We both put the same fixed amount into the joint account which covers all mortgage, utilities, maintenance, food etc and leaves a bit extra which saves up for things like a big food shop at Christmas or contributes to things like a new chair or whatever.
What's left in your individual account is yours to spend how you like. All going out, shopping on personal stuff like clothes and random stuff comes out of your own pocket.
We've been together over 7 years now and it's all effectively the same pot. The various accounts are more to control spending and ensure important things are covered as opposed to defining 'yours and mine'.
Whilst with my ex, I used to have a joint account. It allowed me to buy 2 ounces of Jamaicas' finest every week, so I was always too wasted to listened to the bitch moan about money...........
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
I give Mr F the exact amount of cash to buy the present I've already chosen for him to buy. :-)
Seriously, I've always been in charge of our finances right from day one over 44 years ago when we opened a joint bank account.
Our pensions are paid into said account from which all bills and savings are debited & we discuss what happens to any surplus...should there be any.
We do most things together eg holidays, football, family stuff & rarely spend a significant amount on separate pursuits ( except my trips to Bluewater and if Mr Buble comes to Town) and I tend to buy his clothes anyway....believe me, that's a positive !
So, pooling our incomes has always worked for us & although neither of us ever earned mega bucks, I congratulate myself for the way we've managed to make overseas' trips, move house once & give our kids a decent start in life.
Just remembered it's time to give Mr F his weekly £5 pocket money ......
We've never had "my/your money". (never had that much to worry about) It was the way my parents always did their finaces so that's how it's always been for me. I have been married for the best part of life and i have never had a single bad word over money with my wife. Over the years I have had better paying jobs than my wife but I've never had to give birth, no amount money would be enough to do that.
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.
ok, maybe trust the wrong word but if my wife booked flights to see her mate abroad it wouldn't bother me paying for it just like it doesn't bother her paying my season ticket or my away games etc. we're married so the money we have, however we get it, is our money. Eg, I paid off our mortgage with my redundancy pay. should I have kept that, or paid off half, leaving her with a mortgage or repaying me every month?
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.
ok, maybe trust the wrong word but if my wife booked flights to see her mate abroad it wouldn't bother me paying for it just like it doesn't bother her paying my season ticket or my away games etc. we're married so the money we have, however we get it, is our money. Eg, I paid off our mortgage with my redundancy pay. should I have kept that, or paid off half, leaving her with a mortgage or repaying me every month?
Im talking about everyday monthly expenditure - not paying off a mortgage, flash sod - which is a compltely different kettle of fish. Just been for (dry) lunch with the girls... why should Ian have to pay for that? I like to spend my own money when i want and not have to worry whether I should be spending it or not. Not that he would moan either by the way. Its just how i prefer it and we are both happy that way.
How can married couples still have independent bank accounts? More importantly why?
There are plenty of reasons: here's some:
Let's think back to the banking crisis. Let's say all your joint money was in Northern Rock and the queues were out the door as people tried to get their funds out. You'd be crapping yourself. Meanwhile it would be good to have another account elsewhere. It's just a matter of eggs and baskets. If a bank goes bust, you'll get your money back off the FSCS in DUE COURSE, maybe a year down the line. I can give you an actual example. A friend's dad was in a position of responsibility at the now long defunct, fraud-ridden Greys Building Society. The WHOLE family had their savings there. None of them got a penny back because of their relationship to a director.
Or lets consider that banks have the right to set off. How much better to have your dosh in one account in one name with one bank and your mortgage with another bank with the other half as main account holder?
Or let's say your debit card (or worse your whole account) gets compromised/lost/fraudulently accessed while you are overseas - nice to have another available until you get a shiny new one/money back on your return to the UK.
Or let's say your bank gives you a £500 free overdraft facility. Great but two of them would be better.
Tax reasons - if interest rates ever get back to normal it can be good to manipulate balances to avoid higher rate tax on savings.
There are others but I'm bored now.
Me & Mrs cafcfan have always had separate bank accounts - presently 14 of them with six different institutions. One of hers is actually in Washington DC - spreading your risks means spreading your assets people - you know it makes sense.
Joint account for most bills, holidays, food, mortgage etc (I think I pay in a bit more in than her each month but not entirely sure), then a few bills we seem to cover separately (I pay Sky, like someone said above, worth it as I then get to choose what we watch - I wish..whilst she seems to get the electricity bill for some reason...), then our own accounts for everything else.. We each pay for our own cars/insurance/fuel etc. If buying clothes etc for our son, it tends to come out of whichever account card comes out of my wallet first.. 15 or so years of marriage and I'm not sure I could move to solely a joint account...it would drive me mad every time an All Saints delivery turns up and it would drive her mad every time something turned up for one of my bikes...as it is, very few arguments about money, most of them seem to be about finding space for all the clothes she keeps buying...
