- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Conjoining your account with your siginificant other
Posted on 11/17/21 at 8:21 am to Nguyener
Posted on 11/17/21 at 8:21 am to Nguyener
quote:
Communication, trust, and honesty are the keys to marriage.
I also see the merits of knowing your weaknesses, and if that has to do with money, then I’m fine with finding a workaround. Whatever works, works, but I would try joint first and then go from there.
1
Posted on 11/17/21 at 8:27 am to slackster
My wife and I have joint checking and savings for bills, house stuff etc. We also each have our own spending accounts for whatever. It's nice to have some money of your own that you can spend on what you want. It works for us. We've been doing it that way for probably the last 15 years.
Posted on 11/17/21 at 8:55 am to atrain5
quote:
That is the basis of what we are thinking about doing. We would each start by putting about half of our respective savings accounts into the joint account while each still having our own savings accounts. We will each direct deposit a portion of each of our paychecks into that account with the rest going into our own accounts.
Seriously, you are going into this marriage with an outlook for your divorce. I get it if you are older and already have wealth developed and or kids and such you are trying to protect.
I would probably allocate an equal share from both existing bank accounts into a joint account and then have all income go into that account. Keep your separate accounts as separate money and allocate a % from the joint account to go into each of your separate accounts, but most of the income should stay in the joint account to be used as household financials.
Thinking of this as a business, I would not want to get into comingling joint marriage account with your individual accounts as that would essentially make your individual accounts "joint accounts". Use your individual accounts for your gifts and personal discretionary spending for yourself.
Posted on 11/17/21 at 9:23 am to atrain5
We are conjoined. It’s a lot easier after I found the money board and had dispensable cash! Separate sounds like a nightmare. When we were younger and overextended, it was a source of tension. We have more money now, but also more of a union, so whatever the other spends money on is important to me and vice versa.
Posted on 11/17/21 at 9:27 am to makersmark1
quote:This is us as well. Joint accounts have worked very well for us. They helped us gain momentum faster and limit frivolous spending. I didnt have a long term vision for my $ until marriage. We were able to gain momentum quicker and reach unspoken milestones together which inspired further investing and frugality.
We had little to no money when we got married.
Now we are “rich.”
Neither of us a conspicuous consumers! We pay all bills in full each month. We max all retirement accounts.
I guess we should do a budget sometime, but we never had a spending problem.
That teamwork will soon payoff when I retire at 45 despite most of our years being on a single income.
This post was edited on 11/17/21 at 9:42 am
Posted on 11/17/21 at 2:44 pm to TorchtheFlyingTiger
quote:
That teamwork will soon payoff when I retire at 45 despite most of our years being on a single income.
You are my hero!
Posted on 11/18/21 at 1:40 pm to TorchtheFlyingTiger
quote:
That teamwork will soon payoff when I retire at 45 despite most of our years being on a single income.
What net worth have you reached to retire at 45? Annual spending assumptions? I would love to do the same but I doubt we can hit that.
Posted on 11/18/21 at 9:07 pm to CarRamrod
quote:
we have a joint account and we both deposit a percentage of our earning into that account and all bills are paid out of that account. The percentages were discussed and negotiated based on each of our income.
Been together 16 years and this is how we do it.
Posted on 11/18/21 at 11:02 pm to Hold Dem Tigahs
quote:
When my wife I got married, we opened a joint checking and savings account together. I never understood how people could have separate accounts and decide who pays for what. Seems like it would always be a constant "I paid for this, you need to pay for that" but I know people do it everyday. I see couples on my venmo stream all the time paying each other for groceries or half of daycare, etc... Seems like a lot of extra work. Marriage is hard enough without adding extra tension. To each there own though.
Same here, have had joint accounts for 17 years, marriage is supposed to be a partnership, not to people living independently sharing a house, that is usually called having a roomate.
Posted on 11/18/21 at 11:29 pm to atrain5
We have everything separate but I track our total net worth and all accounts, including my spouse’s, on Mint. Car loan, mortgage, 401ks, etc….I can see it all on Mint.
