Married people... how is your money handled?

[Jumpem]

Do you have a joint account or do you both keep separate accounts?

 

[ponyo]

Both

 

[mugs]

We have separate accounts, but only because we've never gotten around to combining them. We consider it all "our" money, not my money and her money.

When we got married we already had our own bank accounts tied to our credit cards for the purpose of online bill pay, and it was just easier to continue that way. I made her an authorized user on several of my credit cards to take advantage of cash back rewards, so pretty much all of our purchases are paid out of my account. She pays the bills (utilities), because she lived here before me. It is the way it is because we've never changed it, but like I said it's all OUR money.

 

[phoenix79]

We each have a separate account and we have a joint account. Day to day stuff is paid out of individual accounts but bills, etc. come out of the joint

 

[Slew Foot]

Joint, all the $$ goes into the same account which all our bills are paid from. All the credit cards are in both of our names.

 

[Jumpem]

Originally posted by: Slew Foot
Joint, all the $$ goes into the same account which all our bills are paid from. All the credit cards are in both of our names.

This is what we plan on doing. We aren't getting married for a couple months but combined our accounts yesterday.

 

[TeeJay1952]

I get an allowance. All monies go to her to manage. Married 37 years and never fight about money.

 

[Shame]

This thread always seems to be followed up with another thread a few years later with the title, "Wife/husband left with my best friend and drained the bank account / What do I do?" Usually topped off with a frown emoticon...

 

[Oceandevi]

Originally posted by: TeeJay1952
I get an allowance. All monies go to her to manage. Married 37 years and never fight about money.

We have a variation of this. We both get a set amount for gas/food/fun per week.

 

[JEDIYoda]

Originally posted by: TeeJay1952
I get an allowance. All monies go to her to manage. Married 37 years and never fight about money.

smart man!!!^^^^^

 

[Garet Jax]

Originally posted by: JEDIYoda

Originally posted by: TeeJay1952
I get an allowance. All monies go to her to manage. Married 37 years and never fight about money.

smart man!!!^^^^^

We have one joint account, but we each have a monthly miscellaneous fund from which we can spend without reporting back to the other.

If I want a new TV - I save my miscellaneous fund until I can afford it.

 

[PowerEngineer]

I also went into marriage assuming that we'd merge all of our accounts together. Because my mother was the "banker" in our family, I assumed my wife would be too.

It didn't take very long for me to realize, however, that she was the "spender" while I was the "saver". I had to set up separate accounts so I could shelter at least some of our funds.

She uses our joint accounts to pay for medical and clothes for herself and the children (and some food and her "mad money"), while I pay for everything else out of a separate account.

She spends everything that gets deposited in the joint checking account, and would regularly bounce checks if it weren't "protected" by VISA card. I save money for the "big ticket" items (like vacations, college for the kids, retirement).

She's prone to invest in "get rich quick" schemes. I'm a more patient investor.

My point in telling you all this is that the best arrangement for your finances depends on the personalities of the two people involved. I'm sure it's really nice when husband and wife both use similar thought processes when making savings and spending decisions (therefore arriving at decisions that are acceptable to their spouses), but that's not always the case.

Couples need to take stock of the strenghs and weaknesses of each person. It may turn out that it's better (or even necessary) to let one person take overall charge of the finances. Pay attention to your finances; catch problems (like credit card debt) before they grow too large.

I'll also say that a marriage in which the two people continue working (and therefore don't have to change the spending/savings habits they had before marriage) are the "best case" scenarios. It becomes much more difficult if you drop back to a single-income family to raise children.

Good luck.

 

[Engineer]

Originally posted by: TeeJay1952
I get an allowance. All monies go to her to manage. Married 37 years and never fight about money.

There you go. What's her's is her's and what's mine is her's. Makes things easier!

Oh, and joint accounts.

 

[BCYL]

Joint account... I manage all the money and she gets an allowance for her own spending and all the other household stuff she's responsible for buying...

 

[ch33zw1z]

I voted Joint account because our main account used for paychecks and bills is joint. We both maintain a smaller checking account at other banks though..

 

[Jumpem]

Interesting that alot of you have a joint, and also separate accounts.

 

[GasX]

pre marital assets are separate and singly owned. all money incoming and saved now is jointly owned and comingled.

 

[DrPizza]

Married 17 years, 351 days. Joint accounts. She takes care of the bills/mail. We rarely argue over money, and usually those arguments are petty arguments over her lack of logic when it comes to finances. (i.e. thousands of dollars in a savings account at the same bank as our checking account; one debit card covers both accounts, but she keeps the checking account balance quite low, resulting in the occasional overdraft protection fee :| when we end up spending more than planned and she forgets to transfer money from one account to the other.

 

[ponyo]

Originally posted by: Jumpem
Interesting that alot of you have a joint, and also separate accounts.

You need separate account for mistress and fun money.

 

[nutxo]

Originally posted by: Oceandevi

Originally posted by: TeeJay1952
I get an allowance. All monies go to her to manage. Married 37 years and never fight about money.

We have a variation of this. We both get a set amount for gas/food/fun per week.

Same. Its better if she handles the money. I have a tendency to overspend.

 

[Jumpem]

Originally posted by: Naustica
You need separate account for mistress and fun money.

I just changed my direct deposit to go to our joint (formerly her) account. When that goes through I am closing mine.

 

[RossMAN]

Originally posted by: DrPizza
Married 17 years, 351 days. Joint accounts. She takes care of the bills/mail. We rarely argue over money, and usually those arguments are petty arguments over her lack of logic when it comes to finances. (i.e. thousands of dollars in a savings account at the same bank as our checking account; one debit card covers both accounts, but she keeps the checking account balance quite low, resulting in the occasional overdraft protection fee :| when we end up spending more than planned and she forgets to transfer money from one account to the other.

Have you considered setting up overdraft protection between the two accounts?

 

[waggy]

Originally posted by: TeeJay1952
I get an allowance. All monies go to her to manage. Married 37 years and never fight about money.

hahahah same.

i get a allowance to waste (though so does she). everything else goes to bills (which seh pays) and saveings.

 

[mugs]

Originally posted by: RossMAN

Originally posted by: DrPizza
Married 17 years, 351 days. Joint accounts. She takes care of the bills/mail. We rarely argue over money, and usually those arguments are petty arguments over her lack of logic when it comes to finances. (i.e. thousands of dollars in a savings account at the same bank as our checking account; one debit card covers both accounts, but she keeps the checking account balance quite low, resulting in the occasional overdraft protection fee :| when we end up spending more than planned and she forgets to transfer money from one account to the other.

Have you considered setting up overdraft protection between the two accounts?

Sounds like he already has overdraft protection. ("resulting in the occasional overdraft protection fee")

 

[RossMAN]

Originally posted by: mugs

Originally posted by: RossMAN

Originally posted by: DrPizza
Married 17 years, 351 days. Joint accounts. She takes care of the bills/mail. We rarely argue over money, and usually those arguments are petty arguments over her lack of logic when it comes to finances. (i.e. thousands of dollars in a savings account at the same bank as our checking account; one debit card covers both accounts, but she keeps the checking account balance quite low, resulting in the occasional overdraft protection fee :| when we end up spending more than planned and she forgets to transfer money from one account to the other.

Have you considered setting up overdraft protection between the two accounts?

Sounds like he already has overdraft protection. ("resulting in the occasional overdraft protection fee")

Yep, I was thinking NSF instead of OP.