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re: Spinoff from the budget app thread. How do you handle accounts and payments with SO?
Posted on 4/14/24 at 9:22 am to makersmark1
Posted on 4/14/24 at 9:22 am to makersmark1
quote:
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.
This is the way.
I make most of the money, she pays the bills, I make sure investments are on track. We both do whatever we want whenever we want. We decide together on car purchases.
0
Posted on 4/14/24 at 9:40 am to GREENHEAD22
We have one checking account where all paychecks, bonuses, etc. are deposited. We also have one savings account. We pay all bills from checking. We move a set amount to savings. We then each take an “allowance” from checking. This is a fairly substantial amount. It’s used for gasoline, eating out at lunch at the office, whatever else that person wants. My wife uses a checking account with her “allowance”, I just use cash.
We started this about 3 years ago and it’s been great.
We started this about 3 years ago and it’s been great.
Posted on 4/14/24 at 10:12 am to GREENHEAD22
My wife and I agreed right after we got married that regarding our money, her money is her money and my money is also her money....
Posted on 4/15/24 at 5:24 pm to GREENHEAD22
We have a single savings and checking account between us. We each have credit cards so as long as the credit card bills stay within reason neither of us worries about it. For apps, I really like YNAB for variable income households. It’s just a mobile version of the envelope savings method.
Posted on 4/15/24 at 9:06 pm to Sterling Archer
quote:
To me this feels set up to eventually hide things from each other
Not true. 16 years in and this is perfect. We are both smart and make good money, buy what we want, and have bills that we each handle. We have never had any financial fights or disagreements.
Last two or three years I have been more totaling accounts and some joint savings with money we made from selling a property. However, mostly still separate.
Posted on 4/16/24 at 8:28 am to GREENHEAD22
We have separate accounts. But we have access to each others if needed.
She pays me her half of the bills Mortgage, Utilities, etc.
She pays for groceries and typically buys me new clothes and covers most of the kid's shopping needs.
I pay house upgrades, repairs, vacations, etc. Big money stuff.
We each pay for our own car related expenses.
It works well cause she's not the best at saving and likes to shop. So, it gives her the ability to do that. I'm better at saving... so.
Also helps us budget our own personal spending with separate accounts.
Works for us, but whatever is best for you. Just find a way to do it that is responsible budgeting, you can both see what's going on with all your money, and you don't argue over it.
She pays me her half of the bills Mortgage, Utilities, etc.
She pays for groceries and typically buys me new clothes and covers most of the kid's shopping needs.
I pay house upgrades, repairs, vacations, etc. Big money stuff.
We each pay for our own car related expenses.
It works well cause she's not the best at saving and likes to shop. So, it gives her the ability to do that. I'm better at saving... so.
Also helps us budget our own personal spending with separate accounts.
Works for us, but whatever is best for you. Just find a way to do it that is responsible budgeting, you can both see what's going on with all your money, and you don't argue over it.
Posted on 4/16/24 at 9:08 am to GREENHEAD22
quote:
That is the direction I am thinking. I think us each having our own spend account would help reduce conflicts.
1. There will always be conflict because women are irrational.
2. Even if you have 2 separate accounts that just means she has 2.
Posted on 4/16/24 at 9:52 pm to GREENHEAD22
11 Downvotes, man some of yall feel strongly about having only one account!
Posted on 4/17/24 at 9:06 am to GREENHEAD22
We have two checking account and one savings account.
One checking account maintains a $40,000 balance. Origin pays 6% on checking if you meet certain criteria so for that account, I use it solely for lunch. To meet their criteria, it's required to have one direct deposit a month so my checks alternate between it and our other checking account. I'll transfer $$$ each month from this account to our other account. My wife doesn't do anything with this account but she does have access to it.
The other checking account - both have access and all auto drafts come from this account. We also pay any other expenses from this account (food, gas, etc.).
Savings is also a joint account that we both have access to. Nothing is taken from this account with a mutual agreement.
