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Started By
Message
Newleywed Adivce: Managing Money
Posted on 12/8/14 at 4:41 pm
Posted on 12/8/14 at 4:41 pm
Managing Accounts, Money, Etc as a married couple. What ya got? TIA 
12
Posted on 12/8/14 at 4:43 pm to LSUengineer12
I was thinking about starting this thread too...I'm all ears 
Posted on 12/8/14 at 4:49 pm to LSUengineer12
Posted on 12/8/14 at 4:54 pm to LSUengineer12
My wife and I made an agreement when we first got married and both of us were employed: her money was her money and my money was her money.
We've never had an argument over money since....
We've never had an argument over money since....
Posted on 12/8/14 at 5:29 pm to LSURussian
Quicken deluxe was awesome for managing money and being able to show where your money was spent. I highly recommend it
Posted on 12/8/14 at 5:37 pm to LSURussian
Not married at the moment, but not far from it. Me and the fiancee have come to an agreement of going with a joint checking/savings. I make and will make significantly more money than her(even after she is done with her masters), and I pushed for the joint accounts. We talked about it and figured there could be potential arguments about who pays which bills and how much money the other is saving..
Put all the money in one account, pay the bills and see what is left over for play money. Small purchases won't be a big deal, but big purchase have already been planned out and will always be planned out.
Idk to each his own but I couldn't imagine having separate accounts..
edit: At the moment WE both trust each other when it comes to money.. But if either gets on a spending spree, then I could see the implementation of separate accounts to limit the damage one could do...
Put all the money in one account, pay the bills and see what is left over for play money. Small purchases won't be a big deal, but big purchase have already been planned out and will always be planned out.
Idk to each his own but I couldn't imagine having separate accounts..
edit: At the moment WE both trust each other when it comes to money.. But if either gets on a spending spree, then I could see the implementation of separate accounts to limit the damage one could do...
This post was edited on 12/8/14 at 5:42 pm
Posted on 12/8/14 at 5:42 pm to Athletix
don't get married? 
I use Personal Capital which works great to see your accounts and investments all in one place. You can easily track spending by categories or businesses as well. I've heard mint is similar. I would imagine having a clear picture and looking over it together would make life much easier. Kicking the can down the road or keeping bad news to yourself never helps any situation.
I use Personal Capital which works great to see your accounts and investments all in one place. You can easily track spending by categories or businesses as well. I've heard mint is similar. I would imagine having a clear picture and looking over it together would make life much easier. Kicking the can down the road or keeping bad news to yourself never helps any situation.
Posted on 12/8/14 at 6:11 pm to LSUengineer12
Separate checking for each of us that is used for play money.
Joint account for bills
Joint savings
Joint account for bills
Joint savings
Posted on 12/8/14 at 8:03 pm to LSUengineer12
You are now a team and that is how I feel you should approach your challenges. That includes financial challenges. So I would recommend joint accounts.
Posted on 12/8/14 at 8:04 pm to tigeralum06
Separate everything until you figure out stuff
Separate doesn't mean you don't have access though. Get both names on everything
Separate doesn't mean you don't have access though. Get both names on everything
Posted on 12/8/14 at 8:44 pm to LSUengineer12
Its simple. Put 75% of your money in UGAZ, the remaining 25% in NHMD and roll all the earnings into buying EXXI. By 2016, you'll have more money than you know what to do with and won't have any issues
This post was edited on 12/8/14 at 8:45 pm
Posted on 12/8/14 at 8:48 pm to LSURussian
I have a similar arrangement as LSURussian but at least I get to track all the money the wife spends!!
Posted on 12/8/14 at 8:49 pm to LSUFanHouston
Posted on 12/9/14 at 6:28 am to LSUengineer12
Recently married as well. What works for us is joint checking and savings and then we each have a credit card for play money/buying gifts for each other. We budget out our play money based on income (2.5% of total monthly income each). It's worked out well so far.
I also have an account for trading stock, but it's provided through work and I only use the money from my stock purchase plan there. She knows nothing about stocks and doesn't care as long as I don't lose it all playing risky in the market.
I also have an account for trading stock, but it's provided through work and I only use the money from my stock purchase plan there. She knows nothing about stocks and doesn't care as long as I don't lose it all playing risky in the market.
Posted on 12/9/14 at 6:37 am to Redacted
quote:
My wife and I made an agreement when we first got married and both of us were employed: her money was her money and my money was her money
i feel your pain sir, but like you said saves a lot of arguing over money
Posted on 12/9/14 at 7:01 am to tigeralum06
quote:
Separate checking for each of us that is used for play money.
Joint account for bills
Joint savings
This is what we discussed last night. We direct deposit our cash into the same checking for bills. Put an "allowance" in each of our seperate checking accounts, and the rest in savings.
This post was edited on 12/9/14 at 7:05 am
Posted on 12/9/14 at 7:17 am to LSUengineer12
My wife and I have separate accounts. By the time we got married, we each had a career, each had a house, and each had our own way of doing things. As time went on, we added the others name to all accounts and kept everything like it was. She pays a little more than me bill wise, but I do all of the saving.
So, I say that to say this, do whatever works for each of you. The most important thing though regardless of what you do is pay yourselves first!
ETA: She likes to keep a couple grand in her account and I like to run mine to next to nothing putting all I can up. I make more than her and have a lot more to save/invest each month, but if her account drops below a threshold, I will put money into her account. We have never had an argument over money, ever.
So, I say that to say this, do whatever works for each of you. The most important thing though regardless of what you do is pay yourselves first!
ETA: She likes to keep a couple grand in her account and I like to run mine to next to nothing putting all I can up. I make more than her and have a lot more to save/invest each month, but if her account drops below a threshold, I will put money into her account. We have never had an argument over money, ever.
This post was edited on 12/9/14 at 7:27 am
Posted on 12/9/14 at 7:23 am to OnTheBrink
Yeah. Whatever works. I do similar to this
Posted on 12/9/14 at 8:08 am to Colonel Flagg
quote:
You are now a team and that is how I feel you should approach your challenges. That includes financial challenges. So I would recommend joint accounts.
I agree with this. Separatism causes issues and jealousy in a relationship.
Posted on 12/9/14 at 8:29 am to Moustache
I suspect money management has led to more divorces than just about any other issue.
If you are not married yet I would act like you were for few months and see what each party's reaction is to the spending. If you can work this out before you are married you will save yourself a lot of trouble IMHO.
It was very tough for me.
I suspect most single men are shocked by what women will spend money on and most single women are shocked by what men will spend money on.
Go to Pier1 Imports or furniture shopping with the bride to be and jot down your thoughts. If you can survive that with no major hits you got it made.
If you are not married yet I would act like you were for few months and see what each party's reaction is to the spending. If you can work this out before you are married you will save yourself a lot of trouble IMHO.
It was very tough for me.
I suspect most single men are shocked by what women will spend money on and most single women are shocked by what men will spend money on.
Go to Pier1 Imports or furniture shopping with the bride to be and jot down your thoughts. If you can survive that with no major hits you got it made.
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