Post # 1
What are you and your SO doing regarding finances once you are married, or if you are married, what have you done? My SO and I were married last week and are deciding on what the proper thing is to do and would appreciate some advice!
Post # 3
We have joint everything. It works well for us because my husband lets me know when he is going to spend money on things (I’m the more frivolous spender). The things he really wants to buy are expensive so we need to save up for them.
Post # 4
We will have everything direct deposited into a joint account and then a small percentage like 5% withdrawn and placed into our own personal accounts.
Post # 5
We have many accounts, as I assume most people do. Most are joint. All would/could be if it was worth the bother to get both of our names on there, but sometimes it was more convenient for just one of us to open an account. Some accounts, like 401K and IRA, must be individual.
Post # 6
We will share our joint savings, and each have our own checking account attached to the savings account. We only seperate the checking accounts to lessen the chance of overdraft fees due to not knowing what the other person did/didnt spend..
Post # 7
We’re keeping everything separate for now. We have an arrangement worked out where he pays utilities and rent (as he makes more money and gets more hours than I do), and I pay for groceries and luxuries. It’s just easier for us to keep track of our own money than to try to do joint everything.
Post # 8
I’m thinking we’ll have joint accounts for the most part and keep something small in each of our respective checking account.
Post # 9
Here’s something that we’ve done. Sorry if it’s obvious: You can maintain your separate accounts as “primary account holder”, but add each other as secondary users. This is what we’ve done for our checking accounts. He doesn’t generally use “mine” and I don’t generally use “his”, but if one of us needs to write a check or visit the teller using either account, we can. You may need a joint account to deposit your wedding money or any other checks written to the two of you, so you might want to set it up in advance if you’ll be traveling for your wedding.
For a long time we just kept our checking accounts seperate in name even though we were really sharing finances…his check was direct deposited into my checking account, the one we used for our bills and expenses, and then we’d write check every now and then to his account which he only used for spending money. When our house burned down, we started getting really big checks made out to both of us from the insurance company. The only way to cash them was to have BOTH of us sign them and for them to be deposited in an account with both of our names. Even though I’d been going to the same teller for years, she couldn’t risk me stealing his half of the check. So, he had to take the morning off of work to present himself at the bank and get on my account.
When we got married, everyone made checks out to the two of us. Since he uses a national banking chain and we were at a “destination”, I went with him to get added onto his account, so that we didn’t need to spend our honeymoon traveling around with the undeposited money.
Post # 10
Some separate some joint.
We will have a joint checking and probably joint cash savings.
We each have our own personal taxable investment accounts that will stay separate.
Obviously IRAs and 401(k)s will also stay separate.
Post # 11
We are going to do something a bit strange. We will have two accounts, one will be mine + 50% of his paycheck, and that will be for all of our household expenses, and my own expenses. Then the other 50% will be his account, for him to decide what he wants to do in terms of putting money towards student loans, and then his own spending money. It was the best compromise we could come to. I’m sick of having to split household expenses because then it leads to the “well I paid for this last time, so you have to pay” debate.
Post # 12
Everything is together… I am a strong believer that having it all together helps create a oneness.
We share the bills and ALL expenses, which includes things we want individually… we have become 1 unit in this area for sure.
Another thing to think about is when you decide to have children… will you stay home with the child?.. if so, it could be a very good practice to have everything together so there isn’t any bitterness or resentment about DH having to tak care of everything & missing your $$ a month, etc.. <– just a thought
I do still currently have my own checking but will be closing it after my next child-support dispersment in Oct (att gen has been a mess so I didn’t want to risk changing it) lol
Post # 13
Our savings is joint. We have two joint checking accounts. I maintain one, he the other, but both our names are on both and we can transfer freely between them. It’s the best we could do to combine finances while still allowing me to meticulously balance my checkbook (he’s more a “toss the receipt and forget about it” type).
Post # 14
Not to threadjack BUT this idea may help.. I’m the one that loses receipts, even if DH has given them to me.. so what we started is if he has a receipt he tacks it on our cork board!.. needless to say I’m not losing them anymore.. lol
Post # 15
Thanks for the suggestion! I’m afraid he’s a hopeless case, however.
Post # 16
I voted for the first option, but not sure if it’s actually the same as what we do. We’re having three accounts… ALL of them are joined. One is our big pool of money that we’ll most likely pay the bills out of. One is the account that I will mainly use, and the other is the account that he will mainly use. But they’re all connected, so if he wanted to use my main account he could. It’s just easier to have a “main” account to use, so you can keep up with how much money you’re draining from it.