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Started By
Message
re: Married folks: bank accounts and bill paying question
Posted on 11/12/13 at 1:41 pm to Shenanigans
Posted on 11/12/13 at 1:41 pm to Shenanigans
quote:
Joint. What's mine is hers and what's hers is mine. Seriously. We share common financial goals so I can't imagine it any other way. Anything less than $100 purchase we don't need to discuss. Any more and we'll talk about it first. Before you ask, I make twice what she does and it doesn't matter.
This is exactly what the wife and I do.
Same here. Merged them into 1 account soon after getting engaged so that we would have a handle on it by the time we were actually married. There were a few fights at first and she felt like she wasn't putting in as much (i double her salary) but I've always preached that it was our money, not to worry about who makes what.
Some will poopoo the idea bc it's Dave Ramsey, but a financial peace class before marriage is a good idea too. Having the same understanding of money and debt, as well as the same goals for saving and retirement makes life so much easier on a young couple.
0
Posted on 11/12/13 at 2:47 pm to King of New Orleans
quote:
Separate
Much easier and provides you with solid control of the finances.
Posted on 11/12/13 at 3:51 pm to King of New Orleans
Joint everything. You're going to have a wife. Not a roommate.
Posted on 11/12/13 at 4:45 pm to Brian Wilson
quote:
Joint everything. You're going to have a wife.
And you're going to have a 50-50 chance of being divorced. It's like flipping a coin.
Posted on 11/12/13 at 7:03 pm to tiddlesmcdiddles
quote:
is it true that money can be gifted to a couple in addition to individually? her:13K/yr me:13K/yr us:13K/yr if I'm wrong, stop me now,
Stop
Posted on 11/12/13 at 7:10 pm to Breadcrumbs
I think its $14,000 per year per person and not couple, but check with poodle or a CPA. Your mom and dad (for ex) can each gift you that amount yearly without gift taxes, and they each can do so for your spouse.
A couple as an entity probably can't be gifted to in addition to individuals.
I have no idea how FDIC insurance works but it's probably coverage for each single name account and then joint account like you are indicating but check with poodle or your friendly CPA. That might be what you are talking about rather than gifting
A couple as an entity probably can't be gifted to in addition to individuals.
I have no idea how FDIC insurance works but it's probably coverage for each single name account and then joint account like you are indicating but check with poodle or your friendly CPA. That might be what you are talking about rather than gifting
Posted on 11/13/13 at 11:11 am to Breadcrumbs
This is our account list (excluding retirement and other investments) and what we use each for:
Joint Checking 1- Direct deposits, bills, household spending, gas, etc.
Joint Savings 1- Overflow from checking to set aside annual/quarterly bills. (taxes, life insurance, etc.)
Joint Savings 2- Only used for rent house we own. Check goes in, mortgage/escrow comes out, and above a certain total is thrown back at mortgage.
Wife's Individual Checking & Savings
My Individual Checking & Savings
The individual accounts are given set amounts each month as a type of allowance. We buy presents for each other from these accounts and have total freedom to use how we want. She usually drains her account frequently on new shoes and stuff. I barely use mine to save up for gadgets.
I know it is 7 accounts, but it is all pretty automatic and easy to manage. It pools money and allows total freedom for personal spending. I used to hate watching $100+ frequently leave the account for shoes, and she would hate seeing me pull $600 for a gadget. I would set it up the same way all over again.
Joint Checking 1- Direct deposits, bills, household spending, gas, etc.
Joint Savings 1- Overflow from checking to set aside annual/quarterly bills. (taxes, life insurance, etc.)
Joint Savings 2- Only used for rent house we own. Check goes in, mortgage/escrow comes out, and above a certain total is thrown back at mortgage.
Wife's Individual Checking & Savings
My Individual Checking & Savings
The individual accounts are given set amounts each month as a type of allowance. We buy presents for each other from these accounts and have total freedom to use how we want. She usually drains her account frequently on new shoes and stuff. I barely use mine to save up for gadgets.
I know it is 7 accounts, but it is all pretty automatic and easy to manage. It pools money and allows total freedom for personal spending. I used to hate watching $100+ frequently leave the account for shoes, and she would hate seeing me pull $600 for a gadget. I would set it up the same way all over again.
Posted on 11/13/13 at 11:23 am to nolatiger711
Just saw this in WSJ today. Figured it was worth throwing into the mix.
WSJ
WSJ
quote:
"If you live in a community-property state, all of the assets you acquire after you get married are the property of both parties,"
quote:
But even in a non-community-property state, there's always the judge" in a divorce case, she says. "Just because you keep your assets separate doesn't mean those assets cannot be used if you decide to go your separate ways." That is, a portion of what you consider yours may go to your ex-spouse.
Posted on 11/13/13 at 11:29 am to King of New Orleans
Joint.
Otherwise my wife would spend all the money she makes and I'd just get stuck paying all the bills.
