Joint finances

Discussion in 'General Chat' started by KyleS1, Sep 15, 2017.

?
  1. Yes

  2. Partially

  3. No way!

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  1. KyleS1

    KyleS1
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    This has been a long running conversation between me and my wife. She wants to have completely joint finances where all our money just goes into one big pot. I prefer to pay into a joint pot for house/family bills, and then retain the rest of our wages to manage as we need.
    Currently our joint account pays all the house bills. I pay the majority of everything else anyway (wife is part time due to look after our kids), but I also have control over how much money we put aside into savings, which is more important to me than my wife.

    I'm just interested how others manage it as it's been a point of contention on many occasions.
     
  2. JimmyMac

    JimmyMac
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    When I met my now wife she had a house and had a separate current account and bills account. WE have basically stayed with that setup. So we have a Bills account that is in her name, we both pay into that and all the key finances are paid from that pot. We have separate current accounts for anything else.
     
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  3. BB3Lions

    BB3Lions
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    Same.

    We earn as individuals, joint accounts for bills/savings, the rest we spend on what we want on ourselves.
     
  4. reiteration

    reiteration
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    We have a joint account for bills and things like food shopping etc...

    And we have our own wages for stuff we Want ourselves etc And use our own wages for holidays and weekends away (pay halvers..) etc...
     
  5. Bl4ckGryph0n

    Bl4ckGryph0n
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    Fully joint even before we got married.
     
  6. rustybin

    rustybin
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    We have separate accounts and a joint account.

    Mortgage / childcare goes out of joint and we both pay in to cover it.

    I pay all bills out of my account. Wife uses her account for savings/slush money.

    I covertly spend all my remaining money on gaming / technology.

    We never have 'my' money and 'her' money. Always been pooled from pretty much 3 months after we started seeing each other.

    Major purchases I can't pay for directly with my disposable in a single month - (TVs / Xbox X etc) I steal money from the joint and ensure I let her know the day before it gets delivered unless I'm rumbled in the meantime.
     
  7. Spendy26

    Spendy26
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    Me and my wife have totally separate accounts. We have a joint account where I put all the money to cover bills. Far too many arguments with my ex 1st time around about what I spent my money on so vowed never to do it again [emoji23]
     
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  8. Inked

    Inked
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    Fully joint after buying our first house together (before marriage), before that we had a joint account for bills and separate accounts for ourselves.
     
  9. imightbewrong

    imightbewrong
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    All our income goes into one account - all spending comes out. We don't really do budgeting.
     
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  10. RBZ5416

    RBZ5416
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    I guess the real issue to address is the underlying question of why she wants all the finances in one pot.
     
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  11. KyleS1

    KyleS1
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    Interesting results so far.
    I think the main issue is that my wife works part time, but to compensate for that, she has to pay very little in terms of the house/bills/family stuff.

    My wage, even after she goes back to work full time, is considerably higher than hers, but that is always taken into account when working out what is paid into the joint (80% me, 20% her). I then pay for all the other family stuff (mostly).

    My main concern is losing control of what we save. She is more than happy to just put all her money in the joint.

    She is far from bad with her money, but she lives for now, whereas I plan for the future.
     
  12. KyleS1

    KyleS1
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    Which is fine if you have loads of money... :)
    Because I maintain all our finances in a spreadsheet and she hates the divvying up of who owes what, which I do too, but don't earn enough to not need to worry about it. All our spending is done on a joint credit card (cashback card) so I balance that each month.
     
  13. RBZ5416

    RBZ5416
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    If I could withdraw £5 from an account for every £1 I put in, I'd be keen too.
     
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  14. rancidpunk

    rancidpunk
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    We have a joint account for mortgage and bills, but maintain our own accounts as well.

    We've always liked it that way as it's a lot easier to plan surprises, birthday presents etc.
     
  15. JimmyMac

    JimmyMac
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    I earn more than my wife so we also offset that with the percentage each pays into the bills account. I do all of the weekly food shops though and overall it pretty much balances out how much each of us are left with at the end of the month.

