(Closed) Share all income or joint accounts + "fun money" accounts

posted 6 years ago in Money
Post # 2
Member
1754 posts
Buzzing bee
  • Wedding: June 2016

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GulfCoastBride:  I want to combine all money, but at the same time, I’m protective over my money, especially my savings. I’ve put myself through college and now grad school, so I feel a little territorial. I want to get over that though and combine! Fiance and I will be making almost the exact same salary after I graduate next year. 

Post # 3
Member
422 posts
Helper bee

We keep ours seperate so we never have to feel bitter about the other making a purchase lol. We have the bills divided in a way that we pay about the same amount, but then we have a shared credit card for combined purchases that we just split whats due on it at the end of the month so we don;t have to track who pays for every dinner out, movie, etc. 

Post # 4
Member
1978 posts
Buzzing bee

FH and I have shared accounts, with a set amount monthly like an ‘allowance’. Our allowance is for anything we personally want that is not a bill. So clothes, eating out, that kind of thing. All other things are discussed and taken out of various ‘savings’ accounts. For example, we own a home, so we have a set amount put aside each month for house things like cleaning supplies or new sheets. We have another percentage of our income put to a vacation fund, etc.

Post # 4
Member
521 posts
Busy bee
  • Wedding: January 2016

My Fiance and I have a joint and our own seperate accounts. It doesn’t really matter though, we share our money freely with one another. We always have. Likewise, any purchase over $100 gets “approved” by the other person. We didn’t establish it, it kind of just happened at it works for us!

Post # 5
Member
205 posts
Helper bee

We have several.. He has his business account, checking, and a credit union account. I have a checking account. We have a joint savings account…I mostly use his debit card to “his” checking (we arent married yet) I know what’s in all the accounts and pay all the bills and manage the accounts… I take 10k out of his business account every month and put it into out joint savings… This is the only account with both of our names on it because… my mama didn’t raise not fool ๐Ÿ˜‰  I use his debit card for groceries and bills and gas…and I use mine for gifts for him around the holidays/birthday or whatever I want to get for him and whatever “extras” I would like…clothes, mani/pedi/hair, etc and our cleaning lady….I work for part time for fun and to just have something of my own… but he brings home most of the “bacon”..and he cooks it and cleans it all up ;)… (we joke about that lol)

 

Finances are tough to sort out at first I know a few friends that got engaged the same time I did that are still struggling with it… My best advice to them is this, “you’re marrying this person because you love, trust, and respect him….trust him enough to not piss away your money and respect him enough not to piss away his.”  ๐Ÿ™‚

Post # 6
Member
205 posts
Helper bee

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skplue:  YES! I forgot to mention that in my post…anything over 100 bucks needs to be discussed and decided on TOGETHER. One team, one dream. ๐Ÿ™‚

Post # 8
Member
208 posts
Helper bee

We have kind of a hybrid I guess.  We have one account for household renovation expenses that we both contribute to kind of at-will.  We don’t have a set amount that we contribute monthly, we both just put in what we can.  Everything else is separate- my husband pays our mortgage payment out of “his” account and I generally pay all of our bills and groceries, and I also put a large portion of my monthly income into the joint account.  

 

It works for us. Basically once every week or two we talk through our various accounts to determine how much money we have left, and we usually mention how much we’ve spent if either of us goes frivolously shopping or out to an expensive dinner.  Essentially we both try to keep 5-8k in our checking accounts and the rest goes into the renovation account.  I like it this way because we both have “control” over our money so we can spend it on what we like without the other person stalking it, but we still have some accountability.  I’m positive that if I didn’t put anything into our joint account for a month my husband would be wondering what was going on…

Post # 9
Member
524 posts
Busy bee
  • Wedding: February 2015

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GulfCoastBride:  Joint checking which gets 60% of each of our paychecks, joint savings that gets money from the joint checking, then each of us has individual checkings and savings account. I really like this method because with a joint income we have plenty to pay the bills but I can still have my own money to get a new dress or whatever and not feel like I need to vet it with him first. I mean, he has no idea how much I am willing to spend on a purse, for example. And now he never needs to. We’ll occassionally check in and ask if the other person has any credit card debt since we have individual credit cards but I think that’s mostly because we’re just really open about finances, ex: I know how much he has in his personal savings, etc.

 

ETA: Saw your question — we drew up a list of what we’d consider “personal” vs “joint” purchases (so, in our case, new running shoes would be personal) before we combined finances. Helps get things out in the open. And we also have a loose $100+ joint decision “rule” but usually that’s just because I’m the one spending $100 or more and want to make sure he’s aware of what I’m doing!

  • This reply was modified 5 years, 7 months ago by  cbgmtx.
Post # 10
Member
1284 posts
Bumble bee
  • Wedding: September 2014

Ours works really well for us!

We created a joint bank account when we got engaged that has a checking account, two savings accounts, and a credit card.  We each put in everything that was in our personal accounts except for $500 each to remain in our personal checking account.  We use Wells Fargo and when we use online banking, we each can see all the joint information stuff as well as our own personal account.

Our paychecks automatically deposit into the joint account and we move $100/month each into our personal accounts.  We call that $100/each “throwaway” cash … it’s for stuff like lattes, occasional solo fast food lunches, etc.  Totally our discretion.  I can save my money for two months and get a massage or I could buy a bunch of coffees and impulse purchases.  We don’t keep track of that stuff.  I frequently have nothing to show for my $100 for the month lol but he often buys CDs for his long commutes or goes golfing or whatever.  Whatever we don’t use just stays in our personal account so we can save for a bigger thing if we want.  This category I guess is best described as small expenses that only benefit one person. 

Everything else is a mutual decision.  Every few months we buy someone new clothes or shoes (or makeup/beauty product stuff for me) and we just agree on an okay amount to spend based on what our monthly budget looks like.  I really like this system because I don’t have to save up my spending money to buy makeup or a new skirt or whatever.  We just have to agree that we can afford it and that it’s a justified expense ๐Ÿ™‚ so this month I spent $250 at Sephora because that’s how much we agreed we could spend on restocking my makeup and getting some summer products.  He wants to buy some outdoor living stuff next month so we’ll budget for that and he can go pick it all out, and neither of us have to use our personal spending money on those things.

Then we just use the joint checking for all the everyday stuff … groceries, dates, rent, car insurance, whatever.

Post # 11
Member
5081 posts
Bee Keeper
  • Wedding: December 2014

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GulfCoastBride:  We have all joint accounts. We’ve never encountered a problem. I manage all the finances and we discuss any larger purchases (like $100+ as other PPs said). Neither of us are territorial over our money, so it isn’t really a problem for us.

Post # 13
Member
1386 posts
Bumble bee
  • Wedding: June 2014

We have a joint account. Neither of us feel bad, sad, or bitter when someone makes a purchase. Usually if it’s a huge purchase we talk about it beforehand, but typically we just spend the money. We do budget our expenses and the rest is our mad money to do whatever we see fit. We’ve had combined finances for a year without any issues. 

Post # 14
Member
521 posts
Busy bee
  • Wedding: January 2016

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GulfCoastBride:  it doesn’t matter. im going to summer school so I can finish my degree faster and my Fiance said he’ll put all his month’s pay toward our bills so I could pay off summer school and next semester (I won’t take out loans for that)…  Each month we just pool our money and pay al our bills. If we want to save some, we usually just tell the other person we’re putting some away. As long as everything gets paid, it’s ok. 

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