View Poll Results: Do you mix your finances?
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Not applicable (as I'm single and not involved with anyone)
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12 |
7.36% |
No (Finances 100% separate - Yours is yours, theirs is theirs)
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12 |
7.36% |
Kinda/Sorta (Finances mixed in some manner. Feel free to explain)
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29 |
17.79% |
Yes (Finances are 100% in "one shared pot")
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110 |
67.48% |
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Poll:Do you intermingle your finances? How?
04-21-2012, 03:17 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,433
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Poll:Do you intermingle your finances? How?
Another recent post got me wondering how the folks here handle their personal finances.
Please vote in the poll. Feel free to explain further in a post.
omni
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04-21-2012, 03:31 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,887
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You forgot "What's mine is ours, what's hers is hers".
-ERD50
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04-21-2012, 03:37 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,183
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Quote:
Originally Posted by ERD50
You forgot "What's mine is ours, what's hers is hers".
-ERD50
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+1
Our IRAs are separate (legal requirement, right?) but everything else has both of our names on it but belongs absolutely, 100%, no question about it, without a doubt, to HER. Just ask HER.......
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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04-21-2012, 03:55 PM
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#4
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,124
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Our IRAs and I-Bonds are separate as per legal requirement but everything else has both of our names on it. Also, my pensions are paid into a joint bank account.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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04-21-2012, 04:00 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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Quote:
Originally Posted by ERD50
You forgot "What's mine is ours, what's hers is hers".
-ERD50
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This sums it up.
__________________
Work is something you do to get enough $ so you don't have to....Me.
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04-21-2012, 04:07 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 4,366
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In general we share income 50/50. Bonuses go only to the individual, stock options go towards retirement. We hold accounts for retirement and shared expenses as well as accounts for ourselves and the kids. Retirement and shared expenses are paid first, DW and I split the rest, and the kids get/used to get a split of that as well. We have an adjustment for car mileage since we ended up driving much different distances to work. Most of our living expenses are shared, though car expenses are paid only as a fixed rate per mile. After that, it's spend what you've got in your individual account. I tend to go for the expensive cars and audio gear, so DW's balance is higher than mine.
We've done this since we got married, 30 years ago now. We consult for all out of the ordinary common purchases, but buy stuff using our own money at will. I've even borrowed from DW in the distant past to buy a new car and made monthly payments with interest.
All the retirement money is considered common, regardless of whose name it is in. We've continued to add to our individual accounts while DW is still w*rking (I told her to quit years ago, but she still enjoys it). After that it'll pretty much be 4% rule with the individual accounts for individual spending. Though we can go for years without spending anything like that much. Since they are not in the main retirement plan, they also act as a margin of safety and long-term care self insurance.
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04-21-2012, 04:41 PM
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#7
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Recycles dryer sheets
Join Date: Jan 2005
Posts: 362
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Our money would be considered "joint" for the most part but when it comes to spending it, well hubby is the winner in that dept.
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04-21-2012, 04:57 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Moscow
Posts: 1,572
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All in one big pot for us. Do maintain separate his/her "mad" money accounts, amounting to a few thousand dollars.
__________________
You can't enlighten the unconscious.
But you can hit'em upside the head a few times to make sure they are really out...
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04-21-2012, 04:59 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,298
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We got married 32 years ago, did anyone have separate accounts back then when dinosaurs walked the earth?
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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04-21-2012, 05:00 PM
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#10
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Moderator
Join Date: Jul 2010
Posts: 7,940
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We do have accounts in our names separately (IRAs, etc.) but we manage it as one pot. Always have.
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
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04-21-2012, 05:07 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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I suppose it is clear to everyone that except in cases of separate property that has very carefully always been kept separate (and often not even then), if push ever comes to shove it will be up to the courts to decide who gets what and the fiction of separate accounts will quickly dissolve-even as to retirement accounts. They may be separate by law, but they are not separate like "I can take mine and go away".
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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04-21-2012, 05:11 PM
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#12
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Practically, we consider that everything is ours.
Technically though:
Retirement accounts: separate
I-bonds: separate
Taxable investment accounts, house, cars, US bank accounts: jointly owned
European bank accounts and real estate: in my name only
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04-21-2012, 05:48 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,506
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Same as most of others; all finances "ours" since prior to finishing our grad schools many years ago. Retirement accounts nominally in each name; consequently, we also have a "normal" vanguard account in the name of the former SAHD (me) to position us for full use of estate/inheritance tax exclusions in the event of an errant truck.