One checking account maintains a $40,000 balance. Origin pays 6% on checking if you meet certain criteria so for that account, I use it solely for lunch. To meet their criteria, it's required to have one direct deposit a month so my checks alternate between it and our other checking account. I'll transfer $$$ each month from this account to our other account. My wife doesn't do anything with this account but she does have access to it.
The other checking account - both have access and all auto drafts come from this account. We also pay any other expenses from this account (food, gas, etc.).
Savings is also a joint account that we both have access to. Nothing is taken from this account with a mutual agreement.
Posted on 4/17/24 at 10:24 am to GREENHEAD22
We consolidated everything when we got married. 1 checking account where our paychecks come into, bills go out, and the remainder over $1,000 is swept into a brokerage once per month. 1 emergency fund savings account with 9-12 months of expenses.
We each have 1 credit card, but hers is a backup that never gets used. We both only use mine and pay it off every month. Any negatives (credit wise?) of never using her credit?
We both have a brokerage account with Fidelity and E*Trade. I no longer get company stock (switched companies), but we have our excess checking account money sweep into mine every month. She still gets company stock. I’ve contemplated consolidating mine into hers, thoughts? It would he separate accounts, but same company (Fidelity) instead of both.
We each have 1 credit card, but hers is a backup that never gets used. We both only use mine and pay it off every month. Any negatives (credit wise?) of never using her credit?
We both have a brokerage account with Fidelity and E*Trade. I no longer get company stock (switched companies), but we have our excess checking account money sweep into mine every month. She still gets company stock. I’ve contemplated consolidating mine into hers, thoughts? It would he separate accounts, but same company (Fidelity) instead of both.
Posted on 4/17/24 at 2:25 pm to GREENHEAD22
quote:
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
Seperate checking accounts. Everything goes on joint credit cards.
Split childcare and mortgage evenly.
I had and have a lot more in savings so I handle big purchases, down payments etc.
Realize this is a-typical but we got married in mid 30s and were both fairly independent and succesful so this is what works for us.
We have never fougth about money even for a second.
Posted on 4/17/24 at 3:11 pm to GREENHEAD22
We have joint everything, credit cards, checking, savings, brokerage. Obviously retirement is separate in the sense of accounts her in her name mine in my name.
We do have 2 checking accounts only because venmo for whatever reason has to have 1 bank account per user, so we both have venmo and needed our own account so when we got married back in 2017 we both had Chase and WF accounts and just combined both our chase and WF accounts into 1 and she uses chase for her venmo transactions and i use WF for mine.
WF account is used for most income (I send $250/paycheck into chase to keep from no fees) and all expenses. Wife has a business checking acct with WF too so easy to transfer any money back and forth there (Same with WF/Chase, it's instant which i didnt expect).
I cant imagine how married couples do everything separate or keep a lot of things separate, seems like a nightmare especially if on 2 different income levels but expenses are somewhat similar. But most our married friends keep things separate it appears. Generational thing now I suppose. We even talked to 1 of my wife's friend recently and she admitted to having $12k in C.C. debt right now she is "working on", meanwhile her husband pulls in at least $150k/yr (a good bit more than her) and isnt giving her any help
It's just way way easier to consolidate and be on the same page, it forces you to be on the same page really.
We do have 2 checking accounts only because venmo for whatever reason has to have 1 bank account per user, so we both have venmo and needed our own account so when we got married back in 2017 we both had Chase and WF accounts and just combined both our chase and WF accounts into 1 and she uses chase for her venmo transactions and i use WF for mine.
WF account is used for most income (I send $250/paycheck into chase to keep from no fees) and all expenses. Wife has a business checking acct with WF too so easy to transfer any money back and forth there (Same with WF/Chase, it's instant which i didnt expect).
I cant imagine how married couples do everything separate or keep a lot of things separate, seems like a nightmare especially if on 2 different income levels but expenses are somewhat similar. But most our married friends keep things separate it appears. Generational thing now I suppose. We even talked to 1 of my wife's friend recently and she admitted to having $12k in C.C. debt right now she is "working on", meanwhile her husband pulls in at least $150k/yr (a good bit more than her) and isnt giving her any help
It's just way way easier to consolidate and be on the same page, it forces you to be on the same page really.
This post was edited on 4/17/24 at 3:12 pm
Posted on 4/17/24 at 3:30 pm to thunderbird1100
quote:
I cant imagine how married couples do everything separate or keep a lot of things separate, seems like a nightmare especially if on 2 different income levels but expenses are somewhat similar.
Wife and I have similar base salaries (which are more than livable).
I get large bonuses once or twice a year (in a great year 3x-4x salary).
We budget everything off our our salaries, so the month to month is easy.
I fully acknowledge I make a lot more than her so as mentioned above I just pay for any big ticket items out of my savings. It's not big deal as I consider it "our money", it just happens to be in my account.
That's how it works for us.
Posted on 4/17/24 at 8:11 pm to Sterling Archer
quote:
To me this feels set up to eventually hide things from each other
People with separate accounts will argue that a single account is just for controlling spouses that don’t trust their significant other.
To each their own. Both ways can be done successfully.
Some have suggested they have never argued over money. It is almost certainly because you have money. You have likely never had to stretch a loaf of bread and a jar of peanut butter (no jelly) to last a week. If you had gone through those struggles, you would have argued over money whether you had a joint account, single account or no bank account at all.
This post was edited on 4/18/24 at 12:03 am
Posted on 4/17/24 at 10:48 pm to ApexHunterNetcode
quote:
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.
This is exactly what we do. The money that ends up in our personal spend accounts has kept several arguments from happening and has put personal constraints on our discretionary spending. It's a solid model, both in it for the important things and some freedom so neither feels the need to pass purchases through each other.
Posted on 4/18/24 at 5:32 am to GREENHEAD22
quote:
11 Downvotes, man some of yall feel strongly about having only one account!
People here hate separate accounts. Go figure. Some deep trust issues in some of these people.
All separate accounts here. No joint accounts. Happily married 24 years.
This post was edited on 4/18/24 at 5:37 am
Posted on 4/18/24 at 2:58 pm to Larry Gooseman
quote:
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
This is exactly what we do. Both of us work and will for some time. She used to make more than me, but now I make more and it's always been viewed as our money. One checking, one savings and two credit cards - Amex and Visa in case we can't use the Amex. Most everything is on autopay and we put as much as we can on the Amex every month and pay it off monthly.
I understand that some see it as "your" money or "my" money, but that's just a foreign concept for us when it comes to marriage. If that works, more power to them, but that's just not our philosophy. I think a single account breeds accountability as well. I think that's a good thing in a marriage.
Posted on 4/18/24 at 5:05 pm to GREENHEAD22
My CPA pays the bills. Books are audited every quarter and my FA sends money where it needs to go.
When I was poor, my sammich maker paid the bills via checking. It’s really not complicated, Sport.
When I was poor, my sammich maker paid the bills via checking. It’s really not complicated, Sport.
Posted on 4/19/24 at 11:09 am to Grinder
quote:
People here hate separate accounts. Go figure. Some deep trust issues in some of these people.
All separate accounts here. No joint accounts. Happily married 24 years.
Nope, 1 joint account and I have been married longer than you. If I had concerns about a potential spouse having money issues or is a spendthrift then I wouldn't marry them. We have a monthly budget that includes all bills and significant latitude for discretionary spending. She had to have her car repaired yesterday ~ $1,100.00, it was already in the annual budget. I'm spending ~ $1800 in the next few weeks to go to out of state K9 trials, already in the budget. I would hate to micro divide shite every month which could lead to a lot of bickering. If one spouse becomes incompetent or disabled what happens to their individual accounts, etc?
Posted on 4/19/24 at 12:59 pm to GREENHEAD22
quote:
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.
This is how we roll. Add more accounts tho like vacation, Christmas, projects, so on and so forth.
quote:
two separate and they just agree on what to pay for.
I know a few like this and I cant wrap my mind around it. IMO once married is all hands on deck to cover life, together.
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