Do you know your spouses income?

kettlefish

We've never had our own money, everything is in the joint pot. Makes it much easier for me as I deal with all the paperwork, bills and finances such as savings - plus makes it far easier for me to check things like benefits entitlements etc are kept up to date (although we only get child benefit ... DH wouldn't have the first clue on how to claim even that.)

I always thought it's because when we met, we both had nothing - I was doing my A2 levels and living with mum and dad, he was living in a grotty place and living hand to mouth having just finished Uni. It's very easy to share when it's nothing! Also, neither of us had any credit history (never mind bad credit history) so didn't have to consider that. We opened our joint account after 15 months together when we got engaged. It's now the only account either of us have. House is also in joint names although it was bought outright from DH's inheritance.

We also trust each other not to be silly with money and we'd always let each other know (note: not ask permission) if we were spending a lot (say, £50+) for whatever reason. I'm a SAHM now and it still all just goes in the pot. We are a family and believe that we have to earn a certain amount between us to live, it is irrelevant whose name is on the payslip.

Netwizard

cats2012 wrote: »

i don't understand the savings bit of this at all. separate account v joint - whatever, each to their own. but if you're a couple, especially married, what could you possibly be saving for that isn't joint...? surely emergencies, house, children etc are all shared?

I would always want my own savings tucked away somewhere in case relationship goes tits up

frippit

We know how much each of us earns and it all goes into a shared account. We've been married for twenty five years and raised two children, sometimes being very short of cash and watching every penny. I've worked part time and been a SAHM too.
We both chose low paid but very fulfilling work (were countryside rangers), but its been a good choice. In times of financial hardship all four of us have had to chip in with gardening jobs for friends and relatives to pay the bills! Its all about trust really, neither off us mind the other spending what they need. As I only work part time I tend to manage the money and make it stretch as far as possible.
The kids say its been a positive effect on them as they are both good at budgeting and have always worked as soon as they were old enough.

Lunar_Eclipse

CharlieRabbit01 wrote: »

So I read this article and wondered how many people don't know what their partner earns:

http://uk.finance.yahoo.com/news/know-much-spouse-earns-070002606.html?bcmt_s=m#ugccmt-container

I guess the couple in this article are around 40 (unless I've missed something they've been together 20 years and met in early 20's).

He's 60, she's a fair bit younger (<50)

I think their situation is fairly unique. They're both very successful writers and she's fiercely independent to the point of never intending to marry but did. They spend a fair amount of time apart and don't have children, so it's not your typical 'under one roof family.' They are very focused on their careers in a way most people aren't once family life becomes the focus for most/many.

We are financially transparent in our house, as are my parents who are the same age as the man in this article. They always pooled money, as did DH's parents, so we did the same the day we moved in together just after finishing university and years before we got married. Always felt like the right thing to do.

Edwardia

I know how much OH earns and he supports me at the moment. We have separate bank accounts and there's a fast payment into my account every month for household stuff eg food, toiletries etc but all the bills come out of his account. We both have pensions, mine is frozen. The savings are in my name, charitable giving in his.

Tiglath

We both know what the other earns - I calculate the budget in a spreadsheet that is shared, based on treating all income and outgoings as joint, although DH has no interest in knowing the details. He transfers money to me each month and most of the bills come out of my account. A joint account wouldn't work because I'm obssessive about logging each penny whereas he refuses to even check his balance, so this works for us. I manage our savings and investments and verbally update him if anything major changes. I tried for quite a while to get him interested in managing his own finances in an organised way but he refuses so at least I ensure the bills are paid. What he does with his play money is up to him; I don't get involved with that (and rightly so). After bills are paid and joint savings transferred, the rest is split equally between us.

heartbreak_star

We each know roughly what the other earns. I moved into OH's house that he bought with his ex (her name is now off everything) and he deals with mortgage and bills. I'm on the council tax and insurances but not the mortgage as my credit rating is awful.

I give him a portion of my wages each month towards mortgage and bills, and trust him to tell me if he needs more. After that I pay towards debts that I'm clearing, sock a little away for Christmas and birthday presents, and the rest is mine. He does the same except sometimes the presents go on credit cards, which I will never touch again.

It works for us. If one is short, we say so and the other will get extra shopping in that month. If we decide to eat out, whoever couldn't be bothered to cook or fancied treating the other pays. It all works out for us.

Funnily enough, I asked mum about this yesterday and she said her and dad were much the same except they put money into a joint account for bills/mortgage. I won't have a joint account, again because of credit rating.

HBS x