(Closed) Combining finances when married

posted 2 weeks ago in Relationships
Post # 2
Member
122 posts
Blushing bee

Do what works for you. Everyone is different!

Post # 3
Member
6022 posts
Bee Keeper

What worked for is we combined everything a few months after we got married and it’s been that way for years

Post # 4
Member
380 posts
Helper bee
  • Wedding: January 2016

We tried to make my husband’s account a joint account (I didn’t care for my bank) and moved my assets into it and had my paychecks deposited into it. The bank ended up misadvertising just how “joint” the account was so we opened a new account together and then slowly closed up the other account. I’d recommend starting a joint account and then both take your time switching over everything to the new account and closing the old accounts.

Post # 5
Member
648 posts
Busy bee
  • Wedding: August 1983

Strongly recommend that your budget allows for each of you to have a monthly allowance that is yours alone and you don’t have to account for to your partner. Just enough so you don’t have to check with each other on every single expenditure, can buy each other presents, can do whatever you want (in a limited way) without being held accountable. Pocket money.

Post # 6
Member
305 posts
Helper bee

We’re not married yet but I’m thinking we won’t just go ahead and have a joint account that we put money into just to spend money. However, I think it’s very wise to have a joint saving account. It’s like look that’s our income combined and that’s our saving account. Let’s put 30 percent of our income there and live with the rest. And doesn’t matter who wants to spend their money on what.

I’m interested to read comments of married couples here. 

Post # 7
Member
2292 posts
Buzzing bee
  • Wedding: July 2011

We’ve been married for 8 years in July. Lived together for about 11 years.

When we moved in together we opened a joint account for household bills. We both put in the same amount each month which would be used to pay all bills including food bills. When we opened it we also agreed that we both owned 50% of the money in that account so should we split, the money would be split 50/50. That is a very important conversation to have about any joint accounts – what happens if you split.

We kept our own accounts which we had our wages paid into it and that money was ours to do with what we want.

When I went on my first maternity leave, I changed my record at work so that my pay went into our joint account and my husband would give me an allowance each month which was my money to with what I please. We have kept that up as I am about to go on maternity leave again and won’t be returning to work after.

This gradual combining has worked for us. You need to have a good conversation with your FH about what works for you as a couple, what you are both comfortable with and what you expect to happen should you split up.

Post # 8
Member
670 posts
Busy bee
  • Wedding: City, State

We’re not married yet, but are living together, currently. He moved into my home so as the bills all came out of Munn account already he just deposited half of the bill money into my account to cover his share. Since we got engaged and started saving for our wedding, I pay the bills and he deposits the equivalent amount into savings. We will probably continue to do that after the wedding as it works for us and we both agree it’s important to keep saving.

Post # 9
Member
9012 posts
Buzzing Beekeeper
  • Wedding: October 2013

we were separate with one joint account that we put 80% of our paycheck into.  the remaining 20% was our own to use.  then we needed to go through IVF and it wiped our personal savings.  so now we just have one checking and one savings account. my husband isn’t the best with money and now i can see everything that goes in and out.  it works for us this way.

Post # 10
Member
6037 posts
Bee Keeper

jennyb1705 :  we consolidated into my accounts because I hated his old bank. He switched his direct deposit and bill pays, waited a couple weeks to make sure there were no lingering transactions, and then closed his account. We keep it simple with one checking account – all our money goes in and all our bills pay from the same spot. Savings is broken up by various goals but they are still all joint with online high yield savings accounts and brokerage accounts. 

 

Post # 11
Member
256 posts
Helper bee
  • Wedding: May 2018

jennyb1705 :  Talk about it and figure out whatever works for you.  Me and my husband decided that we will keep our individual savings accounts that our paychecks go in – any personal spending comes out of this. We opened two seperate joint accounts that we each contribute to, one for our son – savings for college etc. and one for us – this will be for any vacations etc. You may decide to pool a certain amount and pay the bills out of that or you may each pick which bills you will cover monthly. There is no right or wrong way. 

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