Joint Account. Both pay an amount in to cover monthly costs. I pick up a few bits like Council Tax and Sky, wife picks up a few bits related evening classes our daughter attends. Whatever is left in my account I generally piss up the wall.
Having said that, only got a joint account when we got married. When we first moved in it was separate. I think I paid and and then she transferred as and when. Might be a good idea to start that way, see how it goes etc.
Hats off to anyone, anywhere who manages to get through the month with kids. It being the next stage I see in my life I literally fear thinking how it's financially possible what with one partner not working whilst off, then childcare
we have a joint account purely for bills and both put a set amount in each month to cover the rent, bills etc. What ever we each have left after is our own.
We then have a joint Credit Card for the food and petrol for the car and then split that at the end of the month and pay off in full.
We have never argued over money in the 7 years we have been together.
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
Good question. We don't buy each other presents at Christmas or birthdays usually, but get random things for each other at random times with random frequency. I'm not sure that would work for everyone but it suits us.
I guess I'm looking at it from the perspective that we've both come from different places and we're used to different things.
I've lived on my own for 5 years after my divorce, paying a mortgage and child maintenance. Never had a lot left after all my bills but I made it work. My only luxury was paying for Sky Sports and my Gym membership.
My new partner earns considerably more than me. No issue with that, she's got a good job and she works bloody hard etc.
I had to laugh last night as she looked at my spreadsheet of my budgets, breaking down everything to the penny, as her mouth hit the floor over the attention to detail. I guess thats the Accountant in me coming out!
So far, we've been paying our own household bills on our respective properties and then we've been sticking the same amount in a joint account to pay for going out which has worked well. We've made the decision to move in together so I'm going to rent my flat out so I'll have some extra money coming in (although I've just realised I'm going to get taxed on it which I hadnt previous considered).
The next thing to do it work out a fair way of doing things going forward. If I'm honest, I dont think either of us knew where to start. No doubt we'll get something sorted, as redlanered says, its about coming to an understanding.
Hats off to anyone, anywhere who manages to get through the month with kids. It being the next stage I see in my life I literally fear thinking how it's financially possible what with one partner not working whilst off, then childcare
We've gone from a 2 full time salaries with no kids to 1 salary and two kids over the last few years, and i'd be lying to say it isn't very difficult at times but you just have to accept you have to be very disciplined (resist using the credit cards unless essential) and plan meticulously. Any unplanned shocks (car smash/roof/boiler/cooker/fridgefreezer etc) can have a big impact. Like everything though, its doable, you just have to cut your cloth accordingly.
Stealing whip money can provide a decent boost to your income however....
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
normally put such items on the joint mastercard and the expense isn't seen on the statement until after said event. ok, it means that you know what the other person has spent but we normally have a rough set amount of what we will spend on each other so not normally any surprises cost wise.
I really don't get being married but having seperate accounts, don't people trust each other? If not, what is the point?
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
She done her Xmas shopping on the credit card so I never see what was coming out this year.. I got someone to order stuff on their card for me and I withdrew money to give them. Bit of a pain I know.
joint or separate accounts - either is fine as long as you communicate with each other and you both feel whatever system you have is fair to you both.
We have separate accounts and credit cards, as I have always earnt more than the Lass I pay all the main bills and food and the Lass pays for our extras, if I have a really heavy spending month then the Lass chips in to the household bills. The only time it doesn't work is when I suddenly spend a large amount on a luxury without discussing with her first.
My wife is on maternity leave so her salary is about to go but generally speaking I pay for everything other than her personal bills such as gym and mobile phone (but I'm sure I will be paying for them soon)
She pays for all the kids stuff - lunches, school trips etc etc plus her own lifestyle
I earn about 12 x her salary though so couldn't do it any other way without leaving her with too little to live on
When we first got together 18 years ago we set up a joint account straight away and paid the same in (we earned roughly the same)
I can honestly say in 18 years together we have never had one row about money
We've got a joint account for mortgage, bills, shopping and other bits. I pay more as I earn more which is fair. Works out about 70/30. Whatever I have left is mine and the same with her. Very rarely argue about money and I believe this is the reason why. We put £100 a month into a Xmas fund and split that in December. it really helps!!
