Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Separate finances?

Posted by on May. 6, 2012 at 8:52 AM
  • 56 Replies
Do you and DH keep your finances separate? If so how do you manage the bills and finances? I was talking with a friend about this and am just curious how many people do this.
Posted on CafeMom Mobile
by on May. 6, 2012 at 8:52 AM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
Amberleigh81
by Member on May. 6, 2012 at 8:59 AM
Sort of... we have a household budget that we split (or used to, I'm not working currently) and I would give may DH my portion of the bills money. Any "left over" money we had after paying bills and saving was our to spend as we liked. We have two checking accounts -a "his" and "hers" - but they are joint in case of emergency. We have a good trust relationship, so this works well for us.
Posted on CafeMom Mobile
rowansmum
by on May. 6, 2012 at 9:02 AM
1 mom liked this
We did for a while. He paid the fixed and I paid the variable. It came down to I paid groceries and my car and he paid rent cable, phones, and his car. It didn't work for us. Now we pool our money and I do the budget with the envelope system. We now have everything paid and saving the last bit for our downpayment. Dave Ramsay is my hero <3
Posted on CafeMom Mobile
sdbrowneyez
by Member on May. 6, 2012 at 9:05 AM
Dave Ramsey is great I listen to his podcasts on my morning walks.
Posted on CafeMom Mobile
MamisAngels
by on May. 6, 2012 at 9:05 AM
We have separate accounts.
House bills are split 50/50. & each manages own individual bills. If help is needed on either end, money is transferred to the other's account if it's an individual bill. If its a joint, one will just contribute a little more and next time the other will if possible.
I don't know if that's the most reasonable way. Before getting married we lived together almost 2 yrs and that's how we did it.
When we got married in December i asked if he wanted a joint account for joint bills but he wanted to keep it as is since it's been working that way.
I'll give it time though, I still feel it would be beneficial to have a joint account.
Posted on CafeMom Mobile
sbreece
by on May. 6, 2012 at 9:10 AM
1 mom liked this
My husband and I share everything. I believe separating something as important as money is only setting your relationship up for failure later. The only reason I'd ever consider opening up a separate account without him is if I planned on leaving and needed to save money. Other than that, my marriage is an open one, everything is 50/50. No secrets.
Posted on CafeMom Mobile
sbreece
by on May. 6, 2012 at 9:14 AM
What's the envelope system? Id love to know! I kinda need help with figuring out a system to pay our bills a little easier without being so broke each week. We make plenty of money a month to pay our bills but it seems like we're living pay check to pay check..I just don't understand why


Quoting rowansmum:

We did for a while. He paid the fixed and I paid the variable. It came down to I paid groceries and my car and he paid rent cable, phones, and his car. It didn't work for us. Now we pool our money and I do the budget with the envelope system. We now have everything paid and saving the last bit for our downpayment. Dave Ramsay is my hero <3

Posted on CafeMom Mobile
jac77
by on May. 6, 2012 at 9:15 AM
I just posted about this topic last week. We were doing the whole separate accts & sort bills as to who pays what & it wasn't working. Seemed very chaotic & like money was being wasted. Now we have one acct for all bills
Posted on CafeMom Mobile
rowansmum
by on May. 6, 2012 at 9:27 AM
Dave Ramsay says if all your money doesn't have a name (designated) it will just leak out of your hands. And it DOES! It freaked me out to find how much we spent on misc stuff. Ok envelope system. Take all your pay out of the bank (we leave $5 each week in for bank fees) and write.out your budget. I do mine monthly since SO usually has a set amount weekly. I write out all of our bills and how much with the due date. I put the amount (or this weeks portion depending on the bill) in an envelope and label it. Then on to the next one and.so on. I do this every week and the budget sheet takes me about 20 ish mins, money dividing takes 5 mins weekly. Make sure you have o sh*t money lol cuz it'll take a month or two to get into the groove. You can get a free 90 day trial to financial peace university (Dave's site) and he takes you through everything, has printables (that I've never used), reading material and lectures. The lectures are insightful and hilarious lol. I listen to them while I cook :) the gazelle on tho I had to sit. My poor 4 year old came over and asked what was so funny. Anyway you can use plain white envelopes, you can buy some really nice ones on etsy, I made mine which I modified envelopes for. Dave says it takes 90 days to really get the hang of it and stick to it but we were on track solidly after month 2.

Quoting sbreece:

What's the envelope system? Id love to know! I kinda need help with figuring out a system to pay our bills a little easier without being so broke each week. We make plenty of money a month to pay our bills but it seems like we're living pay check to pay check..I just don't understand why




Quoting rowansmum:

We did for a while. He paid the fixed and I paid the variable. It came down to I paid groceries and my car and he paid rent cable, phones, and his car. It didn't work for us. Now we pool our money and I do the budget with the envelope system. We now have everything paid and saving the last bit for our downpayment. Dave Ramsay is my hero <3

Posted on CafeMom Mobile
rowansmum
by on May. 6, 2012 at 9:29 AM
We have seperate accounts ....... We use his 99% of the time. Mine is for savings. I don't think we're set up for failure 0.o

Quoting sbreece:

My husband and I share everything. I believe separating something as important as money is only setting your relationship up for failure later. The only reason I'd ever consider opening up a separate account without him is if I planned on leaving and needed to save money. Other than that, my marriage is an open one, everything is 50/50. No secrets.
Posted on CafeMom Mobile
sbreece
by on May. 6, 2012 at 9:36 AM
Wow! That sounds like an awesome idea!! I will definitely look him up and try that system! So..do you give you and your husband a budget for extras a week? Like, my husband dips..would I just give him a cash allowance? I pack his lunches so that's not money spent. How does that work? sorry..im really interested now! Lol


Quoting rowansmum:

Dave Ramsay says if all your money doesn't have a name (designated) it will just leak out of your hands. And it DOES! It freaked me out to find how much we spent on misc stuff. Ok envelope system. Take all your pay out of the bank (we leave $5 each week in for bank fees) and write.out your budget. I do mine monthly since SO usually has a set amount weekly. I write out all of our bills and how much with the due date. I put the amount (or this weeks portion depending on the bill) in an envelope and label it. Then on to the next one and.so on. I do this every week and the budget sheet takes me about 20 ish mins, money dividing takes 5 mins weekly. Make sure you have o sh*t money lol cuz it'll take a month or two to get into the groove. You can get a free 90 day trial to financial peace university (Dave's site) and he takes you through everything, has printables (that I've never used), reading material and lectures. The lectures are insightful and hilarious lol. I listen to them while I cook :) the gazelle on tho I had to sit. My poor 4 year old came over and asked what was so funny. Anyway you can use plain white envelopes, you can buy some really nice ones on etsy, I made mine which I modified envelopes for. Dave says it takes 90 days to really get the hang of it and stick to it but we were on track solidly after month 2.



Quoting sbreece:

What's the envelope system? Id love to know! I kinda need help with figuring out a system to pay our bills a little easier without being so broke each week. We make plenty of money a month to pay our bills but it seems like we're living pay check to pay check..I just don't understand why






Quoting rowansmum:

We did for a while. He paid the fixed and I paid the variable. It came down to I paid groceries and my car and he paid rent cable, phones, and his car. It didn't work for us. Now we pool our money and I do the budget with the envelope system. We now have everything paid and saving the last bit for our downpayment. Dave Ramsay is my hero <3


Posted on CafeMom Mobile
Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)