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04-21-2012, 06:53 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,361
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Quote:
Originally Posted by MBAustin
We do have accounts in our names separately (IRAs, etc.) but we manage it as one pot. Always have.
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+1 for 30 years.
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04-21-2012, 07:27 PM
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#15
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Recycles dryer sheets
Join Date: Oct 2011
Location: Oakland
Posts: 97
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We have a joint account and we each have a separate account. We pay a set amount into the joint account for household expenses (covering things from the mortgage to takeout food and groceries). We do as we will with what is in our separate accounts.
I wanted it that way because my first marriage (as a very young adult) ended with me holding the bag financially for a huge load of debt I hadn't run up. So opening a joint account was a big step of trust for me.
When my husband (current husband) and I first moved in together, I was the one who managed the household budget and paid the bills. A few years into the relationship, after I was promoted and started regularly working 50+ hours per week, he agreed to take that on. I recently learned (meaning I finally asked for details) that my husband stopped keeping his money separate, and that for years what we have REALLY had is a joint account, with me having a separate account on the side. Heh.
I don't see ever doing away with my separate account. While I have pretty much worked through my issues from the first marriage, and trust my husband (yes, we even have a joint credit card or two, though we do not use them except for some recurring charges), it is important to me to have a budget that includes money that is solely under my control. The amount I contribute to our joint account varies from year to year, depending on what mutual or individual spending/savings goals we have.
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04-21-2012, 08:51 PM
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#16
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Spouse and I still have separate checking accounts, dating from the 1980s when we were stationed a couple thousand miles apart. Since then we've been reluctant to mess with the military's pay system, and we plan to continue this until we're dead (or NFCU goes out of business).
We also have separate credit cards. I know she has at least one and I have three. Not too hard to track.
Everything else is joint, or POD/TOD.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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04-21-2012, 10:58 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Aug 2010
Posts: 1,440
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We have a joint account where both of our salaries are deposited, but we each have separate accounts where our monthly 'allowances' are deposited via transfer from the joint account. The allowance can be spent on whatever we choose without consulting the other.
__________________
Learning how to be still, to really be still and let life happen - that stillness becomes a radiance -
Morgan Freeman
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04-22-2012, 03:11 AM
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#18
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Recycles dryer sheets
Join Date: May 2009
Location: Balatonfured
Posts: 394
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We also commingled our funds as our income is derived entirely on my military pension and later on my social security (she never worked 40 quarters so gets 1/2 of mine). Like IndigoMule I was burnt badly on my second divorce as was my wife on her second divorce as well (third marriage for both of us). However, we are both givers so this is not an issue and really we are secure enough in our relationship to be worry free on that score. She is an excellent financial manager and pays all the bills, manages the money transfers, taxes, et.al. Our respective properties are covered by prenups but once we sell them (we both had 2 houses coming into the marriage) the proceeds get commingled into our brokerage accounts. The 401k's are legally separate but I have her designated as the manager as it is handled much like a brokerage account with her doing 3 day trade cycles on the market (although 1 day is possible if you only use 50% of the money). As a successful Day Trader she manages roughly 100% profit a year so I am not complaining. We do not ever exceed my pension for expenses and we won't get SS for another 3 years so beats me what we will do with all the money. But it is her joy to do Day Trading and as we don't need the money it is a risk free hobby for her. She maintains it is for emergency use only. As we have no debt whatsoever, no property taxes, and relatively low expenses it is truly wonderful to be free and have no financial concerns at all. I actually hate dealing with money matters and she likes it so it is an excellent partnership in that regard.
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04-22-2012, 04:42 AM
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#19
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,706
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We shared our finances since day 1, back when we had nothing to share and barely enough for even one account. The only seperate bank accounts either of us had were payroll accounts or HSA.
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04-22-2012, 05:15 AM
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#20
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Administrator
Join Date: Apr 2006
Posts: 23,036
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Quote:
Originally Posted by MichaelB
We shared our finances since day 1, back when we had nothing to share and barely enough for even one account.
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Same here.
__________________
Living an analog life in the Digital Age.
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