How can married couples still have independent bank accounts? More importantly why?
easily, we find it easier once the bills are paid we each are left with our own money to do as we please. I like go football and have a few beers without worrying that i am being selfish etc, likewise she likes to spend money on clothes, make up without having to justify it.
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 suppose we don't need to ask who the Prime Minister is.
How can married couples still have independent bank accounts? More importantly why?
if we didn't then my wife would bankrupt us
Exactly. My missus would spend my entire waged at the bingo if we had joint bank accounts. We have been together 25 years and I would never entertain the idea.
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
We had that issue and set up separate accounts that receive a standing order that we use for presents at relevant times.all other money come from the joint account.
Those of you with just joint accounts, what do you do about buying Xmas / birthday presents etc ?
We had that issue and set up separate accounts that receive a standing order that we use for presents at relevant times.all other money come from the joint account.
I clearly hadn't factored in paranoia, distrust and deceit
Why does your view have to be right? It's 2015, times change and so do behaviors. It's not a right or wrong thing, you have your way and others like myself have a different way. I like to have a bit of Money left over to treat my son, and with it being in my account I can manage this personally. It may seem odd to some people, but it works for me and ultimately, us.
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....
Suddenly felt a pang of guilt when I saw the roof listed as a shock. I tried to keep the cost to a minimum.
Just find it odd that a married couple don't share all financial issues and have trust around it. In sickness and in health etc.
If I want a trip to a stag do, I'll do it and if she is off for yet another haircut then fine - as long as we can afford it between us of course.
Bigger marriage issues out there than bank balances - I assume married people have joint mortgages etc so if debt is ok why worry about a bit sloshing around in the current account?
Ha, No guilt at all @delroofer , you were an absolute lifesaver who I will happily recommend to all and sundry. It was the three Cowboy firms before you who the wasted outlays!
Was just trying to give examples of non-planned expenses to account for.
I still have trouble sleeping when it rains though :-)
Comments
What's left in your individual account is yours to spend how you like. All going out, shopping on personal stuff like clothes and random stuff comes out of your own pocket.
We've been together over 7 years now and it's all effectively the same pot. The various accounts are more to control spending and ensure important things are covered as opposed to defining 'yours and mine'.
Seriously, I've always been in charge of our finances right from day one over 44 years ago when we opened a joint bank account.
Our pensions are paid into said account from which all bills and savings are debited & we discuss what happens to any surplus...should there be any.
We do most things together eg holidays, football, family stuff & rarely spend a significant amount on separate pursuits ( except my trips to Bluewater and if Mr Buble comes to Town) and I tend to buy his clothes anyway....believe me, that's a positive !
So, pooling our incomes has always worked for us & although neither of us ever earned mega bucks, I congratulate myself for the way we've managed to make overseas' trips, move house once & give our kids a decent start in life.
Just remembered it's time to give Mr F his weekly £5 pocket money ......
It was the way my parents always did their finaces so that's how it's always been for me.
I have been married for the best part of life and i have never had a single bad word over money with my wife. Over the years I have had better paying jobs than my wife but I've never had to give birth, no amount money would be enough to do that.
Let's think back to the banking crisis. Let's say all your joint money was in Northern Rock and the queues were out the door as people tried to get their funds out. You'd be crapping yourself. Meanwhile it would be good to have another account elsewhere.
It's just a matter of eggs and baskets. If a bank goes bust, you'll get your money back off the FSCS in DUE COURSE, maybe a year down the line. I can give you an actual example. A friend's dad was in a position of responsibility at the now long defunct, fraud-ridden Greys Building Society. The WHOLE family had their savings there. None of them got a penny back because of their relationship to a director.
Or lets consider that banks have the right to set off. How much better to have your dosh in one account in one name with one bank and your mortgage with another bank with the other half as main account holder?
Or let's say your debit card (or worse your whole account) gets compromised/lost/fraudulently accessed while you are overseas - nice to have another available until you get a shiny new one/money back on your return to the UK.
Or let's say your bank gives you a £500 free overdraft facility. Great but two of them would be better.
Tax reasons - if interest rates ever get back to normal it can be good to manipulate balances to avoid higher rate tax on savings.
There are others but I'm bored now.
Me & Mrs cafcfan have always had separate bank accounts - presently 14 of them with six different institutions. One of hers is actually in Washington DC - spreading your risks means spreading your assets people - you know it makes sense.
If I want a trip to a stag do, I'll do it and if she is off for yet another haircut then fine - as long as we can afford it between us of course.
Bigger marriage issues out there than bank balances - I assume married people have joint mortgages etc so if debt is ok why worry about a bit sloshing around in the current account?
Was just trying to give examples of non-planned expenses to account for.
I still have trouble sleeping when it rains though :-)