Joint Finances
Discussion
GG89 said:
We have 1 joint account for bills and our own accounts seperate
Couldn't have it any other way.
ThisCouldn't have it any other way.
In addition we have a deed of trust (not married) for the house and bills linked to the account which basically says in the future if we split up and there is value in the house:
1- Mortgage settled
2- Original deposit from purchase withdrawn
3- Remainder split proportionally to our payments into the joint account
I earn multiples of my GF and as a result pay the majority, this legal document protects me should the worst happen.
Sarnie said:
^^^This.
Couldn't have Mrs Sarnie pecking my head about my spending. We both pay into the joint account, although the amounts paid in are not equal as our incomes are different.
Ours are too (as you well know!) but our spending is also different. It works on a trust basis. We both make sensible decisions on expenditure whilst we work towards the financial goals we want jointly (saving to get married currently and then we want to move to a bigger place). I probably spend more on lifestyle stuff than her and I don't get a hard time because she knows I put more in. Couldn't have Mrs Sarnie pecking my head about my spending. We both pay into the joint account, although the amounts paid in are not equal as our incomes are different.
I still probably end up contributing a larger slice of net cash into the savings but it's all in aid of a life we both live together. Having a few extra quid in my own ring fenced account would mean nothing if it comes at the expense of living the life we want to together.
GG89 said:
We have 1 joint account for bills and our own accounts seperate
Couldn't have it any other way.
Same here joint account for bills, mortgage, food etc... our own slush fund with the same spends each month to do with as we wish. Joint account usually has enough to cover holidays or we throw in extra from our slush accounts. Couldn't have it any other way.
We both pay into a joint account. I earn about 4 times as much as the wife so I contribute twice as much. This covers most of the usual living expenses. For holidays we typically just top-up the joint account, with me paying more.
Ultimately the money that I don't put into the joint account I'm saving each month anyway, and that's likely to go towards paying off the mortgage or something similar that will benefit both of us anyway. I don't have many expenses just for me anyway.
Ultimately the money that I don't put into the joint account I'm saving each month anyway, and that's likely to go towards paying off the mortgage or something similar that will benefit both of us anyway. I don't have many expenses just for me anyway.
deckster said:
This, and have done ever since we were married 20 years ago. I can't imagine any long-term relationship doing it any other way.
Now you see to me that's a recipe for disaster she wants a £300 handbag out of the joint account and just goes ahead or has to get your permission? Likewise when you need to make a frivolous purchase. GG89 said:
We have 1 joint account for bills and our own accounts seperate
Couldn't have it any other way.
+1Couldn't have it any other way.
We used to pay in equal amounts but now I massively out-earn the wife I pay in about 80% of the total. We use the joint account for everything related to house or family.
All personal spending comes from our own accounts so I don't nag her if she goes spending on clothes and she doesn't nag me when I go spending on motorbikes or electronics.
Has worked perfectly for us for the last 10 years.
I recently purchased a property with my girlfriend and after many discussions, we came up with the following solution:
List all joint bills; mortgage, council tax, energy, water, broadband, tv, food, fuel, savings etc = £X
Then worked out the percentage I earned of our total monthly income as a percent e.g. 60%
We then each transfer our percentage of the monthly bills into a joint account. 60% + 40% = £X
We then each have our own accounts for cars, hobbies, general spending etc that are personal to each other.
I also 'estimate' monthly food and fuel costs and we put our percentage into the joint account. Therefore come the first of the month, all our bills are paid and money left is for spending.
Might be a bit overkill but it works well for us. Anyone else do similar?
List all joint bills; mortgage, council tax, energy, water, broadband, tv, food, fuel, savings etc = £X
Then worked out the percentage I earned of our total monthly income as a percent e.g. 60%
We then each transfer our percentage of the monthly bills into a joint account. 60% + 40% = £X
We then each have our own accounts for cars, hobbies, general spending etc that are personal to each other.
I also 'estimate' monthly food and fuel costs and we put our percentage into the joint account. Therefore come the first of the month, all our bills are paid and money left is for spending.
Might be a bit overkill but it works well for us. Anyone else do similar?
Don't do it !!! 
Keep what's yours as yours, if you have joint accounts she will legally have access to all of it. Particularly dangerous with savings accounts. All very well for these trusting souls to say the split everything 50/50, but if the s
t hits the fan, trust becomes an expensive mistake.
Keep finances and emotions separate.
Keep what's yours as yours, if you have joint accounts she will legally have access to all of it. Particularly dangerous with savings accounts. All very well for these trusting souls to say the split everything 50/50, but if the s
t hits the fan, trust becomes an expensive mistake.Keep finances and emotions separate.
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