Joint Finances
Discussion
Tit For Tat said:
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.
All comes down to the individuals in question. 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.
There is simply no set of circumstances where Mrs Bristol (to be) would try and take anything that wasn't morally hers. Plus our savings amount to about £700 as of now so not entirely a major concern
BRISTOL86 said:
All comes down to the individuals in question.
There is simply no set of circumstances where Mrs Bristol (to be) would try and take anything that wasn't morally hers. Plus our savings amount to about £700 as of now so not entirely a major concern
Bristol, I admire your trust in your partner. There is simply no set of circumstances where Mrs Bristol (to be) would try and take anything that wasn't morally hers. Plus our savings amount to about £700 as of now so not entirely a major concern
All I will say is, things change, people change. What was once unthinkable becomes commonplace.
Good luck!
XJ75 said:
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.
Same setup for me with the Mrs. 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.
desolate said:
BoRED S2upid said:
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.
Why a recipe for disaster?BRISTOL86 said:
We have a joint account only. No individual accounts.
We are both working towards the same goals in life so we treat everything 50/50.
You evidently don't have a wife with a penchant for horses. Her ability to turn money into horse sWe are both working towards the same goals in life so we treat everything 50/50.
t is incredible.Therefore we have a joint account, and our own separate accounts, any disposable left after paying into the joint account is then ours.
georgefreeman918 said:
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?
Please could someone explain this with figures,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?
Say all bills = 1k a month
George Earns 1500 and his gf earns 1000 both after tax per month
Does George put in 60% of 1500 and she puts in 40% of 1000?
BoRED S2upid said:
See the example I gave she spends £300 out of the joint account on a haircut, handbag, shoes you know items that should cost £20 max and you accept this? Or question it? After all it's joint money. In our case I don't know or care about such spends as it's come out of her money not ours.
If my wife managed to get a haircut, a handbag and a pair of shoes for 300 quid I would be shocked.I have never questioned what she spent.
Since we lived together I have always seen any money as 'ours", so she can spend it as she wants.
If we split up that would obviously stop immediately.
danny0001uk1 said:
Please could someone explain this with figures,
Say all bills = 1k a month
George Earns 1500 and his gf earns 1000 both after tax per month
Does George put in 60% of 1500 and she puts in 40% of 1000?
No. They pay in 60% and 40% respectively of the 1K bills total.Say all bills = 1k a month
George Earns 1500 and his gf earns 1000 both after tax per month
Does George put in 60% of 1500 and she puts in 40% of 1000?
So Mr pays 600 quid, and Mrs pays 400.
Tit For Tat said:
BRISTOL86 said:
All comes down to the individuals in question.
There is simply no set of circumstances where Mrs Bristol (to be) would try and take anything that wasn't morally hers. Plus our savings amount to about £700 as of now so not entirely a major concern
Bristol, I admire your trust in your partner. There is simply no set of circumstances where Mrs Bristol (to be) would try and take anything that wasn't morally hers. Plus our savings amount to about £700 as of now so not entirely a major concern
All I will say is, things change, people change. What was once unthinkable becomes commonplace.
Good luck!
I wouldn't feel comfortable doing the same with someone I'd only known a couple of years for instance.
Tit For Tat said:
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 st hits the fan, trust becomes an expensive mistake.
Keep finances and emotions separate.
Sad you see things this way, do you have a partner? If so, why don't you trust them?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.
To the OP:
We have a joint a/c for bills, we pay in more than what's needed and this is swept to the (joint) reserve each quarter - used for house work / holidays etc.
We have wages etc paid into our own personal accounts for ease and also secrecy
When he buys me a gift or vice versa it's nice not to see it on the account before we are given it! We do gifts / surprises pretty frequently. It also makes spotting any iffy transitions easier.
Materially, the reserve being joint is much 'riskier' but the trust is mutual. Plus, he doesn't 'do' banking - so its all left to me, he doesn't even know how to log on...
ETA: we do the same as nitrodave, below.
Edited by Henners on Friday 7th July 15:50
We have a joint account which we both chuck a decent amount into it each month to cover groceries, home improvements, fuel in the cars, bills, mortgage etc... and have our own account for respective treats.
If she wants a £300 hair doo, she buys that. If I want to do a track day, I pay for it from my own account.
I do use my own money on some things like meals out, flights abroad and the odd bit of furniture which I don't mind at all and she does the same.
Works well for us and the only thing that would change this is if she stops earning to become a mum/housewife then all my money becomes hers.
If she wants a £300 hair doo, she buys that. If I want to do a track day, I pay for it from my own account.
I do use my own money on some things like meals out, flights abroad and the odd bit of furniture which I don't mind at all and she does the same.
Works well for us and the only thing that would change this is if she stops earning to become a mum/housewife then all my money becomes hers.
We both have our own accounts, plus 1 joint account. As we earn similar amounts we both move equal amounts into the joint to cover all bills/direct debits. It's not used for anything else and we don't have debit cards for the account. (A hangover from when we were poorer and wanted to ringfence enough money to make sure we paid the rent/mortgage/bills/etc)
Fuel/shopping is paid for by whoever is going at the time. Sometimes we'll transfer money to each other if one of us is running low. If one of us wants to make a significant purchase then we'll discuss first.
Fuel/shopping is paid for by whoever is going at the time. Sometimes we'll transfer money to each other if one of us is running low. If one of us wants to make a significant purchase then we'll discuss first.
Tit For Tat said:
danny0001uk1 said:
Please could someone explain this with figures,
Say all bills = 1k a month
George Earns 1500 and his gf earns 1000 both after tax per month
Does George put in 60% of 1500 and she puts in 40% of 1000?
No. They pay in 60% and 40% respectively of the 1K bills total.Say all bills = 1k a month
George Earns 1500 and his gf earns 1000 both after tax per month
Does George put in 60% of 1500 and she puts in 40% of 1000?
So Mr pays 600 quid, and Mrs pays 400.
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