Two-incomes/One account?

**beandsemom** · 01-07-2006, 05:15 PM

Both my dh and I know we need to be more careful with our spending; but we're really not on the same page when it comes to discipline. We recently had the idea to be responsible for certain bills; but I really think we need to combine our income and pay things out of one account. It hasn't worked well in years past; so that's why I agreed to try it; but I'm not crazy about the idea. We both bring home about the same amount as we both work full-time.

How do other two-income families handle their finances?

Wife to David
Mom to Brian (19 years)
Mom to Shelly (15 years)

**Valerie in WA** · 01-07-2006, 05:22 PM

The short version is that we mostly pool the money.

The long version: Dh is self-employed and has his business accounts (checking & savings). He pays business expenses, including his truck payment out of there. He also has a personal-type bank account that is linked to the business. He uses that account to save money for quarterly tax payments and also for his spending money.

He 'pays' the 'house' account a 'paycheck' every two weeks. It goes into the checking account from which most of our bills are paid (linked savings & checking). The 'house' also has checking and savings with our credit union. The mortgage (through the credit union) comes out of that account automatically. My pay is direct deposited there. I also transfer money from the main account to the credit union to set it aside for irregular expenses.

I'm pretty much in charge of the 'house' money, and I tell him what he's allowed to spend and from where. I am more responsible with money than he is (although he's improving).

**Jeanna** · 01-07-2006, 05:23 PM

We are a one income family now, however when I worked we had only one account. I just feel that if you are married then it should be a joint venture. Whether you are on the same page or not or each have a different account, the bills will either be paid or not. But in the end the decision is one for you and your husband to decide.

**Mojjo** · 01-07-2006, 05:55 PM

We put it all in one account. But before anything is spent out of there it is discussed. And that include either of us just having "because" money. We put the budget together, we set our goals so we have decided not to cheat each other out of our future.

**Juto** · 01-07-2006, 06:37 PM

I agree with Jeanna. A joint acct. works for us. That way we both know what the money situation is.

**Lucky Star** · 01-07-2006, 08:01 PM

We also each make about the same money, and we pool all of it together in one account. All expenses, payments, and savings come out of that one account. We don't separate any of our bills. We only have separate 401(k) accounts at our jobs.

It has always been that way, and has worked well for us. I take care of our budget and our bills. He gets a little spending money every month, and we use envelope system for everything else. He's not as good with money as I, so we both agreed that it's better if I handle our finances. He doesn't mind at all, and is in fact very grateful that I take it upon myself.

Sometimes he gets extra cash bonuses at work, and the general consensus is that this money is his to spend as he wishes. He uses it to splurge on some item he really wants and also to buy me gifts (b/c otherwise I don't let him spend anything on me out of our budget

)

Bottom line is that I think join system works best because at any point in time we know exactly where we are with money. Of course, it is built on complete trust for each other. Personally, I just never think of anything as "his" or "mine" - we always view everything as "ours", and that has worked well for us.

YMMV, so make sure to use the system that you BOTH are comfortable with (so that there is no resentment on either side) and that works for YOU! But at the minimum, it really helps to at least have a joint budget where you know how much money you have coming in, what your bills are, what your financial goals are, and develop a plan together. While having a joint account makes things easier, I believe it's possible to be successful with separate accounts, as long as you both agree on your goals.

**camismommy** · 01-07-2006, 09:06 PM

My husband and I have direct deposit at work. A fixed, large portion of each of our checks goes into one joint account to cover the household expenses. The rest of our pay goes into our own individual accounts. It's all fair that way!

**AmyBoz** · 01-07-2006, 09:25 PM

We have had a joint account since we got engaged in 1997. We both pay our bills from that account. We're in this life together...all of it.

**SHOPGIRL** · 01-07-2006, 09:52 PM

We have separate accounts. So far, this has worked out beautifully for us. I take care of paying the bills. When my dh was working full-time, he gave me a monthly check to cover his share of the expenses. He takes care of his own student loan. Otherwise, I have all the bills automated. I also use direct deposit of my paycheck.

We've had a joint account before, but this system seems to work out o.k. A lot of divorces are caused by financial problems. I think my dh thought this would be one less stress on our marriage. This allows us to keep a little bit of independence.

