How do you and oh manage your money?

victory

olias wrote: »

Does anyone have any money left these days after mortgage/rent, bills and food?:(

Olias

Petrol you forgot petrol and that takes up a fair chunk:eek:

Spendless

Husband who is the main breadwinner salary goes into joint account from out of which all bills including shopping are paid. I haven't had a regular job for over a year, so wages from temping go into my sole account and left to build up. This covers the extras eg it has just paid for Christmas. Savings are put away from both accounts when we get paid.

ladymarmalade

We get both wages paid into a joint account. We then transfer the required amount into a bills accounts which is where all ougoings come from. We also transfer a set amount into our own personal accounts, with which we can do whatever we please. The rest stays in the pot.

lollypopswater

Since we got married last year we do the following:

We get our salary paid into our own accounts, we then both move money over to a joint bill account (all bills and petrol and food/take aways), I also earmark an agreed amount for personal spending each month and anything left then goes into a joint savings account.


That way we both have exactly the same spending money each month, the bills are paid with a bit extra in the account for household type spends and and there are joint savings which we both agree how to spend eg. holidays etc.


I use a spreadsheet to determine who should move what where in order to leave the same monthly spends for each of us (doesn't matter whether it goes to savings or bills). Savings then go up/down as income or bills go up or down eg. council tax free months.


Works really well for us - when we first started doing this I earned quite a bit more, now I earn just a little bit more but it feels fair and I'm sure there will be a time when he earns more than me.


Also as our personal spends is very generous (£700 each per month) I am building up personal savings from that allowance whereas he spends it all!! lol...

meritaten

I would say have separate accounts your wages are paid into and a joint account you both pay in a set amount a month which covers the basics (jointly agreed upon). Then agree what you both pay for separately.

Simplistic I know - but without a detailed breakdown of your finances its hard to be specific.

marleyboy

Albeit we both have separate accounts, OH has full access to my account. She keeps both accounts in balance, should one dip it gets topped up by the other.

As both our salaries are used to cover the bills, we have no issues with who pays for what.

gregg1

Salaries paid into joint account for all household expenditure. Set amount transferred each month to our personal accounts for all our personal spends such as clothes, going out etc. Savings go into various joint savings schemes.

I would also highlight the importance of spreadsheets in my life (sad fart) . Pay for most things on credit card but pay it off in full each month. Every receipt is fed into spreadsheet and cross referenced with credit card each month so I know exactly where every penny goes. That way I know where we can cut back when we need to. I know it's not the way for everyone but it works for us, we are mortgage free with no debt but it's taken time and effort getting there.

I would also add that it is a real eye opener, keeping a spreadsheet then looking back over the year at your total spend in various areas As it shows exactly where you have the most flexibility in terms of cutting back.

bestpud

We have separate accounts and split the bills proportionally.

I pay most of the direct debits as I'm paid monthly and my husband pays more of the weekly or cash things as he's paid weekly.

He pays for one off and/or Christmas and birthday presents too as he's better at keeping money than me and, that way, we can be sure there will be enough money for them!

2gorgeousgirls

When we were getting married we had this problem and a guy at work told he me how he and his wife managed their money. Eighteen years later we still operate the same system and have never rowed about money.

Salaries goes into a joint account and we then each withdraw the same amount which is our money for hair cuts, mags, lunch (when we don't take packed) etc. all household expenses and savings for big items, holidays etc come out of joint.

We both have separate savigns accounts and save for personal things we particularly want, eg DH got eyes lasered recently but no complaints about cost from me as he saved out of his own money.


Edit to add: At various timeswe have each been the bigger earner but this system means neither of us is ever dependant on the other for personal expenses and don't have to account to each other for money spent

mummyroysof3

All our money goes In to one account which the direct debits and shopping comes out of and anything for the kids. Me and DH have personal spends of £30 each every month and what's left goes into savings account.