Finances as a couple

cats2012

Everything in one account. Each have our own credit card for if we want to buy the other a present but barely anything goes on those. This will spark a lot of debate though...!

PasturesNew

I'm not in a couple, but if I were I'd expect the joint account to be for basic household running expenses. Gas/water/electricity, rent/mortgage, council tax, TV license, home insurances. An agreed amount for basic food.

Beyond that anything you want to buy for yourself is from your personal account/pot. If there's to be a "new thing in the house" then if you both want it that comes from the joint pot and the joint pot contributions increase. That might be purchase of new furniture, or a holiday, or saving for Xmas. If only one wants it, they pay for it unless the other one's generous enough to say they'll go halves, in which case it again comes from the joint pot and the joint pot contribution's increased.

Books, booze, weekends away with mates, all from the personal pot. Clothes, hair cuts, work expenses/commuting, all from the personal pots.

Out shopping and you randomly fancy buying a new £1000 sofa? Grey area - if you want it, you pay for it, from your personal pot. Your OH might agree at the time that it'll be a joint purchase even though they thought you were only out shopping for shoes today they can see how lovely it is .... and/or they might decide 6 months down the line to pay half, but that's their choice.

Nights out for just the couple should also come from personal pots - even if that means you both contributing half at the time. That way it doesn't muddy the waters over what the joint pot's to be used for.

How much each contributes to the joint pot can be a variable, depending on circumstances. It doesn't have to be halves.

anotheruser

We differ from what many have decided here.
We both get paid into our own account, and transfer a portion over to the joint account (all done via standing order).

JOINT ACCOUNT:

• Food and drink
• Home "things" (like paracetamol, new bathroom rugs, lightbulbs, shampoo (despite female being hugely expensive over male!))
• Car things (MOT, servicing, fuel)
• Utility bills, mortgage
• Pet things (vets, food, cat trees)
• Clothes (men can spend as much as women!) (also includes things like new towels, duvet covers)
• Seeds, tools, new washing line or pegs, other furniture for outside
• Phone contracts (both are the same price anyway)

PERSONAL ACCOUNT:

• Gifts for each other
• Car insurances
• Personal wants (like secret sweet shopping, or hobbies)

If it's a new power tool, it's likely only one of us would use it, but because it'll be for the "common" good, then it's a joint asset and thus joint account.

However things that are ONLY for one person like make-up, stamps, coins, other hobbies, they come from personal account.

Clothes are a different matter.
If the item is fairly expensive, it'll probably come from a personal account. However, if we're both going shopping for some new clothes, it'll all be joint. While they are only used by one person, they're sort of a joint commodity as I wouldn't like it if I had really great clothes, but my wife had really horrible 3rd hand clothes because she couldn't afford nicer ones.

For me, being able to provide (nice clothes) for my wife is part of our marriage - being able to provide for the other person and all that.

missbiggles1

cats2012 wrote: »

Everything in one account. Each have our own credit card for if we want to buy the other a present but barely anything goes on those. This will spark a lot of debate though...!

If you have individual credit cards but pay them out of a joint account you might just as well buy things from the joint account in the first place.

missbiggles1

PasturesNew wrote: »

I'm not in a couple, but if I were I'd expect the joint account to be for basic household running expenses. Gas/water/electricity, rent/mortgage, council tax, TV license, home insurances. An agreed amount for basic food.

Beyond that anything you want to buy for yourself is from your personal account/pot. If there's to be a "new thing in the house" then if you both want it that comes from the joint pot and the joint pot contributions increase. That might be purchase of new furniture, or a holiday, or saving for Xmas. If only one wants it, they pay for it unless the other one's generous enough to say they'll go halves, in which case it again comes from the joint pot and the joint pot contribution's increased.

Books, booze, weekends away with mates, all from the personal pot. Clothes, hair cuts, work expenses/commuting, all from the personal pots.

