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Parenting
PeonyPumps
member
Normally I don't like to talk about money, but...
PeonyPumps
member
in Parenting
Who in your relationship/marriage is the money manager? Do you do things 50/50 or his/hers accounts, etc.? Do you handle the money? Does your spouse? We haven't quite found the mix that works for us yet, so I'm wondering what everyone else does.
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Re: Normally I don't like to talk about money, but...
Him, and he does a great job of it.
We each have our own accounts and a joint account. I only really spend money out of the joint account for gas, since H does the grocery shopping and pays the bills online. I do our taxes and handle insurance stuff.
When we both worked, we basically took what we would need for personal stuff out of our paychecks and put the rest in the joint account. The remainder in our personal accounts at the end of the month went into personal savings, and the remainder in the joint account went into joint savings.
It's not a system that is terribly thought out, but it works for us.
We have gone back and forth and I think we finally have a system that works for us. We each have separate accounts and a joint account. The majority of our money gets put in our joint account and we each get "allowances" in our personal accounts. I am in charge of paying the bills and budgeting because I am more organized and better at math. We discuss a lot it though together and I will regularly show DH bills. It is usually things like "Look at the electric bill! That is ridiculous! Turn off the lights!" I will also show him bills to clarify why I am saying no to certain things...We got a 300 dollar gas bill this month...no eating out tonight. I find if I show evidence it helps him to realize I am not just being a worry wart about money.
ETA Our allowances are based on needs. We have discussed what is expected to come out of it and therefor assigned money based on that. Also we both have debit cards for our joint account but DH isn't allowed to use it with out telling me. That is just safe guard so he doesn't bounce checks. I will often have him pick up groceries on the way home from work and I will tell him an amount he is allowed to spend other wise he is famous for being sent to get milk and coming home with 100 dollars worth of candy and steak. Yes, I did marry a child.
We have more accounts than one can count.
MH owns his own business. He give me $ for our bills. That goes into my account. I make my own money. I physically pay the bills. I don't like our current arrangement for many reasons.
As a SAHM, my H makes the bucks at this point. I am looking forward to getting back to my career in the next few years when my kids are in school full time...not because I will make the bucks but, because I miss it and it offers health insurance that is affordable.
For the last seven years my H has put a set amount of money into our account and I pay the bills and any "extras" that we may encounter. He has no dealings with this.
He takes care of investments and long term issues such as, insurance.
It works for us.
We have a joint account that most of paychecks goes into, but we also have separate individual accounts where we send a small percentage (for things like personal items, lunches out, gifts to each other, etc.). DH pays all or most of the joint bills & transfers money to our savings account, and then we manage our own individual accounts. That said, I still check our bank account, mint, etc. so I know what's going on and can catch anything that's off.
ETA: We also each have our own credit cards in addition to our joint card.
I make sure all the bills are paid and move money into our savings and LO's each month. DH's pay is 100% commission based so we both pay attention to the account cuz some month's it's tricky and we have to move money around. (I SAH)
We were always pretty open about our money before marriage. We had separate accounts but it was really collective money... like you pay this time, I'll pay next time mentality.
same. H gets paid the first of every month and one of us (it differs from time to time) gets on that day and pays everything that is due that month. Our car payment comes out automatically. Then we set aside whatever we can towards savings, kids account, taking cash out for whatever we might need. We have never once missed a bill because e let each other know what we have done and we both log on enough to see where we are at throughout the month. We have seperate credit cards only because we had them prior to getting married, but if they get used, some do, sow never do it all comes out of our one joint account anyway. Also, I sah and we don't have allowances or whatever, mostly because we don't need much. When we do want or need something we say "hey I'm going to the store/online/etc to get this." It's not a matter of asking permission really, just a heads up that this amount I'd coming out of the account. More than likely we would both go buy stuff anyway because we like getting out of the house. Day to day thing like coffee, occasionally food we don't mention or care about because e leave enough padding in checking to cover that and we try not to get excessive with it,
Layne-May 6, 2013
Callie-February 14, 2011
We haven't really found the right balance, either.
We did cut three accounts down to two, which helped, and I roughly manage one while he manages the other, but it's still not ideal.
He does long term savings.
I do day to day accounting, bill paying, etc..
We have one joint account. Most purchases over $100 that aren't groceries are discussed ahead of time.
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All of our accounts are joint. I handle the regular bills, DH mostly takes care of long term investments and we both have input into our business investments. We have a part time bookkeeper that handles the business side.
I SAH, he gets paid the first of the month; he is in charge of all the electronic bills, I deal with all paper bills (water/utilities/tuition/medical etc). I do the budget in a notebook beginning the first of every month and let him know where we are, what bills need to be paid, if money needs to be moved around, etc. He could pick up for me in a second, and vice versa.
We just refi'd, met with an investment guy and consolidated our misc accounts and set up a trust for life insurance with proper coverage. This month we will pay our cc that we have down to zero, and now we have a strategy for saving money towards our goals. We did this all together, and I really like how our system is because we are both accountable and both know our common goals.
Everything is paid out of joint savings/checking, we each have our own accounts only because we always have and our bday money or fun money goes in there. No deposits to our personal accounts happen unless one needs to pay something a certain way and it makes it easier. Our joint accounts are linked with the kids accounts and personal accounts through ING.
We have a joint account that we both put money into each paycheck, and then pay a lot of the bills from there. I do buy all of the groceries and gas from my own account though. He pays a lot more of the mortgage and other bills from his own account.
The mortgage, insurance, and investments are all in both of our names, but H takes care of the payments.