So, who handles the money in your house ?

Question

Does the wife do the checkbook, Does the husband ? Is it a team effort ?

Separate accounts ?

All info appreciated !!!! Trying to settle a battle.....C'mon, get in on it !!!!

lots of good answers.....thankyou

Answer 1

I handle the money. My husband is in the military, and works a ba-zillion hours a week. I work part-time and since I have the extra free time, I am the CFO of our household.

We also have 2 accounts. One joint account, and one just for him. He's not the most responsible with keeping track og his spending so he gets X amount every payday (which is every 2 weeks for Military personnal) and then I transfer the rest of his check to OUR account and pay the bills, do the grocery shopping, and take care of the rest of the family's needs with that account. That way, when he overdraws his account, it doesn't affect OUR account. This was my idea because he has pissed away quite a bit of his own spending money in overdraft fees.

The accounts are connected though so I can monitor all the spending and trasfer funds back and forth as needed. There are no "secret accounts". There is no lying because both of us can access the accounts online whenever we want. Its just that I have the time and I'm a little better at it and he'll be the first to admit that! Its "our" money in the joint account, but his account is "his" money to spend on whatever he wants. I take my spending money from our joint account because I track my spending, and he does not. Its hard enough trying to balance the checkbook without having to ask him what he spent and asking for receipts, which he never has. So we circumvent that by just giving him his own account.

Answer 2

I'll pass along advice given to me by a self made millionaire and you can take it for what it's worth. In a marriage you need to operate on a budget to ever have anything when you get to the golden years(when you need it the most). One person and one person only should be in charge of the finances. It's not for one person to control the other, it is there aren't any mistakes made(both taking money out without the other knowing, buying something without the knowledge that a new bill just arrived, etc.) Both husband and wife need to be aware of how much income there is coming in, what bills are going out, and how much is in savings on a monthly basis. If something is to be purchased both need to agree when and how much should be spent. The one taking care of the finances should provide adequate funds for their spouses personal needs on a weekly basis(You can always set aside some mad money to begin with). Get some information on setting up a budget to begin with and set a goal of XXXX dollars you want to have in the bank by next year, three years from now, five years from now, etc. Don't forget your childrens college funds too. The most important thing is to decide who is better at handling the financing and let that one person do it. If you want to switch the responsibility later then do so. If you follow this you will have a better chance to survive those big financial emergencies that we all tend to fall into at one time or another and have less arguments over bills that may fall behind. It's a matter of agreeing to compromise and sacrifice a little now for a bigger reward later. The man that gave that advice went from 12,000 to 1,000,000(in savings) in twelve and a half years and at the time of his death left his wife with the funds to live in comfort for the rest of her natural life.

Answer 3

He handles the money because I'm a big spender...I see something on sale and I want to buy it even if I don't need it.
He pays the bills and manages the money -

Its obvious he does a good job because he has immaculate credit and works at a bank...and i'm a little more free spirited and a event coordinator that JUST got out of debt and is rebuilding my credit...(we're young-mid 20's)

It depend on what personality you guys have...If your both big spenders... BE CAREFUL...

ACCOUNTS- we have 3, he has a separate acccount...I have a separate account with a different Bank and we have a JOINT account... Its best to do this for credit and financial independance. In case something ever happens...and heaven forbbid he has to file bankruptcy or something... I won't be affected...at least in the State of GA thats how it is. But we deposit spending money in each of our individual accounts and use our Joint account for our house,bills,and anything that's a "fixed" bill and not entertainment...it helps us save money that way.

Answer 4

We're in the process of combining our finances (just got married a few months ago); so far, we kept the accounts we had before marriage, just added both our names to all of them. We both have checkbooks, credit cards, you name it. My husband makes most of the money, so he makes sure the bills are paid. When it comes to the everyday stuff, we both spend the money the way we see fit. On the big purchases, the decision is made mostly by him - I trust his judgement.

Answer 5

We have a single, joint account. Our salaries are "our" money, not "mine" and "hers". Through the years, the person who has the most time has been the one who wrote the checks to pay the bills. Right now, that's my wife, who works 24 hours/week at her job, whereas I work 40. We have a set amount of money that we take out each month as an allowance -- money each of us may spend as he or she sees fit, without the other person second-guessing. This quantity is a small fraction of our total income, but doing this avoids us having to discuss every single little purchase. Everything for the household (especially food) comes out of the joint account, but if I want to buy something only I want, it comes out of my allowance.

Answer 6

Is it a rural vs city element ? this is a individual own selection element. Is it a cultural element ? i don't unavoidably have self assurance so. Is it in basic terms a farming element (i did not ask human beings on the city how they did issues)? i don't unavoidably think of so. Who handles the money on your place ? Me. i'm a single mom, and that i'm not likely reachable it over to my little ones. whilst i became into married it became right into a joint attempt. Are you from an city or a rural placing ? Semi-rural/suburban section in AL. what's your cultural national historic past ? i'm uncertain what you're asking right here. i'm a white female from the US if that's what you pick to renowned. My degree is in computing device technology.

Answer 7

Husband handles the money and investment but keeps wife informed. Joint accounts except for individual retirement accounts.

Answer 8

NO SEPARATE ACCOUNTS! That puts a certain separateness to your marriage.

My husband and I do the bills together. BOTH parties need to be informed at all times regarding what is going on with the finances!

Marriage has no room for secrets and lies.

Answer 9

Being a Finance geek I tend to take care of all the bills. She doesnt mind and things just work out well. We sit down a few times a year to discuss planning and budgets and where we are in relation to our goals. She tells me I am way too detail oriented. I have a password document located somewhere in case something happens to me. Along with a list and description of all accounts, insurance and contacts. Just so she wont be lost without me.

Answer 10

We have a joint account, but I handle paying the bills. It has been hard dealing with this issue and I have offered to let him pay them, but he doesn't want to. I have done some research and it is best to communicate to one another about the finances, basically have weekly finance meetings. We don't do this every week, but I have learned to include him in discussions about the finances and that definately seems to help.