How do you split your finances?

posted 1 year ago in Finances
Post # 16
Member
785 posts
Busy bee
  • Wedding: October 2013

What’s mine is mine and what’s his is mine 🙂 lol j/k everything we do and pay for comes from a joint account. His paycheck goes to the joint account and we live off of it, the money from my business goes to the joint savings. All the money is both of ours. Any spending over $100 that isn’t on essentials (underwear, groceries etc) needs to be cleared. We are on baby #2 I can’t imagine the hassle of splitting finances in any other way. 

Post # 17
Member
181 posts
Blushing bee

My partner and I get paid in our seperate accounts but we each transfer the same amount to our joint account to cover bills each week. We split everything 50/50.

What he has left after paying the joint bills is his and mine is mine. If we are saving for something together we will save it in our joint account but if I want a new bag or whatever, that comes from my own money  

It might change when we are married but it works for us right now so who knows. 

Post # 18
Member
718 posts
Busy bee
  • Wedding: March 2019

My fiance and I keep everything separate, mostly because we don’t really see the point of combining our finances.  We split everything 50/50 except the car – he pays for that.  We’ll consult eachother before big purchases but that’s about it!

Post # 19
Member
408 posts
Helper bee
  • Wedding: November 2014

We put our money into 1 checking account, except for our “allowance” that we each get every month… that we do whatever we want with.

For everything else, I have a spreadsheet in which we budget every single dollar we will spend each month. That ensures we’re meeting financial goals such as paying house off early, getting money into savings/ investments, etc. Some of the categories are looser than others (i.e.: we think we will spend about $500 on baby stuff that month vs. we know our mortgage payment will be $xyz).

It keeps us on track but also allows each of us play money. 

Post # 20
Member
709 posts
Busy bee

We have a joint account and seperate checking accounts. We split our bills 50/50 which I think is totally fair. I’m not someone who is okay with my husband paying more for bills just because he’s a man or whatever. I am more than capable of paying my fair share. That being said, when we have a child I will most likely work only part time so he will be paying more for bills than I would be. We also value different things. For example, I’m planning a trip to Thailland with my best friend – something he has very little interest in. And he’s in the process of buying a new sports car – something i have no intnerest in. Keeping our checking accounts seperate lets us save for different things that we find important. We pay for all our living expenses out of our joint account but when it comes to eating out or whatnot he will pay then I will pay the next time and so forth. 

Post # 21
Member
428 posts
Helper bee
  • Wedding: September 2015

We maintain separate accounts and transfer money to our joint account every month to pay bills. Family-related costs all go on the joint credit card. This works well for us, as I know that I would micromanage my husband’s spending and make snarky comments about how much his sushi habit costs if we had only joint accounts. He has a bunch of businesses and thus tons of accounts, so it’s easier for me to manage the household finances dealing with just our single joint account. 

Post # 22
Member
2510 posts
Sugar bee

We’re in the process of combining finances now that we are married, but maintained separate finances while we were engaged and living together. We plan to have a joint checking and savings that we use for most things, though we’ll likely keep our existing investment accounts separate. I do plan to maintain a personal checking account, too, just in case I should ever need it (like for buying him a present I don’t want him to know about, or just as a precaution if there were ever a reason I needed to put aside money). 

We have disparate incomes with him earning quite a bit more than me, so keeping separate finances would mean him living large and me penny pinching. With joint accounts, it’s our money and we get to jointly decide what to do with it, so as the lower earner I definitely benefit there. But I think it’s mutually beneficial, because this way we don’t have to pay each other back for stuff or worry about whose account we’re writing the rent check from. It seems easier and more practical for our day to day, but we don’t have extenuating circumstances like some PPs — e.g. this is a first marriage for both of us and we don’t have children yet, so it’s not like either of us have alimony payments or child support to worry about. Neither of us have significant debt, either, so it’s not like he’s on the hook for paying my student loans. 

Post # 23
Member
304 posts
Helper bee

We are currently trying to do the monthly expenses on one salary, with the second salary aggressively paying off debt. Second salary will then move to savings/retirement/joint goals(like vacations). We do have 3 months of salaries in savings as well as home repairs/emergency savings. 

