November 2011 Weddings

Let's Talk $$

What are you and husband doing finances-wise now that you are married. keeping separate accounts, his/hers/ours, other? 

For now we are keeping everything separate, but will probably do the his/hers/ours thing in a few months. 

Re: Let's Talk $$

  • We have almost everything joint, except we each have a checking account that is ours alone. We each get a set amount each paycheck deposited into that one, and have started to refer to it as play money. We useour joint account for most transactions (bills, gas, rent, haircuts, presents for our families, gym membership, etc.) but then use the play money for things like video games (H) scrapbooking supplies (me) and buying presents for each other without ruining the surprise.
    I reccommend two tools:
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    2. ingdirect.com - easy to set up multiple savings accounts (we have one for vacation, emergency fund, etc.), and they offer free checking too.

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  • We have had a joint account for some time now that was used for wedding stuff.  We're keeping that one, putting bill money in there (we are still hammering out the details of how much since our salaries are changing), and maintaining separate checking accounts as well.

    Our basic idea is most of the money in the common checking/savings, fun money in our personal checking, and we'll each have personal savings that come from our left-over money from personal funds.
  • We are keeping everything separate right now since he is not working.  But once he has a job we will still keep our separate accounts, but set up joint checking and savings accounts and a joint credit card.
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  • We had had our money separate for awhile when we first started living together (8 years ago) and found it was a lot easier for us to keep our money together, and take out cash for our separate spending money. We had all our money in my accounts before we were married, and he took his spending money out of his checks before giving the rest to me to manage. Now, he is officially on all the accounts, though he opted not to have a debit card for one bank account which is tied to our mortgage, taxes, and savings account because he doesn't want the temptation of spending to be there. He is not a money person at all, and I am the one who keeps us organized and bills paid every month. It wasn't always easy, but we've gotten into a good system over the past couple years where I can discuss the budget with him, he has input (so it's not just me dictating where all our money goes), and we're both comfortable with it.
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  • edited December 2011
    we opened a joint account when we moved in with each other to pay joint bills (a couple I know saves receipts and pays each other back, I think this is way too much effort).  A percentage of our salaries goes into it each month (our first year of living together we put a set amount instead of a percentage because things were new) and we split big joint purchases, like a couch or TV.

    We keep our own separate accounts so that there is never any fighting over money.  As long as he pays the joint account first and doesn't put himself into debt he can buy what he wants and so can I.  My car is cheaper than his and my responsibility.  His more expensive car is his responsibility.

    I know joint accounts work for a lot of people but I know our spending habits are different and I could see it leading to fighting or resentment if we shared every pay cheque.

    We have a joint savings account too but that's just to make sure we put away enough money each year to pay our property taxes.
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  • We will be having a joint account once I get my name changed which who knows when that will be...hoping for beginning of next year!
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  • We're keeping it separate for now. It's not hard for us to move money around and I think it's the smartest thing for us. I am about to start a new job and I think I would feel more comfortable being the only one to access my new salary until I get used to it.
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  • We currently have a joint account for bills associated with the house.  Other than that, our money is seperate.  We plan to merge our money, but I incurred a lot of credit card debt over the last 8 months.  So, we've decided that we won't merge our money til my cards are paid off. 
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  • DH and I had de facto joint accounts before the wedding anyway.  We each had our own checking and savings, but we were authorized users on each others' accounts and could transfer money freely between them.  I handle all the bills, so I was paying out of my checking account and transferring money to mine from DH's whenever I was short.  After the wedding we went to the bank and had them close DH's checking account (because his had a monthly fee associated with it and mine didn't), move all that money over to mine, associate his debit card with my (now our) checking account, and order checks with both of our names on them.

    We kept our "separate" savings accounts open, but only in name.  We split our savings exactly in half and put half in each account.  We figure that some day we'll want to save for a house and a vacation or something at the same time and two separate savings accounts will make it easier to visualize how much we have saved up for each thing.
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  • We put H's name on my account, which is now our joint account. Haven't gotten around to putting my name on his old account yet, but he may close it out anyway, since it doesn't have much in it. (the wedding money went into my savings) He also switched his direct deposit over to my account.

