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Gemini_Girl
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Re: Do you combine your income..etc?

Thu Jul 22, 2010 7:54 pm

Thanks girls! I have spoken with Dh tonight and showed him the plan I drew up about combining our incomes etc.. and now we're doing it :D I have just applied online to open up a joint account. I really think this will get us organised with our bills and start saving money properly too.

I probably shouldnt have laid all this on him this morning while he was already in a bad mood, better to wait when he's at home,relaxing and full after dinner!
 
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christabelle
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Re: Do you combine your income..etc?

Thu Jul 22, 2010 11:32 pm

Gemini_Girl wrote:
Thanks girls! I have spoken with Dh tonight and showed him the plan I drew up about combining our incomes etc.. and now we're doing it :D I have just applied online to open up a joint account. I really think this will get us organised with our bills and start saving money properly too.

I probably shouldnt have laid all this on him this morning while he was already in a bad mood, better to wait when he's at home,relaxing and full after dinner!


good work! glad to hear that the talk went well
 
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jodieo88
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Re: Do you combine your income..etc?

Fri Jul 23, 2010 11:13 am

We have seperate accounts, but we know each others pins and we have a joint savings account. There is no my/your money it's all ours. We generally dont spend more than $50 without asking each other and we are very considerate of each other. It's nothing we ever discussed lol, we were just blessed for it to work out this way :)
 
Mrs.PerkinsToBe
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Re: Do you combine your income..etc?

Fri Jul 23, 2010 12:09 pm

We just share everything really lol mortgage, bills, spending anything. We bought a house together, we are living together and will be married to each other so everything is together... i just thought that is how it was done. Equal share in everthing i say!! :D
 
amberino21
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Re: Do you combine your income..etc?

Fri Jul 23, 2010 1:25 pm

jodieo88 wrote:
We have seperate accounts, but we know each others pins and we have a joint savings account. There is no my/your money it's all ours. We generally dont spend more than $50 without asking each other and we are very considerate of each other. It's nothing we ever discussed lol, we were just blessed for it to work out this way :)


we're the same...most of FH's pay goes towards the mortgage and we use mine to pay bills, buy food etc. I try to save as much as possible as my pay isn't consistent so there are times that are difficult!

It helps that we usually go shopping together! I also don't impulse buy, so I always go home and discuss purchases with FH. He doesn't really buy anything unless he needs it :)
 
auntyhayhay
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Re: Do you combine your income..etc?

Fri Jul 23, 2010 5:32 pm

FH earns alot more money than me but we do have joint accounts. There is no mine or his - its ours. The way we are set up at the moment is that all of his wage pays for everything...mortgage, bills, grocery shopping, entertainment etc All of my wage goes straight into savings. It works for us.
 
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Re: Do you combine your income..etc?

Sat Jul 24, 2010 6:37 pm

We have joint accounts that loan repayments and everything come out of and I just go into both our internet banking accounts weekly and B-pay all our bills etc. We have access to each others account and just share everything (FH earns double what I do), most of our spare money is going into our wedding savings at the moment anyway!
 
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christabelle
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Re: Do you combine your income..etc?

Sun Jul 25, 2010 12:32 am

We have a mortgage together with an offset account. each fortnight when we get paid we deposit into the offset (from which the mortgage gets paid + there's then extra so that when joint loans come in, we can pay them e.g. rates, electricty, car insurance etc etc)

but we each have our credit card that we pay off from our income.
I pay foxtel
DH pays internet, phone & health insurance (I deposit extra into the offset to make up pay $100 less bills a month)

in terms of income, I earn more than him but we both earn fairly decent income. we certainly don't struggle so I dont take track of who pays for what. because as if I would embark on a holiday without DH. If I had the cash I would pay for him too and vice versa.
 
optimistvik
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Re: Do you combine your income..etc?

