Splitting the bills 50/50, my money, your money - Please your married !!!!

Strapped

As my OH found out, joint accounts are all very well until your wife leaves you, having emptied the joint bank account and run up the joint credit card. :eek:;)

Vikkii

[quote=[Deleted User];discussion/1875027]
I guess I can see why a lot of relationships fail because of money arguments. In our house, all income is our income and all bills are our bills regardless of whos name the income is in or whos name the bills/ccs/loans are.[/QUOTE]
My husband and I have always had our own separate bank accounts - and we've been happily married 26 years! I would hate to have a joint bank account but that's just my own personal thoughts. We do however have a joint building society account and both put money into that.

It's whatever works for you really, I know people who are quite happy with their joint bank account but I wouldn't want to have to keep taking money out of that every time I wanted new clothes, or CDs, or to go out with my friends etc.

Our way works for us It wouldn't suit everyone but it's whatever you and yours are happy with.

Bufger

iamana1ias wrote: »

Horses for courses. No way I'd ever have a joint account with a partner, married or not. And bills would be spilt proportionately, so if I earned twice as much I'd split it 66/34 or whatever.

There's no right way of doing it as every couple is different. Good for you if it works, but there's no need to be sanctimonious about it.

Its the same in our household. When first moving in i started to talk about joint accounts but my good lady wasnt so keen.A good comprimise is to have the one joint account for bills, one joint savings account and your 2 seperate current accounts and 2 seperate ISA's.

I earn more so we split the combined bills/mortgage/shopping 60/40 by putting a lump sum in the joint account each after payday. Anything left over is our own so we usually put a bit into the joint savings for holidays, a bit in our seperate ISA's and do what we want with whatever is left over. It also helps you save in secret for their birthday and you can buy stuff and not worry about it appearing on a join acc statement!

Now shes pregnant we will be sharing my wage in the same proportional manner, anything left over after bills etc will get split 50:50 so she still has money to buy whatever she wants with

rsdiscos

When my dad died suddenly before christmas my mum had no problems using their joint account afterwards however after their mortgage finished a couple of years ago Dad started to syphon the 'payments' into a savings account online. When he died there there was £21,000 in there but as it was a internet account it was in his name- something they kept meaning to go into branch and change!! Mum has had to go though probate to sort this out. Luckily she is still working and could manage all the direct debits as it has taken 4 months for the probate to be finalised. I know it's not nice but couples should always think of what would happen in the worst scenerio!
Melissa

pinkclouds

[quote=[Deleted User];discussion/1875027]Must admit I dont understand this own account thing. Surely if you're married its should be all one thing.[/QUOTE]
Totally agree. That is what we do. That is what my parents do. I consider it normal.

Bufger

natc wrote: »

I have read through a lot of this thread and there are so many ways in which people manage their money.

I have to agree on one hand that it is down the a couples preference the way they manage their finances. But my mum and dad have separate accounts and i didnt even think anything of it when i was little. But now i just find it really odd....!!! Basically, mum has her account and joint acc with dad, and he has his own too. Dad pays for certain things, mum pays for others. But looking back, remember mum saying oooh, dont tell ya dad ive got that, and she'd hide things! And dont tell ya dad ive bought you that, play/wear it when hes not looking! Bloody stupid in that respect! Im sure theres ppl who remember their parents like this and ppl who are doing this with their partners now!

Anyway, me and my oh moved in together 4 years ago. Been together 5 years now and getting married next year. Initially we had separate accounts, and one joint account and it worked. We just put 50/50 from our wages into the joint account for bills and grocerys, and then the rest was for our own vehicles and spending on what we each wanted.

Nearly 2 years ago we decided just started putting everything in joint account and paying for everything out of there and we never use our sole accounts now. We both like it better this way. For us, it just didnt feel right having things separate, and we both like to share our money and its all OUR money. We hated going out and putting 2 for the bill after a meal, or saying you pay for this and ill pay for that, everything is much more simple to us this way. Each to their own!

However....with everything in one account, and everything coming out of that account, and with me getting paid at the end of each month, and him getting paid in the middle of each month, it is become difficult for us to manage our money properly. And we are trying to save for the wedding and its not happening! We have decided to have our wages paid in as normal toour joint account, and keep enough in there to pay the dd's, and then have a SO to transfer the remainder to another joint account so that we can see how much we have spend/save for that month. we have a savings account, but thinking of getting another for saving for the wedding another for saving for a rainy day!

Does anyone else do this and if so, do you feel you have too many accounts?! Or does it work? Im thinking it must be a good way of keeping track on everything, but just wanna see feedback before we go and open a load of accounts!

There is no such thing as too many accounts as long as you have a good spreadsheet to keep an eye on em all!

Our setup is:

Single Current account - My wages - leftover monies goes on personal items like car, mobile phone and anything i want.
Single Current account - OH wages - leftover goes on car/mob and lots of shoes!
Single ISA - My Savings
Single ISA - OH Savings
Joint Acc - Bills/Mortgage/shopping has large part of both wages per month. any left over goes into joint savings
Joint High Interest Savings - for holidays

natc

I think youre right Bufger, it keeps money separate and easier to sort out me thinks! we have decided to convert a sole account into a joint account at the bank, this way saves any credit scoring malarky! And one of our sole accounts already has a large overdraft in place should we ever need it. Feel so much better now, can feel the organisation happening already!

we both have a savings account open aswell, so can use one for wedding savings and rainy day savings!

Thanks : )

ThinkingOfLinking

I don't think there's any right or wrong answer; it's rather disheartening to see some of the disparaging posts here about those who choose not to have joint accounts. I mean, I have a lot of issues with my credit rating (I am sorting them out through notices of correction via Experian and Equifax) and wouldn't want a financial association with me to negatively impact upon my partner. Also, it would mean that if one partner bought the other a surprise, it wouldn't be a secret for long!! Whatever works for YOU in YOUR situation is just fine.

ljaneyr

Why should everyone be the same? I would happily have everything in joint accounts if my OH was organised but he isn't. Everyone is different, every situation is different. How can people say you are not commited to each other just because you decide to bank seperately? We have an account in my name which we both pay money into each month and all the bills go out. We both know that money is not his thing and so it would not be sensible for us to have a joint account as he would most likely 'need' to borrow from it when he ran out before the end of the month. I find his "it'll be alright" attitude frustrating but it doesn't make him a bad person, and this is the way we choose to deal with it.

dizziblonde

We're only moving to joint accounts now we're married (was mainly the getting Mr and Mrs cheques, coupled with my growing annoyance with the Halifax that was the motivator).

Does mean I feel guilty frittering away money on junk like I tend to do - but this is probably a positive thing - since I earn less than him. In fact I'm stuck at home unable to work this week since my car's out of action - so I've had to offer to do housework and iron his shirts to reduce the guilt factor of not having earnt anything for the communal coffer! It's just the mental readjustment phase still kicking in though - it's still a very new feeling for us both. Long term it'll work better since he's much better with money than I am - and it'll probably curb my spending on stupid junk factor!