- 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
Married Men; How Do You Manage Shared Expenses With Your Wife? (Newly Married)
Posted on 7/20/19 at 7:04 am
Posted on 7/20/19 at 7:04 am
I’m curious how successful married couples manage their spending for monthly expenses.
My wife and I have a joint checking account and a joint savings account. Right now the amount of one paycheck goes into our checking and one goes into savings (we split that 50/50).
We each brought our separate AMEX accounts to the marriage; we each have a Platinum account and a Skymiles platinum account. If we can absolutely use AMEX, we charge it to the account (she prefers the Platinum account and I prefer Skymiles since I fly more often). We then pay the accounts off from checking at the end of the month. We never carry a balance on these accounts and have no other active credit cards.
It is near-impossible to merge AMEX accounts. Should I close my platinum and become an authorized user on her account, and she does the same for my Skymiles?
Also should we then use a particular account for certain items?
Perhaps we should only use one account (for example her AMEX Platinum) after I gift her account my points and we close my account.
How do you do it?
My wife and I have a joint checking account and a joint savings account. Right now the amount of one paycheck goes into our checking and one goes into savings (we split that 50/50).
We each brought our separate AMEX accounts to the marriage; we each have a Platinum account and a Skymiles platinum account. If we can absolutely use AMEX, we charge it to the account (she prefers the Platinum account and I prefer Skymiles since I fly more often). We then pay the accounts off from checking at the end of the month. We never carry a balance on these accounts and have no other active credit cards.
It is near-impossible to merge AMEX accounts. Should I close my platinum and become an authorized user on her account, and she does the same for my Skymiles?
Also should we then use a particular account for certain items?
Perhaps we should only use one account (for example her AMEX Platinum) after I gift her account my points and we close my account.
How do you do it?
31
Posted on 7/20/19 at 7:21 am to Dragoon
When you said "I DO", it became ours not yours and mine.
Posted on 7/20/19 at 7:22 am to Dragoon
quote:
successful married couples
Can you define this please?
Posted on 7/20/19 at 7:29 am to BHS78
quote:
When you said "I DO", it became hers not yours and mine.
Posted on 7/20/19 at 8:09 am to Dragoon
I've seen discussions and articles on this, and people are all over the place.
Some keep money completely separate and share expenses like roommates; others have separate accounts and contribute to a joint account (either 50/50 or based on income proportion) for housing, food, etc.; and others throw everything in one pot.
When we first got together, I struggled to come up with a plan based on our disparate incomes at the time. Decided to do the all in one pot. But we are both frugal and good with money. I might not do that with some chick who is prone to blow money.
Some keep money completely separate and share expenses like roommates; others have separate accounts and contribute to a joint account (either 50/50 or based on income proportion) for housing, food, etc.; and others throw everything in one pot.
When we first got together, I struggled to come up with a plan based on our disparate incomes at the time. Decided to do the all in one pot. But we are both frugal and good with money. I might not do that with some chick who is prone to blow money.
Posted on 7/20/19 at 8:30 am to Twenty 49
We have joint checking and savings accounts, but separate credit cards.
However, we use a budgeting program that automatically imports transactions from all accounts, so we both have access to all of our financial information, including each other's cards.
We view our card spending as "our" money. When she's buying stuff on her card, she's spending our money. When I'm buying stuff on my card, I'm spending our money. All of the bills, credit card spending, mortgage and car/student loan payments come out of our checking account. What's left goes into a HY savings account. We already max our 401ks
However, we use a budgeting program that automatically imports transactions from all accounts, so we both have access to all of our financial information, including each other's cards.
We view our card spending as "our" money. When she's buying stuff on her card, she's spending our money. When I'm buying stuff on my card, I'm spending our money. All of the bills, credit card spending, mortgage and car/student loan payments come out of our checking account. What's left goes into a HY savings account. We already max our 401ks
This post was edited on 7/20/19 at 10:21 am
Posted on 7/20/19 at 8:30 am to Dragoon
I've been married for less than a year.
We have separate credit cards and checking and savings, but we also have a house account; that we both put into to.
I make more than triple what she does, so we cant split everything down the middle. I pay all the bills, and she buys groceries, house supplies, consumables, etc..
