Post # 47
We used to operate this way before we merged our finances earlier this year. He would write me a check every two weeks for “rent” which was based on his % of our total monthly income. I only felt weird when I had to badger him to get his check written – he usually needed a reminder and I felt like the big bad landlord collecting a debt.
Now everything goes into our joint account and we each get an allowance that goes into our separate accounts. We also still have separate credit cards. My mom doesn’t understand why we have separate accounts at all – to her, everything should be joint and in one account. But it’s honestly easier to keep track of our spending this way.
Post # 48
@Jade33: I also like the idea of dumping all income into a joint account, paying bills, then each getting $X equal spending money. But the problem with that system is that you are giving up independence, the sense of having earned your spending money yourself (which surely works for many people, but not for us).
This is what we do. I had a hard time coming around to the idea of having a joint account for the reason you state, but I haven’t felt any negative feelings about the situation yet. Ask me again in 50 years.
Post # 49
There are two ways I have seen this done fairly:
1. Create completely joint accounts and just pay from there. This only works if you are both EXTREMLY good with finances and no one will throw you in the poor house.
2. Create a single joint account and pay a portion into it. If, for example, you made $50,000 a year and your hubby made $100,000 a year and the morgage payment was $2000 a month, he would put twice the amount in that you would (so you would pay about $700 and he would pay about $1400). Basically, you pay based on how much you make rather than half and half so that the person who makes less isn’t always feeling “poor”.
Or you can do what Fiance and I always did which was that he covered rent and I covered the utlities, car payment, cable, phones and internet. We both went grocery shopping together so he would pay groceries one week and I would pay the next. Any big joint purchases I would transfer money to him or he would transfer money to me so we each paid half– mind you, we both made almost identical amounts of money.
Post # 50
@PamelaBrit: We are engaged, I moved into FI’s house after the engagement, and I sold my house to live with him.
The day I sold my house was the day that we added my name to the home title. We were already at the title company. He refied to get a lower rate, but wasn’t able to addd me on it without doing something totally different or else we would have done that. But being on the title is just as protective.
If you’re engaged to be married, and your SO dies, then you are out to the curb and have no where to live! That is why you need to have your name on the title at least if you’re marrying into the house. The house will go to you in such event. If not, you have no other rights than a common renter.
And if he’s complaining about divvying the equity should you two divorce, then determine the home value at time of marriage and use that difference should you divorce. Yes, you should get half the equity that it earns during your marriage if you are paying the mortgage as well!
Post # 51
Wow, thanks for all of the great advice! We plan on figuring this out soon, so I’ll let you know how it works out Oh, and he does have a separate business account, that was my mistake.
Post # 52
We got a joint account, and use it for household stuff (rent, bills, groceries, etc). We added up a total number that we needed for household stuff a month, and then he pays 60%, and I pay 40%, as he makes more $$ than me. Then we set up direct deposits of our pay into the joint account. The rest is in our personal accounts, to cover our personal expenses and debts.
When we get married, we’ll put more into the joint account, and less into personal, but for now it works great. We are both in our 30’s and were independent for 10+ years before we met, so that is why we are starting slow with the shared account! 🙂
Post # 53
This is the way my Fiance and I handle our finances, and we plan to keep it even after we marry. We each have our own accounts, both a checking and a saving. We have one mutual savings account. She makes enough money to pay all of the bills and rent on her own, however I still give her my monthly half of the bills. My half goes into our joint savings account, while it’s technically her money and she has dipped into it before we also use it for joint things. For example, right now that is our wedding savings and after that it will be our house savings.
Post # 54
Presently I pay the mortgage each month and the supplies for the cat sanctuary and some of the food. He pays the other bills. For the most part, it works out.