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"our" money?

Do you and your S/O have joint or separate accounts? Do you save and plan for the future together or does one of you control all the money?
I am surprised by how many couples don't share this part of their lives! My in-laws have drastically different incomes and separate accounts. It's so weird to me that they don't share that part of their lives. But I guess it works for them.
How does it work in your family? If you are a SAHM would you feel financially secure/knowledgeable if something were to happen to your S/O.

(My husband and I have all joint accounts, except for the tax-free savings account that the government doesn't allow to be joint. We budget together and don't buy anything over $50 without consulting each other. He makes the money and I manage it.)

Answer Question
 
tobys.mommy

Asked by tobys.mommy at 4:34 PM on Jun. 6, 2011 in Money & Work

Level 20 (9,827 Credits)
Answers (19)
  • We have "OUR" money.
    twinsplus2more

    Answer by twinsplus2more at 4:35 PM on Jun. 6, 2011

  • We each have a savings account that is strictly his or hers. The rest of our accounts are joint, savings, cds, checking.
    balagan_imma

    Answer by balagan_imma at 4:37 PM on Jun. 6, 2011

  • Same here He makes most of the money and I manage it too.
    But we pretty much buy what we want w/o asking unless its a lot of money.
    nowmommyof2

    Answer by nowmommyof2 at 4:37 PM on Jun. 6, 2011

  • We have a joint account and I have a "play account". We do all our bills, savings, etc. from the joint account. But i have an agreed upon amount directly deposited out of his check (im a sahm) into my "play account". That money is for me to do with as I please.

    We found early on that trying to explain every whimsical purchase was an issue. So for the past almost 20 yrs I have a small play fund. Now if I want to get my nails done I dont have to explain to him why... I just do it.

    He spends his whimsy money out of the joint account... it is about the same amount. He balances the check book and pays the bills because he has a degree in accounting and WANTS to. I really dont want to do it.
    Anonymous

    Answer by Anonymous at 4:39 PM on Jun. 6, 2011

  • We have joint accounts. He's very good at managing money, while I'm not. I trust him to take care of bills and such, and he will usually come to me for my input.
    anng.atlanta

    Answer by anng.atlanta at 4:40 PM on Jun. 6, 2011

  • I guess saying that we have to consult each other over $50 sounds really controlling..haha I probably should have clarified that, for us, $50 is a LOT of money right now with the economy the way it is.
    tobys.mommy

    Comment by tobys.mommy (original poster) at 4:40 PM on Jun. 6, 2011

  • Do you and your S/O have joint or separate accounts? Both. Retirement accounts are obviously separated.
    Do you save and plan for the future together or does one of you control all the money? Kinda both. I'm a financial nerd. So I do most of the planning, he of course gets to agree on it. I also write up the budget so you could say I do most of the controlling. He gets a say on that too- but I think there's maybe been 5 times that he's wanted to change something in the budget.

    I don't really understand the completely separate finance thing either. IMO two heads are better than one. And it's always nice to have someone there just to make sure you're not making completely stupid mistakes.
    Erica_Smerica

    Answer by Erica_Smerica at 4:47 PM on Jun. 6, 2011

  • I am a sahm and it is our money. He works outside the home, I work at home and we both raise the kids. Its a partnership. I dont worry because I trust my husband. Now I have been divorced and my ex basically "took the money and ran" and I was a sahm then too so you might think I would be more inclined to be less trusting. This time though I really know I am with the right person who would not do anything to hurt our family. Not just hurt me, but our family as a whole. He loves his children too much to do something stupid.
    gemgem

    Answer by gemgem at 4:52 PM on Jun. 6, 2011

  • We each keep the bank accounts we had before we married and we divvy up the bills between us.
    jmpj8107

    Answer by jmpj8107 at 4:52 PM on Jun. 6, 2011

  • my hubby and i are like you. 6months after we met we got a checking account together and its been that way since. and we too consult each other on big purchases normally over $50 other than groceries. my mom and dad have seperate accounts too! and my best friend had them together but got into money trouble filed for bankruptcy and were about to divorce a few months later, but worked things out and just kept seperate accounts because they blamed each other for the money problems so now they have a system that he pays all the bills and she puts gas in their cars and buys groceries and they each pay for their credit cards now that way they can only blame themselves. and i too am a SAHM and i fear for anything happening to my hubby! We live pay check to pay check for the most part with a small savings and no life insuance because we cant afford that extra payment :(
    babymaddy

    Answer by babymaddy at 5:04 PM on Jun. 6, 2011

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