    I did set up a joint savings account though and we both pay into that what we can, we haven't set a specific amount per month, we just work by looking at what we have available each month depending on what is coming up. It works well enough to afford us a holiday each year. We finish paying for her car in about 8 months too so that will then be going straight into the savings
     
  16. mjn

    mjn
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    Just use joint account for bills only.
     
  17. imightbewrong

    imightbewrong
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    Do you mean you have a concept of 'you buy things out of your own salary'? No we've never differentiated like that - all money is jointly owned, never mind the account structure. SWMBO hasn't really worked in a decade in terms of having a salary, so she would be pretty sunk with this approach.
     
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  18. Bl4ckGryph0n

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    Same here. It’s a partnership for us.
     
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  19. KyleS1

    KyleS1
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    I honestly don't think this is the case. I think it is more about my spreadsheet to be honest. It's not to say that more may come out than goes in, but she wouldn't take advantage.
     
  20. rousetafarian

    rousetafarian
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    Had 3 joint accounts in the past with the ex.......never again.

    Should my gf and I move into together we will ideally have a joint contribution into the bills account and then 2 separate accounts for ourselves.
     
  21. imightbewrong

    imightbewrong
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    Lol - I keep track of what we spend (via tools) but we don't buy silly stuff so we know what is 'affordable'. But we don't have a 'pub budget, 'dining out budget' etc - we just kind of know what is realistic.
     
  22. RBZ5416

    RBZ5416
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    I suppose to the keep the peace you could trial it for for 3/6 months & see how it goes. But if you feel the need to revert I can see the sh*t hitting the fan.

    You're going to get wildly differing responses from those that are happily married & those that have been through the financial meltdown of a split.
     
  23. imightbewrong

    imightbewrong
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    Yep - we are one unit. Up to this point I have provided probably 95% of the income - however I know SWMBO has the potential to eclipse me eventually, so it's also an investment on my part :devil:
     
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  24. KyleS1

    KyleS1
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    No not at all. Well not really. We have a basic amount that goes into the joint account each month to cover all house expenses. I then cover all the holidays, cars, meals out etc from my account. I still have to "balance" what she buys on the joint CC.
     
  25. Inked

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    Before we were married our incomes were pretty much even, but within a couple of years my income was quite far behind my wife's and now it is non existent with me at home with the kids.

    I think if we had continued to run with the concept of separate cash that we had when we first were together it would have been a much bigger decision to make over who (if either of us) would stay at home with the kids while the other worked.
     
  26. Bl4ckGryph0n

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    I probably should have worded that as an equal partnership.

    Monetary contributions are a minute part of living together as a family. To us there are much more important things than keeping a score card of who contributed what and when.
     
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  27. imightbewrong

    imightbewrong
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    That's what I mean I think - we don't have "I pay for/she pays for" - "we" pay for. i.e. all the money goes in one pot - all obligations come out (bills, school dinners etc) and then all discretionary spending comes out.
     
  28. rousetafarian

    rousetafarian
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    It (by that I mean percentage contribution) all counts for diddly-squat should you ever find yourself going down the divorce route.

    Keep something in reserve.
     
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  29. KyleS1

    KyleS1
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    We don't have budgets for anything either. The joint account covers all the house DDs and food. Everything is managed by me based on what we can afford (cars, holidays etc).
    I think I might just get her to put all her money in the joint account and then just spend from there when she needs to.
    I think my post has been misinterpreted. It's not about keeping score, it's about planning for the future against living for the now. Although my salary is relatively good, it doesn't afford me the luxury of not needing to keep an eye on the finances each month. I can see from your posts that you earn considerably more than me, so you are afforded that luxury and opinion.
     
  30. imightbewrong

    imightbewrong
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    Everyone spends within their means - are you worried that if your wife is 'let loose' with the account then she would not be sensible?
     

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