Complicated, but I like it this way. I don't want her spending money directly out of my accounts, and I don't want to tell her what to do with the money she makes; so she can spend it on what she wants and I dont care; she only has a limited amount of money she could blow without me knowing in the future. Shes got some student loans, that I'm not going to pay off for her, so she still has bills she has to manage.
I've seen too many marriages crumble simply because of financial bitterness including my own parents; no way we are merging everything.
We have separate credit cards and checking and savings, but we also have a house account; that we both put into to.
I make more than triple what she does, so we cant split everything down the middle. I pay all the bills, and she buys groceries, house supplies, consumables, etc..
Complicated, but I like it this way. I don't want her spending money directly out of my accounts, and I don't want to tell her what to do with the money she makes; so she can spend it on what she wants and I dont care; she only has a limited amount of money she could blow without me knowing in the future. Shes got some student loans, that I'm not going to pay off for her, so she still has bills she has to manage.
I've seen too many marriages crumble simply because of financial bitterness including my own parents; no way we are merging everything.
This post was edited on 7/20/19 at 8:35 am
Posted on 7/20/19 at 8:35 am to Dragoon
There's numerous ways to do this. My personal preference would be a joint savings and checking and you each getting a separate checking that is "your" money with a certain amount each month. Say that amount is $500, you both direct deposit that into a separate account and it can be spent as you see fit. If youre into golf, spend it on golf. If your wife likes expensive clothes, she can spend her $500 on that. No bitching about what the other buys. The rest of the money is both of yours and must be agreed upon how it's spent.
But again, that's just my personal preference, there's not a right or wrong way as long as you're both on the same page.
As far as the credit cards, I wouldn't close the accounts. Id just add each other as to not hurt your length of credit history.
But again, that's just my personal preference, there's not a right or wrong way as long as you're both on the same page.
As far as the credit cards, I wouldn't close the accounts. Id just add each other as to not hurt your length of credit history.
Posted on 7/20/19 at 8:47 am to Mingo Was His NameO
This is what we do, works well. The spending out of personal checking is “no questions asked” - we don’t even have access to the other’s personal account. There is some ambiguity around what qualifies as a personal expenditure or not, but it generally isn’t an issue.
Posted on 7/20/19 at 8:49 am to Dragoon
Might want to consolidate to one card, which would be the Amex Platinum. There are a few credit card gurus out there who suggest that the platinum may be better off than the SkyMiles platinum anyhow - you'll have to look into that to verify if it fits your need. If you do that, you might consider opening another CC for both of yall that rewards for everyday expenses like gas/grocery.
We employ one joint saving and checking account, then each of us has a separate checking account. Each month we get the same amount sent to our separate checking accounts that we can use however we want. Daddy's new rifle comes out of mine, her LV purse comes out of hers. No bitching about what the other person buys as long as they don't go over that budget. If you don't spend your month's allowance, you can roll it over for future purchases. We make about the same money and have about the same amount in student loans, so its not like either one of us is more "entitled" to the money than the other.
We employ one joint saving and checking account, then each of us has a separate checking account. Each month we get the same amount sent to our separate checking accounts that we can use however we want. Daddy's new rifle comes out of mine, her LV purse comes out of hers. No bitching about what the other person buys as long as they don't go over that budget. If you don't spend your month's allowance, you can roll it over for future purchases. We make about the same money and have about the same amount in student loans, so its not like either one of us is more "entitled" to the money than the other.
Posted on 7/20/19 at 8:57 am to Pendulum
quote:
I've seen too many marriages crumble simply because of financial bitterness including my own parents; no way we are merging everything.
i have a feeling this is going to be major friction for my current situation. i prefer to keep things mostly separate and split costs. she will....not
Posted on 7/20/19 at 8:57 am to monteandmakers
We just throw it all in one account. Each gets a bit to spend on whatever they want. Transfer a set amount to savings. And discuss any large purchases. I’ve been married 19 years and I think of everything as ours. The income isn’t even but that doesn’t bother me. I want for nothing and feel blessed by my family more than my pay. Not sure I always felt like this, especially in the early years of marriage.