We both contribute 85% of our income to joint expenses/debt/savings goals. The remainder is kept in personal accounts. That way neither of us feels guilty or judges what the other is using disposable income for. It’s the spending we would need to eliminate if we find ourselves in a different financial situation. Like others, I also use that money to build personal savings just in case. 

Post # 24
Member
1556 posts
Bumble bee

My husband and I used to earn about the same amount. Then I was on mat leave for a year and then I’ve been part time on about 70% for 18 months. We’ve always put 60% of our income into a joint account to pay mortgage, bills, groceries and other big expenses that came up. We’d use our separate accounts for whatever we wanted. I was earning less, but my husband paid for most things and I spent my money on…cute stuff for the baby, clothes I didn’t really need etc. 

I’m about to start another year of mat leave again and we’ve just combined all accounts. Still 60% to mortgage/bills, but our expenses are much higher now that we already have a child (childcare, swimming/soccer lessons etc), so we don’t have as much of a buffer. We’re hoping that shared accounts will make us more accountable for our spending and we’ll use less money for frivolous things, so that we can afford to splurge on what actually makes us happy. 

Post # 25
Member
39 posts
Newbee

We just got married last month. Working to join accounts is my next project. It’s a big project because we have a lot of accounts between us, in multiple countries too. For now, we’ve kept the status quo although I do have one credit card from him that I’m an authorized user on. I want to join because I’m pretty good at managing my portfolio (I’m a Boglehead and working on FI/RE) whereas DH just squirrels it away in a bunch of bank accounts. 

Post # 26
Member
1200 posts
Bumble bee
  • Wedding: January 2017

He makes more than twice what I do and pays for the mortgage and HOA, car, insurance (medical and car). I pay for the utilities. We take it in turns to pay for groceries, usually. We have a joint account and each put in the same amount every month as well as our tax refund, then use that money for vacations throughout the year. I spend quite a bit of my own money on myself, but since he likes me to look good, he never says anything except, “Bless you women for all you go through. Trust me, I appreciate it all!” 

We each have our own savings accounts and 401K accounts, investments etc. Having said that, we never consider what we own “mine and yours.” It’s always ours. 

Post # 27
Member
716 posts
Busy bee

We added each other to our checking accounts when we were married. We technically have separate investment accounts, 401ks etc, but we view it all on Mint so we have no secrets. The money has gone into common goals: home down payment, college fund, other investments, stocks, vacation, mortgage, and daycare. Effectively, all our assets are combined, so we just view it as ‘our’ money.

Post # 28
Member
1141 posts
Bumble bee
  • Wedding: June 2019

We have decided to have a joint account for bills and savings. Plus an equal allowance of fun money for ourselves. I guess we’ll see how that goes. This will be new territory for both us. 

Post # 29
Member
607 posts
Busy bee
  • Wedding: January 2018

50/50 doesn’t work for us because while we both work full time and long hours, he will always get paid more (he’s an engineer, I’m a teacher). We don’t think it would be fair if we halved everything because no matter how we budget it I would have much less spending money than him. So we share almost everything. We have 3 bank accounts between us – his paycheck goes into one, mine into another. Than we have an automatic transfer set up so that each pay period most of the money winds up going into our joint account. We pay all of our expenses from there – anything we need which includes bills, and food but also things like clothes. We both keep the same amount of money out of our paychecks each pay period so that regardless what we make we have the opportunity to have the same amount of ‘fun money’ to ourselves. We spend that money on whatever we want, though it mostly goes to gifts for each other haha. It sounds complicated but it feels simple and it works for us.

Personally I think it’s a bad precident to set drawing a line down the middle when it comes to finances. Once you’re married, whatever you earn should go towards the family unit IMO. There are likely to be circumstances in the future when one earner is not the same as the other and that needn’t be a big transition.

Post # 30
Member
1973 posts
Buzzing bee
  • Wedding: April 2018

Since we moved in together, we haven’t combined money. I pay for things like groceries, internet and he pays for mortgage etc. clearly my expenses are less than his but even though I have a good job, he earns double what I do. I save whatever is left and it goes towards our goals.

tbh I don’t want him also seeing how much I spend on clothes & food 😂. When we have kids it’ll have to change.

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