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Topic: Finances When Married  (Read 3910 times)

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Finances When Married
« on: September 24, 2009, 02:51:46 PM »
I have a question for those of you already married.  Can you recommend any books etc., that's really good for managing/budgeting finances?  Nothing complex but in much simpler terms.  Also, those of you that feel you have a system that 'works' can you share it?  Joint accounts, separate accounts, who does the bills, direct debit, rainy day accounts, etc.,

I read once that it's important for the couple to sit down and write out (among other things) their 'wish list' and their 'necessity list'.  What would be on both our wish lists at number 1 would be 'travel' so we would definitely budget for that.   

If this has already been asked and if it's in the wrong forum my apologies.

Thanks ~
*spousal visa FLR(M) issued June 8, 2010*


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Re: Finances When Married
« Reply #1 on: September 24, 2009, 03:23:26 PM »
I highly recommend All Your Worth by Elizabeth Warren & Amelia Warren Tyagi.  This book doesn't get into extreme detail re: budgeting, but it's a really good book if you're looking to take a holistic view of your finances and figure out what you want to spend money on and how much you can devote to different things.

As far as managing the money, my husband and I have a joint current account, a joint savings account and we each have an individual current account.  Our salaries get paid into the joint current account and our bills are generally paid from that account, as are groceries/toiletries/house stuff/eating out expenses. We also each get an "allowance" transferred into our individual account that we can spend on whatever we want (lattes, books, magazines, games...)

We have a spending plan which predicts joint upcoming expenses that don't recur every month (home insurance, plane tickets to the US, immigration fees, new appliances or furniture, things like that) and every month a varying amount of money for those kinds of expenses are funneled into the joint savings until we need to use it.  We're also building up an emergency fund of 6 months expenses, which eventually will get set aside in a second joint savings account (right now it's lumped in with the annual expenses money which isn't the greatest place for it.)  We're still in the "paying off debt and building up emergency savings" stage of life, so we don't have any other complicated investments to speak of- I do have a pension, but I generally don't even think about it when planning our finances because I never see that money.

I pay all the bills and manage all the money in our house- that's the way we both like it. :) My husband knows what our financial position is because I talk to him about it regularly, but financial planning and the actual moving around of the money falls to me.
« Last Edit: September 24, 2009, 03:31:24 PM by springhaze »
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Re: Finances When Married
« Reply #2 on: September 24, 2009, 04:14:59 PM »
I vote for seperate accounts for wages going in, and then each contributing to a joint account for bill paying.


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Re: Finances When Married
« Reply #3 on: September 24, 2009, 04:21:10 PM »
I'm in awe of how organised you and your husband are, springhaze!
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Re: Finances When Married
« Reply #4 on: September 24, 2009, 04:32:12 PM »
I vote for seperate accounts for wages going in, and then each contributing to a joint account for bill paying.

Not that I have experience with marriage, but I did live with an ex for 4+ years and that would be my vote too. 
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Re: Finances When Married
« Reply #5 on: September 24, 2009, 04:39:18 PM »
That sounds like a great system, Springhaze!  My DH and I desperately need to organise our finances--thanks for the inspiration!
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Re: Finances When Married
« Reply #6 on: September 24, 2009, 07:30:22 PM »
I'm in awe of how organised you and your husband are, springhaze!

That sounds like a great system, Springhaze!  My DH and I desperately need to organise our finances--thanks for the inspiration!

Aw, thanks :)  I've spent a lot of time thinking about it, as you can tell.  We elected to have our salaries paid into the joint account rather than our individual accounts because I didn't want there to be any risk of the money not being there when the direct debits go out at the beginning of the month..and in my mind it's easier to divide up money from a big pool of income than the other way around. 

But this is just what works for us, one of the best parts of personal finance is figuring out your own personal system!
Now a triple citizen!

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Re: Finances When Married
« Reply #7 on: September 24, 2009, 08:20:00 PM »
springhaze, nothing hazy about your thinking --- thank goodness I started this thread!  And thanks to everyone for your responses!
*spousal visa FLR(M) issued June 8, 2010*


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Re: Finances When Married
« Reply #8 on: October 26, 2009, 02:00:05 PM »
We pay our salaries into a joint account.

Purely for my own budgeting purposes, I then have a single account which I move money into so I don't overspend. Basically, I have a self imposed allowance.


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