(Closed) Combining Finances?

posted 9 years ago in Money
  • poll: What did you do or are you doing with your money?

    Combining our finances 100%

    Keeping everything 100% separate

    Combining only some of our finances

    Other. (Explain Below)

  • Post # 31
    Member
    5117 posts
    Bee Keeper
    • Wedding: November 1999

    We’re doing like @mwitter80: and @crayfish:. Our money will all get placed into our joint checking, with a certain amount transfered out to each of our own personal accounts. Mr.ND isn’t particularly financially savvy since his dad is an accountant and has just always taken care of everything, not really letting Mr.ND take over things as he grew up. So this way we can pay our bills together from one account – he’ll be learning how to manage it all and I’ll be able to make sure it all gets paid on time.

    Also, this way we have our own personal $, we can save up our personal money for a few months for big personal purchases and or surprise gifts, and also for some of the reasons that @jen24au: mentioned. I’m in law school so I’ve just seen way too many cases where this goes wrong, and have also personally seen many people divorce and someone (usually the woman in the relationship) is left high and dry and the bank account is cleared out. 

    Post # 32
    Member
    773 posts
    Busy bee
    • Wedding: City, State

    Well… i wanted 100%, but my Fiance didn’t.  He wanted some of his own money to blow on things that was important to him, and didn’t want to have to necessarily clear it by me.  It became a long discussion, but we ended on 60% is joint.  That being said, money isn’t really an issue with us in terms of who pays for what or if I/he use/need money for something. 

    Post # 33
    Member
    1192 posts
    Bumble bee
    • Wedding: November 2011

    We have already party combined finances…. Not sure how it will work when we are married…

    Post # 34
    Member
    1889 posts
    Buzzing bee
    • Wedding: May 2011

    We’re combining 100%.  We already share a mortgage and a credit card, so it just makes sense to share accounts once we’re married.  Since we got engaged, it really seems silly even to talk about who is paying for what.  It’s all “our” money.

    Post # 35
    Member
    1501 posts
    Bumble bee
    • Wedding: September 2011

    We partially combined two years ago when we moved in together and this is what works best for us.

    We have a joint account and each of us put the same amount in each payday. This covers rent, household bills, groceries etc. We are working towards a bit of saving in there as well.

    We both have our own cheq/sav accounts. From this we pay our own cells, insurance and then save or spend as we want.

    For going out etc, we take turns.

    We also have a joint loan that we pay set amounts on each every payday.

    I love this system and it works best for us. Even with our own money if we are making a bigger purchase we usually discuss it with the other first.

    Post # 36
    Member
    7769 posts
    Bumble Beekeeper
    • Wedding: July 2010

    Everything is both of ours.  100%.  I can’t imagine being a team and feeling/ having it any other way.  We don’t even think like that.  I have worked while he has been out of work, he has worked while I recovered from surgery, he has worked while I have been in school and we both contribute in so many ways, with both of our resources. 

    Post # 37
    Member
    52 posts
    Worker bee
    • Wedding: August 2011

    We haven’t combined our finances yet, but we will next month when Fiance gets back from being at sea. We plan on combining everything 100% and closing our individual accounts. We’ll only check with each other on large purchases. It’s going to be nice to have everything in one place and I think it will be a lot easier to manage. We both have similar spending habits and are huge savers so I don’t think we will run into any issues. We are also planning on combining all our insurances and I will be adding him to my mortgage.

    Post # 38
    Member
    6891 posts
    Busy Beekeeper
    • Wedding: March 2012

    We’ve been semi-combined since we were dating. We won’t be changing much of anything once we are married because…this works. We have a joint account for bills, but we each have separate accounts for personal things (like a doctor’s visit, date night, personal purchases). A large portion of our pay goes to the joint account for bills and leftovers (aka our nest egg, lol). We have the same plan for savings (one joint, two separate).

    Post # 39
    Member
    966 posts
    Busy bee
    • Wedding: October 2011

    Roughly 90% of our paychecks will be in a joint account…checking/savings.  The other 10% we’ll have our own for miscellaneous stuff.  Really it’s to prevent me from getting mad when he goes and plays cards with the guys or hits up the casino.  

    Post # 40
    Member
    4581 posts
    Honey bee
    • Wedding: October 2011

    We’ll have a joint account for most things but we plan to keep our personal checking accounts to each have a little bit of “me” money. Though my “me” money will like be gift money ’cause I’ll want to use it to buy him presents without him knowing.

    Post # 41
    Member
    220 posts
    Helper bee
    • Wedding: July 2011

    I guess I will be the only weird person in here. But I don’t work, thus don’t have my own money and my fiancee is paying for everything himself, including our wedding. Since we started dating, I never spent my own cent 🙂

    Post # 42
    Member
    1995 posts
    Buzzing bee
    • Wedding: June 2010

    We have combined 100% (I blogged on this topic).  For us we’re a team and saving for the future together is the only way to go.  I can’t imagine ‘owing’ your spouse money, or each paying a proportinate % of a down payment or what not.  I personally see that as it’s like you’re expecting to split up one day. 

    We don’t do ‘play money/allowances’ since it’s all ours together and we don’t keep need to keep money secrets!  It doesn’t matter who’s car payment or loan repayment is due, it’s all ours and highest interests get paid first – no matter who’s debt it used to be.  This is just smart budgeting! 

    Even once we get down to a one income family we’ll both be equal (those rolls will probably get reversed in 3 more years anyway).  Also I don’t buy the ‘gift’ excuse, for us that’s not worth the hassle of multiple accounts!  Just use cash, amazon or paypal!  And honestly we rarely buy gifts for each other, we’re super thrify.  We only have to consult each other for larger purchases – say $100 or more.  No asking the other to buy a shirt.  Are you their parent?!  For us – starting finances together as a family is building a strong foundation for our future together, its best in the long run.

    Post # 43
    Member
    10283 posts
    Sugar Beekeeper
    • Wedding: October 2011

    We’re not married yet but we’ve had combined finances for years. Before we went joint, it felt so awkward to have to write him a check every month for my portion of the bills. It made us feel more like roomates than in a committed relationship. Having everything joint is so much easier than having our money seperate. It’s nice to know exactly how much money you have to work with. 

    Post # 44
    Member
    7368 posts
    Busy Beekeeper

    Currentlly our finances are seperate. Once we marry, we will have a joint account, where the majority of our salary will go and a porttion (appox 25%) will go into “our” accounts. Mutual bills will be paid from the joint account (ie. car, mortage, utilities, joint credit cards) and individual personal bills, student loans will be paid from our personal accounts. There is no paying each other back for anything. It’s simply how we feel comfortable handling our househol and we are no less of a team than couples who do the 100% method.

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