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  1. #41
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    Dh and I have separate bank accounts. Pre kids we agreed on how much I would contribute to mortgage. Whatever was left from my pay I could spend on anything but a huge chunk of that was groceries. Dh also contributed to the mortgage and paid the bills and banked savings.

    Post kids we still have our separate accounts. I pay for most expenses relating to kids ie oosh, clothes, presents etc and 80% of the groceries.
    Dh pays the mortgage, bills and big ticket items as he earns more.
    He is a better saver than I am.

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    We both have our own bank accounts that our pay gets put into them. We then have a joint offset account that we put our savings into.

    By that I mean the same % of our wages and out of our offset account comes our mortgages, all bills, food shopping, petrol, car parking.... Everything come to think of it. Everything bar what we buy ourselves (our lunches, going out, clothes, shoes etc).

    This works for us as even though my DH puts in much more than me we out in the same percentage of our earnings. We also have the freedom to spend our own money however we like, knowing that we have our joint savings sitting in our offset for family expenses. I wouldn't personally feel comfortable if we didn't have our own accounts.

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    We have our own accounts our wages go into.
    I manage all the money and take care of savings, paying the mortgage, credit card, paying bills.
    DH gives me most of his money (by his own admission he's hopeless with money) and I pay things and he keeps a little for his pocket money.
    We don't have a joint account but we use each other's cards all the time as our money is shared.

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    We had separate accounts up until after we got married, when we bought our first house. Now we have a joint account that offsets the mortgage, and joint credit cards.

    DH has most of the bills set up to pay automatically, but if there's a bill on the fridge needing to be paid, I do it. He pays off the credit card & basically watches the finances. I am responsible for the family needs (weekly groceries, clothes etc) and he never questions my spending.

    I do still have a savings account with my old bank that's just mine, but it doesn't have much in it. I have it linked to my paypal just in case I want to buy something that I don't want DH to see (like presents for him).
    We've never had a fight over money.

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    Wow. I am so impressed by how many people budget and do spreadsheets etc. Can anyone recommend a website? Also how about people who are not on a set amount each week . How do you budget for that? I think I am too scared to do a budget because I know we live out side our means.

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    Default How do you handle your money?

    I use a modified version of the 'envelope system'. Google it it is a simple simple method of budgeting. You work out the annual amount of all your set expenses (like rent/mortgage, car payment, school fees, phone, water, power, PHI etc...) then divide them into a monthly/fortnightly or weekly amount according to when you get paid. You then set that amount aside in an 'envelope' out of each pay. You look at what is left in your pay and then allocate that to groceries, petrol, entertainment whatever you need. I include savings as well. I've seen other hubbers mentioned using a similar system.

    I then created an excel spreadsheet based on that - instead of physically putting money in envelopes - the money all sits in the offset account and the 'envelopes' are sheets in excel 😊

  7. #47
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    Quote Originally Posted by binnielici View Post
    I use a modified version of the 'envelope system'. Google it it is a simple simple method of budgeting. You work out the annual amount of all your set expenses (like rent/mortgage, car payment, school fees, phone, water, power, PHI etc...) then divide them into a monthly/fortnightly or weekly amount according to when you get paid. You then set that amount aside in an 'envelope' out of each pay. You look at what is left in your pay and then allocate that to groceries, petrol, entertainment whatever you need. I include savings as well. I've seen other hubbers mentioned using a similar system.

    I then created an excel spreadsheet based on that - instead of physically putting money in envelopes - the money all sits in the offset account and the 'envelopes' are sheets in excel 😊
    this is essentially what we do.

    we started off with an excel spreadsheet and put down all our recurring expenses. things like gas/electricity/water were based on the prior year. we then arrived at a total for annual expenses then divided that into however many pays dh gets. so when each pay of his hits the bank account, he'd have a debit come out for that amount and the money goes off to a separate bank account. although it's all in the one account, we know that we are putting enough aside each fortnight to cover all our expenses. he then transfers me money out once a bill is paid and I put that money on the cc to cover it.

    it's a really good way to always ensure you've got enough to cover all your expenses.

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    binnielici  (10-02-2016)

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    I'm actually surprised there's so many people in the world who are happy not knowing where their wages go and are happy for their partners to manage everything and just be given spending money!

    Not saying it's at all a bad thing but I'm surprised people would be happy to live like that. Possibly as I've only seen my parents and the way we handle money and everyone has always looked after everything.

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    I handle all the finances in our house despite DH earning 6 times what I do! He has absolutely no interest in that side of things no matter how much I push for him to be involved. I remind him often where the budget file is incase anything happens to me.

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    Quote Originally Posted by A-Squared View Post
    I'm actually surprised there's so many people in the world who are happy not knowing where their wages go and are happy for their partners to manage everything and just be given spending money!

    Not saying it's at all a bad thing but I'm surprised people would be happy to live like that. Possibly as I've only seen my parents and the way we handle money and everyone has always looked after everything.
    yeah ditto tbh. like I can understand one party being the more hands on one due to having more time to physically do the managing but it should be a joint discussion that both parties actively participate in.

    just seems like if it's one sided, you're potentially headed for trouble. I trust my dh totally with my money and I know he would always do the right thing, but just for my own sanity I like to be involved and see what goes where.

    I think it's important for women especially to retain some sense of financial independence, literacy and control. if you ever find yourself in your own, not having your financial wits about you is a massive setback.

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