Thu Jul 29, 2010 3:23 pm

Well we have a joint account so every thing we earn goes there. whatever expenses and savings are done through that account only. I think after marriage having a joint account brings about greater closeness and is lot more fun. So i would recommend a joint account.
 
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craigs girl
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Re: Do you combine your income..etc?

Thu Jul 29, 2010 5:32 pm

Everything of ours is joint - everyday account, savings accounts and credit card. It works really well and neither of us have any problem with it.
 
optimistvik
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Re: Do you combine your income..etc?

Fri Jul 30, 2010 3:30 pm

well that's the way it should be. It fosters the feelings of oneness, some thing so important in a relationship between a man and a woman.
 
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StephMT
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Re: Do you combine your income..etc?

Fri Jul 30, 2010 3:42 pm

We don't. We have a joint account but put the same amounts in each. It'll probably change once we get our own place though
 
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kaywoman68
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Re: Do you combine your income..etc?

Sat Sep 11, 2010 8:34 pm

We have been married since May and we still have our own separate accounts. We take out the same amount of money each week and put it in our money bucket for groceries. We pay our half of the electricity and gas bill when it arrives. We still pay our own phone bills and pay our share of rent separately. We don't have a mortgage or anything so see no need plus we are both happy with our arrangements. He can spend his own money and I can spend my own.

Back in March we upgraded my car. DH actually contributed 1/3 of the cost and he had no problem with it being in my name only. He is looking to change his car later in the year so I will do the same for him.

We talked about a joint account but there really isn't any need right now. Our arrangements haven't changed at all (we have been living together for 7 years and current arrangements have been in place for 5 years). It really comes down to the individual couple on what works for them. I don't believe accounts should be joint just because a couple is married.
 
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bubs84
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Re: Do you combine your income..etc?

Sun Sep 12, 2010 11:02 am

We've never really gotten around to sorting it all out. Right now we have a joint account that our mortgage comes out of, but everything else is separate. I pay for the groceries and he pays the things like internet and foxtel that are taken out of his account monthly, then the rest of the bills we just sort out when they come in.

Before he was earing a lot more then me, so he took the majority of the bills that came in, but now we're about even so we're going to have to reevaluate things after the wedding after everything has settled down.
 
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bondibride2009
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Re: Do you combine your income..etc?

Wed Sep 15, 2010 8:52 am

We went through stages in our relationship.. before we got engaged, we weren't really living together officially, so everything was seperate and I didnt pay any of his bills (I was living at home, but spent probably 80% of my time at his). Then shortly before we got engaged, I started contributing to the rent. But we got engaged at the same time that we bought our first property together (I already had my own investment ppty in my name, which I was paying for myself). Once we bought a place together that we moved into together, we set up a joint account for "bills". We had seperate accounts for salaries, and we contributed equally on a fortnightly basis into the joint account to cover our budgeted bills and food/car expense, and also a seperate amount automatically went into our mortgage/offset account. A year later we bought another property and turned both of them into investments. Again, we had our allocated amounts going into different accounts.. It was a bit tricky to set up, but eventually, we worked out a way to cover all our expenses. We both have our seperate credit cards that we pay off ourselves with whatever is left over from salaries. Because we currently have 3 investment properties that all pretty much pay for themselves, we are able to save a lot of money, but it belongs to both of us and we wont be touching it until we buy a family house. We live in a rental, but pay very little rent (only $200 a week).

My husband actually takes care of all the bills.. I never even see them, unless they are super high and he wants to have a whinge to me.. but most of our bills are for the investment properties, so he pays for everything either out of our joint spending account or our joint offset/mortgage accounts.

We do think of our money as belonging to both of us equally, particularly as we both earn pretty much the same salary, but we have such different individual needs/wants, and we would constantly argue if we had to justify every expense. I'm going to get paid mat leave, so even then, we will have seperate accounts and a joint account, but will probably set up another account for the baby to contribute additional $ - we'll do this once I get pregnant. If I wasnt working or if I had significantly less income than my husband, there is no way this arrangement would work. I think it really depends on your situation. Also, even though I owned my 1st ppty before I met my husband, and even though he never contributed toward it, even when I was $$$$ out of pocket each month, I still think of it as a joint asset now. We used part of our savings to renovate the place and its now on the market. Whatever $ we get from the sale will go toward our joint family home that we want to buy early next year..

