Who's Money?

[pinkcherry83]

I noticed browsing the forums the words 'our money' come up a bit. Here's a poll for all you married women - are your finances together or separate, and why?

Personally I admit I make less than my husband at the current moment but I've never tried to live outside my own needs so it's not a problem. We keep separate checking accounts but have one joint saving account that we both put spare money in. We don't pay attention to who puts more in it but it's sole purpose is to be the down-payment on our house - that's all we plan to take out of it for. I spend my money how I want and so does he. He pays the bills out of his account each month and I write him a check for half the total. All of our credit cards are separate and we each have vehicle loans - his is only in his name and mine is only in mine. I pay for my car and he pays for his SUV. Some people think this is completely strange - I think it would be strange of me to spend my husbands money and vice versa. We're both very straightforward and our marriage is great because we treat it as an equal partnership (some would say a business arrangement even lol).

This is just my story, I'd like to hear yours. I'm not trying to debate, I just want to hear how others handle it. All relationships are different and I realize that our way isn't the 'perfect' way for any couple.

[Kirby]

We have separate accounts but we both contribute to the bills. Usually he gives me the money and I pay them. He pays a little more than I do since he makes more and I am going to school. It has worked out well for us so far. We might get a joint account when we are married.

[WBandMe]

Right now we're totally separate, but we've already discussed our plans once we're married. Our accounts will be joint and he'll definitely be putting in more than me. We're thinking about each having a separate account too that we'll put equal amounts in from the joint account, kind of like monthly "play money" that we can save or spend as we please. Of course, this will depend on what else we have going on at the time. Then, after 3 or 5 years I'll stop working--we'll keep all the accounts joint but he'll be the sole contributor.

[Dani]

We have separate accounts, and we are going to keep it that way. He pays for the mortgage and insurance (we flip back and forth on the insurance). I pay for our cell phones, cable, gas, electric, food, my credit card, water bills, and such. It works for us. :)

[sweetvenus]

We have three joint accounts and no separate accounts. Two are checking (one for bills and one for spending money) and one for savings. Our paychecks are deposited into the spending money account. Twice a month money is automatically transferred into the bill and savings accounts (it happens right after my paycheck is deposited so there's always money there). This way we always have exactly enough to pay bills, money is saved, and we know how much spending money we have.

[SerendipityCrafts]

We both have separate accounts ... he handles the rent, groceries and the day to day spending .... I handle all the utilities and credit card bills. If I need money, he'll transfer some to my account. If he needs money, I will do the same for him. Our business money goes to paying off debt, savings for a house & some savings for the children's futures.

I have nothing against joint accounts but because we can transfer funds so easily from one account to another, we have never needed to get a joint account. I strongly believe as well that it's especially important for women to have their own account and their own credit card so as to maintain their own credit.

[Kfancii]

We are going to keep everything separate too. I will be selling my house and moving into his because it is much bigger and on an acre of land, plus we picked out all the tile and fixtures together, so it feels like my house anyway. He says he is still going to pay all the house expenses and bills, and I am just going to be responsible for my suv payment, insurance and my credit card.

Oh...but then he added that I get to buy all the dog food :puppy:. With our 4 big dogs, we go through a 40 lb bag of food a week and at $45 a bag for Natural Balance, that adds up fast! :bblol:

[WebLady]

We have seperate bank accounts, but we share everything. Although DH makes alot more money that I do.

[BrandyGibbons]

We have joined account, both of our pay checks go into that one account. I pay the bills out of that and than at the end we talk about how much money is left over and than how to spend it. We are in this marriage together and so we put everything together. We both have car loans and credit cards that are in our own names, but we just take the money out of that one account. It works for us and this way we both know that everything is paid and that we still have money left over. We never fight about who pays what or when something is paid. I just pay them when they are due. It works for us. It is not for everyone.

[lizardbnorton]

Right now we both have our own checking accounts. That will change after the wedding. Since I will be moving, and my bank is local there isn't one up there so I will just get added onto his bank account. I currently have 2 credit cards, he has 1 credit card, and we have 2 joint credit cards. We work together on paying them, our car loans, and insurance every month. Right now most of the bill money comes out of my account so that we can save money for the wedding with his money.

The goal after the wedding is to have all housing expenses be less than one of his paychecks and then me pay all the other bills (credit cards, cars, insurance) and then put the rest into a savings account for buying a house.

[StaceyMc]

When we got married, my money and his money became "our" money. We have a joint checking account and three joint savings. The bills are paid out of the joint checking account, regardless of whose name the bill is in (we both have car loans in our own names that we had before we got married).

Any purchase over $100.00, aside from regular monthly expenses, has to be mentioned to the other person.

It works for us.

[lize566]

When we got married, my money and his money became "our" money. We have a joint checking account and three joint savings. The bills are paid out of the joint checking account, regardless of whose name the bill is in (we both have car loans in our own names that we had before we got married).

Any purchase over $100.00, aside from regular monthly expenses, has to be mentioned to the other person.

It works for us.

This is pretty much how we worked it out, too. It took some adjusting on his part to realize that it wasn't just his money so he couldn't go out and buy a $500 tv without talking to me about it(which he did, otherwise the issue would have probably never been brought up). It just makes more sense to me to have joint accounts b/c I'm better at paying bill but right now he makes more then me so instead of always having to tranfer money or whatever, I keep track of all the bills, regardless of whose name they are in and we spend money together for the most part. As far as credit cards, etc. I have one in my name that I hardly eve use anymore, we have a joint one that we put our honeymoon on. Our cars are both in his name as is the insurance and our cell phones (neither of us have car payments anymore, thankfully) a few other misc. bills, liek the cable bill, are in his name, but the house and electric are both in my name, so we are both still accruing credit pretty equally. This is what makes the most sense for our situation.

[uptowngirl]

We have joint accounts, one for checking and one for savings. We also have a separate one for my business...but there is never any money in that one :) We have a joint line of credit, but don't carry a balance on it. We also each have a personal account - I use mine to pay my student loans and car insurance out of, his is for his student loans, car insurance and car payment. Everything else (mortgage, utilities, groceries, etc) is paid out of the joint account.

He puts in way more money than I do - basically he makes all the money and I manage it!

We also just added him as a signer on my IRA, and as soon as we get his transferred will will add me to his.

[Nekochanpurr]

We have separate accounts, but we share a savings. :D

[RosieAngel]

We each have separate checking accounts, a joint checking, and a joint savings account that we're currently keeping wedding funds in. I'm sure it will turn into a honeymoon fund, since we can't afford one right now, and after that, who knows? Probably a house fund.

[woohoo2me]

we have a joint accuont and all money goes in there, we dont keep track on who puts what in or cares on who takes something out, as long as it doesnt interfere with bills or future plans, or anything else we my need for the house :D

[Camel]

We both have our own accounts (our pay checks go into these) and then we have one joint account that we contribute to equally each month by writing cheques into it. Out of this account comes our mortgage, household bills, other incidentals and some savings.

[Danielle9608]

I said Joint but one person puts in more. We have all joint accounts, checking, savings, and credit. He puts in more because he makes over double what I do, lol. But we don't keep track of who puts in more or whos money it is.

[pinkcherry83]

Wow thanks for all the input. I'm surprised no one picked the last option actually. I know quite a few couples where only one person works but I guess not many couples like that are on here. It's just interesting to see how everything works out :)

[Jamie'sBride]

We have a joint account and our paychecks are deposited directly into it, but I voted for "one puts in more" because Jamie makes a LOT more than I do. Since we got married, Jamie takes care of paying all of the bills, because I never was very good at it.