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
Seperate credit cards - which gets paid by direct debit from the joint account.
Although on the joint account if it says Debenhams or Next they wont have any idea what you have got anyway. prob best not to use if getting from a jewellers though or getting something for your mistress.
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
normally put such items on the joint mastercard and the expense isn't seen on the statement until after said event. ok, it means that you know what the other person has spent but we normally have a rough set amount of what we will spend on each other so not normally any surprises cost wise.
I really don't get being married but having seperate accounts, don't people trust each other? If not, what is the point?
Whats trust got to do with it? Its the guilt factor. Ive just booked flights to singapore to see a friend for a week, I paid for it out of my own money. I dont expect my husband to pay for that - its a little luxury treat to myself. Our own holidays come out of the billing account. Just like paulbaconsarnie said above. But your comment is insulting that we dont trust each other.
I pay for everything and put money into a savings account and pay money into her account each week for keeping the house clean washing etc she's had me right over, also pay the ex wife £1300 a month so basically supporting her n kids too, if I was single and never got married if be a very rich man
I pay everything. What a joke! I wouldn't mind if she was ten years younger than me, fit and I got the odd blowey now and then, but she's 36 and a fat pig and I get f*** all.
to add, we still have separate accounts as well as a joint acc for all household bills / food etc which we both pay into (a percentage of earnings as I earn more than the wife)
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
normally put such items on the joint mastercard and the expense isn't seen on the statement until after said event. ok, it means that you know what the other person has spent but we normally have a rough set amount of what we will spend on each other so not normally any surprises cost wise.
I really don't get being married but having seperate accounts, don't people trust each other? If not, what is the point?
Whats trust got to do with it? Its the guilt factor. Ive just booked flights to singapore to see a friend for a week, I paid for it out of my own money. I dont expect my husband to pay for that - its a little luxury treat to myself. Our own holidays come out of the billing account. Just like paulbaconsarnie said above. But your comment is insulting that we dont trust each other.
Exactly B, just like Tav doesn't expect you to contribute to his flight to Bangkok with me and Shag while you're in Singapore.
In my married life, after a while, we had a joint account into which went all our money and out of which came all the bills. No separate accounts. Most of that time I was a high earner and some of that time she didn't earn at all (bringing up our wonderful sons). It wouldn't work for some people, but it worked for us - I'm not money orientated, so I was never that concerned over what was being spent. Looking back, I do wonder where it all went, especially now that we are no longer together.
I've recently started living with someone and at the moment I pay a fixed monthly "rent". We may change things longer term, but that seemed easiest, especially as she is the high earner and I'm currently not working.
In addition, we split our marital responsibilities into government-style ministries - you may want to try it to avoid disputes:
Environment Secretary (takes out the rubbish; removes spiders etc.) - the wife Chancellor of the Exchequer (earns the money; pays the bills; files tax returns etc.) - me Home Secretary (cleaning; vacuuming; weekly shopping etc.) - the wife Foreign Secretary (books holidays; renews passports etc.) - me Transport Secretary (gets cars serviced; checks tyre pressure etc.) - me Defence Secretary (turns burglar alarm on; checks doors/windows are locked before holidays etc.) - me Health Secretary (applies the kids suncream; ensures vaccinations up to date etc.) - the wife Energy Secretary (checks gas/electric meters; adjusts thermostat etc.) - me Culture, Media & Sport Secretary (controls TV remote; orders newspapers; buys CAFC tickets etc.) - me Chief Whip (no comment)
I pay for everything and put money into a savings account and pay money into her account each week for keeping the house clean washing etc she's had me right over, also pay the ex wife £1300 a month so basically supporting her n kids too, if I was single and never got married if be a very rich man
Comments
Basically i pay all the bills and the missus chips in £400 quid a month towards the mortgage. ( she pays her own car insurance)
Hats off to anyone, anywhere who manages to get through the month with kids. It being the next stage I see in my life I literally fear thinking how it's financially possible what with one partner not working whilst off, then childcare
We then have a joint Credit Card for the food and petrol for the car and then split that at the end of the month and pay off in full.
