How do you combine finances with your significant other?

[spludgey]

So am combining incomes with my wife-to-be. It has me thinking of different ways to make it happen.

From your last post about her that I read, I assumed that you guys haven't been dating for all that long? But either way, sometimes when you know, you know. I've known my finance for less than two and a half years as well.

I would love to hear how you structure your finances/living expenses.

It couldn't be easier. We have one account for our PPOR that has most of our cash in an offset account. We both have cards for it (but I'm pretty sure she forgot her pin) and just transfer most of our money from other accounts into it.
She keeps a few hundred bucks of spending money in her old account at any point in time, but if she wants something big, she asks me to buy it.
I'm not allowed to tell her how much debt we have, but she's happy for me to do whatever.

I think the reason it works so well is that neither of us like to spend money, if you had very different spending habits, it could be very hard!

 

[Jamie M]

Wife and I share all our money - we don't think of it as my income or hers. We've always been a team, so it's not that hard to live with this mindset.

Yep - same here.

The good thing is she doesn't check the banking stuff too much so doesn't see how much I spend on my hobbies

Cheers

Jamie

 

[nhg]

So the setup we have kicked off.

- We each keep $200/week to spend as we wish.
- Rest is pooled into a joint account where we pay bills and food from.
- From the joint account, I'm taking 40% of the pooled money and putting it into savings.
- $100/week is allocated to spend on date night.
- Rent is coming from the profits of 1 of my granny flats for now.

I have significantly more assets than she has at this moment in time. I am talking to Terry to do what I got to do with that. She understands. She is also protecting her company.

Fortunately she contributes in other ways at this time. She had a full flip yesterday and is now super sauvvy with our wedding budget, slashed it in half. Calmed me right down, now I feel like the big spender.

I don't like her doing house chores beyond 50/50 split. She's been coaching me and I have setup a new business venture kicking off in less than a month. Should increase revenue by $24k as a start this year. Business profits have also gone up significantly. Paid off all my bad debts that had been lingering for months off in 1 day after she got on my case about it.

Can't say it has been purely a coincidence it all happened when she came along. Still haven't quite grasped what the hell is going on. Am both intrigued and loving it.

 

[greedy2000]

So you do all the heavy lifting and she reaps the benefits.

Pretty Much

we are polar opposites when it comes to saving and investing.

She'd rather have things now, I'd rather have Millions when I'm 60.

operating from 2 accounts lets us both get what we want.

If I was single I would be living in a card board box not spending anything, watching the money pile up like Scrooge McDuck.

 

[Simon]

I wouldn't answer without knowing your ages and respective savings history.

When I was married young we just did it all together. Worked for 19 years.

Now I am older and more handsome I am finding that the younger women I meet don't have the same savings or attitudes as me.

Keeping it separate just makes more sense.

 

[Mr. Fabulous]

Now I am older and more handsome I am finding that the younger women I meet

Living the dream, mate!

Are you still sailing around the joint or have you settled (by that I mean, you're staying on land for an indeterminate period of time)?

 

[Simon]

Boat and I are in Newcastle. But I am getting itchy feet now that my Cuban experience is just a funny story for parties.

Still with the Irish girl and we are planning a dive trip to the Philippines. Partly because I have family working at the embassy there. Last posting they had was Beijing and I had a great visit seeing them there.

 

[Mr. Fabulous]

Great to see you made the choice to win at life, Simon.

Most guys who deal with situations similar to yours was dig a hole, crawl in and wait to die.

You know what I love about women in their early 20's? I get older and they stay the same age.

 

[nhg]

Boat and I are in Newcastle. But I am getting itchy feet now that my Cuban experience is just a funny story for parties.

Still with the Irish girl and we are planning a dive trip to the Philippines. Partly because I have family working at the embassy there. Last posting they had was Beijing and I had a great visit seeing them there.

Anilao was one of my fav diving trips thus far. Full of life. Am not a fan of Australian scuba diving. I feel the dive locations are overrated.

 

[spludgey]

I'm just planning a dive trip there over Easter. Flights are booked to Manila, but I haven't decided on where to go from there.
Less than $500 for both of us return, I just couldn't say no to that.

 

[Simon]

I got a mate teaching diving at borocay. They will look after me in exchange for me helping out.

Suits me perfect as I love hangng around dive shops and teaching. Plus I hate spending money to join a guided trip

I'll probably be there over Easter. Let me know where you end up...

 

[dex]

I'm just planning a dive trip there over Easter. Flights are booked to Manila, but I haven't decided on where to go from there.
Less than $500 for both of us return, I just couldn't say no to that.

I'm in Philippines now for a month holiday, mostly for diving. How much time are you spending here? Best diving near Manila is at Sabang beach in Puerto Galera. Take a bus from Cubao to Batangas (3 hours) and take the one hour banka (boat) across. I'm paying 900-1,000 peso a dive with my own gear. Anilao is more expensive because you have to rent the whole boat even if there's only a few of you.

Boracay has a beautiful beach but the diving is crap. Best dive site there is called Yapak (wall) but not that great. They also have a small plane and boat they sunk to dive on. Subic bay is about 2 hours from Manila and has lots of shipwrecks from the war. I just left Coron and Palawan and did 12 dives on Japanese shipwrecks. Come to El Nido if you want rustic beauty like Boracay was 20 years ago.

Best diving here is Malapascua and Bohol.

 

[Terry_w]

I generally suggest people keep finances separate as there are tax strategies and asset protection strategies which can be implemented later on. It can be good for serviceability too.

 

[CHAOS]

We share the lot. If spending big $ we have the courtesy of running it by each other.

I generally suggest people keep finances separate as there are tax strategies and asset protection strategies which can be implemented later on. It can be good for serviceability too.

Hi Terry

Our savings are all in the one pool offsetting the PPOR as we thought this the most effective use of funds. Next we would offset the highest interest IP.
Could you please elaborate on the benefits of separate finances.

 

[vtt]

Hey all,

So am combining incomes with my wife-to-be. It has me thinking of different ways to make it happen.

I would love to hear how you structure your finances/living expenses.

Here is a link to a related article I found a good read:
http://www.learnvest.com/2012/09/6-ways-to-combine-finances-with-your-partner/

Regards
Navid

Pretty simple really. What's mine is mine and what's his is mine.



.....

Just kidding.. we have joint bank accounts and trust each other not to do anything stupid. Everything comes out of the joint bank account.

Rarely one of us will slip and buy something expensive (him - something electronic, me - shoes or a handbag) but disgruntled party gets opportunity to give an extremely long and uneccessary lecture so it doesn't happen again (well, not for a few more months/years).

Trust is a big part of a relationship. Really depends on your lifestyle and whether both of you are financially responsible.

Good luck!

vtt

 

[Terry_w]

We share the lot. If spending big $ we have the courtesy of running it by each other.



Hi Terry

Our savings are all in the one pool offsetting the PPOR as we thought this the most effective use of funds. Next we would offset the highest interest IP.
Could you please elaborate on the benefits of separate finances.

Depending on the situation, spouse A could lend to spouse B with interest charged. tax benefits as well as asset protection benefits