Posted on 7/20/19 at 9:01 am to Dragoon
I make significantly more than she does, but she have an income. We have separate cards, but she’s an authorized user on one of my cards for household stuff, or if she needs. Bills come out of my account, except for bills specific to her (car note, insurance, etc).
Keeps us both relatively well balanced and keeps us both invested in not being overly stupid.
Keeps us both relatively well balanced and keeps us both invested in not being overly stupid.
This post was edited on 7/20/19 at 9:02 am
Posted on 7/20/19 at 9:02 am to Dragoon
We just got married in June.
My monthly paycheck (teacher) is used to pay all the bills and to pay off the previous months credit card statement.
The money she makes goes to:
general savings
Trip fund
Car fund
Giving to church
Christmas savings fund
Roth IRA
Our credit card spending is not to exceed $1,500. I just added her as an authorized user for the travel card so ALL spending goes through that, adding an annual $270 to our trip fund after fees.
My monthly paycheck (teacher) is used to pay all the bills and to pay off the previous months credit card statement.
The money she makes goes to:
general savings
Trip fund
Car fund
Giving to church
Christmas savings fund
Roth IRA
Our credit card spending is not to exceed $1,500. I just added her as an authorized user for the travel card so ALL spending goes through that, adding an annual $270 to our trip fund after fees.
This post was edited on 7/20/19 at 9:41 am
Posted on 7/20/19 at 9:03 am to Pendulum
quote:
Pendulum
Louisiana is a community property state, which means that all marital property is considered to be owned equally. If you don't want to split your assets 50-50, it's time to focus on creating a settlement with your spouse.
We do maintain some inherited assets (not much) separate.
This post was edited on 7/20/19 at 9:09 am
Posted on 7/20/19 at 9:04 am to Dragoon
My wife travels with me for work and raises the kid, we have a checking and savings account. We’re in a union including the money I make, we didn’t marry to have divisions. Starting off saying this is mine and this is yours is a recipe for a divorce and much easier to walk away. We’re in this life together not separate.
Posted on 7/20/19 at 9:16 am to Dragoon
My wife and I have been married for 14yrs. We’ve always pooled our money. We a use the 3 account system. For this example, let’s assume I’m putting $1,000/mo for casual spending and $4,000 is monthly bills.
We name the 3 accounts as:
spending account(debit card)
bill pay account(all household bills)
savings account(HIMMA)
For the spending account, $500 of my wife’s paycheck goes into this account. This is our debit card account. We use it for everyday expenses like lunches, gas, whatever. The rest of her paycheck goes into the bill pay account. This has been setup thru her payroll dept at work. She gets paid every other Friday so basically $1,000/mo goes thru that account.
For the bill pay account, 100% of my paycheck goes into this account and anything after the first $500 of her paycheck. Then if the balance gets above our monthly bills amount, this case $4,000, anything above 4K gets transferred to savings.
This has worked for us and means we always have a month’s worth of money in the bill pay account.
We name the 3 accounts as:
spending account(debit card)
bill pay account(all household bills)
savings account(HIMMA)
For the spending account, $500 of my wife’s paycheck goes into this account. This is our debit card account. We use it for everyday expenses like lunches, gas, whatever. The rest of her paycheck goes into the bill pay account. This has been setup thru her payroll dept at work. She gets paid every other Friday so basically $1,000/mo goes thru that account.
For the bill pay account, 100% of my paycheck goes into this account and anything after the first $500 of her paycheck. Then if the balance gets above our monthly bills amount, this case $4,000, anything above 4K gets transferred to savings.
This has worked for us and means we always have a month’s worth of money in the bill pay account.
Posted on 7/20/19 at 9:24 am to Kaybaby82
quote:
Starting off saying this is mine and this is yours is a recipe for a divorce and much easier to walk away.
For you, but not for everyone.
Posted on 7/20/19 at 9:30 am to Mingo Was His NameO
No, that’s starting off with a fractured marriage, sorry it’s for everyone.
Posted on 7/20/19 at 9:32 am to Kaybaby82
quote:
No, that’s starting off with a fractured marriage, sorry it’s for everyone.
there is a very short list of things that apply to everyone. this is surely not one of them
i've handled hundreds of divorces and each situation is different because people are very different
Page 1 of 5
Back to top
Follow TigerDroppings for LSU Football News