Joint living finances

Matutu

Matutu

Matutu

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Joined
21 Aug 2008
Posts
956
Hey all,

Myself and partner are now living together and we are looking at options on how to deal with the finances.

How does everyone else deal with this?

Currently we have a few option

1. Joint account which we both deposit a set amount too each month to pay bills etc etc, however still having our own personal money within our own accounts, personal direct debits (gym contact etc) still go from personal. Also depositing savings from each to another joint savings account.

2. Joint account where we put all wages each month into a joint account, then withdraw a set amount of money for yourselves each month back to the personal account. Then all direct debits etc etc all come from the joint account, then money left etc can be put to savings. Then big purchases can be discussed and decided upon and spent from the joint?

Obviously there are many ways but just after some advice from others.

Thanks!
 
If you're relatively new to being/living together, then option 1. Keep control of your own finances independently, but contribute an equal (or agreed) amount to a joint fund for shared expenses.

Wife and I still do that, though we may move to option 2 when we start a family.
 
Option 1 is what I do. All household bills including food go out of joint account. Our cars, phones, gym etc is paid out of our personal accounts.
 
1 - I have this with the wife always have done since we moved in together 14yrs ago. Wages going into personal accounts, a few bits and bobs come out and then the bulk then goes into a joint for normal life. That way we get benefits of both.
 
Id say start with option 1. Been using it with my partner for 5 years or so and it works great. You can always transition to option 2 later on if you feel it worthwhile.
 
We just put all our money together just like option 2.

But then I am not married to a nutcase or shopaholic, so it all works out just fine.
 
3. Separate personal accounts where each individual agrees to cover specific regular outgoings.
 
We use option 3.

She pays for everything except food which I cover.

Works well for me...... *Browses for new PC*
 
To me 1&2 are the same amount of money just flowing in different directions. '3' I find plain silly unless it is in the infancy of a relationship.
 
Okay seems a lot use item 1. How do you deal with buying larger house items, expensive big purchases? Just split and transfer to joint?

Only I earn a lot more than my partner.

We have discussed all this but just curious how others do it.
 
We just put every thing into the 1 account and use it as we wish, we obviously have more than 1 account between us of course, but we never seperate our money, what's mine is hers and all that. We both have full access to all the money, and for us it works great.
But then, we have been together for 16 years and have 3 kids.
 
option 1, maybe option 3 after marriage

just seems a lot easier.
We both pay just over what all our outgoings accumulate to into a separate bank, so there's always rainy day/disaster money building up in the spare bank. rest of the money is our own to do as we see fit
 
McGray said:
Same here and been married 4 years. Not sure if that qualifies our relationship as still in its infancy though?
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It is just the easiest and most sensible way in my opinion. You still have control of your own money, yet every expense that both benefit from is halved. That way there I never any arguments about "oh I paid for this so you should pay for that" or "this was more expensive than this and I bought it so you should buy something else to make up for it" etc.
 
Matutu said:
Okay seems a lot use item 1. How do you deal with buying larger house items, expensive big purchases? Just split and transfer to joint?

Only I earn a lot more than my partner.

We have discussed all this but just curious how others do it.
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I earn more than my partner by a fair sum, so I pay for internet/Netflix/nowtv and other little bits, makes her own money go further and I don't feel like I'm being done over
 
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