Numerous studies have shown that money is the No. 1 reason why couples argue — and many of the recently divorced say those battles were the main reason why they untied the knot.
Do you have a serious plan about your finances? What do you plan on doing to avoid money arguments?
Being the product of a divorced parents I am very concerned about arguing especially if it could be something that can ruin my marriage. FH and I are just starting to discuss finances in depth and our plan to save together. We opened up a joint saving account and agreed to contribute a certain amount of money a month as well as all our spare change , presents etc.
We are currently discussing how we are going to handle the future and the potential disagreements we may have regarding monthly spending, budgets and savings. I think its very important to communicate and let each other know where the money is going.
Our plan thus far is to continue to have separate checking accounts and pay our bills through our joint account. We separate the bills evenly depending on the amount of income percentage each brings home.
example : if I bring home 60 percent of the income I will pay 60 percent of the bills and he will pay 40 percent of the bills. The Six Financial Mistakes Couples Make
MirabellaNYC
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Re: Monday - QOTD
Yes we had the dreaded finance discussion and have a good game plan. We are both homeowners, right now we are living in my place and he is renting his co-op to a great tenant. We are at the end of paying off credit cards. I've been paying the home bills and he's been stashing money away. He's the better saver out of the both of us. Our credit cards will be fully paid off by the end of October, and then its major saving time for both of us (actually, just me, he's BEEN the big saver). The $$ we make from the engagement party we are going to use and open a joint savings account (one that's untouchable for 6-8 months and bears higher interest).
We've committed to putting money away monthly and consulting with each other on big purchases> We show each other our bank statements and credit card statements and bills so there are no secrets.
It's not easy to do, but we think honesty is the bst policy when it comes to finances. After we're married we will sell 1 of our places and rent the other, and buy a house (hopefully!)
aimerlena01
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Re: Monday - QOTD
I always assumed everyone handled money the way my parents did. Little to no credit card debt, saved money but also spent money taking us away on vacation every year. It was the perfect balance. Then I met my FH who never saved a penny! haha. I believe what I believe and he believes what he does so we had to talk about what was important to both of us...and work on a compromise. Communication is sooooo important. We did decide that we will have one account that is joint, save a % of what we are making and then each have our own account as well. It seems to be working so far!
JennyAPH
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Re: Monday - QOTD
We combined our bank accounts and for now I usually handle all the bills (i cant help it, im in finance so I take control of it)... Its been working out fine.. we basically share everything already... whats his is mine and visa versa. We do have some credit card debt and we plan on paying all of it off by next year or right after the wedding and then start saving...but for now we stopped using any credit cards and just use cash.
Dani777
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Re: Monday - QOTD
We have been together for just about 5 years, so we already have combined bank accounts. We pay most of the bills through our joint checking account, then the rest we sorta split up. Once we tie the knot, we will only be using our personal accounts for things ONLY for us... we both agreed that we shouldn't share EVERY PENNY, but just the most of it... to pay the bills. Everyone should be able to treat themself to something nice that won't effect our bills. So, 5% will be kept in our own accounts. We don't argue about money too much, but when we do, it's over the stupidist thing... I just hope that it stays the way it is. We're pretty much ok, just wish there was MORE of an income! HAHA
NikkiR515
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Re: Monday - QOTD
We have had several discussions in regards to our finances.. We have lived together for over a year so we already know how difficult it can be paying bills and saving money together!! Our game plan for now is to have separate checking accounts but also a joint account.. We will designate a set amount of money to go into the joint account and that will be how we pay bills.. We will probably also do the same thing with our savings when the time comes.. Right now our savings accounts are separate but we might start a new joint one together and have us contibute an equal amount of money each month.. This way we have our own money but we also have money together.
VickiR510
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Re: Monday - QOTD
Of course. Im an accountant so money is always on the brain! lol hankfully FH & I are in a very good position in life. We have decided to ave a joint accountant & still have seperate accounts on our own. However, we both have access to one anothers accounts via Online. We can monitor each other if necessary. NO secret passwords etc. We are completely upfront & honest with everything & every purchase etc. If at any point we feel like we need to tighten up we will no where to do so.
Fh & I have many seperate things CD's IRA's etc etc. So thankfully we understand the importance of it all & especially for our retirement.
shell1879
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Re: Monday - QOTD
most of our $$$$ goes into 1 account and i pay the bills. He's got a crazy case of the i wants and gimmies this was a way to curb the spending.
we argue about stuff sometimes but when it all comes down to finances he thanks me for deligating where $$$ goes and when
Future Mulligan
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Re: Monday - QOTD
we live together already for a few years - i must say that we are both VERY responsible financially - i cant imagine us fighting over money at all and never have.....
i will say that when i am not working anymore when we have kids, that might be a really hard adjustment for me - to have to ask for money - right now we have joint checking and savings and our own accounts as well - and plan on keeping it that way - but once i stop working it might be weird to have to ask for money - even though its 'ours' i still like having that independence! i cant imagine buying him gifts with his own money so i dont know how it will go down in the future
littlepixie12
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Re: Monday - QOTD
Its the discussion we both dread! lol ... It not easy to come into a marriage with no financial problems because of the student loans and credit debt ... We opened a joint checking and committed to a certain amount every month to contribute in there for the wedding. After the wedding we are also opening a joint savings account and going to contribute to that as well.
angels914
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Re: Monday - QOTD
My first marriage my ex took me for broke !!!!!!!!! My FH ex also took him for broke !!!!!!!!!! It was horrible and disguisting how we both let this happen... but the past is the past..... but now .... with us we talk about things and what is going on..... we will not allow this to happen ever again ...... My advise to you ladies is for the both of you to be open about everything ... no matter what it is !!!!!!!!!!
ttdiff11
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Re: Monday - QOTD
we combine all of our money in my acccount and i take care of all the bills!
