My husband and I have separate bank accounts, and that's the only way I would ever do it. However, I do know that most married couples put their money together. How do YOU handle your money?
Married couples only: how do you handle your finances?
We have a far more complex system than your options allow for...
We have a joint checking for bills. We have a joint charge card for purchases. We have a joint savings that pays the charge card. We have separate checking accounts that a portion of each of our checks goes into as our own spending money to do with as we please. We have joint investments for our son but (obviously) separate IRAs and 401k's. I also have savings accounts in just my name for our son and for us that he's just not on because he has no interest in them. In fact, the only account he manages is his personal spending account. All other accounts (his personal investments included) are managed by me. I decide where to open accounts, what we need accounts for, what to spend on, how to invest, etc. I don't think he has a clue what our mortgage payment is, let alone any other bill we have. *shrug*
We have a joint checking for bills. We have a joint charge card for purchases. We have a joint savings that pays the charge card. We have separate checking accounts that a portion of each of our checks goes into as our own spending money to do with as we please. We have joint investments for our son but (obviously) separate IRAs and 401k's. I also have savings accounts in just my name for our son and for us that he's just not on because he has no interest in them. In fact, the only account he manages is his personal spending account. All other accounts (his personal investments included) are managed by me. I decide where to open accounts, what we need accounts for, what to spend on, how to invest, etc. I don't think he has a clue what our mortgage payment is, let alone any other bill we have. *shrug*
Feb 2, 1:39 pm
I am in the business of advising an counseling clients in the financial planning business. As a CFP, there are many reasons to consider various forms of ownership. Seperate IRA's is obvious, but beneficiary designation is critical for estate planning purposes. Having a joint check or savings account is helpful in support of the overall family unit. But having a seperate checking or even savings account provides both parties the independence to be responsible for handling their own finances. I find too many women rely upon their husbands to handle all the finances. My view is that a woman should have just as much knowledge in dealing with money as a man. In the death of one spouse, her understanding of money will be critical. Sometimes, having everything joint is not necessarily always the best solution either. Seek a good financial planner and they will provide information or answer questions in your specific case. Everyone is different. Consider tax planning, risk planning (insurance), investment planning, retiremant planning, and estate planning for your overall financial picture. It is a complex field, but the more you know the better informed you will be to meet the challenge of money matters! Good luck!
My wife has her own money and she can do anything she wants with it; she works too!
My wife has her own money and she can do anything she wants with it; she works too!
Feb 2, 2:20 pm
Quote:
I knew I remembered someone else on here worked in finance! I was hoping I wasn't the only one who came on here with a crazy long answer.
Originally posted by
PassionateLover2
I am in the business of advising an counseling clients in the financial planning business. As a CFP, there are many reasons to consider various forms of ownership. Seperate IRA's is obvious, but beneficiary designation is critical for estate planning
...
I am in the business of advising an counseling clients in the financial planning business. As a CFP, there are many reasons to consider various forms of ownership. Seperate IRA's is obvious, but beneficiary designation is critical for estate planning purposes. Having a joint check or savings account is helpful in support of the overall family unit. But having a seperate checking or even savings account provides both parties the independence to be responsible for handling their own finances. I find too many women rely upon their husbands to handle all the finances. My view is that a woman should have just as much knowledge in dealing with money as a man. In the death of one spouse, her understanding of money will be critical. Sometimes, having everything joint is not necessarily always the best solution either. Seek a good financial planner and they will provide information or answer questions in your specific case. Everyone is different. Consider tax planning, risk planning (insurance), investment planning, retiremant planning, and estate planning for your overall financial picture. It is a complex field, but the more you know the better informed you will be to meet the challenge of money matters! Good luck!
My wife has her own money and she can do anything she wants with it; she works too!
My wife has her own money and she can do anything she wants with it; she works too!
I agree that learning how to manage finances is important. I have so many people - male and female - come to me after a spouse has died totally clueless about how to write a check, let alone handle their portfolio of investments. After the death of a spouse is not the time you'll want to try to learn those things either. I try to involve my husband because of this, but he won't hear any of it. I have a book written up with all our bills and accounts so should anything happen to me he could bring it to some poor person to help him sort through.
Feb 2, 2:53 pm
We do everything together, especially when it comes to our finances.
We put all of our income into joint savings and checking accounts. We actually spend very little cash. We make 99% of our purchases with our credit cards, which are paid in full each month. This allows us to easily document and monitor where our money is going. We do have separate retirement accounts, but we work together to determine how to allocate those funds within the limitations of those plans.
This won't work for all couples, but it has worked extremely well for us, mainly because we both place a high priority on communicating and working towards our shared goals.
We put all of our income into joint savings and checking accounts. We actually spend very little cash. We make 99% of our purchases with our credit cards, which are paid in full each month. This allows us to easily document and monitor where our money is going. We do have separate retirement accounts, but we work together to determine how to allocate those funds within the limitations of those plans.
This won't work for all couples, but it has worked extremely well for us, mainly because we both place a high priority on communicating and working towards our shared goals.
Feb 2, 3:53 pm
Quote:
Oh, by the way, that's called impulse buying! It is when the left hand doesn't know what the right hand is doing!! Good luck!!!
Originally posted by
scottg1986
I pretty much handle everything but she will come home and say oh by the way I bought this and that, regardless if there was money for it or not lol
Feb 4, 2:17 am
Quote:
I'm the opposite-I will research an item for hours before I decide to buy it. Very careful with my money.
Originally posted by
scottg1986
I pretty much handle everything but she will come home and say oh by the way I bought this and that, regardless if there was money for it or not lol
Feb 4, 2:19 am
we share a checking account and credit cards. I set up her own retirement account, and I have my own. I also have a emergency savings account in only my name (it is what was offered at the time, and I could not turn down the bonus % to the interest rate). She is not happy about that one, but like I told her, it covers things like paying for a new car, new roof on the house, bills if I loose my job, ect.. Its not there for anything else.
Feb 4, 7:07 pm
We have a joint checking account, I have a seperate savings account, we just started the boys a small cd that we plan to contribute to every year to help when it's time to buy them vehicles and go to college, and he has a retirement plan from work. I pay all bills and write all checks.
Feb 12, 8:12 am
Quote:
I don't work so our money is joint but I have a household account that is mine only.
Originally posted by
bayosgirl
My husband and I have separate bank accounts, and that's the only way I would ever do it. However, I do know that most married couples put their money together. How do YOU handle your money?
Feb 12, 7:40 pm
Total posts:
19
Unique posters: 16
Unique posters: 16