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Re: Monthly spending money?
Old 12-08-2006, 10:31 AM   #41
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Re: Monthly spending money?

This thread is pretty interesting. I'm living with my fiancee (we'll be getting married next fall). We just opened a joint checking account to start paying all of the shared bills with. Our plan was to take half our take-home pay and put it into this account. We would pay the mortgage, utilities, cable, etc out of the joint account. Our individual expenses (cell phones, car repairs, our various hobbies) will come out of our individual accounts.

Once we're married, the number of individual expenses will decline, but I think the principle is solid. As the cars and insurance become joint expenses, we can increase the % of our paycheck that goes into the joint account. That way we each always have money that we can spend without a committee meeting.

Neither one of us is going to go crazy with spending, but each of us has spending that would drive the other nuts if we had to look at it every day.

The only challenge I see with this plan is what to do if she stays home with our children at some point.
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Re: Monthly spending money?
Old 12-08-2006, 01:37 PM   #42
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Re: Monthly spending money?

Quote:
Originally Posted by Hamlet
The only challenge I see with this plan is what to do if she stays home with our children at some point.
That's easy-- you do whatever she wants you to do!
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Re: Monthly spending money?
Old 12-09-2006, 08:55 PM   #43
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Re: Monthly spending money?

$290 per week total $90 to her for whatever. $200 to me for groceries, dinners out and whatever. Gasoline additional $250 month average on credit card. Big purchases are out of interest income as needed. (grass seed, fertalizer, furniture, paint etc) Similar arraingment as to when we were both working but different amounts. We find it less stressful to not know what each other is spending $ on. My stuff looks like junk to her and vis versa.
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Re: Monthly spending money?
Old 12-11-2006, 05:13 PM   #44
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Re: Monthly spending money?

Wow. We track things very closely on Quicken, and don't split anything down into his/hers. I would hate to do this and glad we don't feel we have to. Early in our marriage when things were very tight we had a budget which included his and her personal. Her ice cream allowance never was enuf to balance what I wanted for my beer allowance. Glad those days are over.....
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Re: Monthly spending money?
Old 12-11-2006, 05:21 PM   #45
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Re: Monthly spending money?

Quote:
Originally Posted by WilliamG
Wow. We track things very closely on Quicken, and don't split anything down into his/hers. I would hate to do this and glad we don't feel we have to.
Just as some reach FI via real estate, some via individual stocks, or mutual funds, or inheritance or by some other means, how couples manage their finances varies widely. There is no right or wrong way to do it as long as it works for you.

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