How do you manage the finances in your relationship?

Buddingblonde

We have a joint account - I worked out that I earn 40% of the household income and OH earns 60%. We have all the bills coming off the joint account so I pay in 40% of the bill money and OH pays in 60%. We get paid on different dates but it works as all out DDs come out on the first and we have both been paid by then.

annie12

Dear_Prudence wrote: »

We are married and as far as we concerned there is no notion of "my" and "his" money, we are a family unit so everything goes into the same pot.

We get paid into a joint account and all our bills come out of that. All our savings are shared. Even when we both had different debts when we got married we just saw it all as "our" debt and paid it off together.

The only separate money we have is that we both have a small allowance that goes into a personal account each month for hobbies and for presents for each other at Christmas, birthdays (so it's a surprise!)

I manage the finances but we make strategy decisions together and we talk about financial stuff regularly.

I love doing it this way and it means that I won't be "asking" for money when we have a kid and I'm staying at home - we both agree that by staying at home I will be enabling him to do his job, so the money is ours.

It works really well most of the time! We had REALLY different approaches to money when we got together (he was a spender, I was a [STRIKE]tightwad[/STRIKE] saver) but over the years we have come a lot closer together so we have a fairly similar approach now.

Hope that helps!

We have the same system & have had for 18 years. If we want to buy someting then we do. I do the finances every week for huuby to see where we're at.
Works for us

Alikay

We've always shared everything: It all goes into the same pot, and everything we need comes out of it too! We're both honest, fair and working towards the same goals, so have never felt the need to separate finances.

Oh we don't separate chores either - stuff needs doing so whoever has time and the necessary skills gets it done.

Life is too short to keep a tally and if you're in it for keeps there's no need to keep cashing up - someone will ultimately outlive the other and get the lot

Maria81

boliston wrote: »

I really started to cringe the other day when one of my workmates was going on about the new apple ipad and saying that he's not sure his wife "will allow" him to get one.....OMG! :eek:

Haha i know what you mean there! That is one of the reasons that i like to keep things simple, knowing that you do share the money if you need it but it is your money and you don't have to 'get permission' or justify every little thing you buy. Life gets complicated enough at times i say don't add to it when there's no need. Though i know for some it works. Just my opinion and choice

nearlyrich

Person_one wrote: »

At the moment, OH and I have our salaries paid into our own accounts and pay an equal amount into a joint one that covers the mortgage and bills with a little surplus left over that can build up to be a 'just in case' fund. Our savings are completely separate, we have no say over each other's money apart from the joint account. OH earns a bit more than me but not massively so.

Similar to your arrangements, we have been together for over 20 years married for nearly 12, had a mortgage together that's now paid off. We split everything 50:50 and my salary and his pensions are our own with an amount to pay the bills going into a joint account. reason for it was I had two young children when we got together and I thought it was my responsibilty to cover their expenses.

You will get people who are sure their way is the only way, but I am a firm believer that if it works for you it's fine and don't worry about it.;)

System

I think if i ever get the the point where finances get shared i'll still have to have my own account. Mainly cos when ill i have periods where i can be reckless with money and i'd hate to screw up their finances as well as mine.

I think my parents have a joint account but also separate savings accounts for emergencies. Dad gives mum money every month which has to cover shopping, dinner money etc. Works fine for them.

boliston

Alikay wrote: »

.....
Life is too short to keep a tally and if you're in it for keeps there's no need to keep cashing up - someone will ultimately outlive the other and get the lot

Assuming this is what is specified in the will! The number of people who assume spouse gets everything. The intestacy rules are however very generous towards spouses and I believe unfair to blood relatives such as siblings and parents who can often see their share of an estate being quite low.

*Louise*

We have been together for 12 years, living together for 10 and have 3 children. OH works full time. I do p/t voluntary work.

His wages and my tax credits go into our joint account and I sort out what bills/shopping/household stuff need paid or bought. I have a couple of savings accounts in my name, one I use to save for xmas and the other for emergencies. Now and then I will try and go through the finances with him, but he just isn't bothered. I have a list made up with all our accounts, passwords, life policies, trust funds etc for him in case anything happens to me or he would be lost.

He has some money every week for spending...but there's never much left for us to go daft and buy whatever we want...certainly not enough for an iphone should either of us want one!!:rotfl:

AbFab

We're newly married, but right from the time we started dating, everything was equal, maybe because we knew we'd be together forever. There was no keeping score at all, and it's stayed that way.

Each to their own, I suppose, but I have never understood married couples who don't share everything.

Mrs_Ryan

We've been together for just under 4 years, living together for just over 3. We have separate accounts (albeit with the same bank - OH has a Premier account and me a bog standard current) for the simple reason that I am on Debt Management Plan and have awful credit whereas OH's is absolutely spotless - I dont blame him for wanting to keep it that way!

He pays all bills and food from his account. I transfer £30 into his account every month for the phone and internet, and I pay for the Service Plan on his car which is £22 per month. We both work full-time, but he earns more than me, however it does tend to be me that buys stuff for the house etc. I have offered countless times to pay towards the bills, but he wont allow it :mad: