Post # 1
What is everyone doing about joining finances once you’re married? Keeping everything separate? Joining everything completely?
We want to make a joint account, but also keep some for ourselves (in case I want that pair of shoes or he wants another IPad, LOL)…so do you put 30% of your income in a joint account for living expenses? 50%? 70%?
I know this is probably a Q for a financial advisor, but just wondering what other bees are doing…
Post # 3
I think we are basically going to join everything, however now we have a joint for rent and groceries, etc. and then our own savings and that works great too. We both have the philosophy of your money is my money, vice versa, so I guess it’ll just depend what banks we decide to go with etc. once married. Sorry if that wasn’t much help!
Post # 4
I always liked the idea of having a joint account for bills and household needs and then your own accounts for your own spending needs.
Post # 5
We have joint accounts. We can spend a certain amount of money without asking the other person but for large purchases or spending a lot in one month, we need to check with each other.
Post # 6
We will have a joint account for all the major bills when he moves in and keep our own separate accounts for our hobbies. He likes to build computers and play games and I like to go shopping, and get nails done and stuff like that. Plus I have a car loan to pay and he has student loans, so we will pay that out of our own accounts.
We haven’t decided on exact percentages yet, he is graduating in August so once he gets a job we will figure out the exact details. He will likely be making 2x what I do so we have discussed that he will contribute more to bills than I would. We intend to keep it that way when we get married, and will adjust when income levels change or if a baby comes along.
Post # 7
We have a joint account for joint expenses, plus separate accounts that the rest of our pay goes into. DH figured out our joint expenses (mortgage, household bills plus a little extra for fun/wriggle room) and we split that 50/50, we keep the rest of what we earn to ourselves. We’ve been doing this for 5 years or so, and will keep doing it as long as it works for us (we will probably change when children come along).
Post # 8
My Fiance and I already have a joint account that we contribute to each month (we do not yet live together) that goes towards our expenses together (like dinner, movies, etc). We have already talked about how that will change when we live together and get married. Especially because we are saving for a down payment on a home, we are super conservative in our savings plan.
We basically plan to put a pre-determined living cost into our checking account (rent, food, entertainment, utilities, etc) each month and to put the rest into our savings account so that we can save up for the house. However, we decide to put away a few hundred int our own accounts for luxury expenses. Therefore, it’s not a percentage, it’s just a raw amount…This will help us save the maximum amount.
Post # 9
I really think it depends. In our situation ( I make some $ but am mostly a Stay-At-Home Mom and Fiance makes WAY more) he pays all the bills and when I get money from a photo shoot or something, I can spend it however I please. Although it mostly goes to groceries, a night out or something I want for the “baby”. We are really flexible and have the same views so it somehow just works for us.
Post # 10
We are getting married in 3 days (eeeeeeeeeeeek!) but we have already combined our finances. He makes almost 3 times what I do, so although I know I am not contributing a lot, and I feel bad for it, I know it is still something. We dont have seperate individual accounts, we are just going to work from one big pot, and if we want to buy gifts for each other we are going to use our credit cards and then just pay it off every month.
I hope this works for us, it is still kinda new, and I am getting used to him seeing every little thing I purchase…and vice versa. I hope with time it gets easier for us!
Post # 11
his employment is with his parents buisness, and i pitch in also, however my focus is going back to school and making babies. he is paid part in salary and part in free rent/utilities. we currently live with his parents and we are renovating space in the buisness shop(on the same property) when it is finished we will still be living rent free. so we dont really have living expenses to share. his salary will pay for our food and his hobbies and credit cards. my income will go toward my debt and my hobbies. we also each pay for our own clothes and personal items.
so im no help wo your question i guess.