in terms of finance...how do married couples go about it?

Question

do you have your own money? who pays the bills, the council tax, the internet bills? the food? etc etc Do you both work?

Answer 1

You could try using the "four account system"...it works like this: You have one individual account each. You both agree to put a certain amount of money in each. You then have complete control over that account and you cannot criticise your partner for what they spend it on.
The third account is for the shared bills. Both of you put enough money in to cover all the bills. The fourth account is for savings. Again, you both agree to put a certain amount in each.....the amounts will vary but the golden rule is that you should contribute a fair percentage of your salary. So, the higher earner contributes more. This way, the lower earner is not penalised. This can be worked out as a percentage...

Answer 2

The thing to remember is that your in a relationship and you have to share the workload. Some couples open a joint account and contribute equally. from that they pay the utilities, mortgage etc. For my own part, i earn more than my wife. I pay the larger things like mortgage, insurance, groceries. I give my wife a lump sum every month. My wife pays the cresche, telephone, gas and electricity. The lump sum does not cover this. I work fairly long hours and to be honest am a bit lazy at home. My wife cooks and does most of the cleaning. I deal with the garden, refuse, wood cutting. regarding child minding we do this equally. What I'm trying to say is relationships isn't only about money. It can be a though station. Above all, respect each other, love each other, trust each other and make sure that you both make time to be with each other but also to do things on your own that interest you. That way you don't stifle each other.

Answer 3

Here's how my wife and I do it and why. First, you sit down and do a monthly budget and you have to negotiate and compromise on where the money goes. Then you have to stick to it, and one person pays the bills. This person needs to then report to the other person how things are going each week after the bills are paid. Secondly, we each get a certain amount of cash that is called "blow money," that is, we can spend it anyway we wish. We use an envelope system for those bills that can be paid in cash (groceries, gasoline, clothing, entertainment, etc.) where you actually go shop. The other things are by check. You stock the envelopes once a month or every two weeks. When the envelope is empty, you cannot spend anymore.

Answer 4

Families are unique in that what may work for me may not work for the other family next door. So it all depends on how a family decides to utilize their resources, as long as there is mutual understanding.

As for me, my wife has never earned a salary for the last 27 years we have been married. So my entire family depends on my salary. Initially, when I got married and started raising a family, I used to have a lot of problems in meeting the family needs. I later found that my financial problems were mostly out my maintaining a secret of my earnings or ability to meet the family and individual financial requirements. So I decided to open up my financial ability. I told them how much am earning, saving etc. This I did so that no one will want me to buy them a car when I cannot even afford a bicycle. I also allowed my wife to operate my account freely and my children to have free access to my bill fold. That was many years ago and to date we have no family financial problems. We do what we can and what we can’t we wait for another day.

For those couples who are both salaried or generating some individual incomes, I always advise them to sit down and agree which bills each is going to take care of. For men I prefer they take care of any mortgage and other domestic utilities, children’s education while the wife foots the other domestic needs, foodstuff etc. I also prefer they both sit and come up with a family saving scheme where each partner will contribute a certain amount. This way there will be progressive family financial advancement while at the same time each partner is free to enjoy the balance of their hard earned cash without having to account to the other.

Answer 5

I believe the key here is good communication. People from old schools will still live by the principle that husbands should be the breadwinner of the family (responsible for all household related expenses including children schooling), But times are hard now. If both couples are working then they should agree on how they would settle the bills depending on each others earning capacity. In reality, usually the spouse who earns more - shoulders more. Thus, all utility, household and school related expenses are shouldered by the husband while the wife shoulders the grocery, food and miscellaneous expenses.

Answer 6

We both work full time. We both have our own accounts, I have two in my name but we use one of those and both put money into it.
We get paid weekly so he gives me his share of the bills (rent & council tax etc) and I pay them, then he has his own bills he pays and I have my own bills that I pay. We both put money towards the shopping and running of the cars. He usually has money at the end of the week, I don't! I am more careful with his than my own so we usually use his money to go out at the weekend.

Answer 7

we have our own bank accounts and a joint account which is for savings, we pay 50/50 rent and I pay the utility and council tax bills as my salary is higher than my hubby's (he's training so it will go up eventually) he pays the internet bills, the phone bill and also he buys the majority of the shopping. Yes we both work, he is a chef and I am a receptionist.

Answer 8

When we married 10 years ago, we had a joint account and all our wages went into this account. I sorted out food, clothing etc whilst he sorted out the bills. 3 years ago, I switched to my solo account and he did not like this idea of "independence" initially but it works so well for us now!! We both work full time and have 3 children. Although he earns a lot more than me, I meet all the household expenses eg childcare, cleaner, after school clubs, food, clothing, phone, sky and broadband bills, university expenses etc. Although my outgoings are quite high, I prefer this to having a joint account as I have total control over the financial ins and outs. You may have to sit down and discuss what works best for you.

Answer 9

My husband handles all of the finance. He allows me $20/ week to spend on lunch. Everything else he handles. This might sound overly controlling, and if you had asked me 5 years ago I wouldn't have liked the idea. But I love it now, It is so nice not to have to worry about what bills are do when, did that payment get sent out. I only make $20,000 a year and came into my marriage with over $30,000 of debt. Having him handle the money takes such a load off my back.

Answer 10

Everyone does it different. My husband and I have everything joint, checking accounts and savings. We have one joint credit card and each have our own card (helps with buying presents so your spouse doesn't find out:)). We just moved to a new city because he got a great job, and I'm getting another degree in college. While I don't have a job yet, I have always worked and I'm trying to get a job right now. It's not so easy to work a job around a crazy class schedule, so my husband says if it doesn't happen that it's no big deal. We are fortunate enough that his income is enough for both of us. He knows I'm working toward something bigger and better, and it'll all be worth it in the end.

So, yes, we share everything. His money is my money, and vice versa.