Splitting Finances

14 Responses

  1. Elizabeth F says:

    My husband and I share our finances which works best for us. He is a big spender and needs a little help with controlling his spending. This is the only reason that we share our finances. We do split up any money we have left at the end of the month, after savings, almost as an allowance to ourselves. So he can decide to save it for something big he wants or just spend it which is what usually happens. This allows me to save what I want and splurge on nice clothes, new sewing equipment, and my obsession of shoes. We both feel it fair and it makes us comfortable with our finances. It also creates less arguing over who spent what and why without feeling like a child and asking for permission to spend money. I really do like this calculator and might just see who spends what and who doesn’t even though our incomes are basically the same.

  2. Megan says:

    I think it is different in every situation. We share finances for several reasons.

    a) I get to stay home PT with my son. It’s a decision we felt best for our family. So, I make MUCH less money than him. I would have no money if we split the finances.

    b)As a SAHM/W part of my job is to save money, be thrifty, etc. I would not be able to save nearly as much money if I worked full time. When I did work FT, we spent way more than we do now. While this isn’t income, it does play a part in our finances. It’s not a chore we can split very well.

    c)My husband is not a responsible spender. We both agree on this. Secretly, I think he enjoys the fact that there is money in our savings account for the things we want becuase I am in charge. It’s not that he doesn’t get spending money, but it is limited :) We both have pretty free reighn, but for big purchases (anything over 50-100- depending on if it is out of the ordinary- grocery bills we dont’ discuss- a new snowblower we do), we have decided they need to be discussed first.

  3. Kayla K says:

    I agree with you. Spencer’s work as an electrician has taken a hit recently so our finances would change with his potential layoff.

  4. Kayla K says:

    I like that you split money at the end of the month. If Spencer and I shared finances we would try this.

  5. Pat C in Washington says:

    My late husband and I maintained separate checkbooks all the time we were together – from when we were “living in sin” the first 10 years to the last 25 years of wedded bliss :D He always contributed more towards household expenses than I did, but his salary was always lots higher than mine was. We each had our own little eccentricities – mine being fabric and books and yarn, his being tools and electronic gadgets – and we never hassled one another about what we spent. We had shared goals of paying down the mortgage and saving for our retirement. We didn’t buy “things” that would depreciate, but bought rental properties instead. We didn’t get to have the retirement we thought we were going to have, and looking back on it now, I would say, spend a few more dollars on having fun RIGHT NOW because you don’t know what tomorrow will bring.

  6. GeeMa says:

    My husband and I keep our expenses separate. I was divorced for quite a while before we met and we dated for 13 years before we married. When you have been managing your own finances and making your own decisions for that long, it is difficult for one or the other of us to turn our money over to the other. We share household expenses and most major expenditures (like remodeling). However, when I wanted new furniture for the living room and he did not see the need, I bought it myself. He is more than happy with what I bought and sits on it. My savings enables me to buy a long-arm quilter which he would have never agreed-to had it been a joint decision.

  7. Teresa says:

    My husband & I each have our own checking account, plus a shared account for buying groceries, paying bills & home improvement expenses. We each put half our monthly pay into the shared account, and then keep the other half for our own personal checking accounts. Works great for us. That why we can each have some “fun” money without feeling like we have to ask each other for permission to spend.

  8. Lyn T says:

    When my Husband and I first got married (just over a year ago) we kept our finances separate. Joining our money was never a die hard issue for us before getting married or anything that either of us felt was extremely important. We are both very young professionals and have been used to having our “own money” for a few years now. We each have our own checking accounts, savings accounts, CD’s, safety deposit boxes and whatnot. I’m sure in time we’ll open up a joint savings account and/or checking but probably not before we have children (a good 5 years down the road). We haven’t had any arguments over money because we both have our own budgets. The only exceptions to our separate money being what we have both agreed is a good number to put straight into savings every month and making sure we max out what our employers match in our 401ks.
    Do what works for you Kayla! :) Separate accounts can be a great thing!

  9. Siebrie says:

    We share our money and only have 1 bank account, because we found that we loose track if we have money in several places. We both work to cover our family’s expenses and build our future together, so why not pool the family’s money?

  10. Mand says:

    I have friends who split expenses and keep money separate. It seems to work for them, but it sounds complicated to me. That being said, we don’t fight about money at all, so sharing income and expenses is not a problem. In 20 years and 14 years of marriage we have never had a fight about money. I think splitting would be good if it was a source of ongoing friction. For us, it’s a non-issue.

  11. Sheila K says:

    My husband and I have kept everything separate. He has his checking account number memorized, and doesn’t want to give it up, and I don’t want to have to order new checks with our correct address on them just to move to his account. Both of our checking accounts are linked to our savings account, and they are each added to the other account as a deposit-only account, so we can transfer money around easily between them. In general, I’m responsible for the mortgage, my school loans, and our cell phone bills, and he gets all the other bills. Of course, I earn more, that’s why I get the mortgage…

    This works for us. I don’t feel as guilty splurging on something when it is coming out of “my” money instead of “our” money. It’s still all our money, but for some reason, the difference works for us.

  12. michele says:

    MY husband and I lived together for years before we got married, much the same as you, and always had seperate accounts. We kept it this way when we got married and only changed it when we moved to a town that had my bank but not his. At this time I had a job but he couldn’t find one that didn’t lay him off every few months ( he was an electrictians app. and we lived in a resort town, they only wanted him in the summer.) Now however I have been a sahm for the better part of 5 yrs only working occ. and we would have no finances to split. I think that whatever works is what people should do.

  13. Tiffaney says:

    We follow the Suzie Orman’s advice to couples. We add our income together and figure out who makes what percentage. Then we add all the bills & savings together and divide that total so each pays the percentage of the bills that matchs thier income. In our house I make 30% of the income so I pay 30% of the bill expense. We each get to keep what is left after bills/savings as our mad money that we get to spend no questions asked.

  14. Mand says:

    We have always shared our income and we never fight about money. I think if we were a couple who argued about money, we maybe would keep it separate. But we have very similar views about money and how we spend it – we don’t lie to each other about it and always agree with each other about the budget and major purchases. I figure if you agree to share a life together and share your bodies with each other, why would you not share your cash?

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>