January 2012 Weddings

Blending Money in Joint Account

My FI and I have a joint account and have now had it for about two months. We pay all the bills from it and buy gas etc. from it. We try to keep our reciepts so we can decuct the amount spent on our check register and have and actual amount available verses the one on the computer that may not take out a payment for days. We are getting a little better about tracking our money, but are still having problems with missed payments etc. Is anyone else having this problem? What are some things you are doing if you don't have this problem to avoid it? Thanks in advance!
Daisypath Anniversary tickers BabyFetus Ticker BabyName Ticker

Re: Blending Money in Joint Account

  • edited December 2011
    We have a joint account that we only really use to pay montly bills. Then we have individual accounts that we use for daily expenses. It works out well for us.

    ETA:
    I added up our average monthly expenses and added a bit more as a cushion. I split that into 4 and that's how much is deposited into our joint account from each of our biweekly paychecks. Anything over that amount is put into our individual accounts.
  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_january-2012-weddings_blending-money-joint-account?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:3d6fae27-4ed6-4f96-a420-5432e6ba4ac0Post:9f3e8f60-ea5a-47e9-95dc-baf9d9f8d0a4">Re: Blending Money in Joint Account</a>:
    [QUOTE]We have a joint account that we only really use to pay montly bills. Then we have individual accounts that we use for daily expenses. It works out well for us.
    Posted by Cony&Ben[/QUOTE]

    This is what I hope to do once I get a job. I figured that day to day for each person is harder to keep track of if you are using the same account. the small things add up. I also hope to get a joint savings. Right now he has mulitple accounts i'm trying to get him to consolidate. :)

    I just have a checking.
    BFP #1 6/18/2012 // EDD 2/28/2013 // Birthdate 2/7/2013

    Lilypie First Birthday tickers

    Daisypath Anniversary tickers

  • We Keep a cushion of about $2-3, just incase.  We consult each other on purchases over $500.  It was kind of a struggle at first, because I'm more of a spender and he is more of a saver, but we came up with a couple rules and everything is kosher now!
  • In Response to <a href="http://forums.weddingchannel.com/main.aspx/wedding-club-boards_january-2012-weddings_blending-money-joint-account?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:3d6fae27-4ed6-4f96-a420-5432e6ba4ac0Post:5ce90802-da3d-47ab-ab04-a0eb68b784e2">Re: Blending Money in Joint Account</a>:
    [QUOTE]We consult each other on purchases over $500.
    Posted by Rdh2MrsOMFS[/QUOTE]

    I never really understood this.  Even a string of small purchases adds up quickly
  • Everything is going into my checking at this point which has become our joint checking.

    I added her to both of my credit cards.  Everything goes on the credit cards.  Nothing comes out of the checking/savings directly as far as daily spending.

    The only outflow from checking are utility bills, mortgage payments, car loans, credit card bills, etc.
  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_january-2012-weddings_blending-money-joint-account?plckFindPostKey=Cat:Wedding Club BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:3d6fae27-4ed6-4f96-a420-5432e6ba4ac0Post:9f3e8f60-ea5a-47e9-95dc-baf9d9f8d0a4">Re: Blending Money in Joint Account</a>:
    [QUOTE]We have a joint account that we only really use to pay montly bills. Then we have individual accounts that we use for daily expenses. It works out well for us. ETA: I added up our average monthly expenses and added a bit more as a cushion. I split that into 4 and that's how much is deposited into our joint account from each of our biweekly paychecks. Anything over that amount is put into our individual accounts.
    Posted by Cony&Ben[/QUOTE]



    We also have a joint for bills, mortgage, groceries. The remainder goes to our personal accounts for the day to day stuff. It's worked well for us for over two years so I don't think we'll change it after the wedding.
    Daisypath Anniversary tickers BabyFruit Ticker
  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_january-2012-weddings_blending-money-joint-account?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:3d6fae27-4ed6-4f96-a420-5432e6ba4ac0Post:142c9728-e5da-4ba2-8d7d-46c65255fea2">Re: Blending Money in Joint Account</a>:
    [QUOTE]In Response to Re: Blending Money in Joint Account : I never really understood this.  Even a string of small purchases adds up quickly
    Posted by jtmh2012[/QUOTE]
     
    Agreed. 10 $2-3 purchses goes up fast. A cup of coffee each morning gets expensive and then when you don't tell the other person you are doing it, can cause a probem, even if it is an innocent purchase.
    BFP #1 6/18/2012 // EDD 2/28/2013 // Birthdate 2/7/2013

    Lilypie First Birthday tickers

    Daisypath Anniversary tickers

  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_january-2012-weddings_blending-money-joint-account?plckFindPostKey=Cat:Wedding Club BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:3d6fae27-4ed6-4f96-a420-5432e6ba4ac0Post:922ca76e-aade-439b-893a-67061ee9e996">Re: Blending Money in Joint Account</a>:
    [QUOTE]In Response to Re: Blending Money in Joint Account :   Agreed. 10 $2-3 purchses goes up fast. A cup of coffee each morning gets expensive and then when you don't tell the other person you are doing it, can cause a probem, even if it is an innocent purchase.
    Posted by Kate504[/QUOTE]



    Our savings is automatically drafted out each month along with bills. We know how much we have to play with and keep enough of a buffer that it's never really been a problem. We both monitor regularly and If I've made a buttload of unnecessary purchases like coffee or what not, he'll usually bring it to my attention as I do for him. Our thoughts on consulting purchases over 500$ is: if I want a new pair of shoes that month, I'll bring it up to him and if after evaluating our finances together, it's kosher, I'll go ahead and buy them. And the same thing happens if he wants a new tv or whatever. We don't feel the need to consult each other on every single purchase--- we don't regularly burn our Money on hookers and blow so it's all good.
  • In Response to <a href="http://forums.weddingchannel.com/main.aspx/wedding-club-boards_january-2012-weddings_blending-money-joint-account?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:3d6fae27-4ed6-4f96-a420-5432e6ba4ac0Post:eea62f0e-da2d-466f-9e96-acd211e10fa3">Re: Blending Money in Joint Account</a>:
    [QUOTE]In Response to Re: Blending Money in Joint Account : Our savings is automatically drafted out each month along with bills. We know how much we have to play with and keep enough of a buffer that it's never really been a problem. We both monitor regularly and If I've made a buttload of unnecessary purchases like coffee or what not, he'll usually bring it to my attention as I do for him. Our thoughts on consulting purchases over 500$ is: if I want a new pair of shoes that month, I'll bring it up to him and if after evaluating our finances together, it's kosher, I'll go ahead and buy them. And the same thing happens if he wants a new tv or whatever. We don't feel the need to consult each other on every single purchase--- we don't regularly burn our Money on hookers and blow so it's all good.
    Posted by Rdh2MrsOMFS[/QUOTE]

    I knew it worked for people, I just never really understood how since I see all the ways it can not work.
  • I know that it can work, I guess the fact that I have worked for a bank in the past and have seen couples come in and had things slip away from them on their accounts when they weren't careful.

    I just find it easier to do seperate accounts for day-to-day spending becasue if both make a purchase on the same day and you both don't realize it it could cause problems. I guess it is the past banker in me. I have seen SO many things happen and I would prefer to be safe than sorry. Laughing
    BFP #1 6/18/2012 // EDD 2/28/2013 // Birthdate 2/7/2013

    Lilypie First Birthday tickers

    Daisypath Anniversary tickers

This discussion has been closed.
Choose Another Board
Search Boards