Bit of a long spiel... sorry ;)
 
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Bonni_Binx
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Re: Do you combine your income..etc?

Thu Sep 16, 2010 1:36 pm

We sort of combine our income. We have been together for 6.5 yrs.

I earn about half what my FH earns.

We both have our own accounts that our fortnightly wages go into and we have one joint account. I also have a saving account.
My wages go into my personal account and pays for the morgage on our current home, our block and our house we are builidng (all in joint names)
FH wages go into his personal account and then he transfers most of it into our joint account and some into my savings account (currently for our wedding).

We spend the money in the joint account on all our bills and other incidentals. We will spend up to $100 without discussing with each other but any purchaces over this amount we discuss - especially since we are saving to pay for our wedding.

Before we were serious (in our first 2 yrs together) we both contributed evenly to all the rent and bills.
My FIL's have a situation where FFIL pays the morgage and large bills and FMIL pays the car loan and grocery/utilities.
A friend at work pays for all the utilities/groceries and anything to do with their 6yr old and her partner pays the morgage. Shes buying a new car and it will be based on her wages only.

As others have said previously - everyone is diferent and do whats suits you best
 
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Re: Do you combine your income..etc?

Thu Sep 23, 2010 12:24 pm

Glad to hear your plan is working out for you, Gemini girl. A suggestion for you if your hubby is worried about making things "fair", is that maybe you could work on percentages rather than amounts, eg. Instead of saying we will each put $200 from each pay into savings, say we will each put 10% into savings.
That way you're not contributing way more than you can afford and the system is still fair because each of you contributes the same percentage of your wage. You could work this out on bills, etc too.

Having said that, hubby and i have a single joint account where everything comes in and goes out and have had since long before we were married. He used to earn more than me but now I earn more than him, it's not a big deal either way. We're working together towards the same goals and just see it as 'our' money. But I don't think there is a right or wrong way to do it, several of our married friends keep their finances separate and that works for them. Whichever way you do it, just make sure there is no resentment on either side because money is one of the biggest causes of problems within a marriage - get it sorted out early on so there are no arguments down the track. :D
 
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Re: Do you combine your income..etc?

Thu Sep 23, 2010 12:32 pm

Personally I think the reason pre marital counselling is such a good idea is that it's a great forum to get all the money stuff sorted so you know what to expect and if there are any problems there's a mediator to help you talk through them.

We're looking at having our counselling in October! I wonder if there'll be any suprises :P
 
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Re: Do you combine your income..etc?

Sat Oct 02, 2010 5:14 pm

We've got joint accounts but also maintaining our individual accounts that we've always had before we were even together. Probably that will change when we get married and move in together in future.
 
Snooky
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Re: Do you combine your income..etc?

Mon Oct 11, 2010 11:12 pm

We've had a joint bank account since we moved in together about 2 years into our relationship. At the time, it was the simplest way to do things and we really couldn't afford anything on our own as we were both students. We earned pretty much the same amount back then, though it varied from week to week as we were both only working casually. We never considered going back to single bank account or having separate credit cards or anything even once we were working full time - despite the fact I only earn about half of what DH does. We've always had a what's yours is mine and what's mine is yours attitude towards money and DH feels it's fair as long as we've both working full time and doing well in our jobs - until we decide to have kids at which time I'll probably stop working or only work part time until they're school age (which is the main thing since he earns the most). We buy what we need for ourselves without discussion and discuss the frivolous items the other may seem as a waste of money or expensive items. 99% of the time, we both get what we want, but then generally we're not big day-to-day spenders anyway. We tend to spend more on big items like new furniture that we can both enjoy.
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