Out shopping and you randomly fancy buying a new £1000 sofa? Grey area - if you want it, you pay for it, from your personal pot. Your OH might agree at the time that it'll be a joint purchase even though they thought you were only out shopping for shoes today they can see how lovely it is .... and/or they might decide 6 months down the line to pay half, but that's their choice.

Nights out for just the couple should also come from personal pots - even if that means you both contributing half at the time. That way it doesn't muddy the waters over what the joint pot's to be used for.

How much each contributes to the joint pot can be a variable, depending on circumstances. It doesn't have to be halves.

Apart from the bit I bolded, I agree with you.

missbiggles1

anotheruser wrote: »

We differ from what many have decided here.

JOINT ACCOUNT:

• Food
• Drinks
• Home "things" (like paracetamol, new bathroom rugs, lightbulbs, shampoo (despite female being hugely expensive over male))
• Car things (MOT, servicing)
• Pet things (vets, food, cat trees)
• Clothes (men can spend as much as women!) (also includes things like new towel sets)
• Seeds, tools, new washing line or pegs, other furniture for outside
• New duvet covers
• Phone contracts (both are the same price anyway)

PERSONAL ACCOUNT:

• Gifts for each other
• Car insurances
• Personal wants (like secret sweet shopping, or hobbies)

If it's a new power tool, it's likely only I would use it, but because it'll be for the common good, then it's a joint asset.

However things that are ONLY for one person, like make-up, stamps, coins, whatever, they come from personal account.

Clothes are a different matter.
If the item is fairly expensive, it'll probably come from a personal account. However, if we're both going shopping for some new clothes, it'll all be joint. While they are only used by one person, they're sort of a joint commodity as I wouldn't like it if I had really great clothes, but my wife had really horrible 3rd hand clothes because she couldn't afford nicer ones.
For me, being able to provide (nice clothes) for my wife is part of our marriage - being able to provide for the other person and all that.

If clothes are being bought from a joint account, how are you "providing" them for your wife? Surely you'd only be doing that if the money came from your own personal pot?

enthusiasticsaver

Bills, groceries, things for house and car, holidays (joint), joint entertainment from main joint account. Personal is for hair, presents for each other, clothes, hobbies and days out/ subs for clubs which are not joint.

Slinky

missbiggles1 wrote: »

If you have individual credit cards but pay them out of a joint account you might just as well buy things from the joint account in the first place.

No because the surprise is lost immediately. I have a separate credit card from before we met which I put any presents on. He will only see this when it needs paying. Anything he buys me he will put on a joint card, but as he sorts paying the bills I probably wouldn't see it until after receiving the gift.


We have no 'personal pots' for anything. Anything we want comes out of a joint account/card. But then neither of us have vastly differing personal levels of spends, apart from my hair costs £120-£150 every 6 weeks and his is about a tenner. But then he gets more of the benefit of it than me as he looks at it more than I do!

penguingirl

anotheruser wrote: »

JOINT ACCOUNT:
[*]Home "things" (like paracetamol, new bathroom rugs, lightbulbs, shampoo (despite female being hugely expensive over male!)).

That is referred to in our house as girl tax. Just as one cannot walk into b&q without spending £50 (joint account), one cannot walk into boots without spending £20 (single account). If it's things like shampoo etc in nornal shop it goes on joint account. He eats/drinks more than me so it probably works out. Plus we're quite comfortable on our earnings so I'm sure that helps as neither of us are stressing about money or bills

pinkshoes

Joint:
- food
- bills
- mortgage
- stuff for kids
- pet stuff
- family meals/days out
- petrol costs

Own account:
- clothes
- car tax, insurance, mot etc... (As car is personal choice, and I choose to run a cheaper one)
- hobbies and individual going out
- gifts
- lunches if to lazy to pack one

I have much less free money than my DH, but mainly because he has expensive hobbies (riding motorbikes) and mine don't cost much (reading, playing music) so I don't mind. I tend to prefer to spend my spare cash on the kids!