Combining finances?

smartlypretty · March 2012

It's Sunday night, so I don't expect much action until Monday morning. What with traveling, DLS, and caffeine, I'm kind of up lol. So let's get personal, how are you and FI handeling finances?

FI and I have been living together since June. We got a joint checking account and savings account then, but we still have our own personal checking/savings accounts. We haven't been using our personal accounts- except to have our paychecks deposited and transfer over. We are probably going to close our personal accounts and just keep one joint checking/savings account. It makes the most sense for us- we keep *very* close track of what is in our accounts so we can't bounce anything. Our lives are so completely intertwined at this point that it would be hard to tell you what is FI's and what is mine. That's how we both want it- share eveything and build a life together. What is mine is his.

It helps that we've both been together since we've had nothing. We don't own anything except some student loan debt (about equal). Our bills consist of rent, netflicks, cable, and electricity. We don't even own cars (live in a city although I'm itching to buy one). FI has a bit of savings in his savings account, but I have about the same amount in a small inheritance from my grandparents which we will both be depositing once we get married.

What are you guys doing?

SCogs18 · March 2012

FI and I still have completely separate finances at this point. I lost my job, so my parent's are helping me a little at the moment and I don't want to combine their money with his money. It's easier for me to keep track of what I owe them this way. Once I get another job we will get joint checking/savings and I will start paying my parents back.

We currently split rent/electric/water, while I pay for groceries and he pays for cable/internet (which are basically the same). Once we are married we will just pool our money. We will also share his school loans, which we should be able to pay off in the next few years. Thankfully he doesn't owe much.

The only thing we won't combine is my trust. My parents and financial advisor are really against me putting his name on it, which I do understand.

mamameech · March 2012

We've been living together for 2 years now and we just kinda split bills and such. Once we are married, I do want to have a mutual account in addition to your separate accounts. It would be useful for mortgage and whatnot; anything we're signing together. We are very open with our finances and we know what each of us is making salary wise. Neither of us have major debt and the debt we do have we are open about and comfortable with.

We did just cover finances in marriage prep this week and pastor did suggest we develop a budget (an actual paper budget and not just in our heads lol) and that we start discussing expenditures with each other prior to purchasing. We are both still very "independent" in terms of spending. We pay the bills we owe and all that stuff, and then my money is spent however I want and he buys whatever he wants. We will tell each other about it but not discuss prior to the purchases. And what will make a difference for us as well is the fact that I have a child; we need to lay out what the financial expectations are for FI in this situation. As it stands I pay all child related costs which may need to be reassessed once we are married.

Laur110 · March 2012

FI and I have separate accounts. He has his own checking/savings and I have mine. I also have a few investment accounts and a Roth IRA and 403b. He has his own 401k.

We own a condo together and split the mortgage 50/50. I pay the condo fee and for the groceries and he pays for electricity/cable/internet.

Once we are married, we are going to continue to keep things separate. We are honest with each other about what we spend and what we make. If FI did want to get a joint account together in the future, I wouldn't be against it though....

kmschuler · March 2012

FI and I bought a house in December 2010 and have lived together since. We both talked about our finances and think it is best that we leave them seprate as of right now. We have a "routine" that works on what bills each of us are responsible for so we dont see a need in changing that right now. We have discussed that once we have children we will have a combined account along with seprate accounts so we both have out own spending money.

Clarustin2011 · March 2012

When FI and I closed on our house in August, our finances combined then. We both have our own personal savings as well as a saving account together. Both our paychecks get deposited into our joint checking and bills go out from there. We both never have to worry about who pays what and the cost. It's kinda nice to be that way. He is fantastic with money and at any point of the day, can tell you exactly what is in what account.

Sarah&Eric2012 · March 2012

FI and I joined our accounts when we bought our house in March of 2010. We each have our own checking/savings accounts as well as a joint checking/savings account. Our paychecks are direct deposited into the joint account to pay bills but we each have a small amount deposited into our individual accounts for ourselves. We each have our own credit cards although we've put eachother as authorized users on a couple so that we can use just a couple of cards instead of having a ton of different ones out there. We do have some debt (besides the house obviously) but we're comfortable with it and we're paying it off as quickly as possible. I manage the finances mostly but FI is well informed of what is going on and when we need to cut back on our spending (like this month the sewer assessment is due, so no eating out). We have a tight budget but we do put money into savings on a regular basis too.

kellycatalo · March 2012

We bought a house in July and have been living together since August. We still haven't combined finances but we keep a spreadsheet that we update monthly with all of our bills, income, etc. We plan on opening a joint account after we are married, but I figure that we will still maintain our separate accounts too. I'm not quite sure what we'll do yet, but i'm not very concerned. we're both on the same page when it comes to finances.

BMcLeodTeam · March 2012

We have had seperate finances all along. I am coming into our relationship with no debt and recently found out he is with more debt than I originally knew. I am much better with budgetting/making sure things get paid so we are in the process right now of getting everything moved to the combined account we just opened, and I will control our finances and budget. We are going to be very strict about budgetting up until we pay off his debt, and maybe then we'll be a little more lax. I grew up that debt was something you just didn't do, so its something I've had a hard time with getting used to recently.

volleygurl0306 · March 2012

Early in our relationship, the company FI worked for went out of business. I had been essentially living at his place but didn't pay for anything. His parents could help him out with about half his bills, so since I had been living for free (previously was in my parents house), I covered the other half. Since then our finances have been muddled. Not quite mixed, but muddled. Right now we basically each cover our own bills. For the most part I've made more money so I would typically cover rent and he utilities when we live together (we are long-dstance right now without our own place). We have VERY different spending habits. I come from a family who is coupon clippers and penny pinchers. And he has the "I can't take it with me" mentality that sometimes falls short on planning for the future. So, we decided to have a strategy that allows us to have some financial freedom without stiffling each others habits and while still getting what we need paid.

After the wedding, we will have our checks deposited into a joint checking account. From that account we will pay all bills including a shared credit card that will be reserved for necessary or shared spending (gas, groceries, going out to eat together). With what is left over it will be split between our joint savings account, his own checking or savings (as he sees fit) and my own checking or savings (as I see fit). Our own accounts will be used for whatever we want without having to consult each other (financially). So if I want to go to dinner with the girl, that's on "my" dime. If he was to get a new stereo system for his truck, that's on him. We haven't worked out what portion goes to joing vs. split between us but we are going to get equal shares into our separate accounts because we know throughout life it will fluctuate with who is making more money and it seems irrelvant as long as we are saving as a couple and still enjoying life.

katiebean1 · March 2012

We have had joint accounts since we started dating pretty much (crazy, I know). It just works for us, we have two checking accounts, one for bill money and one for groceries/fun money. We also have a joint savings account. We budget very strictly.

BMcLeodTeam · March 2012

volley - We have allowances that come out of our paychecks and can be spent as one wishes without consulting the other, so essentially its the same idea lol

jessa1228 · March 2012

Right now our finances are separate. We plan on getting a joint checking & savings account when we're married, and we'll each keep a separate checking account for ourselves. We're both coming into this marriage with student loan debt and our cars, and that's about it. I do have an IRA though.

Combining finances?

Re: Combining finances?

Choose Another Board

Search Boards