For those that do have joint accounts (checking and/or saving) do you put in equal $ amounts or equal percentages of salaries? Dh and I don't make the same amount of money and I wonder what the best way to do this is? We have a joint savings account where all of our wedding money went to, but haven't started officially saving in that account yet. And we don't yet have a joint checking...I pay the bills out of my checking account and he reimburses me (most everything is in my name still because he moved into my place).
jenafee
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Re: Spinoff to Joint accounts
We opened up a joint checking and saving account this summer. We don't make the same amt of money, but whatever we add into it is ours to share. We pay our bills, buy whatever we need and use this account for everything. We do have seperate credit cards, but when the statement comes, we pay it with our accounts. All the spending coming and going is ours to share. That's how our parents did it too.
Jackie&Justin
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Re: Spinoff to Joint accounts
We have 1 joint checking that is also our savings right now cause it gets good interest (2.5). We both put our paychecks in and then we just pay the bills from our account. Before we were married we used to split everything evenly. Now we just automaticlly put our paychecks in and pay the bills.
smjack
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Re: Spinoff to Joint accounts
FH and I don't make the same amount either. the account is realy to pay for the wedding so for the next year we are both going to put whatever we can into it. and we have an understanding that we should try not to spend money on buying many things so we can save more for the wedding. so realy no formula, just what we can put in after bills and stuff are taken care of. in the end i think all our money is the same anyway
Aug06
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Re: Spinoff to Joint accounts
We have a joint checking account and all of our money goes completely into it. He makes more right now but that's not really an issue, it's our money.
ellebelle1
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Re: Spinoff to Joint accounts
We have one joint account. Our separate incomes have become one income.
jenn122397
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Re: Spinoff to Joint accounts
We have a joint account - we both have different salaries but generally what we do is put in our 'overtime/2nd job' salaries in the joint account. If we can afford to put more than that in, then we do
GabrielleandJohn
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Re: Spinoff to Joint accounts
Right now we have a joint savings and a joint credit card. All of our accounts are linked to the savings. We each put an equal amount into the savings. Then he puts his bonus in and I put my income from my private business in.
After the wedding we will have one checking account that our paychecks will go into. We will also have a savings account that my business and his bonuses will go into. We will put a set amount into the savings and all of our bills will be directly paid from the checkings. We will each have a checking account linked to the savings and will have an allowance for each of our accounts.
Think we have takled about this a little!
Kara and Todd
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Re: Spinoff to Joint accounts
We both put all of our money into these accounts - We don't have separate accounts at all.
In our minds, it is all our money. Both FH and I do very well, but even still I make considerably more money than he does. I don't consider that my money and what he makes his money... even our prior savings are now combined.
We put a set $-amount into savings every paycheck, but don't think of it as 'I'm putting X in savings and you're putting X in savings' b/c all of it is OUR money. But this is just how WE look at it, and I realize everyone is different.
If you're just starting to live together and/or don't want to have all joint accounts, you need to decide together how you want to handle joint expenses (by $ amount or percentage). If there's a big disparity in incomes, percentages might be a fairer way to do this...
How people look at money is personal, so you need to do what works for YOU and your FH.
Espo22
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Re: Spinoff to Joint accounts
No we don't sit there and say 'well if i put in this much you have to put in the exact same amount' the savings account is used for wedding expenses. I don't keep track to make sure we both put in an equal amount. Like for example we had to pay our Rh recently, and I put in the money for it. But i wont say anything to him, because all x-mas gifts we bought we put on his cc and he paid the bill for it without even telling me it came since i was putting in for the RH...Also we are under the same phone plan and again he just paid it off. He paid for invites for e-party, and took care of down payments for vendors, and i am paying for other stuff and so on.
So it's whatever the other can do at that time. This seems to work for us.
we havent gotten to that stage yet probably do that after we are married we will do it
stephanielyse
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ShanonandSteve
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Re: Spinoff to Joint accounts
right now FH has a full time job.. I am still looking for a job, and while doing that an working the same job i put myself through college with just barely.
since he makes more money, he puts more of the money for our wedding in.
I give what I can, and he gives what he can.
Hopefully, I will get an answer to a few resumes I put out and can equally contribute.
angnick
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Re: Spinoff to Joint accounts
Posted by ellebelle1
We have one joint account. Our separate incomes have become one income.
same here, his money is my money, and my money is my money
haha just kidding
it is all the same!
emcheung
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Re: Spinoff to Joint accounts
My FH and I still have separate accounts. Having the same account at this point (before marriage) is probably going to lead to lots of arguments about who's spending how much on what useless stuff. So in order to save money for the wedding, we both have high yield saving accounts from emigrantdirect.com. the interest is about 5%. we each promise to put in a certain amount monthly. When we are ready to put down payments or make payments at the end, we'll take it from our high yield savings. whatever is left over will be combined into one account. and eventually we will probably both have one checking account. but until then, i don't think i like someone watching over me on how i spend my hard earned money!
ellebelle1
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Re: Spinoff to Joint accounts
Posted by angnick
Posted by ellebelle1
We have one joint account. Our separate incomes have become one income.
same here, his money is my money, and my money is my money
haha just kidding
it is all the same!
At first I didn't see your play on words, but now I get it (quite well)
ML110
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Re: Spinoff to Joint accounts
DH makes about $20,000 more than me, so we contribute equal percentages ( not equal amounts) to our joint account. i think i actually might contribute a little more and pay more of the house stuff from my income, because right now hes putting a TON of his money into retirement it all works out in the end
MrsBrags7706
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Re: Spinoff to Joint accounts
Posted by Espo22
No we don't sit there and say 'well if i put in this much you have to put in the exact same amount' the savings account is used for wedding expenses. I don't keep track to make sure we both put in an equal amount. Like for example we had to pay our Rh recently, and I put in the money for it. But i wont say anything to him, because all x-mas gifts we bought we put on his cc and he paid the bill for it without even telling me it came since i was putting in for the RH...Also we are under the same phone plan and again he just paid it off. He paid for invites for e-party, and took care of down payments for vendors, and i am paying for other stuff and so on.
So it's whatever the other can do at that time. This seems to work for us.
exactly. as long as both still contribute equally!
its even MORE FUN when you're married with even more bills!
MrsBrags7706
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Re: Spinoff to Joint accounts
I never nip-picked (sp) about how much DH put in the savings account, at times his bills were higher that mine, and at times when he was putting in more them me, it was because I was drowning in bills. Our savings was combined, and we both had access to it, but it was mainly for our very expensive HM, that we had to save for 1 year and 4 months, ans we still did it. But knowing we would be moving in together a frew months be4 the wedding, we put $ in there [which would be extra] if we had it after the HM was paid for, that $ would be for like house stuff that we need, and like furniture. None the less, we just made it with the HM, and we have a Jcpenny's credit card for our couch!...which the payments should be rolling in any day now..... LOL!
Belongs2DanBuckley
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Re: Spinoff to Joint accounts
We have both
We both have our own respective bills in our own names and then all things wedding related are funneled through the joint account
We figured it would be better that way os we both have our own respective 'play' $$. As long as we both contribute our set budget amount to the wedding fund....
but we're not married yet so lets see how this one plays out
