How to agree joint accounts and share finances with husband?

aprilfool30

My husband and I are recently married and figuring out our finances and joint accounts. There is about a £10k difference in our salaries and we each have a property individually but we live in mine. How should we share finances, what should be paid into joint account etc and how should we manage our incomes?

Nasqueron

What you pay into a joint account and manage your incomes is surely something you need to decide between you? There is no fixed answer

eskbanker

It's more of a relationship question than a banking one, so is often discussed on this board:

https://forums.moneysavingexpert.com/categories/marriage-relationships-families

tacpot12

Is his property being rented out to produce an income? If it is his decision not to rent it, there's no reason you should suffer the financial consequences of this (unless you are happy to do so).

The disparity in salaries needs discussion because the answer might change depending on whether you need the extra money or it is excess to your needs. If it is in excess to your needs, I would suggest splitting the difference and both you having £5,000k a year to do what you want with it. If you want to go on nicer holidays using the money, you need to agree this with your spouse so that you both have the money needed to do so. 

DullGreyGuy

aprilfool30 said:

My husband and I are recently married and figuring out our finances and joint accounts. There is about a £10k difference in our salaries and we each have a property individually but we live in mine. How should we share finances, what should be paid into joint account etc and how should we manage our incomes?

What were you doing before? Why do you want to change from that? 

Ask a dozen couples and you'd probably get a dozen different answers or more. There is no right or wrong answer it's all about what works for you. There are some who see everything as a collective so all the money goes in together. There are some who see everything remains their own so they agree how bills are going to be split 50/50, proportional to income or some other random factor and put that money into a central pot and anything over that is their own. 

UKX69

aprilfool30 said:

My husband and I are recently married and figuring out our finances and joint accounts. There is about a £10k difference in our salaries and we each have a property individually but we live in mine. How should we share finances, what should be paid into joint account etc and how should we manage our incomes?

When I got married 50 years ago, separate properties for youngsters was unheard of. We lived with my wife’s parents until we could afford an house of our own. No thought was given to the division of finances and it was taken that both our wages would go into a joint account and that’s the way it’s been ever since. I look after the finances but tell my wife what I’m doing and she has her input. We have never disagreed over money. 😁

EssexExile

Whatever works for you, we're all different. Sometimes during our marriage I earned a lot more than my wife, sometimes she earned a lot more than me, it didn't change anything, I'm better at looking after the finances so I've always done it. Like DasTechniker's case above, she knew what was happening but I wouldn't say we never disagreed!

MEM62

aprilfool30 said:

My husband and I are recently married and figuring out our finances and joint accounts. There is about a £10k difference in our salaries and we each have a property individually but we live in mine. How should we share finances, what should be paid into joint account etc and how should we manage our incomes?

That is down to you two to decide.  Although the feedback might give you food for thought, what others do may or may not suit you.     

blue.peter

A couple of older threads in which this subject has been discussed:

What percentage should we pay individually toward bills?

Managing finances as a couple

You might find it helpful to read these.

penners324

A few options as seen above.

One being 'go all in'. Joint bank account, joint savings accounts...

boingy

We lived together, and bought a house together, before we got married so we opened a joint account and each paid into it each month only enough for the joint expenses, rent/mortgage etc. The amount each of us paid was proportional to our take home pay. We've just carried on like that really because it suits us.