Post # 62
Personally we follow the “our money” concept, so everything we make goes into one account. We then transfer to a saving account and there is no other personal accounts. If we spend our ‘allowance’ it comes out of the same account, not individual personal accounts. I definitely believe this has allowed us to be concious of what we’re spending our money on and how it affects “us” rathen then “me”.
As for savings, we put into our retirement every year, then from whats remaining in savings 1/3 goes into a lump sum mortgage payment, another 1/3 into a GIC or high interest savings account and another 1/3 into mutual funds/stocks.
Post # 63
While MissAsB’s suggestions of investing are fabulous, I would suggest that you should be sure to take down your debt obligations before putting money in IRAs, etc. One of the expenses that you listed in your original post were credit cards. I’m assuming that’s your monthly credit card payment. Depending on the interest rate that you’re paying, you need to eliminate that money-suck before putting money towards retirement savings.
If you were just talking about the stuff that you put on your credit card each month and pay off in full, then disregard this post.
Post # 64
@Danielle — I like both of your plans, but plan B sounds more fair and less complicated. This post is really making me think harder about our plan for our joint finances. I am really intrigued to see the strong feelings in this post about having some money that you keep as your own as extra spending money, vs. those that think that it’s really important that you combine ALL of your finances as a married couple.
Fiance and I definitely fall on the side where we want to keep our own separate spending money. We do need to discuss our budget a little further though to figure out what our contributions are going to be to the joint pool. Fiance does make a little more than me, but not a crazy amount more, so we’ll proabably try to keep our contributions pretty equal.
Post # 65
That confused me and I understood it all at once….
It could work. He is the main bread winner in our family. I work sporadically when I have the time and I have clients. Since I’m building my business up very rarely do we actually see any money from it that doesn’t get cycled back into the business at this point.
We sit down every month, usually at the beginning, figure out our bills. We put what we need for our bills into our “bill” checking account, I keep a couple extra hundred in here just in case an unexpected bill comes up. We put some aside into savings. Anything extra is put into the “spending” checking account. Before any big purchases are made we talk about it. Anything random/small we text one another and let them know, bring home the reciept and balance the account. That is what works for us. It was too complicated and caused some resentment when we did the his and hers spending money.
Good luck. Merging finances can be super stressful!
Post # 66
I do agree with lampshade that you should concentrate on paying down your credit cards as soon as possible.