This post was edited on 11/18/21 at 11:30 pm
Posted on 11/19/21 at 12:00 am to CalcuttaTigah
We’ve had it fully combined for our entire marriage. Easier that way in my opinion. Also my wife is a stay at home mom so there is no allocating paychecks - we only have one paycheck. I’d be curious to hear from others that have split accounts what they do if one spouse doesn’t have an income.
Also, I don’t understand the thought that splitting accounts prevents frustration between spouses over what the money is being spent on? Maybe I’m lucky to have a fiscally conservative wife but we never argue over what we are spending our money on. We only run purchases by each other when they exceed a predetermined amount but even these purchases are rare.
We agreed to all of this prior to the wedding. To each their own - as others have said, communication is key.
Also, I don’t understand the thought that splitting accounts prevents frustration between spouses over what the money is being spent on? Maybe I’m lucky to have a fiscally conservative wife but we never argue over what we are spending our money on. We only run purchases by each other when they exceed a predetermined amount but even these purchases are rare.
We agreed to all of this prior to the wedding. To each their own - as others have said, communication is key.
This post was edited on 11/19/21 at 12:02 am
Posted on 11/19/21 at 5:26 am to lynxcat
quote:Enough to draw $90k-$120k with a conservative safe withdrawal rate below what Trinity Study suggests. Plus I've earned a $70k pension when I leave service. Annual spend projected at $120k with room to tighten if needed or increase. I dont see needing more than $150k. Will increase discretionary spending if initial few years go well as sequence or returns risks is reduced and as kids enter more expensive teenage/college years.
What net worth have you reached to retire at 45? Annual spending assumptions?
This post was edited on 11/19/21 at 6:33 am
Posted on 11/19/21 at 10:49 am to TorchtheFlyingTiger
quote:
Plus I've earned a $70k pension when I leave service.
Difference maker!
Posted on 11/19/21 at 12:39 pm to lynxcat
We combined all before we were married and just shacking up. Of course, we didn't have much at a young age.
When we were about to live together, I first devised a formula for contributing to a joint account. But then which expenses are joint, and which are separate? New recliner (it's for the house; but you're the only one who sits in it), vet bills (It's your damned cat!), vacation?
So I said let's just throw it all in one account. I figured it was a cheap marriage test. If she took all the money and disappeared, whew, dodged a marriage bullet, and it only cost me a few thousand bucks.
It's worked fine for a few decades. We have no separate money or accounts. Every couple has to decide what works for them.
When we were about to live together, I first devised a formula for contributing to a joint account. But then which expenses are joint, and which are separate? New recliner (it's for the house; but you're the only one who sits in it), vet bills (It's your damned cat!), vacation?
So I said let's just throw it all in one account. I figured it was a cheap marriage test. If she took all the money and disappeared, whew, dodged a marriage bullet, and it only cost me a few thousand bucks.
It's worked fine for a few decades. We have no separate money or accounts. Every couple has to decide what works for them.
Posted on 11/19/21 at 8:17 pm to atrain5
Don’t commingle your money.
Posted on 11/21/21 at 11:46 pm to EA6B
I know people will think it is rude, but keeping separate accounts is not a real marriage.
Also wanting more than you can afford seems to the issue for having separate accounts. My wife and I have no debt outside of our mortgage and have never wanted for anything. Part of it is being smart and getting good jobs. The other part is not being full of greed and envy.
Also wanting more than you can afford seems to the issue for having separate accounts. My wife and I have no debt outside of our mortgage and have never wanted for anything. Part of it is being smart and getting good jobs. The other part is not being full of greed and envy.
Posted on 11/22/21 at 9:17 am to Colonel Flagg
quote:
I know people will think it is rude, but keeping separate accounts is not a real marriage.
I love ridiculous over the top takes like this one. As if tens of millions of successful marriages have not kept separate accounts with no issues.
Either can work. It’s just a matter of preference. In fact, I’d argue that if you could not make both of them work, you don’t have a real marriage.
This post was edited on 11/22/21 at 9:20 am
Page 3 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News