At what point did you and your spouse COMBINE your finances (or did you?)

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
J295
Posts: 2246
Joined: Sun Jan 01, 2012 11:40 pm

Re: At what point did you and your spouse COMBINE your finances (or did you?)

Post by J295 » Sat Oct 24, 2015 7:54 pm

Day 1 about 33 years ago .....

Independent
Posts: 551
Joined: Tue Sep 22, 2009 1:09 pm

Re: At what point did you and your spouse COMBINE your finances (or did you?)

Post by Independent » Sat Oct 24, 2015 8:04 pm

As soon as we were married and could open a joint checking account.

SQRT
Posts: 1237
Joined: Sat Feb 05, 2011 9:44 am

Re: At what point did you and your spouse COMBINE your finances (or did you?)

Post by SQRT » Sat Oct 24, 2015 8:37 pm

All bank and investment accounts are joint but we each are responsible and manage our own accounts. All real estate in her name. She spends her divs and pension on her stuff while I cover all joint expenses and my own personal expenses (not much). Works well as we know who has what even though everything is joint. She has enough income to feel independant which is good. Each month she analyses the credit cards, pays for her expenses and I pay the rest after inputting everything into our expense spreadsheet.

Lots of ways to do this stuff. Communication and cooperation, as always, are the key

RobInCT
Posts: 393
Joined: Sun Dec 09, 2012 2:58 pm

Re: At what point did you and your spouse COMBINE your finances (or did you?)

Post by RobInCT » Sat Oct 24, 2015 8:43 pm

JSDNJ wrote:Now that we are married I am wondering if for simplicity's sake I should just combine everything into one. 1 checking account, 1 credit account and one savings account. She has her retirement and I have mine and I have my own investments as well, but as far as liquid cash, should we just throw it all in one pot? She has ~$40k in student loan debt as well.
If it ain't broke, don't fix it. We were separate for a long time, then combined for reasons neither of us can remember at this point. That lasted a little less than a year before we ended up unwinding the whole thing, which was kind of a pain. Reason? Too many stupid comments/gripes/nitpicks about personal expenditures valued by one of us but not so much by the other. Me: Electronics. Her: Clothes and spa treatments. The fault lay on both sides--she's slightly more frugal than I am and so would be bothered more by my upgrading to the latest iPhone when my old one worked just fine, but I'm more inclined to poke fun at stuff I don't personally see the value in. Really, neither of us is an overspender, and there is plenty to go around, so now we just keep it separate so that the issue doesn't even come up.

Our system sound about like yours. Joint CC for joint expenses. Joint checking to pay the joint CC and other joint bills (rent, cable, electric, etc.). Joint savings for joint major expenses (house downpayment, vacation, emergency fund). Our retirement accounts are separate, but we agree together about how much we're going to put into them. Everything left over goes into personal accounts where neither one of us notices or cares what the other one is using it for.

This system works so well for us that we intend to keep it up even if she decides to take some time off when we have kids--I'll just have to put the money into "her" account every month.

Silly? Maybe. Could we have "worked through" our issues with joint finances without resorting to separate accounts? Probably. But why bother when this was so much easier? We had 0 disagreements about finances before we combined and have 0 again now that we've uncombined. The right way is whatever way works for you.

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