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Splitting Finances

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Re: Splitting Finances

  • His, mine, ours.

    For us, we have 2 diff banks at the moment because he has a credit card with them.

    Some separation.
    We separate some bills according to income. He makes more, so he pays higher bills like cable/internet/home phone and his cell, I buy groceries and pay my cell. Rent is split. Future mortgage payments will be split and we'll see what other changes we'll have to make on the fly {heat, hydro, etc}
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  • We have separate checking and savings accounts, we also have separate CCs but we do have one CC that is joint so we can put home things on it. I pay the mortgage on the rental house and get the rent money, he pays the mortgage on the house we live in now and I pay all the bills. We each pay for our own car insurance, student loans etc. (no car payments for either of us). If we are going to do a bigger purchase we talk about it but at the end of the day if the bills are paid and money is still going into savings we really don't care what the other one is doing with their money.

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  • We also have his, mine and ours accounts. We decided how much we needed monthly in our joint checking to cover mortgage, utilities, groceries and joint purchases, and also how much we want to save each month. Then each of us direct deposits a percentage of that amount into our joint checking and savings. He makes more than I do, so he contributes more. The checking covers all our expenses and any entertainment type things we do together, like movies or eating out. Savings is for vacations and stuff we need for the house. We always talk before making purchases out of our joint account.

    The rest of our take home pay goes into our individual accounts. We pay for anything that is used for just one of us ourselves. We each pay for own gas from those accounts and anything that is just for one of us. For example, if I pick up breakfast or a coffee before work, get a pedicure, or go out with my friends, those things get paid for out of my own account. We do not check with each other before making purchases from our own accounts.

    To determine the percentage we each contribute to the monthly budget, we figured out how much more than me he makes. So say my H makes 10% more than me, he pays 55% of the monthly joint budget and I pay 45%. Ours is more complicated because we account for his long commute in determining his take home pay, for the insurance for him that comes directly out of my check, and for the home insurance that comes directly out of my account because it is bundled with my car insurance. Basically, we tried to make it as fair as possible.
  • Joint checking and joint savings, and we discuss any purchases $75+. We make roughly the same amount, so splitting things by percentages seemed silly in our case. We might get separate checking accounts eventually, but this system works for us right now.
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  • Thanks everyone for all the different perspectives! We discussed a few different options and decided on paying for rent and utilities using his housing allowance, then each of us contributing a percentage of our income to a joint account for other joint expenses like groceries, incidentals, and saving for stuff like vacations. We'll also be adding each other to our personal accounts for emergency purposes only. Hopefully this will work for us!
    lachattefatale
  • Thanks everyone for all the different perspectives! We discussed a few different options and decided on paying for rent and utilities using his housing allowance, then each of us contributing a percentage of our income to a joint account for other joint expenses like groceries, incidentals, and saving for stuff like vacations. We'll also be adding each other to our personal accounts for emergency purposes only. Hopefully this will work for us!
    Hope it works out smoothly :)
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  • This thread helped me feel less crazy! Everyone keeps asking why DH and I have separate accounts and don't just pay everything out of a single account. Well, because we don't want to!

    I have my own checking and savings, and he has his. We each put a set amount of money into the joint checking- we make the same, and it's essentially the same amount if you count the amount that comes out of my paycheck each month for health insurance. But he puts more into the joint account in terms of dollars.

    That account pays all of our bills, I take care of the payments on everything but the mortgage and cable, he does those. Then we have a joint credit card, which is what we use for day to day expenses (groceries, home repairs, etc). That card gets paid off every month (from the joint account), and we get rewards on it. We have a joint savings account as well.

    Our personal accounts are for personal spending. I have more spending than him because I have student loans and a car payment and he doesn't.

    We also have a system for cooking that's money based as well- groceries are a joint cost, and we alternate cooking dinner. However, the person who is responsible has 3 choices- cook dinner, go out on the joint account and then cook dinner the next night, or go out on a personal card and the other person cooks the next night.

    This entire system has been working for us since before we got engaged/bought our house (happened in the same week), and we see no need to change it now that we are married!
  • We have a joint savings and checking account, and H has his own checking account. I'm the breadwinner and pay all the bills. When H works (he's seasonal), he puts his paycheck into our joint savings account and keeps a little bit in his account for whatever he wants to spend it on. We consult about big purchases if they're non-essentials. We've been doing this since we started dating and it works great for us. Someday he'll be a stay at home dad and we won't have to pay for daycare :)

  • mrscomposermrscomposer Mani-snow-ba
    500 Love Its 500 Comments First Anniversary First Answer
    member
    We have a bills account where stuff is automatically withdrawn at the beginning of the month.  We also have a joint account where gas money, groceries, etc., comes from.  Then we each have our own personal account where fun money goes.  Mine's currently a tattoo fund.
    **The OMH formerly known as jsangel1018**
  • lovesclimbinglovesclimbing Alaska
    Sixth Anniversary 2500 Comments 500 Love Its First Answer
    member
    We have a joint checking and savings account. Our pay checks go in there, and we move whatever we can each month to savings. Everything gets paid out of our checking account. There is no "his money" or "my money." We consider everything to be "our money."

    Soon, we'll have another account for H's business he's starting. It's "his" business because he's the one working it, but it's really ours because all the funds for it is "our money," especially starting out. Also, I'll be helping him to some degree with the paperwork side of things, and will have access to all accounts.

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