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re: Married baws - how do y'all handle finances
Posted on 3/29/17 at 9:00 am to shotcaller1
Posted on 3/29/17 at 9:00 am to shotcaller1
quote:
Separate completely? Combined? Mix of the two?
Curious to see what has worked and hasn't.
Eta, how long have y'all been married/ using this system
Mixed, separate checking accounts. Joint savings account. Wife takes care of the day to day bills. Discuss big purchases and how we are going to pay them off quickly.
We are both on the same page about limited debt and paying off any debt as soon as possible.
0
Posted on 3/29/17 at 9:01 am to WavinWilly
quote:
While everything is combined under the same bank, I manage it all. But the way we do it, and I believe it will work out in the long run, is at least 3 accounts, one for all the money to go into and pay bills out of, and then we each have a separate checking account where we effectively get an allowance to spend on whatever we want. That way if I buy something stupid, or she does, there's no argument over it.
This is what we do and it works for us.
Posted on 3/29/17 at 9:02 am to shotcaller1
We each have separate checking accounts and a joint checking account. Plus joint savings.
The joint checking account is for bills which are split proportionately by income. It's about a 60/40 split on bills.
The joint savings is a certain 10% of our salaries.
The leftover cash goes into each of our respective personal checking accounts do do with as we like. No questions asked.
Of course every account has the same password and there are no secrets.
The joint checking account is for bills which are split proportionately by income. It's about a 60/40 split on bills.
The joint savings is a certain 10% of our salaries.
The leftover cash goes into each of our respective personal checking accounts do do with as we like. No questions asked.
Of course every account has the same password and there are no secrets.
Posted on 3/29/17 at 9:02 am to Mudminnow
quote:
300K yacht.
That's not much for a yacht.
Here's a link to give perspective on what 300K would get you.
Used Yachts for sale
Posted on 3/29/17 at 9:02 am to WavinWilly
quote:
But the way we do it, and I believe it will work out in the long run, is at least 3 accounts, one for all the money to go into and pay bills out of, and then we each have a separate checking account where we effectively get an allowance to spend on whatever we want. That way if I buy something stupid, or she does, there's no argument over it.
we did this when we first got married, but after about 2 years we realized that we were on the same page financially and it wasn't really needed
its certainly a good idea though for couples who one of them is prone to more spontaneous purchases
Posted on 3/29/17 at 9:03 am to shotcaller1
I think this often depends on when you got married. People married later in life after both spouses have a job and several monthly bills are more likely to just keep everything separate after marriage. People that marry younger before getting settled in their jobs and before really planning their own finances are more likely to pool everything together.
My wife and I married young and we have a joint checking account, joint savings account, joint credit cards, etc. Our pay checks both get deposited in the joint checking account and all bills are paid from that account.
She handles all the bills and I make decisions on how much we contribute towards retirement accounts, investment accounts, HSAs, etc.
My wife and I married young and we have a joint checking account, joint savings account, joint credit cards, etc. Our pay checks both get deposited in the joint checking account and all bills are paid from that account.
She handles all the bills and I make decisions on how much we contribute towards retirement accounts, investment accounts, HSAs, etc.
Posted on 3/29/17 at 9:04 am to shotcaller1
quote:
Separate completely? Combined? Mix of the two?
Mix of the two. Put in a set amount each month into our joint account to handle all household expenses, then have our own accounts on the side.
Posted on 3/29/17 at 9:04 am to ForeverLSU02
quote:
at least 3 accounts, one for all the money to go into and pay bills out of, and then we each have a separate checking account where we effectively get an allowance to spend on whatever we want. T
This is how we will be doing it.
What's the percentage breakdown? For example, each puts 75% of check into the combined account and 25% into the personal account. I.e. 25-(75/75)-25
Posted on 3/29/17 at 9:10 am to shotcaller1
Separate at the moment, and I would not do this long term. It's just annoying. We're newlyweds and still in the process of getting her name legally changed and a couple other things lined out.
Once that happens, we're going to get a joint account and that's what we're going to put our base salaries into and pay mortgage, car, insurance, bills, groceries, etc. out of. We're going to keep the separate checking accounts though. She monograms on the side, so she'll be keeping that money for herself, and I have a job that usually gives me a pretty nice bonus at the end of the year, so I'll use some of my bonus for personal fun, and the rest will go into savings.
