Post # 1
This is just out of curiosity, and I’m sure it’s been brought up before.
Today, I decided to take our finances into my own hands, and it feels great. My husband is not a bad spender, but bills tend to make him panic and/or shut down. I, on the other hand, am good at making plans and carrying them out. Tonight I sat him down, ripped open a bunch of bills, crunched a bunch of numbers, and showed him how managable our financial situation actually is, with our combined incomes.
We’ve only been married a year and we had been managing our finances just like we did when we were dating and living together, but it wasn’t working anymore as a married couple. When we both agreed to just let me take control, the stress just melted away for both of us. It makes me smile, because I’m starting to remind myself of my dad! lol
So, who manages the money in your marriage, and why? Or do you both try to be equally involved?
Post # 2
Not married yet, but he probably will. He’s in the financial field so it makes sense. I’m a physician – we are notoriously terrible with money. My fi says I’m actually good with money, though. It will probably work fine unless he tries to micromanage my spending.
Post # 3
Not married yet, but I’m definitely the one to do it. He makes a lot more money than I do, and he is only paid once a month. So each month when he gets paid, I immediately pay our bills. Anything that is debatable I discuss with him (like making the minimum payment on something vs dedicating a lot more to it). And we discuss what to do with whatever money is left over (honeymoon fund, savings, extra towards my engagement ring or his student loans, etc). Normally he just listens and agrees, but I always keep him updated.
Post # 4
We both know what’s going with our money. He knows more about long term investments, but I literally pay the bills and focus more on the finances here and now.
Post # 5
We both do. We have individual and joint checking and savings accounts.
Our paycheques are deposited into our individual checking accounts and an agreed upon sum auto- transferred to our joint checking account each payday. We have all our bills auto deducted from the joint account and pay off the credit cards in full every month. We also have money transferred to our investment accounts every payday- TFSA’s , RRSP’s and Q trade.
We meet with our financial advisor regularly and review our investments and make any necessary changes. We both know what’s going on with our joint funds yet still have money to spend without needing to check with our partner- gifts for each other, etc.
Post # 6
Just living together and he already takes care of everything. Budgets have been created and we stick to them. He will continue to do so after we get married.
Post # 7
We aren’t married, but we do have joint accounts. I manage our money and our savings. I would love help from him as I have a ton on my plate but he just isn’t interested so he just has to deal with me managing his and my checks and letting him know how much needs to be saved, how much needs to go to bills and how much is left afterwards.
Post # 8
I manage the finances. The only bill he handles on his own, without my involvement, is his car payment. It works for us because he moved in with me and everything is in my name, and even after we got married, everything is still in my name.
Post # 9
Me 100%. He is involved in decision-making, but I manage everything.
Post # 10
I do. We each have a set amount each week for whatever we choose, after everything is accounted for.
Post # 11
We’re not married yet, but we both handle our money. We have split all of our bills equally for the past 2+ years and plan to continue this when married (barring any job losses, etc). We will probably get a shared checking/savings account when we get married. We have also talked about depositing our income into a shared account and then using that to pay for all of our expenses, plus allocating a certain amount for each of us for our own spending—that way it would be pretty even (we make about the same amount of money). All that being said, I think if it works for you & your husband for you to manage the money then go for it! There is no real rulebook for how couples should manage money and if something works for your family then stick with it!
Post # 12
I do because I make considerably more money right now (he’s in school still) and I am older / have been running my own household longer. Still we discuss most everything.
Post # 13
He does all the day to day stuff, but any changes in our financial situation,moving around of money, or changes in savings behavior we decide together.
So he does most of the admin but all decisions are joint.
Post # 14
I do! I maintain our financial tracker in excel which allows us to track our budget and project savings. I started this in summer 2014 as a way to clear my legacy student overdraft when the bank changed its rates from friendly to punitive. It was by doing this I realised how manageable our current expenditure was which led to us planning the wedding. I finished saving for our wedding last month and finished paying for my student loan this month so looking forward to saving a deposit so we can buy a home together.
Post # 15
Not married yet but we have joint accounts. I’d say we’re pretty evenly split on the finances but Fiance is a financial advisor so he tends to take control of the bigger stuff.