(Closed) Combining finances

posted 9 years ago in Married Life
Post # 17
Member
33 posts
Newbee
  • Wedding: September 2011

My fiance and I are planning to have a joint account for “our bills” and then seperate accounts for little things. Say he wants to buy a video game, then he can and he won’t have to clear it with me first, although I’m sure he will anyway. I also think this will be useful, so that we can buy gifts for each other with out the other one finding out. I have friends who are married with 100% joint accounts and they always know what their husband is getting them for Christmas and their birthdays. No fair! I like surprises.

My parents do something interesting and it works well for them. They’ve been married for over 30yrs. Anyhow… My mom has her account and my dad has his, but they have each other’s names on them just in case. If my dad needs my mom to go pick something up for him at the store he will give her his check book, that way he can sign for it, but it’s coming out of his money. She said in the begining of their marriage they sat down and wrote out all the bills, then they decided who will pay what (probably mainly based off income, my mom actually makes more than my dad does) and that’s how they split their monthly bills. Sounds a little complicated, but Hey it works for them!

Post # 18
Member
351 posts
Helper bee
  • Wedding: August 2010

We have our own seperate checking accounts and credit cards. We set up a joint savings account for all the wedding gifts, and add money to that on a monthly basis. As far as expenses, I pay for groceries and the bills (TV, heat, electric) and DH pays the rent. When we go out together we’ll often just take turns paying from our own checking, (i.e., if he got dinner one night I’ll get dinner the next, or I’ll get the movie tickets). Although we do have seperate checking accounts, we still view it as “our money”…if that makes sense.

Post # 19
Member
1498 posts
Bumble bee
  • Wedding: August 2011

All our money will go into one joint account and then all the bills will be paid of of that, some will be put into a joint savings account, and then we each will get money put into our own checking accounts (like allowances, so we can’t complain when the other one spends $50 on a blu ray or pedicure).

Right now, we have a joint account that we use for all the joint bills (rent, power, etc), but we are both still paying our own credit card bills and loans and stuff, but that will all combine and be paid from the joint account after we are married.

Post # 20
Member
1820 posts
Buzzing bee
  • Wedding: August 2010

I imagine that we will eventually go to sharing everything, especially once we have kids, but for now we each have our own accounts plus we have a joint account.  We pay for pretty much everything (mortgage, cable, car insurance and gas, utilities, groceries, household expenses, entertainment) out of the joint, and then use our separate money for personal stuff (getting my nails done, clothes, going out with friends, student loans, personal retirement/investment accounts).  We each contribute an equal monthly amount to the joint account – it is a few hundred dollars more than our typical spending.  The extra money goes to savings, vacation planning, emergency funding.  We are not very good at joint investing right now, but I hope that we can start contributing jointly to that soon.  It’s not a perfect system, but it works for us.

Post # 21
Member
1246 posts
Bumble bee
  • Wedding: June 2010

we have a joint checking and savings account and do NOT have personal accounts other than our individual credit cards. it works great for us and it is very easy to just work from one account.

Post # 22
Member
2066 posts
Buzzing bee

We combined everything.  The way I look at it is we’re a team, we’ve agreed upon financial goals, and we are working twords those goals together.  It was easiest for us to do that by having a joint checking account, and multiple joint savings accounts (one for each savings goal, etc).  We’re trying to figure out what to do about credit cards.  We each have 2-3 credit cards, but combined we don’t need that many, so we’re closing some, and adding each other to the accounts we’ll keep.

Post # 23
Member
1941 posts
Buzzing bee
  • Wedding: June 2009

We have joint savings, checking, IRA, credit card, well pretty much everything. I balance everything, pay all the bills, make a budget each month and we are always in open communication about it. We are in the camp-we are a team and it is our money. We have a limit of $500 and under for purchases, does not need to be discussed if we would want something, but we always end up still consulting each other. Anything over is discussed and a decision is made togethor. There is zero debt between us so we have the flexibility to do so and neither of us really ever want for much, but if I want to go to the salon and pamper myself or my hubs wants to purchase yet another collectible whatever, we each have a right to do so. 30% of our monthly take home goes into savings and we also put 10% away each mth for our IRA. Works well for us.

Post # 24
Member
5920 posts
Bee Keeper
  • Wedding: December 2010

We have joint savings and checking (this checking account is used for all bills, plus cushion for gas, etc.) We also have seperate (but linked) checking accounts for personal stuff (clothes, Starbucks, golf, etc.)

It works fantastically for us.  We don’t think of it is as “my” money, it’s still “our” money, this is just the system that works ideally for us.

Fiance works out of state 6 months a year, and it was way too hard to try to keep our account balanced 800 miles apart.

Post # 25
Member
289 posts
Helper bee
  • Wedding: December 2010

66% of our individual income goes to a joint account to cover: mortgage, household bills, joint savings, wedding, vacations, groceries, eating out and other expenses. At this point, we do not have a joint credit card.

The rest of our money is kept in separate accounts. I have separate savings (we both have retirement accounts as well). We each have our own credit cards as well.

I like joining finances because it makes us a team, helps us plan and simplifies life. I like keeping some separate funds because it gives us incentives to earn more/save and allows us to surprise each other with gifts.

In the end it’s all joint property under the eyes of the law anyway. Wink

Post # 26
Member
4354 posts
Honey bee
  • Wedding: June 2013

Joint account for common expenses, which we have set up to automatically transfer money into on pay day, besides that personal money is personal money.

Post # 27
Member
2702 posts
Sugar bee
  • Wedding: September 2010

we moved in together after we got engaged and set up a joint checking and a joint savings. we also each kept our individual savings/checking accounts. 

works perfectly for us 😀

Post # 28
Member
7776 posts
Bumble Beekeeper

We also have a joint savings/checking and our personal ones. We funnel most of what we make into the joint account and then keep a smaller portion of each paycheck for ourselves to use however we want. Its just easier for us and it solves the problems of having to ask the other person about purchases.

Post # 29
Member
1756 posts
Buzzing bee
  • Wedding: September 2010

We combined finances 100% and have a joint account into which both of our paychecks are deposited. I also have a “debt” spreadsheet that lists all of our loans (student loans, car, house) and their interest rates. So, not only have we combined income – we’ve also combined debt. And we’re paying off the loans on a snowball manner, concentrating on the one with the highest interest rate (regardless of who borrowed the money) and working our way down.

Post # 30
Member
10285 posts
Sugar Beekeeper
  • Wedding: October 2011

We’re not married yet but do have combined finances so I’ll answer…

We have 1 joint checking (all household bills) and 2 joint savings (one is strictly for wedding expenses and the other is “fun” money). I have my own savings account (with a check card if I ever NEED to take money out of it) and Fiance has his own checking since he has alot of misc. bills each month for servers and other tech related stuff that I dont understand. 

Post # 31
Member
2201 posts
Buzzing bee
  • Wedding: August 2010

We combined and have a designated $150 each month that each of us can use for whatever we want (I come home with shopping bags and just say “discretionary spending!”). We set that up as part of our budget and track all expenses on a spreadsheet. And if one of us doesn’t use our total $150 allotment, we carry it over to the next month. So if I want to do a spa weekend, I can “save” my discretionary funds from month to month.

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