We have never argued over money in the 7 years we have been together.
I've lived on my own for 5 years after my divorce, paying a mortgage and child maintenance. Never had a lot left after all my bills but I made it work. My only luxury was paying for Sky Sports and my Gym membership.
My new partner earns considerably more than me. No issue with that, she's got a good job and she works bloody hard etc.
I had to laugh last night as she looked at my spreadsheet of my budgets, breaking down everything to the penny, as her mouth hit the floor over the attention to detail. I guess thats the Accountant in me coming out!
So far, we've been paying our own household bills on our respective properties and then we've been sticking the same amount in a joint account to pay for going out which has worked well. We've made the decision to move in together so I'm going to rent my flat out so I'll have some extra money coming in (although I've just realised I'm going to get taxed on it which I hadnt previous considered).
The next thing to do it work out a fair way of doing things going forward. If I'm honest, I dont think either of us knew where to start. No doubt we'll get something sorted, as redlanered says, its about coming to an understanding.
Stealing whip money can provide a decent boost to your income however....
I really don't get being married but having seperate accounts, don't people trust each other? If not, what is the point?
We have separate accounts and credit cards, as I have always earnt more than the Lass I pay all the main bills and food and the Lass pays for our extras, if I have a really heavy spending month then the Lass chips in to the household bills. The only time it doesn't work is when I suddenly spend a large amount on a luxury without discussing with her first.
What Afka said at 1027 is very true.
She pays for all the kids stuff - lunches, school trips etc etc plus her own lifestyle
I earn about 12 x her salary though so couldn't do it any other way without leaving her with too little to live on
When we first got together 18 years ago we set up a joint account straight away and paid the same in (we earned roughly the same)
I can honestly say in 18 years together we have never had one row about money
Whatever I have left is mine and the same with her. Very rarely argue about money and I believe this is the reason why.
We put £100 a month into a Xmas fund and split that in December. it really helps!!
Although on the joint account if it says Debenhams or Next they wont have any idea what you have got anyway.
prob best not to use if getting from a jewellers though or getting something for your mistress.
If I didn't have three kids I'd be off!!
couldn't handle not having my own money
I've recently started living with someone and at the moment I pay a fixed monthly "rent". We may change things longer term, but that seemed easiest, especially as she is the high earner and I'm currently not working.
We then stare in disbelief at the mountain of gifts to wrap and think s**t where are we going to put all this?!?
I then bugger off to the pub whilst she wraps everything.
In addition, we split our marital responsibilities into government-style ministries - you may want to try it to avoid disputes:
Environment Secretary (takes out the rubbish; removes spiders etc.) - the wife
Chancellor of the Exchequer (earns the money; pays the bills; files tax returns etc.) - me
Home Secretary (cleaning; vacuuming; weekly shopping etc.) - the wife
Foreign Secretary (books holidays; renews passports etc.) - me
Transport Secretary (gets cars serviced; checks tyre pressure etc.) - me
Defence Secretary (turns burglar alarm on; checks doors/windows are locked before holidays etc.) - me
Health Secretary (applies the kids suncream; ensures vaccinations up to date etc.) - the wife
Energy Secretary (checks gas/electric meters; adjusts thermostat etc.) - me
Culture, Media & Sport Secretary (controls TV remote; orders newspapers; buys CAFC tickets etc.) - me
Chief Whip (no comment)
'don't get married, just find a woman you don't like and buy her a house'