What is the best way to work a budget out per week with your spouse?

Question

My husband never gives me his money nor do I give mine to him when we both get paid. He pays for his bills and I pay for mine, because we are currently living with my mother. Sometimes I get frustrated because I think he tells me that he does not have any money left and saves like $20 or $10 per week in his bank account. The only thing that he has been paying for is the rent, which sometimes if we both are struggling on a particular week then we pay half it, or sometimes I've had to pay it.I really do not think this is a good way of working our money, because I do not feel comfortable. What I am thinking though, when we move out, which will be in like two weeks, we both need to start working things out better. What is your advice/suggestions?

Answer 1

You call this a marriage. What a joke. You are both just living as roommates. Just keeping things separate to make the divorce easier. It is time to start living as married adults.

1) All the income goes into a common account. ALL OF IT.

2) Money is set aside for bills, and savings for a house or emergencies and if possible retirement. (it is never to early to save)

3) If anything is left over, budget some money for fun stuff. If you want to have a fun account, and him a fun account, that can be okay, as long as you also have fun together.

This secret money thing will only lead to fighting and break up.

Answer 2

The Best Budgets are worked out on a Monthly Basis. Simply because the major payments, like Rent/Cable/Car payments/Phone/etc are Monthly payments. The first step is to list all your expenses, right down to "entertainment" - examples are:gas/transit/food/cig/pocket money/etc - now in the Food, you have to include items such as:laundry detergent;shampoo;personal products, etc - Now when you have done that - that is when the Big Crunch happens: - You take his monthly income, and your monthly income and that total is what those expenses are subtracted from. An Example: Total Income: 2,500/ month - Total Expenses: 2,100/month. The difference between the two is either - Your Savings - which you can use for clothing,vacation, etc. Now if the balance is in the Negative, you will have to Trim your Expenses, less on Food,entertainment,etc. So just buy a Note Book, and start it out that way - One thing to remember, Keep Your Own Bank Account separate from any Joint Account with your Partner, and he should do the same. Any monies you save in the account is Yours. Deposit both salaries into the Joint Account, you both can write cheques on it, and pay your bills,etc from that account. Any left over funds, should be equally distributed to the Private accounts, or allowed to accumulate as a "security" net, for unexpected expenses, like car repairs,dental,etc. Good Luck, and you can do this, you sound Very,very intelligent. Merry Christmas..

Answer 3

You are still living like roommates here. Your finances should be pooled, the bills paid, expenses covered, each of you have a certain discretionary amount (whatever you agree on) and save a little for unforseen things.
Having seperate finances is silly - legally they are joint unless you have some kind of prenup.
You are (I imagine) very young and have limited abilities right now. That's OK we've all been there. Your discretionary amount might have to be near zero until you have a small buffer built up in your checking account. Having a seperate account for you to squirrel away your discretionary amount is OK, but don't try to do an "I'll pay half, you pay half" thing - it's silly.

Answer 4

First of all, talk to him about your financial concerns. Then, if you don't already have a joint checking account, open one. Make a list of all your upcoming monthly bills (rent, utility bills, rental insurance, car insurance, gasoline, groceries, internet, cable, etc.). What I did when I was first married was use an "envelope system." On each separate envelope, I'd write the name of the debt (one envelope for rent, one envelope for electric bill, and so forth) and the amount of the monthly bill (you may have to estimate if it's the gas bill or electric bill, as they may change monthly). Then, since we were paid weekly, I divided the monthly total amount due by 4 weeks, and divide up our pay weekly and put that certain amount in the envelope (If rent is $800.00 per month, then we'd put in $200.00 per week.) Remember to make an envelope for "Gifts"(birthdays, Christmas, for family and friends,etc.) and "Miscellaneous". for emergencies, and also "Savings," even if it's only $5.00 or $10.00 per week. Each payday, keep a running total on the amount that is in each envelope, even though you should deposit the money in your checking account. Good luck!

Answer 5

My boyfriend and I have separate accounts, but recently opened up a joint account. I put money into the joint account but I also save money in my own account for a rainy day. If you dont feel comfortable with the joint account, you should save money for yourself in case of an emergency. Money is the number one cause for disaster. If the two of you cant come together, maybe some budget counseling may be in order.

Answer 6

1 Acct for Monthly Bills
1 Acct for Monthly Expenses
1 Acct for shared savings
1 Acct for him
1 Acct for you

Sounds like a lot, but not really.

Monthly bills are things like rent, car payment, cable. Same dollar amount every month or same dollar amount every time like insurance which can come every month or every other month.

Monthly expenses are for things like food and clothing, gas, lunches.

For these two accts you add up your bills and expenses and each put in your part into each acct.

Same thing goes for your shared savings

What is left over is what you put into your private accts. This money neither one of you has a say in regards to what the other does with it. You save or spend as you see fit.

Answer 7

Both of you sit down together with both yours and spouse paycheck/paystub on the table. Then both of you go over together the bills and money together...that way both of you will know how much the other has and knows if they are stashing money away. However: the left over money that each of you has...belongs to the owner on the paycheck/stub...If spouse is saving money on the side... then that is his choice... that is how he choose to spend his money...if he is out of money then he can dip into his savings he has.