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Started By
Message
Spinoff from the budget app thread. How do you handle accounts and payments with SO?
Posted on 4/13/24 at 7:27 am
Posted on 4/13/24 at 7:27 am
For those with 2 income households, how do you and the wife have your accounts and handle paying bills?
For the past 2+ years our lives have been in a state of flux, moved, new child, wife finishing masters and not working, I started a new job, etc.
However she is finally back to work full-time and things are a little more settled so trying to finally hammer out a good budget.
I like to have as many items on auto draft as we can to ensure everything gets covered.
Part of that is how your checking/saving accounts are structured.
I am currently leaning towards 3 accounts, a joint family account and we keep our current personal accounts.
Checks would hit the joint account and a pre determined left over amount, after bills, investments, plus a cushion taken out. Would distribute to the personal accounts for discretionary spending.
Was curious as to how you are doing it because most seem to have just one family account or two separate and they just agree on what to pay for.
Tia
For the past 2+ years our lives have been in a state of flux, moved, new child, wife finishing masters and not working, I started a new job, etc.
However she is finally back to work full-time and things are a little more settled so trying to finally hammer out a good budget.
I like to have as many items on auto draft as we can to ensure everything gets covered.
Part of that is how your checking/saving accounts are structured.
I am currently leaning towards 3 accounts, a joint family account and we keep our current personal accounts.
Checks would hit the joint account and a pre determined left over amount, after bills, investments, plus a cushion taken out. Would distribute to the personal accounts for discretionary spending.
Was curious as to how you are doing it because most seem to have just one family account or two separate and they just agree on what to pay for.
Tia
This post was edited on 4/13/24 at 7:28 am
21
Posted on 4/13/24 at 7:43 am to GREENHEAD22
We have everything consolidated. It all flows in and out of single checking out where all CCs auto draft.
Posted on 4/13/24 at 7:47 am to GREENHEAD22
Different strokes for sure but I'll never understand how married couples don't have a joint. I guess if both like doing the bills it could be a struggle. My wife wants to be as far away as possible from our accounts.
We combined finances when we got engaged. It sucked when were were dating, lived together, and had to figure out which each owed one another.
I manage all the money and pay all the bills. I have separate accounts for rental property.
We combined finances when we got engaged. It sucked when were were dating, lived together, and had to figure out which each owed one another.
I manage all the money and pay all the bills. I have separate accounts for rental property.
Posted on 4/13/24 at 7:51 am to GREENHEAD22
We have one joint checking account everything flows through.
You’ll figure it out. Different couples conduct it differently based on many factors. Find what works best for you, ensure you both agree to any specific “roles and responsibilities”, like who pays what bills, who is in charge of x, y, and z…
You’ll figure it out. Different couples conduct it differently based on many factors. Find what works best for you, ensure you both agree to any specific “roles and responsibilities”, like who pays what bills, who is in charge of x, y, and z…
Posted on 4/13/24 at 7:55 am to Billy Blanks
Everything goes into and out of the same account. We have a single budget and part of the out is a transfer to our separate "personal" accounts. This is for anything from dining out, clothes, fun. Anything family/us/kids related all flow through the joint checking and cc accts.
Neither of us have access to each other's accounts and can spend on whatever we want. If she wants to go in a shopping spree, she should bc she can make her own choices. If I want to spend too much on a good club that I'm just going to shank anyway, all good.
Neither of us have access to each other's accounts and can spend on whatever we want. If she wants to go in a shopping spree, she should bc she can make her own choices. If I want to spend too much on a good club that I'm just going to shank anyway, all good.
Posted on 4/13/24 at 8:11 am to ApexHunterNetcode
That is the direction I am thinking. I think us each having our own spend account would help reduce conflicts.
Posted on 4/13/24 at 8:14 am to GREENHEAD22
We each have our own checking and savings accounts and then there is a joint checking and a joint savings account.
Joint checking is for things like mortgage, insurance, utilities, etc. A portion of paychecks automatically go into this account and every time there's a deposit of $300 or more, it triggers an automatic draft of $50 to go from this account to joint savings.
Joint savings is for putting back for expensive home upgrades/projects and purchasing Christmas gifts for the family.
Our personal accounts are for whatever we want.
We both have access to all six accounts, if we want (we rarely need access to the other person's savings/checking). On a semi-monthly basis we reconcile the joint accounts and her accounts together. Since my 401k is also through our bank, I'm usually in my account view every other day or two so I am usually pretty up to date on where our joint accounts and my personal accounts sit.
It has worked well for us.
Joint checking is for things like mortgage, insurance, utilities, etc. A portion of paychecks automatically go into this account and every time there's a deposit of $300 or more, it triggers an automatic draft of $50 to go from this account to joint savings.
Joint savings is for putting back for expensive home upgrades/projects and purchasing Christmas gifts for the family.
Our personal accounts are for whatever we want.
We both have access to all six accounts, if we want (we rarely need access to the other person's savings/checking). On a semi-monthly basis we reconcile the joint accounts and her accounts together. Since my 401k is also through our bank, I'm usually in my account view every other day or two so I am usually pretty up to date on where our joint accounts and my personal accounts sit.
It has worked well for us.
Posted on 4/13/24 at 8:23 am to GREENHEAD22
She doesn't know if we have a dollar or a million dollars. As long as her card works she doesn't care either. There is a reason I handle all the money.
Posted on 4/13/24 at 8:33 am to lynxcat
quote:
We have everything consolidated. It all flows in and out of single checking out where all CCs auto draft.
