 🙂 I am the CFO of our relationship, I make sure all bills are paid, food is bought, etc, and if either of us ever wants to buy something just because, we have to clear it with the other person first. I don’t mean like "Hi, honey, can I buy a soda at the gas station?" I mean like "Wow, honey, there’s this really awesome gun/pair of shoes/small flying device that I want, do we have the money for that?"

    It works well for us.

    Post # 10
    106 posts
    Blushing bee
    • Wedding: October 2009

    We have joint and separate accounts.  We split the bills down the middle.  We may merge our accounts after the wedding (once my name is changed).

    Post # 11
    6661 posts
    Bee Keeper
    • Wedding: May 2010

    We are going to have only joint accounts once we’re married, he’s still paying off the ring and a student loan right now so it doesn’t make sense for us to merge yet (plus I make more than him).

    Post # 12
    1145 posts
    Bumble bee
    • Wedding: October 2000

    I’m exactly like Flamingo who said:  

    Oops I voted wrong. We have both seperate and joint accounts. I budget all the money but we have an amount for spending money. The rest pays the bills. It works for us. But I am a very budgety person.

    Post # 13
    47 posts
    • Wedding: May 2010

    We have both seperate accounts and a joint account. The seperate accounts are for use in our respective hometowns (as the checks are more easily accepted). Our joint account is where we have decided to place most all of our income and what we spend out of primarily. There are also savings accounts attached to the joint account that we use to save up for the health insurance we’ll be taking on next year. He is way more money conscious than I am and does alot of the budgeting, but we discuss all the decisions.

    If you have more finance questions or have debt and would like to get out of it, I would strongly recommend Dave Ramsey’s book "Total Money Makeover" It was given to us during marriage counseling by our pastor and it was a great jumping off point for creating a plan for our financial life together.

    Post # 14
    2 posts

    I’m european and I guess by default somewhat old fashioned. I really don’t understand the concept of separate accounts. Since our engagement my husband and I have had a joint account … and I was a student at that point. I just got out of school and make a lot less than my husband. We don’t hide any purchases from each other .. unless you are doing this what’s the point of separate accounts? I don’t mean to sound ignorant, I just don’t understand it.

    Post # 15
    439 posts
    Helper bee
    • Wedding: October 2009

    We’ve learned to be open about finances and frankly don’t want the hassle of yet another account, so we plan to keep our seperate ones for now and keep paying bills as we have been the last two years of living together – we split the regular household bills, some come from his account, some from mine, and I transfer rent directly to his account as needed. It’s been working great for us so far!

    We do share some credit cards account, and will probably share more in the future – too many of those kicking around! 😉

    Post # 16
    250 posts
    Helper bee
    • Wedding: October 2010

    I can’t vote on this yet because we don’t live together so we don’t share expenses. We’ve talked a little and I’m not sure what we’re going to do yet. I’d like us to each have some of our own money on the side, but we’ll see. I make significantly more than my Fiance, so I like the percentage idea – it seems much more fair.

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