Piggy Banking
Comments
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Maybe I'm just opinionated and "old school" - despite being under 35 - in that a couple should have a single joint account between them with all their spendings, in and out, from the one account.
Again, my opinion, my money isn't "my money" and my wife's isn't "her money" - it's "our" money
But that's just me
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trailingspouse wrote: »Whether you opt for joint or individual, or a mix of both, the most important thing when it comes to couples and money is to TALK TO EACH OTHER.
This needs to start with a general discussion about what you both want out of life. Do you want to enjoy yourselves in the here and now, or do you want to save/invest for future plans/retirement/kids/rainy days. Does either of you spend on things the other disapproves of or thinks is unnecessary (gambling, manicures, Sky packages, smoking, whatever)? Is one of you forever turning lights off, but the other leaves everything on standby. If you have different attitudes to money, and can't agree to compromise, then it won't make any difference what sort of account you keep your money in.
OH and I have a joint account - basically everything comes in to that account, and everything goes out of that account. We also have some individual accounts for savings, to benefit from the interest - but we still think of it as 'our' money, and the interest earned is 'ours'. We don't pay for things as individuals - we would never say something like 'He pays for the gas and electric' or 'I pay all the food bills'. We both enjoy being warm and well fed, we both pay towards the cost.
Sometimes I've been the higher earner of the two of us, and sometimes he has. Right now we both earn pretty much the same. But we've always had a joint account for everything and we've always TALKED.
Same here - no yours and mine, just ours.
If one month she decides to spend £100 getting her hair done, then so be it - I don't then demand that I'm "owed" £100 to spend on me to even it out0 -
We have 4 kids between us. So it’s just about providing for them really0
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I've read through this thread and there are some good ideas but I thought I'd chip in our set up too. We each have our own current account which our wages go into. We transfer out all but £x into a joint account. We've agreed an amount each that allows us free spending during the month - its not huge but enough to keep us going for nights out, events etc and means I can buy his xmas presents ect without him seeing what I've got for him. The money that goes into the the joint account covers all the bills, food, anything we do together etc. At the end of the month anything over our agreed buffer amounts left in our individual accounts or the joint goes into a savings. I hope that makes sense!Little One born 19/12/18
5/5/18 I became Mrs Pie
FTB June '17 - £144k mortgage, £134k remaining0 -
That’s the way to do it.....as a famous puppet once said.Maybe I'm just opinionated and "old school" - despite being under 35 - in that a couple should have a single joint account between them with all their spendings, in and out, from the one account.
Again, my opinion, my money isn't "my money" and my wife's isn't "her money" - it's "our" money
But that's just meI came into this world with nothing and I've got most of it left.0 -
I've read through this thread and there are some good ideas but I thought I'd chip in our set up too. We each have our own current account which our wages go into. We transfer out all but £x into a joint account. We've agreed an amount each that allows us free spending during the month - its not huge but enough to keep us going for nights out, events etc and means I can buy his xmas presents ect without him seeing what I've got for him. The money that goes into the the joint account covers all the bills, food, anything we do together etc. At the end of the month anything over our agreed buffer amounts left in our individual accounts or the joint goes into a savings. I hope that makes sense!
Another interesting way of doing it - but again money being split between the two of you for an "allowance" each month in separate seems like something one would do for their children, not partner.0 -
jessicaamy89 wrote: »We have 4 kids between us. So it’s just about providing for them really
Same - they have their own Kid's ISA account that cannot be closed or withdrawn from until they turn 18 - so once we move money into it, it stays there.
Then our spending's just come out the one joint account we have together0 -
jessicaamy89 wrote: »We arent hiding what we are spending but I definitely would be more inclined to spend and I dont think thats fair on OH. For instance if he has some money spare each month and he wants to save for something personal then he can. And we can also put our own money aside for gifts for each other that way no?
Indeed.
With personal accounts for your 'pocket money' you know that each person has the same amount of money to do with as they wish, be it spending or saving.
Might also come in handy at gift buying time if buying online and not wanting the other party to know where their present(s) has/have come from. Though of course if spending £100+ you should use a credit card to benefit from Section 75 protection (this makes the card company jointly liable with the retailer if something goes wrong.)0 -
BH and I have our own personal accounts and a joint account.
We worked out how much we need per month to pay for everything, so all food shopping, utilities, car etc come out of that account.
We transfer a % of our income to make up the total amount required each month. He earns more than me, so he contributes a bit more.
We are then free to spend on whatever we want with the rest of our income. I prefer it this way coz then I don’t feel guilty spending ‘his’ money to buy my own things.0 -
But you're not spending "his" money.
You're a couple - so it's "your" money0
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