Oh my god. He-Mouse and I are going to the bank now to open joint accounts and combine most of our bills and finances. I am simultaneously terrified and excited.How do you handle money in your marriage/engagement, nice mice?
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all one communal pot.
We have both combined and separate finances. We have a joint checking account for all household expenses and a joint savings account for our joint/family goals. However, we also both have separate checking accounts. We know how much we each recieve monthly in our separate accounts, but it lets me buy expensive makeup or shoes without feeling judged for my frivolity (and he does the same with his concert tickets and guitar stuff).
These are big questions, but the hardest part is communiction. We really liked the book "Smart Couples Finish Rich" as a workbook approach to talking about all our financial values and goals.
We initially started off with our own individual checking accounts, a joint checking, and a joint savings. A little over a year ago (after about 2 years of marriage) we decided it would be easier to make it all communal so now we just have one checking and one savings. Much easier (as long as you generally see eye-to-eye on expenses).
We work it the same way as A Los Angeles Love. Combined joint accounts, that we pay into equally at the beginning of each month. Joint credit card that we pay out of our joint account.
Then separate credit cards for individual expenses and separate checking and savings accounts. We don't see each others statements, but it isn't a big secret either. I think that a relationship should leave you enough financial leeway that you don't feel smothered. But there also needs to be disclosure of key facts, like credit card debt, if someone has it. Because once you're married, you share that debt, so it's your business too.
And we also read "Smart Couples Finish Rich" which made me feel like a huge dork, but it was helpful.
We do all joint. The only downside is that it's a little tricky to buy surprise gifts.
We're joint everything -- we don't make enough money to split it between multiple accounts! But maybe when we have jobs, we'll go the same routes as A Los Angeles Love and Rachel. Definitely better for presents that way.
We've gone the "separate checking with joint savings" route, in large part because right now Econo Man is making a lot more than I do. We each have our own little frivolities, and like A Los Angeles Love, I like to be able to buy a new outfit without feeling like I need to justify my purchase or worrying that I'm spending "his" money. (I'm still working on viewing it as "our" money. It's going slowly.) We will probably move towards a fuller combining of funds when we have kids and/or I get a real job.
we talk a lot. but we still have individual accounts. and a joint saving for sharing account. in short, we save. and then we share those savings....ie. honeymoon.
Well, we're trying out the Los Angeles Love method to begin with. But we're putting all the money in the common pot and then putting only a small amount of spending money in our individual accounts. I like this solution so far--I'll write more after we've tried it out for awhile.
I think I need this "Smart Couples Finish Rich" thing!
I'm an accountant, and I'm sort of kind of, just a teeny bit obsessed with debt elimination. He's loosey goosey about money and admits to the fact. When we moved in together, we opened a credit card with reward points for all of our "must have" purchases: all bills, petrol, groceries, entertaimnent (and now wedding expenses) go on this card. We have separate checking accounts that we can do as we please with, so long as we each pay half of that credit card.
At this point though, we both decided that we'd take whatever was left over at the end of the month and attack the only two remaining debts we have: my car and his little credit card. We'll be debt free when we get married!
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