What are you and FI/DH doing about your finances?

[CrystalM]

We've had a joint account since we moved in together about 2 years ago. Both us are okay with the others spending habits so it works well. He's more frivolous with money than I am but he also brings a lot more of it home. We have yet to have any issue with each others spending habits.

[Vikki]

We share household expenses in joint accounts where our paychecks are deposited but the investments, mortgage, cars and line of credit are all in my name-he and his ex still have a home in a distressed market so until that's resolved we will keep our credit separate and all the assets in my name. She's living there now and is paying the mortgage but just in case she flakes out we don't want to lose any of what we've worked so hard to save in a foreclosure proceeding. Ugh, makes me sick just thinking about it.

[jenniebey]

We have a joint account that is only used to pay joint bills such as rent, utilities, groceries, etc. Then we each have our own accounts after that. I don't know if I can ever combine them. I don't want to have to explain my purchases to him and he feels the same.

 

I guess if one of us ever stops working for whatever reason, that might change things, but for now it's working perfectly!

 

It used to be a pain to manage all these accounts, but now I use mint.com which is awesome because I can see all my balances at once. Yay for technology!

[~Debra~]

We each had our own checking and savings account before we got engaged. When we got engaged we opened up joint checking and savings accounts to save for the wedding. We plan on keeping those accounts and using the checking account for our household bills. We also are going to keep our individual accounts to use for individual purchases, etc.

[eloping789]

We just opened up joint checking and savings a couple of months ago to save up for the wedding. We're maintaining our separate accounts until we get married only because it'll be easier for me to change my name and switch accounts (i.e. direct deposit, automatic withdrawls, etc.) all at once.

[blacksred]

We each have our own checking and savings account but we do have joint checking and savings accts as well.

[*Lo*]

We have everything separate except for one joint savings account, which we use for the wedding stuff, and for vacations. We each have our own savings accounts though. We each pay for expenses and it seems to work out. For awhile he paid for a bit more since he made more money, now he's in school so I pay for more. It just seems to work well!

 

The only thing is that he goes to school in the US and I stayed in Canada. I am moving to the US with him for his last year in August and so I think we're going to share an account there. We have been watching the FX rate and transferring some of my money slowly into his account there when it is favourable. I am a little nervous about this as it will be the only USD I have when I'm there. Plus I will be making Canadian dollars still. I just feel if I take cash out for something he will ask about it and that will irritate me. The account will pay our rent and common expenses while in the US but if I want to do stuff with friends or buy something for myself I don't want to feel guilty. Likewise when he goes out and spends $200 at a bar (which would irritate me).

 

Any advice from your joint accounters?? Do you feel guilty about spending from a joint account?

[Ayita]

When we moved in together I turned my US bank account into a joint account. So he kept his separate account, I have my separate (overseas), and we have this joint one. We both have checks and credit and debit cards out of the joint one. The recurring expenses (rent, utilities, gas, car payments, food) are paid out of the joint one.

 

I'm the regular bread earner so I'm also the one overlooking finances. I wire a certain amount out of my separate personal account every month onto the joint account, depending on the expenses already incurred (credit card - that I pay off completely every month, I hate to keep it running) and expected (rent, loan installments, etc), and another amount to his separate account, depending on how much can be spent in this particular month without me knowing what it is - it really depends on the budget and the common expenses we made. Like, if it's the month with both our car inspections, his motorcycle review, and the tax balance, he gets less !!

 

He also earns his own money when he gets gigs, so I let him manage his account. If he can save, great. If he wants to spend it all, his call.

 

Right now it's pretty simple because I make enough for the two of us. If it's become tighter, like when we have kids or if I change jobs and earn less, I might change that system slightly by pooling both his and my earnings, computing the monthly budget, and dividing the excess by 2 for our own separate expenses.

 

The key is that each of us keeps a certain amount separate for the extras. I don't want to know how much he spent on gifts to me, or I don't want him to feel I track his expenses, what he did and when (which is in practice what would happen when I do the accounting if all his expenses were on the joint account)... I also don't want to have to justify that I bought a dress when I said no to new motorcycle boots... Like that it's better - coming out of our separate savings.

[JOSIE]

we each have a personal checking and then we have a joint checking with the same bank that both our personal accounts are at. We each have a log in and can check our personal account and the joint. We pay all the bills and contribute each contribute the same amount to a joint savings. Whatever is left over we transfter to our personal accounts to spend on what we like

[Ayita]

Quote:

Originally Posted by gossip girl We have everything separate except for one joint savings account, which we use for the wedding stuff, and for vacations. We each have our own savings accounts though. We each pay for expenses and it seems to work out. For awhile he paid for a bit more since he made more money, now he's in school so I pay for more. It just seems to work well! The only thing is that he goes to school in the US and I stayed in Canada. I am moving to the US with him for his last year in August and so I think we're going to share an account there. We have been watching the FX rate and transferring some of my money slowly into his account there when it is favourable. I am a little nervous about this as it will be the only USD I have when I'm there. Plus I will be making Canadian dollars still. I just feel if I take cash out for something he will ask about it and that will irritate me. The account will pay our rent and common expenses while in the US but if I want to do stuff with friends or buy something for myself I don't want to feel guilty. Likewise when he goes out and spends $200 at a bar (which would irritate me). Any advice from your joint accounters?? Do you feel guilty about spending from a joint account?

I am in a similar case as I make Euros... howveer I don't look at the FX rate any more. If you need USD in the US, you need it... sometimes the rate will be favourable, and other times it won't, it's just the rule. Think that when the rate look unfavourable, you actually also earned less USD... so it's like an auto-adjustment to your own budget depending on what you earned that month.