For today, I thought we could talk about something similar to yesterday, Finances!
How do you and FH plan to deal with your combined finances, have you talked about it yet?
Combining finances is the only thing about marriage that truly scares me! Took a huge (in my mind) step this past summer. He had a seemingly minor car accident, but the insurance company totaled his truck out. FH took over driving my car and I bought a new one. So now both vehicles are in my name as well as the insurance, but we split the costs for the car payment, insurance and maintenance...still scares me a little. We have only touched on this issue of joint finances briefly. Our current arrangement is that since all of our household bills (mortgage, maintenance, utilities) are in my name, he just writes me a check every month for half the expenses. Even things like household supplies get accounted for in this way.
My idea is that once we are married, we open a joint account that we each contribute to, for the purpose of household expenses, but also keep our own individual accounts. Not sure if we should be contributing a set amount each, or percentage of our incomes.
coffeeisgreen
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
We have separate checking accounts with the same bank and a joint checking/savings with another bank.
Jocelyn1977
Posted:
Member since
Re: QOTD 2-19-14
FH and I just took that last step 2 weeks ago. For the past 4 years that we have been living together, we split the bills 50/50, but have had our $$ separate. We just went to the bank and I put his name on my checking and savings and he transferred the majority of his money in. His old checking account will now be for his own money and I am opening up another checking account for my own money. FH and I both agreed that the bulk of our earnings will go into the joint account and will cover bills, groceries, and usual daily expenses and normal incidentals. We will both save a small amount of our income for ourselves (about 10%). This money in our seperate accounts is what we are not accountable to our spouse for, like if I wanted to splurge on an unneeded facial, or if he wants to go to AC and gamble with his friends. It will also be for buying each other bday and holiday gifts. If we go out together and splurge, like a night out, then that comes from our joint accounts too.
Honestly, even though FH makes substantially more than me, it was still kinda unnerving. I've never shared my money like that before. Good things though. All good things.
Alimm729
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
We've lived together for a long time. And money is always a source of stress. For a while, we made the same amount so we were able to contribute the same amount towards shared expenses. But then we had a baby, and a year later I got laid off and took a job making significantly less money. So, a lot of the burden fell on him for a while and those were not good times. But, I just had an interview for a job yesterday that will put me at making MORE money than him and I feel like it's my chance to give back all he's done for us. We have like, literally five accounts. We each have our own checking/savings, we have a joint account (that no one uses but to be considered 'domestic partners' you have to show financial interdependence, at least for medical insurance purposes), and a wedding account. Thank god for Bethpage Federal Credit Union and unlimited transfers. LOL! There's always a lot of transferring going on. But, it's only weird if it doesn't work, right?
coffeeisgreen
Posted:
Member since
Re: QOTD 2-19-14
Posted by Alimm729
We've lived together for a long time. And money is always a source of stress. For a while, we made the same amount so we were able to contribute the same amount towards shared expenses. But then we had a baby, and a year later I got laid off and took a job making significantly less money. So, a lot of the burden fell on him for a while and those were not good times. But, I just had an interview for a job yesterday that will put me at making MORE money than him and I feel like it's my chance to give back all he's done for us. We have like, literally five accounts. We each have our own checking/savings, we have a joint account (that no one uses but to be considered 'domestic partners' you have to show financial interdependence, at least for medical insurance purposes), and a wedding account. Thank god for Bethpage Federal Credit Union and unlimited transfers. LOL! There's always a lot of transferring going on. But, it's only weird if it doesn't work, right?
We both have our own seperate checking accounts and personal savings accounts. The first task we completed after getting engaged was opening up a joint savings account that we have been using for all things weddings. After we get married, that will become our next house fund. Obviously the wedding is a cause of financial stress but thus far, we havent had any real issues with how we divide finances.
ajunebride14
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
We've had our bank account together since we moved in together. We just wanted to make it easy. He has one, I have one and there's a savings but they are all connected.
KTF11
Posted:
Member since
Re: QOTD 2-19-14
Posted by Jocelyn1977
FH and I just took that last step 2 weeks ago. For the past 4 years that we have been living together, we split the bills 50/50, but have had our $$ separate. We just went to the bank and I put his name on my checking and savings and he transferred the majority of his money in. His old checking account will now be for his own money and I am opening up another checking account for my own money. FH and I both agreed that the bulk of our earnings will go into the joint account and will cover bills, groceries, and usual daily expenses and normal incidentals. We will both save a small amount of our income for ourselves (about 10%). This money in our seperate accounts is what we are not accountable to our spouse for, like if I wanted to splurge on an unneeded facial, or if he wants to go to AC and gamble with his friends. It will also be for buying each other bday and holiday gifts. If we go out together and splurge, like a night out, then that comes from our joint accounts too.
Honestly, even though FH makes substantially more than me, it was still kinda unnerving. I've never shared my money like that before. Good things though. All good things.
This is what we plan to do as well.
rcotter90
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
FH and I have separate accounts now, but will combine them into one joint checking and savings before we get married. We just don't see a need to have separate accounts once were sharing all the same expenses. We have one account right now with both our names on it with his mom that she is contributing a set amount per week until our wedding, for the wedding expenses or our first house. The only reason both our names are on it is so that we both have access to the account should we need it.
Megglez108
Posted:
Member since
QOTD 2-19-14
FH and I have separate checking and savings accounts. When we got engaged we opened a joint checking and savings account that we have contributed to for the wedding and joint expenses. Once we're married I believe we will continue the same way.
haw4
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
Money scares me. I'm a saver and FH isn't. We just had a money argument because his friend is getting married 2 days after my best friend and we have to fly from syracuse to charleston and it's Easter weekend!
We both have our own checking and savings account and have also opened up a joint checking and savings account. We put the same amount in each month, part goes to our wedding fund, and the other part goes for utilities and rent. We never seem to have enough though! I'm sure once we are married, we will put more in our joint account.
Vilardi82
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
We each have our own accounts and a joint checking at the same bank. We each transfer $ into the joint checking for the house expenses. I don't know if we will keep it that way or eventually work out of one account.
msj288
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
We each have a separate checking and savings account. We did open a joint checking account together that we've used for our wedding expenses. We only briefly touched on the money issue, but we plan to open a savings account and use our joint checking to deposit our earnings/savings in after the wedding. The money we made before we're married we'll keep separate, and we'll probably deposit some cash in our own checking accounts for own lil splurges here and there.
FH's more of a saver, so I think I make him a little nervous, but he doesn't need to be. If I've learned anything from this whole wedding process is how to save a dollar or two lol
MrsDtoBe
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
We have a joint checking account for all of our bills, food shopping, savings, etc.
We also have separate checking accounts for shopping, gas, going out with our friends, etc.
Karoline
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
FH is much better with saving but also wants to enjoy life. We are combining accounts.
YES he asked me
Posted:
Member since
QOTD 2-19-14 - Long Island Weddings
Just because he is a 'Splurger' I will keep my account to myself. We are working out just fine right now......LOL
