Family Finance

myshirt

I'm an accountant, I like to do it by double entry.

myshirt

Beasty wrote: »

Joint account

I earn, she spends....

Sounds fair.

Mackman

We have 2 joint accounts and our own personal accounts. 1st joint account is where her pay goes into, pay for all our bills, mortgage, etc. 2nd joint account is where my pay goes into, that cover weekly expenses like food, petrol, kids stuff. We each get a 'wage' out of the weekly account to spend on whatever ourselves.

Works pretty well for us. Having totally separate account doesn't work for us as she earns a lot more than i do. We've had times where I was working and she wasn't, or vice versa so we've always pooled our money to get by.

Gelbgiallo

I have my own personal account, my wife has her own personal account and we have a joint account.All joint expenses are paid from the joint account, we each pay a predefined amoubt into the joint account on a monthly basis.

There is no way I could live with one shared account. I save 40% of my wages, my wife saves 0%. If we had a joint account she would just spend that 40% that I save. We would be fukced.

ardinn

Ironing!!

dreamers75

We get paid into one account which pays everything, savings moved into a savings account.

Basically whatever is in the main account the day before pay day goes into the savings account.


Works for us.

Dumb Juan

Thanks to all for sharing what you do. It looks to me that most people use two personal account & then have a joint account to run the house.

stimpson

myshirt wrote: »

I'm an accountant, I like to do it by double entry.

If you’re constipated do you work it out with a pencil?

sbsquarepants

We operate the grushy system.
Money comes in and whoever reacts quickest grabs it and spends it. It's not for everyone - but damn it if we don't make it work:D

_Brian

We’ve been together for 25 years and have operated a joint account all the time, including the years before we got married.
All money goes in and then bills and spending is taken out.

No agreement on how much either can spend on hobbies etc, if I were making a large spend I’d discuss but it’s a respect thing rather than a requirement.

Over the years it’s gone over and back as regards who is the larger earner, but that holds no sway over spending rights nor strength of opinion on where money is spent.

Some of our friends talk about your money and my money, you pay these bills etc, it’s very very alien to me but I respect it seems to work for them.

popa smurf

_Brian wrote: »

We’ve been together for 25 years and have operated a joint account all the time, including the years before we got married.
All money goes in and then bills and spending is taken out.

No agreement on how much either can spend on hobbies etc, if I were making a large spend I’d discuss but it’s a respect thing rather than a requirement.

Over the years it’s gone over and back as regards who is the larger earner, but that holds no sway over spending rights nor strength of opinion on where money is spent.

Some of our friends talk about your money and my money, you pay these bills etc, it’s very very alien to me but I respect it seems to work for them.

Ya thats our system as well its all about trust

Pac1Man

I don't think I could be with someone if I couldn't trust them with a joint account scenario.

Working out who owes who after a purchase is pathetic.

SusanC10

SusanC10 wrote: »

*discussion meaning a debate on whether or not we could afford it based on priorities and upcoming unavoidable expenses.

I know what money is needed for upcoming expenses etc and what I will need to contribute so if I have the money to contribute to this and buy the thing I want then I can afford it. Our own personal expenses would be higher than the joint ones anyway so knowing what expenses I have myself is usually the deciding factor in what I can/can't afford.

Pac1Man wrote: »

Working out who owes who after a purchase is pathetic.

Why is it pathetic? It works for many people us being one example. Its not like you do it after every purchase, you keep note of all spending and every so often tot up who owes who otherwise its just unfair imo. Having a joint account that both contribute to for shared expenses cuts out most of this though which is handy but that join account only gets topped up to cover joint expenses, nothing else. All other spending and all savings are totally seperate.

I couldn't get my head around this "our money" idea some people have at all. My salary is my money, shared expenses are covered and the rest is mine to spend/save as I choose.

SusanC10

Olivia Fancy Quadriplegic wrote: »

I couldn't get my head around this "our money" idea some people have at all. My salary is my money, shared expenses are covered and the rest is mine to spend/save as I choose.

I couldn't even imagine "my money" and "your money" with my Husband at this point.

Just out of curiosity do you earn roughly the same ? And do you have Kids ?

