How will you and your OH work out money?

[english rose]

As Torino says, what works for one doesn't work for all, but here's what we do in case it helps....

All of our earnings (wages at the mo, but will include tax credits etc) go into our joint account. This is the account that all of our bills/direct debits/food shopping etc are paid from. We also have a direct debit each into our own accounts - that money is ours to spend however we like.

Over the years, sometimes I have earned more, and sometimes my other half has, but to us it's all 'our' money as a partnership - it doesn't matter who brings more in, it's all 'ours' once it gets here.

When we've had spare cash (certainly not the case now) we have done 'piggy banking' where we have further direct debits into other accounts for savings, holidays, gifts etc, but we just don't have the cash for that now, so it's just the joint account and out individual spending accounts.

So, we'll carry on as we always have, we might just have to reduce our spending budget! xxx

 

[positivity :)]

P.s I grew up in a house where dad left my mam pocket money which often caused a lot of anger and resentment so that might have influenced why we do things how we do at home.

hmm, i think my instincts are right. like princess i think it could easily lead to arguments for us if we put our money together. we will say, maybe i will change my mind when lo is here? xx

 

[Princess81]

it was compensation for me turning 30

 

[positivity :)]

All of our earnings (wages at the mo, but will include tax credits etc) go into our joint account. This is the account that all of our bills/direct debits/food shopping etc are paid from. We also have a direct debit each into our own accounts - that money is ours to spend however we like.

that might work? xx

 

[Princess81]

Yeh I could probably work with that one too.

 

[Piglet10]

my oh cant scrutinise because because he doesnt see the contents of his bank tbh he things we get a full £150 less a week! but i dont over spend he doesnt take in our massive outgoings lol

no just put ur foot down chick, or else sit down and discuss it with oh, tell him how u feel and ask him what suits, realistically you could join all money together pay all bills and half whats left if u want ur own money iykwim?? xxx

 

[TORino]

I have friends who put their money together and then keep back a certain amount each month for spends. This is a good idea if you are worried he would resent you for buying things from the joint account. I think they pay the bills, take out £250 each for spends and then save the remainder.

 

[positivity :)]

it was compensation for me turning 30

i turn 30 next year........i wonder if i'll get an expensive handbag........

my OH is more likely to say i'm too old for presents when i hit that grand old age

xxxxxxxxxxx

 

[TORino]

I'm too slow on my phone lol.

 

[positivity :)]

my oh cant scrutinise because because he doesnt see the contents of his bank tbh he things we get a full £150 less a week! but i dont over spend he doesnt take in our massive outgoings lol

no just put ur foot down chick, or else sit down and discuss it with oh, tell him how u feel and ask him what suits, realistically you could join all money together pay all bills and half whats left if u want ur own money iykwim?? xxx

i think my OH checks his bank account on a daily basis i'd get away with nothing!

can you believe it as well, he wants to lash out 20k next year on a bmw x5 even though we've just bought a car!!!

but he says that coz he works every saturday as overtime he is entitled to treat himself! to be fair he does work really hard, he works 6 days a week every week! for the past 2 years he has got a huge deposit for us to buy our lovely flat but i would worry about spending something on myself. i bet lots of women have this problem where being at home isn't valued as highly as the money coming in

xx

 

[l_maclean]

I try to console my self with the fact I'm spending "his" money - although neither of us really see it like that, by asking him to do ALOT less round the house. He works far longer than me, and I do 90% of the house work. I get lots of flack from some friends if I have the occasional moan bout his ironing. Lol.

One bonus I find of everything being In one pot is we both think twice before we spend money on frivolous things. Which at the moment definitely helps. If my account was my own without his access is not think twice about spending £50 on a new pair of shoes - but now I kinda think how would the finances look if he did the same - can we afford that. If the answers no then I make myself wait - if it's yes I don't feel remotely guilty cos I know he can do the same whenever he wants.

