OH moving in - advice re bank accounts please

IloveaScotsman

Thanks and sorry for all the questions! ) Lots of food for thought.

Sambucus_Nigra

IloveaScotsman wrote: »

Hmm I will suggest this to him (the percentage thing) and see if he would prefer this. Thanks.

We opened a joint bills account - we added up all the total costs for 'living together' - rent, food, bills, and added 10% for extras and hols. Because I earnt twice as much I paid into the 'pot' 2/3 of the total living together costs and he paid 1/3....then when the finances shifted so did our ratios of money into the pot. Anything else stayed in our own accounts to spend or invest as we saw fit. It's worked fine so far - 8 years down the line.

Big spends we both put extras into the joint pot. Also, we used a cashback card so got extra in there each year.

cte1111

We have a joint account. This is tracked by a spreadsheet, with all the monthly bills which we both update regularly. Then we can both see how much is coming in and out without any surprises. It works for us but does mean it can be difficult to plan surprises for presents! We have £30 a week each cash to spend.

angelil

You don't have to get a joint account when you move in together. I moved in with my now-husband 3.5 years ago, so all the bills, rent etc were already in his name. We couldn't be bothered to change it. He worked out what a 'fair' amount would be for me to pay towards the whole lot, I agreed on it, and I send him a certain amount per month via online transfer (all the bills come out of his account automatically). We've been married nearly a year now and still use this system. It works for us. I don't understand why people automatically think you *need* a joint account when you move in together - and if I were him (with no debt) I would definitely not be keen to set up a joint account.

IloveaScotsman

Ooohh I do love a spreadsheet! Good idea! Do you track what you spend your personal money on, or is that yours to do what you like with?

IloveaScotsman

angelil wrote: »

I don't understand why people automatically think you *need* a joint account when you move in together - and if I were him (with no debt) I would definitely not be keen to set up a joint account.

I know we don't 'need' a joint account, but this is what we both want (we think) because we see it as being easiest. This is why I started this thread, to get other peoples advice and ideas.

When I say I have debt, it isn't a ccj or anything like that, it is an overdraft and a (rather high:o) Next account, which isn't in arrears, just a high credit limit.

Seanymph

everyone does it differently though, so no one can tell you how to do it.

We have a joint account which OH's money goes into and I spend it.

I have my own account which my money goes into and I spend it.

OH occasionally takes a pound out of my purse and buys himself a paper on the way to work

He has a card on our account, but I don't think he's ever spent anything on it, he doesn't need to - some bills go out of his account, some out of mine, and because I only work part time (from home) I do all the paperwork and cheque writing and sorting out.

But my ex husband was the other way around, and I had no access to any money at all!

So it depends what you want to do, and how you sort it out so that you are both happy.

claire16c

When I moved in with my boyfriend we opened a joint account, as having only the 2 seperate accounts was a right pain, and we felt that 'owing' each other money when we were in a committed relationship was a bit of a farce when it came to things like going out for meals etc and seemed kind of petty.

So each month we both put money into it - from our own accounts - where our wages went, and then out of that joint account, we paid all the bills, and also for joint activities, holidays etc. He earned more than me then, so he used to put more in each month though.

For personal stuff like if I went clothes shopping or he went out with his mates, that came out our own accounts. We then both had seperate ISAs for savings, although we tended to spend our savings jointly anyway. We just had two to maximise the tax free aspect. And still do now, and we also have other joint savings accounts.

Then when we got married, we now both put our wages into our joint account and everything goes in and out of there. We still have our own accounts, just dont use them, I just dont see the point in closing them I guess, theyre all with the same bank and I can see them when I log into our on line banking so can sometimes just be useful if I need to pay a particular person or whatever if a previous transacton was set up with that account.

Turtle

I've lived with OH for 12 years, we have a joint account for all the house stuff and our own accounts for everything else. He earns 25% more than me but we pay the same amount into the joint account. He then pays for going out and stuff on top of that so it evens out. Holidays we pay half each, and cars and related expenses also come from our own accounts. This has always worked for us and I can't imagine we'd change it when / if we ever get round to getting married (engaged for 9 years now :rotfl:)

ETA we both clear our credit cards in full each month and both have small loans for our cars.

Bravehearted_2

Seems like he has a near decent credit file - and you dont. How has he agreed to create an association???

Bad enough idea when married. Calamity waiting to happen IMO.