Joint Account?

[kat2206]

A little bit of advice/suggestions please? I am getting married in 5 weeks time and am thinking about post wedding, what are your thoughts re finances? I am so much better with finances than my OH is, money just burns a hole in his pocket.. I earn a lot more than my OH and pay the majority of all bills and groceries but still have a disposable income for myself after that, my OH pays for the Electric and Water.

Some people have suggested a joint account (not a chance) with regards to his spending.. so I'm thinking of either keeping it the same but asking him for more of a contribution or set up a joint account but only use it for bills?

Neither of us drink and my OH smokes (I have only recently given up though)

What would you do please?

[jackthehat]

Does your present system work?
If so, why complicate matters by changing things.

[kat2206]

Hi jack, yes the current system does work but now that we've paid off the wedding then I would hope he will start paying a little more toward the bills, of which I haven't spoken with him about this yet but I also don't want to be the bill payer and never get "offered" any more to help? I'm not sure if I'm making sense to myself now...

[jackthehat]

Yes, you are. :o)
If you set up either a joint account, or another account in your name only for the household bills, perhaps you could come to an agreement to contribute a 'proportional amount'....to cover the bills, but also to use as a 'holiday/christmas/birthday' fund?

[cupotee2]

Why not set up a new joint [bills] account to share the bills.

Keep your own present accounts, but each pay a share of the bills each week/month to the bill account.

[mikey4444]

The modern way seems to be for couples to have a joint account for all the normal household expenses, like gas, lecky, Council Tax, etc, but for each to have their own accounts, for their personal spending. You can have as many bank accounts as you want these days. I have two with the Co-op bank, and one with Tesco, as I have three different employers.

Direct Debits have made everything so much simpler. I advise that the two of you set up an identical DD into this joint account every month, say £500 each.

Also think about setting up a regular DD into a joint savings account, to pay for holidays.

If your new hubby isn't very good with money, and not everybody is ( ! ) then I am sure he will appreciate this simple but fair arrangement. Your DD into the joint account might be more than his, if you earn more, but the principle of sharing the expenses is an important "red line" issue !

[Peter Pedant]

I go thro every transaction on all accounts every month with my partner
to identify ghost-transactions ( we were cloned after a theft )

and slips like taking cash from a credit card ( ow ! ow! interest involved )

but I pay all the bills

[ummmm]

Have a joint account for jollies. Keep your own accounts besides that.

[ladybirder]

I think Jack's idea is fair as long as it is proportional as she says. Same percentage of each salary goes into a separate account for bills plus a bit extra for unknowns.

[xstitcher]

I think you should definitely keep it where it is kat. He has his part to pay and you have yours, but perhaps you should be in charge of the receipts

[mini61]

Kat... you say "Not a chance" re: joint account .....if it is a matter of financial trust you must protect your own interests .... however marriage should be about trust financial or otherwise??? all the best