Xxx

 

[Princess81]

Basically, I'm planning on winning euromillions so there will be no more bills ever x

 

[knopk@]

We have a join bank account but also we have personal ones (makes sense if you want to buy a handbag or a present). Now he will be transferring more money into joint account of course but I still want my own account so I know there is money there. Having said that, I dont think he would tell me off for buying a handbag and we always discuss big purchases. But you can do it either way really.

 

[l_maclean]

I like your plan princess! Lol - why didn't I think Of that. Lol. Xxx

 

[positivity :)]

I try to console my self with the fact I'm spending "his" money - although neither of us really see it like that, by asking him to do ALOT less round the house. He works far longer than me, and I do 90% of the house work. I get lots of flack from some friends if I have the occasional moan bout his ironing. Lol.

One bonus I find of everything being In one pot is we both think twice before we spend money on frivolous things. Which at the moment definitely helps. If my account was my own without his access is not think twice about spending £50 on a new pair of shoes - but now I kinda think how would the finances look if he did the same - can we afford that. If the answers no then I make myself wait - if it's yes I don't feel remotely guilty cos I know he can do the same whenever he wants.

Xxx

I think ur a lot more sensible than me!! Xx

 

[positivity :)]

Basically, I'm planning on winning euromillions so there will be no more bills ever x

And clearly bump buddies would share...right

 

[nik106]

At the moment my OH and i have a joint account for going out, food etc and then we have our own individual accounts for the bills and mortgage, which i think is kinda daft. The plan was that all bills, mortgage etc would go out of his account, and i would put the equivilent amount into savings and that i would then add money to our joint account. Yes, i would ultimately end up paying out more than him but i also earn about twice what he does. Our savings would be to pay for the car stuff, any house renovation, of which there are many that we want to do.

However, due to a combination of him being upset with his bank and the new mortgage being set up to come out of my account (as we did it over the phone, was unsure they'd give us a mortgage as i was nearly 8 months pregnant by the time things were sorted if they knew even though i'm supposed to be on full pay, and he was at work so i could only give my account details) plus my bosses being bums and not paying, we're thinking of adding him to my current account so both are wages go into that and bills and the mortgage come out of it, whilst at the beginning of the month when i get paid, money will be transferred to our savings and our spending account.

 

[JoJo79]

Me and dh have seperate accounts, he pays the rent/council tax/Sky bill and "his" bills out of his money (his bills being his mobile contract/car insurance etc)

I have my own which i get my wages/child benefit/child tax credit and maintenance from dd1's dad (not that its much but thats another post!) I pay everything else out of my money,

(oh and dh pays my car insurance for me too )

We have never had a join account and seem to manage fine right now altho when im on maternity it'll be different as i dont qualify for my boss to pay MP, we generally do ok tho if im short i just tell him and he hands it over lol

Agree with other ladies whatever works for you both is best but it has to work iyswim? No good you feeling like you have to ask and be scrutanised for what you may spend xxx

 

[Sleepy sue]

I prefer joint account, if one is skint both are skint!! We are quite fortunate in the fact my salary has significantly increased over the years if we'd have live 1/2 and 1/2 I would never have been able to move into the house (I'd just graduated so money was tight).
I think it's another area of trust We don't scrutinise purchases unless it gets silly (oh races so it can get a little expensive!!).
Tbh your money will be spent pm your lo anyway so you may aswell have access to more money to spoil them with lol x x

 

[x_larlybelle_x]

We do what princess does - we have our own accounts we get paid into then we have standing orders that go to a joint account where bills come out from. The difficulty with us is I earn more than him :/ I'm having to be a lot more careful (which is hard for me!) as I have a lot more outgoings than him. I'm hopin to reduce those before bubba arrives.

It is a big worry we have as I'm not see whats gonna happen when all I get is stat maternity pay. I keep wanting to bury my head in the sand but I know that wont get us anywhere!

For a start, we both contribute to a savings account who h we will use to buy baby bits as and when we need them (luckily family are buying the big bits for us) so we will try to use as little of that as possible so we have somethin to live off. It's really hard!