Need Advice, new situation.

Mr._Forwardplanner

I'm not sure if I am posting this in the right place, I hope I am...

My fiance and I are about to move in together, and we would like to know what is the healthiest and smartest way to arrange our finances... be it seperate or joint accounts, both or whatever.

Can anyone please advise us as the best way to arrange this, or what has worked for you in the past...

Thank you,
again, I hope this
is posted in the right place,
apologies if not.

onlypaddy

it depends on your individual circumstances - how are your credit histories etc, how will expenditure be split, where do you want income to go, do you want to keep your own accounts etc etc...?

Niv

There are sooo many factors to take into account. Including yuor own mental wellbeing!

I split the bills fairly with my wife (I pay more - I am told this is the fair way hehe). The bills I am responsible for come from my account the ones she is responsible for come from hers. Works for us. I dont like the joint account option as I would end up getting moody if I was trying to save and the wife (bless her) spent on 'frivilous' shopping that I would not approve of. This way any spare cash she has she spends as she wishes and its her own affair.

However, a mate of mine does it differently. He has a joint account where all the wages go. All bills come from this account and they both have 'play money' accounts which debits from the joint account to their own 'play' account once a month. When thats gone, no more play money until next month

davidgmmafan

Its down to the person really, in practice I find that one party needs to take a little more of the organizational part over even if both are engaged in the financial affairs, but that's just my experieince.

With hindsight I wouldn't have a joint account with someone I wasn't married too or a blood relative of! If things go south you are linked to that person until any joint accounts are closed.

Catspajamas

We do the opposite. We both have our own personal bank accounts where wages go in and then both transfer a fixed amount into a separate joint account where all our bills, food and household expenditures come from. Also any joint things we do such as eating out or going to the cinema come out of it. We both pay in the same percentage of our wages as we are on different incomes. Sole accounts are for our own mobile bills and personal spending.