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re: Married folks: bank accounts and bill paying question
Posted on 11/13/13 at 11:11 am to Breadcrumbs
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.
2
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 11/14/13 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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