    I think once he takes care of Christmas and getting some of his auto bill pays switched over we will just have the joint account. Although I'm a little concerned, because I can be a little tight with my money sometimes. As in, I don't like to let it go. We will see.
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  • We just added each other to one another's accounts, and I get to be in charge of the bills since I work at our credit union. Yay. H is not good with balancing a checkbook, which scares me some since I can loose my job over bouncing checks, but H knows this so I am hoping he will be good about giving me receipts and such when he gets gas or groceries or what not. I told him if it proves to be too much then I will shut those accounts down and we will have just single accounts and one joint bill account. We did set up an account just for bills, which he does not have access too (no debit card or checks, but his name is on it) and we have decided on a certain amount of each of our paychecks that has to go in there for the mortgage, phone bill, electric bill, etc. We will see how it all goes.
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  • H owns his own business, so that checking account remains solely in his name for tax purposes. I enjoy getting a refund at the end of the year and since he pays quarterly taxes to the government, if my name were on it it would screw up my return.

    I am the money manager of the house as far as bills go. H has been transferring money into my account to help pay for bills ever since we moved in together and then I take care of them when they are due. This makes it easier for both of us. We put H's name on the account that he had been transferring into and ordered checks with both names on it after the wedding, but he didn't want a debit card. He is terrible about writing down what he spends and it drives me crazy.

    I also have my own checking and savings account at a different bank that I have had for years and that remains solely mine. I keep it mostly because my kids have savings accounts with this same bank and it makes is so much easier for online transfers and such into their accounts.

    We also have a joint savings account that we set up that we deposited any remaining wedding money in after we bought some things we wanted off our registry. Our final money task is going to be setting up an IRA, I am paranoid about having a nice retirement for us when we want to retire and with H working for himself if we don't save it for ourselves, no one will.
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  • Currently we have 1 joint account where all our savings went for the wedding. It's still open but we're unsure what we will put in it. For household stuff we both have checking accts with eachother's names on them & I have a savings account at the same bank. My husband transfers cash into my account with each payroll & I pay all the bills from that.

    We met with a financial advisor last week (since we're not having kids we're planning for retirement, lol) & we'll wait to hear what he has to say before doing or changing anything that we currently do.
  • fashionxfashionx
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    edited December 2011
    @ Juma -- are you planning on doing your taxes separately also? I am just curious about the tax return thing. I have my own business and H works for a company, both of us tend to get money back though (even though I pay quarterly estimated taxes). I think when we can run the number we will try both ways to see what gives us the most back, filing together or separately. Though I think filing together would be best, based on what I've read, separately ends up being good for whomever makes more and bad for whomever makes less, which may be a moot point if all the money goes back to being shared anyway. I also kept my business checking in my name only.
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  • We still have separate accounts and aren't in a hurry to change anything because it works for us.  Evenutally we'll join stuff over, especially once we have kids, but for now, I like having separate accounts.  We do have one joint savings account that was for the wedding, but has since been repurposed to our vacation account.
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  • @ fashion: atleast for this year we are definitely planning on filing married but separate returns since we didn't get married until November. I think we will see how it goes after that. He usually pays whatever his accountant figures out his exactly what he owes for the quarter, so at the end of the year he doesn't get a return or owe anything in addition to the normal quarterly.
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  • Before the wedding we didn't live together or anything and had separate accounts, and a joint savings account for wedding stuff.

    We've decided to have joint accounts.  Neither of us have much savings anyway, so we just think this will be easier.  We created a new account and will be closing oru respective checking accounts.   For gifts and things we each have private credit cards.

    I do have a decent amt of credit card debt from when i was young and stupid. (Ok...like a year ago) but we plan to pay some of that off at the first of the year to help improve our credit score for home buying purposes.

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  • We are keeping our separate accounts for now. We have lived together for a few years now and it's worked out well this way. I am a really good saver and he is..I don't know. He's not necessarily a spender- he doesn't have debt, but he cannot to seem to save hardly any money for the life of him. 

    We will probably get joint accounts sometime early next year though, but keep our separate accounts also. At least my savings account and his checking account. 
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  • We have separate, but a joint savings.
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  • we bought a house a few months before the wedding, and so we put everything together then so we could, you know, pay the mortgage. It has worked out way better than I had anticipated. We had lived together for two years and kept everything separate to the T, so I was worried. Now that I think about it, I might have had more anxiety toward putting the finances together than actually getting married. LOL
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