- 10 years ago
- Wedding: December 1969
Ours is actually anything over $75. Or anything that is big in size 😉
Ours is actually anything over $75. Or anything that is big in size 😉
I always feel obligated to post on these topics based on my background in the financial services industry. For those of you who keep everything totally separate or almost everything separate I highly suggest that you at the very least change your individual accounts to “Transfer on Death” accounts. Especially if you have big expenses that you have to pay (like a mortgage or a car payment). If not, one of you could end up in SERIOUS trouble if the other passes away. Your SO’s money will go through his estate rather than going directly to you (even if you are married) and it can take some time before you have access to the money, and yet you have to continue to pay your bills. I personally don’t understand the idea of separate money once you are married. Everything that my husband and I have is “ours”. But I do recognize different things work better for different people. I just really suggest you review your situation to figure out how things would work if one of you were gone.
We have our joint money and our separate money. We discuss joint purchases but not personal purchases.
Sometimes it gives a feeling of independence. I would want the 2 (his, hers) or 3 (his, hers, joint) account models. maybe even 6… his checking, his savings, her checking, her savings, joint checking, joint savings).
In a way you can clear your claim to anything that is not in yours or the joint so if someone comes home with 5 shopping bags, you don’t have to worry whether your family can afford it because you know it came out of their personal account. (As long as it is not the type of person to blow his/her personal account then come asking for money from the joint). Maybe the person spent a lot but maybe they hadn’t spent for a while.
Thanks to all who participated. We had good numbers (145).
It looks like about 1/4th use or plan to use joint accounts that give freedom with personal accounts.
43% keep things really tight and share almost all spending decisions over $100 with each other. Several people commented that their limit is really in the range of $200 or $300 but since this was not available in the poll, they chose $100.
Another 19% give a lot of freedom and only consult once the spending will be above $1000.
About 13% have rules where either spouse (presumably) can buy whatever, whenever. No discussion necessary on any amout even if coming from joint money.
Thanks everyone for keeping it fun.
We ask on anything over $150. We also have our own personal allowances ($150 a month each) that extra stuff comes out of (we don’t count food, clothes, etc as “extra”, or prearranged trips, etc as extra, as long as we’ve discussed first).
It isn’t really about keeping tabs on one another, it’s more that we are adjusting to having joint accounts and think that starting with a 100% notification/disclosure habit will help us ease into how to be aware of our spending habits as we transition. Plus, we are saving for a massive 6-month trip through Asia and a house, so it helps if amounts over $150 aren’t walking out of our accounts without explanation to the other person. You can’t see where you could be saving if you don’t know where the money is going!
Cool. A 6 month trip through Asia. That sounds fun. Six months sounds expensive though maybe it is through work assignment.
On a separate note, not just to you but the advancement of technology (and mass spread) combined with the bad economy has made things a lot more affordable. There are a lot of little gadjets and things that can be had for $150 or less. There was a time when $150 wouldn’t even get you a blueray player. Now you can get HDTVs for $300…it’s all pretty cool. I remember Christmas 2005 I got my sis a 40 inch plasma for $3000 and now you can get one for $549 so many things have become more affordable. Homes are more affordable. Everyone wants the economy fixed but as soon as it is fixed, home prices, interest rates etc. will all start getting out of control again. lol If you are looking to get one, make your move in the next 2 years. lol I remember in 2006 there were some New built townhomes selling for $414K and now they sell for $272K. This is the best time ever to lock in…along with the lowest interest rates ever(in modern times).
Those who are answering that their partner can buy whatever whenever (without a separate joint that requires discussion)…I am wondering whether either partner can buy whatever whenever or whether it is only the partner that makes more money that can do that. If anyone wants to comment, great. Thanks.
I’m so bad. I thought about this poll last night when I spent $160 (joint) at Pier 1 Imports and didn’t talk to my husband about it . But the new Christmas pillows I bought are so cute!
@Socrates, I think it’d be strange if ONLY the person who makes more money has financial freedom in regards to his/her own personal non-joint account. I think that’s a two-way street.
@Socrates – being one of those couples you asked about- either one of us can buy what we want, when we want. It has no relation to who makes more money.
We’re joint everything and aggressively saving so probably discuss more than normal. I will give DH a heads up if I’m about to spend more than $100ish on something and he does the same for me. We have to balance out our total spending every month in order to stick to our goal.
I will say though that we’re both really good about (not) spending, so it’s pretty rare that anything is off limits.
I agree with you. lol That’s why I asked. On one hand it sounds cool to think “Oh I’m not limited at all” but then you would have to say the same for the other person and what if they come home with a $13K painting…lol (and it is not from some personal account). This is why I decided to ask. Since I asked about whether your partner is limited, some might feel “Well they bring in a lot, who am I to tell them what to spend?” In some way, I get that…but that would have to be assuming the joint expenses will not be affected.
Maybe some of them will speak up. lol
We don’t really have a certain limit set. But I’d expect him to discuss any major purchases with me first. For example he thought it would be good to get new windows and he shopped around and got a good price and so we’re getting them.
Basically I trust his judgement but it’s good to have the discussion first so I can voice any concerns I have. Plus two heads are better than one so sometimes I’ll think of things he doesn’t and vice versa.
I’d let him know if I was buying anything over a couple hundred dollars just so that he would know when it came out of our account.
Got ya. Does that system work? lol Have either one of you ever bought something that made the other person upset?
Even though you are not using a joint, you still verbalize the rule “as long as the joint expenses can be paid” right?
Thanks for sharing. It sounds intriguing…I just want to see if it works. Maybe neither of you are big shoppers. lol
The other system with a joint (his/hers/joint)is similar to yours where each can buy whatever they like so long as it is not touching the protected joint. lol That seems less stressful to me.
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