For the majority of our marriage one or other of us has been earning significantly more than the other for one reason or another. There was only a short period of time where we earned roughly the same. Most of our expenses are Joint or to do with the Kids - we have relatively little to spend on ourselves alone.

How would you deal with a situation where one of you lost your Job or had reduced income through illness ? Or decided together that one of you would work part-time ? I know that when I went part-time after the Kids were born and when I was made redundant I was glad that we had been pooling our money all along as it reduced the stress although when we first started doing it I was by far the greater earner.

Amongst our friends the majority would pool their money and the only couples we know who have difficulties or argue about money are the ones who don't pool.

Couple #1. Husband working. Wife SAHM. 3 Kids. He gives her a monthly allowance to run the house and to pay for anything for the kids and herself. He keeps the rest himself and has several expensive hobbies. She never has enough to last the month and is an extremely frugal person. He has told her that if she wants to return to work that she must fund all childcare from her own salary.

Couple #2. Both were working. Husband own Business. Wife well-paying job. Everything split 50/50. 2 Kids. Wife gets made redundant during Recession. No redundancy payment as not long enough in the job. Husband told her he still wanted everything split 50/50. She had to borrow from her Parents when her own Savings ran out as he kept track of what she owed him. She is now employed by him.

Couple #3. Both working. Wife earns significantly more. 3 Kids. All expenses 50/50. He constantly has no money. They go out to Dinner with friends one night but he can't afford it as he has not been paid yet . Wife agrees to pay (beforehand). Husband orders Steak and she is livid. When I asked why she replied that it was "her money" he was spending by ordering a Steak.

Personally I would hate to be in any of the above scenarios. These are all from within our own circle of friends.

I do also think though that having similar attitudes to money and spending helps. And agreement on priorities particularly when disposable income is tight.

McTigs

Beasty wrote: »

Joint account

I earn, she spends....

Lies. I've seen your bike stable

Alun

Gelbgiallo wrote: »

There is no way I could live with one shared account. I save 40% of my wages, my wife saves 0%. If we had a joint account she would just spend that 40% that I save. We would be fukced.

I'd say that if that's the way your marriage operates, you have bigger problems than just financial ones.

PandaPoo

Each have our own accounts, when I'm not working he gives me money each month and he pays for everything. When I am working he still pays the bills and I pay for the kids things and into their savings.

SusanC10

SusanC10 wrote: »

I couldn't even imagine "my money" and "your money" with my Husband at this point.

Just out of curiosity do you earn roughly the same ? And do you have Kids ?

No kids and salaries are fairly similar at the moment though to be honest we don't really know each others exact take home as its not something we really discuss especially as the number varies with increases, bonuses etc. As I said aside from common expenses we basically do out own thing with our money, no common savings and much of our expenses are individual rather than combined.

Sleepy

Despite Mrs Sleepy being a stay-at-home mum who works part-time, she didn't want to do the joint-account thing. While my account would have well over 90% of our income coming into it, all household expenses bar the weekly grocery shopping come out of it, and even that I'd often end up having to find money for...

Since we've pretty much spent our entire relationship living pay cheque to pay cheque money has never been much of an issue because neither of us has ever had enough of it to waste!

cruizer101

SusanC10 wrote: »

Couple #1. Husband working. Wife SAHM. 3 Kids. He gives her a monthly allowance .....

Couple #2......

Couple #3. Both working. Wife earns significantly more. 3 Kids. All expenses 50/50. He constantly has no money....

Personally I would hate to be in any of the above scenarios. These are all from within our own circle of friends.

They don't sound like proper marriages at all. I'm not in that position yet but think would envisage just having one joint account, maybe two separate with one joint for bills and that.

Aubriella Easy Mud wrote:

My salary is my money, shared expenses are covered and the rest is mine to spend/save as I choose.

I'm curious nox what would you do if one of you lost your jobs? you refer to the money you directly earned as your money, in many couples one person makes certain sacrifices to help the other earn more would you still view each individuals money as their own in that case

Electric Sheep

Olivia Fancy Quadriplegic wrote: »

I know what money is needed for upcoming expenses etc and what I will need to contribute so if I have the money to contribute to this and buy the thing I want then I can afford it. Our own personal expenses would be higher than the joint ones anyway so knowing what expenses I have myself is usually the deciding factor in what I can/can't afford.



