Combining our money
There has been some talk around the PF blogosphere about how couples are managing their money.
Yesterday when BF and I were out walking, he finally admitted that it would be best if I control our family finances once he starts his career next year (he’ll be training and in school until then). He wants me to pay the bills, manage the savings & retirement – basically handle all of the day-to-day money activities. And I couldn’t be happier taking on that task. Personal finance isn’t just something I do because I have to; I’m sure you can tell that it truly is a passion of mine. And let me tell you, it’s been a long road for him to come around to the fact that he is just not that great with his money. His parents are spenders too. I’ve known it all along, but I guess he had to come to that conclusion by himself. :)
Of course he’ll be 100% involved in figuring out how much we are saving, how much the bills are, and other important information. It’s just that once we get a joint chequing/savings, etc. I will be the one executing and dispersing the money.
It’s exciting knowing that in a year (provided I get a job by then – sigh), we’ll both be making over $50k each. BF is working very hard to change his career direction and bump up his salary level so he can be passionate about his job, and so that we can live the kind of life we want to live - which means buying our own little place, saving money for all of our goals, getting married within the next 2-3 years, and retiring early.
We still have a year to figure out all the details regarding combining our finances (along with joint accounts, I still want us each to have separate accounts too), but I’m happy that in terms of personal finance, we are on the same page.
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What a big step! Boyfriend and I combined our money several years ago, and I've been happily taking care of it ever since. He's not the best when it comes to uh, remembering due dates! Make sure though, that you take the necessary steps to protect both of your assets should something ever happen. Plus, we both keep separate accounts for our "fun" money. I didn't want to start giving him an "allowance" and we both wanted a little independence when it came to our own accounts. Especially if we're buying gifts for each other and they're supposed to be a surprise :-)
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My fiancee and I have seperate accounts, but every payday he pays me a set amount of money so I can pay the rent, household bills, loan/credit card payments and put money to savings (like for our wedding and honeymoon!) This works out well for us since I am extremely organized (my annual budget is set up in Excel) and he is more, uh… relaxed. What he does with the rest of his money (and what I do with mine) are up to us individually, although I usually have to remind him to buy clothes, LOL!
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It’s nice to know what other couples are doing with their finances. Whether or not they are combining it or separating it. There’s always been a split in opinions when it comes to the way this is handled.
We have split accounts although we only have 1 account that is joint and it’s our checking account used to pay all the bills. Other than that, we have it separated. Do you think this is normal?
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I don't think there's a "normal" when it comes to couples and finances. Everybody has their own opinions, and you've got to do what works for the both of you.
For us, I think we will open a joint chequing/savings account, but also keep our own separate chequing/savings as well. We don't need to monitor each other's every day spending. But the big purchases, the savings, the retirement & the bills – that will all come out of the joint account and will be managed by me. :)
It’s nice to know what other couples are doing with their finances. Whether or not they are combining it or separating it. There’s always been a split in opinions when it comes to the way this is handled.
We have split accounts although we only have 1 account that is joint and it’s our checking account used to pay all the bills. Other than that, we have it separated. Do you think this is normal?
http://moneyhoneysf.blogspot.com/
My recent post Costco Auto Program
I don't think there's a “normal” when it comes to couples and finances. Everybody has their own opinions, and you've got to do what works for the both of you.
For us, I think we will open a joint chequing/savings account, but also keep our own separate chequing/savings as well. We don't need to monitor each other's every day spending. But the big purchases, the savings, the retirement & the bills – that will all come out of the joint account and will be managed by me. :)
I don't think there's a "normal" when it comes to couples and finances. Everybody has their own opinions, and you've got to do what works for the both of you.
For us, I think we will open a joint chequing/savings account, but also keep our own separate chequing/savings as well. We don't need to monitor each other's every day spending. But the big purchases, the savings, the retirement & the bills – that will all come out of the joint account and will be managed by me. :)
I think that's a great way to do it…Joint and separate. communication and shared plans are key.
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I don't have any clue how we are going to do it. I've made my own personal system kind of complicated and i can't imagine just adding MORE accounts. I want to figure out a simpler way.
Right now it is really simple — all joint spending on the joint CC and we just split that from our individual checking accounts. But that seems too separate for a long term plan as a married couple. But I don't want to integrate everything, because frankly, his income is irregular (but probably predictable if I took time to understand it) and that disrupts my nice even budgeting!
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That's how we do it too, and it works well. I handle it all – he trusts me more than he trusts himself :P.
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That's awesome!! That's what H and I do, too. It works perfectly for us!
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Oh yay congrats!! That's a huge step! I like the idea of a joint account and separate accounts, that way, less argument about spending =) My boyfriend hasn't let me take the reigns of his finances yet even though I gently nag at him to get a HISA to stash his money, to get a TFSA… *SIGH*
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You are definitely up to the task K.
Btw, for your financial lexicon, I think you mean "disbursing" rather than "dispersing"
:)
We're not combining our money, but we have decided to start a joint savings account to save for a vacation together. Do you and J have any experience with that type of thing?
Well right now we have a "joint savings account" for our first home together. The account is in my name, but we both contribute equal amounts. Every pay day, BF transfers money into my ING savings account, and I transfer the same amount in as well. In the future, I'll add him to the account so that it's a true joint savings account, but we both agree that we won't be opening any joint accounts until at least next year.
I manage our money round here.. and its hard and I am bad at it… I just think my wife would be worse. I was sort of "given" or maybe "took" the gig.
I manage our money round here.. and its hard and I am bad at it… I just think my wife would be worse. I was sort of “given” or maybe “took” the gig.