{ "media_type": "text", "post_content": "I am married to this great guy for 8 years. For these years, from finance perspective, I don’t think we have set a clear boundary. Meaning whatever is my salary, i pay for groceries and whats left goes all into savings. From his salary, he pays all bills, mortgage etc. We are planning to buy a house next year, hence the idea is we use most savings from my Salary for down payment. So hitting reset button on savings next year. Curious how you all are managing your finances with ur SOs?", "post_id": "610b8737399a8500204cf12a", "reply_count": 10, "vote_count": 5, "bowl_id": "59e88be7e2808e00149b0443", "bowl_name": "Women In Consulting" }

I am married to this great guy for 8 years. For these years, from finance perspective, I don’t think we have set a clear boundary. Meaning whatever is my salary, i pay for groceries and whats left goes all into savings. From his salary, he pays all bills, mortgage etc. We are planning to buy a house next year, hence the idea is we use most savings from my Salary for down payment. So hitting reset button on savings next year. Curious how you all are managing your finances with ur SOs?

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This is the perfect time to discuss how you want to approach finances together - and anything can work as long as you are both clear on and agree with the terms. My husband and I pool our money 100% and pay for everything collectively from one checking account and one credit card account. We have savings for specific things and have shared and individual investment accounts (401ks, IRAs, etc); I mostly manage them because he has no interest in that stuff but have been trying to get him more involved.

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Same. All pooled.

We are 100% combined - married almost 7 years. When we first got married, we merged both our checking accounts. Then we decided we’d live on my check and save his. I kept my savings account from before we were married separate because it was earmarked for my mom when she needed it. His mom bought him a new vehicle as a wedding gift, and he put my name on it the day she bought it. About 6 months into our marriage, he inherited a large sum of money. He put my name on it right away. At first, merging finances was so scary. But he was really adamant about it. He said “if you are protecting yourself from your spouse, you aren’t doing marriage right.” I knew he was right, but it was scary. Now, it’s not scary at all and makes things so much easier and less scary. I know other couples who have kept separate finances, and it just seems to lead to stress and strife eventually.

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50/50 on all outgoings from a joint account. Equal amount of 'fun money' each month into our own accounts. Rest in savings. We tweak the numbers when we get salary increases and bonuses. The key is communication, if one of us wants to splurge we will just talk to the other about it and agree how to fund it!

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Each person contributes the percent of total HH income they bring in. This keeps it fair instead of each paying half if there are salary differences. You should also have your own savings account. Also- does all his salary go into bills/mortgage etc? If not, I think whatever he has saved should also go to your house

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Joint account for everything, we both pay 50/50 into this account so it’s completely equal. Although at the moment I make a lot more money than my SO so sometimes I pay for stuff like weekend trips etc from my account.

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We pool everything - everything goes into a joint account. I make more than my husband. I think splitting things 50/50 would be unfair, but I think it would also be unfair to do a percentage based on earnings. If we did a percentage, my husband would still have less left over because X percent of a smaller amount is still a smaller amount. I like having everything pooled, but if we wanted separate accounts, I would want to do equal, set amounts into the separate accounts and the remainder goes into a joint fund. Then both sides have the same amount in their individual accounts. Even though I happen to make a lot more… I wouldn’t want to have more or less disposable income than my partner if we were married. No judgement on other people doing this differently though - I know money can be complicated.

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We added each other to our respective checking accounts when we got married. Over time we've settled on using one as a checking account and the other as emergency fund account. All expenses come out of those accounts. He does make more than double my income, but we don't split expenses based on that. We have 2 kids. We have accounting software where we link our respective individual accounts (original credit cards, mortgage, 401k, investments, car leases) so that we can have a clear picture of our finances at any given time. I use it more than he does, but more for the snapshot view. We never look at each other's credit cards or anything like that.

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Which software? We do it all manually now and have stopped looking at & categorizing specific transactions, but i really want to do that again.

My husband owns his own business so his income is more random. He also can be more flexible to do all the household maintenance things / watching kids if they’re sick so I don’t have to take PTO etc so our money is all completely together and as the numbers person, I manage the checking account. Also most of our retirement savings is under my SSN because it’s hard to know if we qualify for an IRA since his income varies so just doing 401k makes it less complicated. So very much depends on your situation - the money being “ours” makes things easier especially with kids. Kids are so expensive!!! And private school 😭 (I hate that I pay for private school but the public option was not so good and anyone in this district who can afford it doesn’t go which perpetuates the issue)

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