No matter how you do it, I really think it makes it easier if one person pays the bills.

**Hardy1** · 01-08-2006, 04:55 AM

We have separate accounts but pay an amount into 'the pot' which covers food, bills etc. When bigger bills come - ihouse nsurance, say, we split it. We did this when we started living togather aout 7 years ago and carried on with it after we married because it works for us. I had joint accounts with my first husband and it has made me fiercely independent in some ways. Not necessarily a good thing as i am married to a really good guy now but, there you go.
W

guest7 · 01-08-2006, 07:27 AM

I agree with shopgirl. Too many marraiges fail over money stuff.

DH and I have separate accounts. It works better for us. We just don't fight about it or anything else anymore. We used to have the joint house account, his account and her account- but we argued over that dang joint account- so bye-bye joint account!

I was the spendthrift, he the frugaltarian. He just went crazy every time I spent (and rightly so). But I didn't see it at the time.

I have 3 children from previous marraige that I support on my own. I don't feel that DH should support them. Although, he really does- I just feel more responsible if I can prove that I'm doing it.

He's a saver- always was. I was a spender- not anymore. That's why I have my own accounts. He has his. He likes it that way. Me too.

He pays mortgage, taxes, insurance and any big ticket items. I pay utilities, groceries, and anything children or the house needs (he makes double my salary, so this split was fair). I can always ask for money from him if I'm in a jam- which was happening alot before I found this site! LOL

We have goals together- like a trip to Scotland, pay off the house, the school loans, or buy a retirement home- so we pool our money for that stuff. So far we've managed to save over $300,000 in various accounts, CDs, IRAs, Bonds, EF, - plus have $350,000 in equity in our home.

Finally, we talk about the money situation- we're both asking how are we doing? Are we on track? He's so excited that I've been watching what and where I'm spending- and really saving a bundle.

It worked for us- it can work for you.

**seadream** · 01-08-2006, 08:59 AM

We have joint accounts and we both have direct deposit from our jobs. My checks go into the checking and dh checks go intot he savings.

My checks pay the bills and if we buy anything big or something unexpected come ups, or just the spending money comes from dh checks.

**sillybutt** · 01-08-2006, 09:02 AM

DH and I both work full time but he makes about twice what I make. We do have separate accounts but we also have a joint account, which DH only uses to transfer money over to me.

We do arrange for different bills to come out of each account, but ultimately we treat our income as one big pot of money. Because I'm more interested in managing the budget at the moment, I tend to pay as much as possible from my account and then he'll transfer a portion of that amount over to the joint account to "pay me back". We could probably be more strict about it and I could demand that he always pay 2/3 of the bills since he brings in 2/3 of the income, but he generally covers more than the 2/3 anyway.

I can see where our arrangement wouldn't work if either of us was spending a lot of money or spending carelessly, or even just spending without telling the other person about it. But it works well for us.

**Darlene** · 01-08-2006, 09:38 AM

Originally posted by AmyBoz
We have had a joint account since we got engaged in 1997. We both pay our bills from that account. We're in this life together...all of it.

It's always been this way, even when I was earning a paycheck.

**frugalnana** · 01-09-2006, 06:41 PM

We have a joint checking acct. Plus we have separate checking accts and savings. Dh is not very good with money, When I looked at his checkbook for the first time when we dated, it made me step back a little, he had where his pay was in it, but didn't have any deductions written down. When I asked him didn't he spend anything he said yes, but I keep the calculations in my head, that may have explained some overdraft fees he had once in awhile.

But he does a better job now. He has money direct deposited in the main checking and into our combined savings and then he gets his weekly gas money and a little extra and I take half my pay and put in our checking and the rest I put in my checking and into savings.
I handle all the finances, but I also discuss with him, about what I'm doing each month. I have him sit down, no Tv on and no distractions and I explain where are finances are. He is impressed, we are alot better than a few years ago and I know this year will be even better. Plus we don't argue about money.

I think everyone has a different plan of how to handle finances. I just feel better this way since when I was married before my ex handled everything and we had nothing and were so far in debt.

Good luck.