Marital Finances?

posted 7 days ago in Money
Post # 16
Member
973 posts
Busy bee

We have mostly separate accounts. We own our home jointly and a vacation rental home jointly (LLC) and we contributed equally towards purchasing both. We have a checking account that we contribute to equally for household expenses (utilities, mortgage, food, household supplies, etc…), but have separate accounts for everything else. This is the second marriage for both of us, so we both came in with kids and considerable assets – it’s just easier to keep most of our finances separate. 

Post # 17
Member
47 posts
Newbee

We have separate accounts, but split the bigger bills/expenses. I make more than Darling Husband, so I take care of some extra bills. After everything is paid, and we both contribute to our savings, the rest is for us to do what we like. 

Post # 18
Member
2124 posts
Buzzing bee
  • Wedding: October 2017

sullivanbay94 :  We saw marriage as a merging of everything – our lives, our finances, our futures, everything. 

Both of our paychecks go into a shared checking account. Our bills are paid from this account (mortgage, groceries, cell, etc), and a certain amount each month is sent to our joint savings account. 

Each payperiod we each get to withdraw the same  amount of “fun” money (even though he makes double what I make). He keeps the cash, while I have a debit card so I don’t have to carry cash. Gas, spending, eating out, come out of this “fun” money. 

Post # 19
Member
729 posts
Busy bee
  • Wedding: June 2018

mrspuppylove :  We do this as well. 

Joint checking and savings. 

Individual checking and savings. 

Joint credit card.

Separate credit cards.

But we’re also the couple who views all of our money together too, regardless of what account it is under and who’s name it is under. If one of us needs help paying something (ex – we just paid off one of my student loans with money from DH’s personal savings b/c he has it built up) then we’re more than happy to help because it’s so much easier than only one of us stressing about money. 

If Darling Husband wants to go spend his money on a gun or something for his truck… go for it. If I want to spend a lot on my horses, I do it. If we want to spend our money on something for ourselves or for the house… thats cool too.  We ALWAYS check with each other, doesnt matter the dollar amount, but its also understood that we work hard for our money and deserve to spend it as we want so long as our joint bills are covered and WE are doing okay. 

We’re slowly moving to being 100% joint though. 

Post # 20
Member
620 posts
Busy bee

We’re engaged right now…

 

As of right now, we split bills 50/50.  He makes a touch more than me, like a couple hudred dollars.  So he’ll usually pay for groceries and gas.  

We have a shared savings acount for the wedding.  Plan to open shared chequing and combine finances once were married.

Post # 21
Member
2578 posts
Sugar bee

It’s all “our money”, though we do retain some individual accounts that we had before marriage. Typically his paycheck gets deposited to our joint checking, from which we use it to pay bills, and my paychecks get deposited into our high yield savings (saving for a house). We each have separate credit cards technically, but we’re authorized users on each other’s accounts and they all get paid from the same source. We do each have separate brokerage accounts as well as our separate retirement accounts of course, but we wouldn’t liquidate them without consulting each other, and we generally assume that money will go toward longterm joint goals like toward a home, kid expenses, or retirement. 

Day to day, we each spend what we like within reason. We’re not on a strict budget right now. We don’t consult each other over minor purchases, but if we typically do mention to one another if we’re thinking of spending more than maybe $300-500. We basically never veto each other’s purchases, though, it’s mostly a courtesy or a “should I wait to buy this so it hits on our next credit card statement?” check. 

ETA: my husband makes nearly 3x my salary at the moment, so we’d have very different standards of living if we didn’t have joint finances, and that would not work for us! We did split things 50/50 up until we got married, though. And despite our income disparity we each brought similar assets into the marriage thanks to an inheritance on my side. 

Post # 22
Member
2098 posts
Buzzing bee

We just have a joint account.  We consult each other for larger purchases that aren’t necessities.  

Post # 23
Member
70 posts
Worker bee

We’ve joined everything since we’ve been together, but kept property purchased prior to our relationship separate as it’s easier that way for tax. When we purchase in the future, we’ll have it in both our names. If I need to put 80/20, that’s fine, if he needs to put 80/20 that’s also fine.

We’re both somewhat even income wise, but I completely ‘supported’ him when he was unemployment for 6 months. He’d do the same for me if I was in that situation. So as you can probably gather, we’re very relaxed about money. Thankfully we’re comfortable (largely owing to generous parents), and as a result very grateful. If we had debt, or he had debt, I’d take it on as mine and I know he’d do the same for me.

 

Post # 24
Member
939 posts
Busy bee
  • Wedding: May 2019

Everything is combined. My husband still has his own separate account, but he’s still in school so his separate account is used to manage his student loans. My money is his money and vice versa – everything comes out of our joint account. Neither of us are big spenders, but we have an unspoken rule that big purchases need to be discussed first (anything over ~$100).

ETA: when he graduates, we’re also adopting the “your debt is my debt” rule. Our incomes will be combined and we’ll tackle the debt together. 

Post # 25
Member
323 posts
Helper bee

We share all finances. This is very important to us. 

Post # 26
Member
600 posts
Busy bee
  • Wedding: October 2019

As Pp so nicely said, it’s all “our money”, though we do retain some individual accounts that we had before marriage. It’s not individual because it’s not the other persons it just happens to be in that account, if we needed it we’d access it. 

My friends and I and former roommates split things 50/50. My husband isn’t a roommate, we are teammates and working together as a unit. 

Post # 27
Member
12635 posts
Honey Beekeeper

There is no “my money” and “your money” in our marriage. 

Post # 28
Member
14987 posts
Honey Beekeeper
  • Wedding: June 2011

Joint everything.  No separate spending accounts.  We buy what we want, whenever we want… it just so happens we don’t want for much and there’s never any issues with how we spend.

Post # 29
Member
2763 posts
Sugar bee
  • Wedding: December 2017 - Courthouse

We have joint everything. My husband always has and probably always will make a lot more than me so it’s just easier this way. We have one main checking account where all of our bills come out of. I have a credit card that I get points so I put large purchases on there. My husband still sees what I pay each month to the card. He used to have his own credit card but lost his wallet and realized he never used it anyway so he closed it. 

We are both fairly frugal though so we don’t spend a ton of money. We typically tell each other when we spend $100 or more on ourselves. I think if we weren’t naturally as good with money/on the same page we might have a different set up. Personally, most of the women I know who have separate accounts need more structure because they spend more money. 

Post # 30
Member
889 posts
Busy bee
  • Wedding: February 2018 - UK

Our wages go directly into our own personal accounts, and then we each have a portion go directly into a joint account each month. My husband earns around twice what I do, so he puts in more. If we have a big purchase (boiler, furniture, etc), we’ll both put more into the joint account. We use it to pay all the bills, and for things like meals out, unless one of us is treating the other.

Although the rest is in personal accounts, we don’t consider it my money/your money. There’d be no problem using my account to buy something for him, or vice versa.

 

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