This is the way. We have a joint checking, savings, investments and a main credit card. All of our bills are on autopay. We have a few separate credit cards but they aren’t in use unless we want to surprise the other with a gift or something.
It’s been the best financial decision we made since we’ve been married. I only make about 25% more than my wife so it’s helpful we have similar salaries.
Posted on 4/13/24 at 8:35 am to GREENHEAD22
quote:
I think us each having our own spend account would help reduce conflicts.
To me this feels set up to eventually hide things from each other
Posted on 4/13/24 at 8:44 am to ApexHunterNetcode
Gotcha, so neither of you have no idea how much are in those accounts?
Posted on 4/13/24 at 9:14 am to Billy Blanks
We each have our own accounts in the same bank that we can both see. Make all the money she pays all the bills. I give her specific instructions of how much needs to go to savings each month and how much needs to go to taxes account each month (a lot of self employed income).
She isn’t allowed to deviate without discussion and she does all the house work. It is a weird dynamic but it works for us. It sheds all of the thoughts and brain cycles of paying bills and moving money around off of me so I can focus on just making money and during my down time actually recovering
She isn’t allowed to deviate without discussion and she does all the house work. It is a weird dynamic but it works for us. It sheds all of the thoughts and brain cycles of paying bills and moving money around off of me so I can focus on just making money and during my down time actually recovering
Posted on 4/13/24 at 11:04 am to GREENHEAD22
My wife pays the mortgage and all household bills. I pay for the car notes, pool guy, car insurance, alarm company, cable and lawn guy.
I transfer her money for monthly groceries and anything else that may pop up outside of the mortgage, electric, gas, cell phone etc. Streaming services are kinda split.
We each have a few separate accounts and recently closed our joint account with Chase because the interested rate sucked. Now we both have separate HYS accounts.
This has worked for us for 18 years and we don’t ever bitch or fight about money.
I transfer her money for monthly groceries and anything else that may pop up outside of the mortgage, electric, gas, cell phone etc. Streaming services are kinda split.
We each have a few separate accounts and recently closed our joint account with Chase because the interested rate sucked. Now we both have separate HYS accounts.
This has worked for us for 18 years and we don’t ever bitch or fight about money.
This post was edited on 4/13/24 at 11:10 am
Posted on 4/13/24 at 11:17 am to Bard
Man that's a confusing arse process 
but you seem like a person that lives in the details so that fits.
but you seem like a person that lives in the details so that fits. 
Posted on 4/13/24 at 11:47 am to GREENHEAD22
It became too much to juggle. We consolidated everything and just discuss purchases above “reasonable” threshold. That way we have full visibility into joint credit card, checking/savings, retirement savings, brokerage, taxes, etc.
I know acquaintances that do separate accounts and have heard them say phrases like “my money” - strange thing to say in a partnership IMO. That same couple weren’t on the same page with tax withholding and got surprised with $5k tax bill when that was a huge sum of money to them. I’m sure that was a fight over “whose money” was gonna cover the tax bill.
I know acquaintances that do separate accounts and have heard them say phrases like “my money” - strange thing to say in a partnership IMO. That same couple weren’t on the same page with tax withholding and got surprised with $5k tax bill when that was a huge sum of money to them. I’m sure that was a fight over “whose money” was gonna cover the tax bill.
Posted on 4/13/24 at 12:20 pm to Larry Gooseman
Our threshold is generally $500 discretionary. If I go to Costco and it’s $500, then so be it.
Neither of us spend much outside of necessities so it’s rarely an issue.
Neither of us spend much outside of necessities so it’s rarely an issue.
Posted on 4/13/24 at 12:42 pm to GREENHEAD22
Ours is set up basically how you are saying you want to do it - would highly recommend that way:
Main "house" checking account in which both my and my wife's paychecks are direct deposited into
All bills are on autopay from the House Checking
Each have our own savings account
Each month we have a reoccurring deposit from the House Checking into each of our savings accounts and we can do anything we want with that money. She wants purses or I want guns or golf stuff, doesn't matter. Because we each have this account for our own play money, neither can get upset with the other about stupid purchases.
Married 10 years and have never had a major disagreement on money doing it this way
Main "house" checking account in which both my and my wife's paychecks are direct deposited into
All bills are on autopay from the House Checking
Each have our own savings account
Each month we have a reoccurring deposit from the House Checking into each of our savings accounts and we can do anything we want with that money. She wants purses or I want guns or golf stuff, doesn't matter. Because we each have this account for our own play money, neither can get upset with the other about stupid purchases.
Married 10 years and have never had a major disagreement on money doing it this way
This post was edited on 4/13/24 at 12:47 pm
Posted on 4/13/24 at 1:48 pm to Billy Blanks
quote:
Gotcha, so neither of you have no idea how much are in those accounts?
Nope. Could save everything or spend everything, doesn't matter because we each have a set amount going in each month that we've agreed upon. Everything else is joint accounts.
It's a few hundred a month so could grow if really not spending anything but not massive amounts.
Posted on 4/13/24 at 9:36 pm to GREENHEAD22
Well, we're single income so it is easy. I do almost all of it (budgeting, bills). She pays utilities and writes the occasional check.
Posted on 4/13/24 at 9:56 pm to GREENHEAD22
All our accounts are joint.
I make most of the money. She manages the day to day expenses and bills. I keep tabs on investments.
It works for us.
It’s simple.
I make most of the money. She manages the day to day expenses and bills. I keep tabs on investments.
It works for us.
It’s simple.
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