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How Do You and Your Honey Handle Finances?

Start your marriage off on the right financial foot by getting on the same page before the wedding. Be open about the state of your finances, decide how you'll handle individually acquired debt, discuss your goals for the future, and don't assume anything. A hot topic issue for newlyweds is how you and your honey will handle your daily finances; I'm a fan of the three-bucket approach, but everyone is different. What's your strategy?

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LobsterLady LobsterLady 8 years
We have everything joint. We tried the whole keeping it separate with one joint account, but joint is soooooooo much easier.
Kimpossible Kimpossible 8 years
Everything is joint. We each have access to everything.
ilanac13 ilanac13 8 years
we keep everything separate. i pay my bills he pays his bills and when it comes to the phone, electric or cable, we have an arrangement worked out so that it's about even with who pays for what.
Smacks83 Smacks83 8 years
Well, the bf and I discussed that when we move in with each other, we will have one joint account (for rent, utilities and joint stuff like that) but separate accounts for everything else. We don't feel like we need to know how the other is spending their own "personal" money, but major expenses we will discuss as well as savings. My parents never had joint accounts for anything and so far its worked well for them for 33 yrs. I think because of them I never really felt the need to combine everything financially (and my bf likes it that way too) so it works for us.
supercoolnat supercoolnat 8 years
We have separate checking accounts that we have a small set amount going to monthly, for our own "fun money" - clothing, gifts, personal electronics, etc. Other than that, the bulk of our income goes to a joint checking account and savings & investments that we consider joint (although in separate names since they were opened before we were married). Also we have a joint credit card for most purchases as well as separate personal cards.
insanitypepper insanitypepper 8 years
We have separate checking accounts (I pay the mortgage, he pays the bills) and share the savings account and the credit card.
julieulie julieulie 8 years
While we were dating/engaged, we always had completely separate finances, though he did have a credit card linked to my account. As soon as we got married, we opened joint accounts and eventually closed out our separate accounts. Since we're in a long-distance marriage, it just makes it seem like we are more "connected" sharing finances.
GlowingMoon GlowingMoon 8 years
We have joint accounts (within the joint accounts are partitioned budgets I keep track of with software). We both decided how the budgets are set-up. I maintain it, and make sure we're on budget (a budget we both agreed about). With software, I keep track down to the penny (no exaggeration). Speaking of which, it's time for me to update my books. :)
Spectra Spectra 8 years
We have a joint account for the mortgage and two separate checking accounts. His goes towards bills and the credit card balance and mine goes towards household expenses and student loans. It works great; if I want to buy something for myself, he doesn't have to know and when he buys stuff for his garage, I don't have to know either. Sometimes ignorance can be bliss.
Deidre Deidre 8 years
We're newly married and still in the process of combining our finances. Joint accounts are already up and running, and we're on the same car insurance policy (huge savings in combining the two into one!). Last to combine will be credit cards. We started this process when we were engaged, which worked really well for us since we were living together and paying together for rent/utilities/groceries. It helped HUGELY that we each have been really open with our spending/saving habits with each other before we even decided to get married.
bluebellknoll bluebellknoll 8 years
Perhaps Savvy is implying that unmarried couples should keep their finances separate. Eventually the hubs and I will have a joint account (along with our separate ones). But right now we have separate accounts - it actually makes it easier for us to keep track of everything.
Chouette4u Chouette4u 8 years
We share everything and have all joint bank accounts, except we each have one credit card that the other one doesn't have access to. That's what we use if we're buying gifts for each other.
Dhorwich Dhorwich 8 years
Where is the option for people in a relationship but not married/engaged?
skigurl skigurl 8 years
i'm not married so we keep seperate but are very honest about our spending and our saving, as we are saving for a house we are each saving approx. the same amount with a goal in mind
PrincessLtrain PrincessLtrain 8 years
Not only are our finances one and the same and he handles all the money management. We have automatic withdrawal into savings (paying yourself first is a must) and we're open about our spending with each other.
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