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Joint Finances

September 22nd, 2015 at 09:25 am

There was a recent forum post on how married couples handle finances. This has been a well-discussed topic for DF and I lately. I'd always imagined that after we get married, we'd transition to a single account. He's pretty set on a having a joint account, but still keeping our individual accounts. I think we've finally decided on a compromise that will suit our needs. I wanted the single account for ease of financial management for our household. He wants to keep his account to have his 'fun' money that he can spend without feeling guilty or having to run it by me. So, we're going to combine our wants. After we get married, I will merge all of my stuff into our joint account and handle all of my finances out of that. DF will switch his direct deposit to go straight into our joint account, and then we will transfer an agreed-upon amount of 'fun' money to his bank account for him to do whatever he wants with. Currently, his paycheck goes to his account, and he transfers money into ours. I'm glad we were able to figure out something that will accommodate both of our wants.

3 Responses to “Joint Finances”

  1. FrugalTexan75 Says:

    That sounds like a good compromise.

  2. Househopeful Says:

    Good compromise! My husband and I are both very set in our ways and as we started combining finances, we created a joint 'house' account and put an agreed amount of money into it. Each of us were paying off a bit of debt and had our individual accounts for that, personal expenses and fun money.

    As our goals changed, we increased the house account and decreased the individual accounts. At this point, they are for fun money, individual important to us expenses (his gun range fees and my beauty expenses).

    Each new expense (baby) - daycare, diapers, formula increases our household amounts & we are very happy with how it evolved.

  3. Debt-free by Thir-ty Says:

    Thanks FrugalTexan!

    HH, I figured after we got married, as our lives became more merged, most (if not all) expenses would come out of that one account which is why I was so set on it being the only one. I'll still have my fun money, but it will just be tracked within our account. His fun money will go to his own account. Even the important-to-only-one-of-us stuff will probably come out of our account - for example, DF's season tickets to DC United.

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