Why is it pathetic? It works for many people us being one example. Its not like you do it after every purchase, you keep note of all spending and every so often tot up who owes who otherwise its just unfair imo. Having a joint account that both contribute to for shared expenses cuts out most of this though which is handy but that join account only gets topped up to cover joint expenses, nothing else. All other spending and all savings are totally seperate.

I couldn't get my head around this "our money" idea some people have at all. My salary is my money, shared expenses are covered and the rest is mine to spend/save as I choose.

What about saving for a house deposit - is this done jointly rather than separately?

Mena

Olivia Fancy Quadriplegic wrote: »

No kids and salaries are fairly similar at the moment though to be honest we don't really know each others exact take home as its not something we really discuss especially as the number varies with increases, bonuses etc. As I said aside from common expenses we basically do out own thing with our money, no common savings and much of our expenses are individual rather than combined.

Different strokes I get that however this to me feels like boyfriend/girlfriend rather than husband/wife. It feels like you’re hedging your bets (the royal you) in this type of scenario. But that’s just my take.

McTigs

My wife is a SAHM so earns nothing in literal terms but I couldn't put a price on it even if I wanted to.

Our understanding of marraige is "What's mine is yours and what yours is mine", it's a team effort.... if you are going to start calculating whose contribution is more valuable or worrying that you are not gettin back as much as you put in then marraige is quite simply not for you.

Alun

McTigs wrote: »

Our understanding of marraige is "What's mine is yours and what yours is mine", it's a team effort.... if you are going to start calculating whose contribution is more valuable or worrying that you are not gettin back as much as you put in then marraige is quite simply not for you.

Absolutely spot on.

Pac1Man

Olivia Fancy Quadriplegic wrote: »

Why is it pathetic?

This is why:

Olivia Fancy Quadriplegic wrote: »

you keep note of all spending and every so often tot up who owes who otherwise its just unfair imo.

It sounds like a partnership of convenience, almost business-like.

John_Rambo

I think everones being a bit hard on poor Nox. He's at a different juncture in life than a lot of us.

Olivia Fancy Quadriplegic wrote: »

No kids and salaries are fairly similar at the moment though to be honest we don't really know each others exact take home as its not something we really discuss especially as the number varies with increases, bonuses etc. As I said aside from common expenses we basically do out own thing with our money, no common savings and much of our expenses are individual rather than combined.

That seems fair enough! Sure the both of you are probably coining it in, no kids, good jobs, nice cars, cracking social life. You're dead right. We were sort of similar when we started out, but when the kids (money eating machines) came along and my wife gave up a couple of days work I had to step up!

So, wages in to each of our own account and then we both put money in to the joint account that looks after everything from the mortgage, savings, school stuff to the food bill. Obviously I put a lot more in because I earn more. Any freelance work I do goes in to the joint account too.

It just means I actually have to save to buy expensive hobby/sports stuff now. Working hard trying to get the kids in to my sport so I can buy stuff for "me and the kids" at the moment!

Lia_lia

^ Agreed with the above. I'd be the same as Nox.

Who knows when will happen if/when we get married and have kids. I can't imagine working part-time so I don't think that would ever happen. But I can see how joint accounts work with married couples that have children.

I'm not against joint accounts, they are extremely handy it's the paying both salaries into it that I don't like. We do have a joint account but as I said it's topped up as required to cover expenses (each contributing the same amount).

_Brian

Olivia Fancy Quadriplegic wrote: »

I'm not against joint accounts, they are extremely handy it's the paying both salaries into it that I don't like. We do have a joint account but as I said it's topped up as required to cover expenses (each contributing the same amount).

I can understand why some couples do this system before getting married.
It’s couples who are married ages who I can’t understand doing it, there really seems to be no trust in spending among some couples.

I’ve seen comments above saying that if the other person saw money in the account then they would just spend it. This couple need to have some serious conversations about trust and responsibility in life.

ron jambo

Separate accounts are like pre nups,

If you think you need it, better have one.