Once that happens, we're going to get a joint account and that's what we're going to put our base salaries into and pay mortgage, car, insurance, bills, groceries, etc. out of. We're going to keep the separate checking accounts though. She monograms on the side, so she'll be keeping that money for herself, and I have a job that usually gives me a pretty nice bonus at the end of the year, so I'll use some of my bonus for personal fun, and the rest will go into savings.
Posted on 3/29/17 at 9:10 am to shotcaller1
About to be married. We both make our own money and like managing our own finances so we're keeping everything separate.
It makes divorce easier too.
It makes divorce easier too.
Posted on 3/29/17 at 9:15 am to Pecker
quote:
It makes divorce easier too.
Ah, so you see that coming like the rest of us do for you, huh? Good call.
Posted on 3/29/17 at 9:17 am to GRTiger
quote:
Ah, so you see that coming like the rest of us do for you, huh? Good call.
ZING! You got me
Posted on 3/29/17 at 9:18 am to shotcaller1
Everything combined for us.
I handle all transactions (bills/payments/investments), but I don't make financial decisions without us discussing it together. Every month we review our budget for the coming month, discuss savings goals, big purchases, trips, or any other major things that we expect to happen. Because we both know how much we want to save/pay down debt, we know exactly how much 'play' money we have every month. If anything comes up outside of our plan (like if she wants to go clothes shopping or I want to do some work on my boat), we let each other know and make sure we're not going to dip into money we have set aside for other goals.
We've been married 3 years, and she's finally starting to see the value in managing personal finances so intentionally. When you tell your money where to go every month and set yearly goals (ours is to pay down her medical school student loans asap & start saving for a house), its much easier to have the daily/weekly conversations about money.
I handle all transactions (bills/payments/investments), but I don't make financial decisions without us discussing it together. Every month we review our budget for the coming month, discuss savings goals, big purchases, trips, or any other major things that we expect to happen. Because we both know how much we want to save/pay down debt, we know exactly how much 'play' money we have every month. If anything comes up outside of our plan (like if she wants to go clothes shopping or I want to do some work on my boat), we let each other know and make sure we're not going to dip into money we have set aside for other goals.
We've been married 3 years, and she's finally starting to see the value in managing personal finances so intentionally. When you tell your money where to go every month and set yearly goals (ours is to pay down her medical school student loans asap & start saving for a house), its much easier to have the daily/weekly conversations about money.
Posted on 3/29/17 at 9:19 am to Pecker
quote:
It makes divorce easier too.
Not really. Keeping everything separate doesn't make it separate property.
Posted on 3/29/17 at 9:20 am to UpToPar
quote:
Not really. Keeping everything separate doesn't make it separate property.
It was a joke. But I didn't mean from a legal standpoint. Just from the standpoint of each party already having their finances in order.
Posted on 3/29/17 at 9:21 am to fillmoregandt
quote:
What's the percentage breakdown? For example, each puts 75% of check into the combined account and 25% into the personal account. I.e. 25-(75/75)-25
My wife hasn't started working yet, but when she does we'll basically have both of our checks deposited into the joint account. Then from there we'll put an equal amount into each "allowance" account, and then another portion into our joint savings.
Posted on 3/29/17 at 9:23 am to Pecker
So if y'all don't want kids and are going to keep everything separate, why even get married?
Serious question
Serious question
Posted on 3/29/17 at 9:23 am to UpToPar
Wife's income (after savings) goes to a separate account to cover all home expenses. Mortgage, taxes, insurance. In Houston, that pretty much eats up everything she makes.
My income goes to a joint account to pay for everything else, which is basically living expenses since we don't have any other debt.
We fund separate checking accounts for each of us with a budgeted amount. That's the spend on whatever you want no questions asked budget.
Has worked well.
My income goes to a joint account to pay for everything else, which is basically living expenses since we don't have any other debt.
We fund separate checking accounts for each of us with a budgeted amount. That's the spend on whatever you want no questions asked budget.
Has worked well.
Posted on 3/29/17 at 9:29 am to TJG210
About to get married and both older . We have a joint for bills and savings. Set amount goes in each month whatever is left you keep in own account
Posted on 3/29/17 at 9:48 am to shotcaller1
Everything separate. Works well for us. Husband deposits his portion of the bills in my account each month and I make sure everything gets paid. We both contribute to major household purchases and extracurricular spending such as vacations and dining out. We never argue over finances.
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