I already had a house when we started dating. When she moved in she would just write me a check. She was terrible about being consistent in what she'd give me and when. So much easier with a joint account.
Otherwise my wife would spend all the money she makes and I'd just get stuck paying all the bills.
I already had a house when we started dating. When she moved in she would just write me a check. She was terrible about being consistent in what she'd give me and when. So much easier with a joint account.
Posted on 11/13/13 at 1:04 pm to tylercsbn9
We have separate accounts and split bills. I balance both accounts monthly and know where we spend our money. He's welcome to look but doesn't care. Once a year I try to print out total expenses for each category and have a discussion, but he's pretty resistant. Our savings are in good shape. we could "not splurge" so much and do better.
So separate works if you put it all in quicken and know what you are saving and spending overall. Even if you don't, who cares. I guess the only negative would be if you don't have "access" to the other's account and they run off with it. Couldn't that happen with a joint account too?
So separate works if you put it all in quicken and know what you are saving and spending overall. Even if you don't, who cares. I guess the only negative would be if you don't have "access" to the other's account and they run off with it. Couldn't that happen with a joint account too?
Posted on 11/13/13 at 1:13 pm to Breadcrumbs
We have been married for 21 years and have always had a joint account. Never had issues. Not a matter of his/hers .. it's all ours. We've managed fine this way; it's what my parents did and his so we didn't really know any other way I guess.
I don't ask to buy things within reason ... he doesn't ask to buy things within reason. Mine splurges = running shoes, clothing; his splurges = boats/guitars. HIS things we tend to discuss but he's so reasonable even with these things.
I don't ask to buy things within reason ... he doesn't ask to buy things within reason. Mine splurges = running shoes, clothing; his splurges = boats/guitars. HIS things we tend to discuss but he's so reasonable even with these things.
Posted on 11/13/13 at 1:22 pm to tiger91
Recently engaged and have a joint account. I like it because I do the finances and love messing around with the bigger numbers a joint account produces.
Posted on 11/13/13 at 4:31 pm to Zach
quote:
And you're going to have a 50-50 chance of being divorced. It's like flipping a coin.
If you find the right woman you don't. I'm sorry you chose wrong and are so pessimistic and cynical.
Posted on 11/13/13 at 6:22 pm to Zach
quote:
And you're going to have a 50-50 chance of being divorced. It's like flipping a coin.
If you pull out baby boomers, it's closer to a 70% chance of staying married
Posted on 11/13/13 at 6:29 pm to Brian Wilson
quote:
And you're going to have a 50-50 chance of being divorced. It's like flipping a coin. If you find the right woman you don't. I'm sorry you chose wrong and are so pessimistic and cynical.
It's not my opinion. It's the statistics.
Posted on 11/13/13 at 6:32 pm to yellowfin
quote:
If you pull out baby boomers, it's closer to a 70% chance of staying married
If you pull out baby boomers you get people who never get married until they are 35. Before that they go through multiple common law marriage divorces.
Posted on 11/13/13 at 6:41 pm to yellowfin
quote:
f you pull out baby boomers, it's closer to a 70% chance of staying married
I believe the divorce also plummets the higher educated the participants are. It isn't surprising trashy and/or people with money problems get married and divorced a lot
Posted on 11/14/13 at 7:03 am to Zach
quote:
Year Males Females
1890 26.1 22.0
1900 25.9 21.9
1910 25.1 21.6
1920 24.6 21.2
1930 24.3 21.3
1940 24.3 21.5
1950 22.8 20.3
1960 22.8 20.3
1970 23.2 20.8
1980 24.7 22.0
1990 26.1 23.9
1993 26.5 24.5
1994 26.7 24.5
1995 26.9 24.5
1996 27.1 24.8
1997 26.8 25.0
1998 26.7 25.0
1999 26.9 25.1
2000 26.8 25.1
2001 26.9 25.1
2002 26.9 25.3
2003 27.1 25.3
2005 27.0 25.5
2006 27.5 25.9
2007 27.71 26.0
2008 27.6 25.9
2009 28.1 25.9
2010 28.2 26.1
Not really, it's changed a little but not close to 35. Maybe we are just making more informed decisions today.
Posted on 11/14/13 at 12:43 pm to King of New Orleans
quote:
Getting married soon
quote:this is the only answer (except for retirement of course). Marriage is a bond for life, not a joint venture. Now, I will soon be blasted for that kind of statement here.
set up your bank accounts with you S/O? Joint?
Posted on 11/14/13 at 12:53 pm to nolatiger711
We have multiple accounts as well.
Hers
Mine
Utilities
Student loans
Secured debt
Unsecured debt
Kids savings.
An assigned amount direct deposits into each account with each paycheck, and bill pay does the rest.
It's a pain in the arse to set up, but works beautifully.
Hers
Mine
Utilities
Student loans
Secured debt
Unsecured debt
Kids savings.
An assigned amount direct deposits into each account with each paycheck, and bill pay does the rest.
It's a pain in the arse to set up, but works beautifully.
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