discuss Financial management

[Lord Severus]

How do you manage the finances between your partners?

In my case, me and my partner has a joint account in which we deposit 50% of our salaries every month. This money is used up for all of our daily expenses and common expenses like household and utility bills.

The remaining 50% can be used for our personal needs including investments and buying stuffs and whatever we want. However, we share all our financial information that includes investment and liabilities.

 

[Harsh World]

How do you manage the finances between your partners?

It's kind of complicated as we work in arrears, paying for everything on credit and then paying the entire amount off at the beginning of the following month.

We have shared credit card accounts on which we both make purchases. This works for us because we get 2-5% cash back. And, with my wife's spending (okay, mine too), I get some extra cash on the side to spend because of that, which she lets me use how I wish since it's "spent" money to begin with.

 

[Lord Severus]

It's kind of complicated as we work in arrears, paying for everything on credit and then paying the entire amount off at the beginning of the following month.

We have shared credit card accounts on which we both make purchases. This works for us because we get 2-5% cash back. And, with my wife's spending (okay, mine too), I get some extra cash on the side to spend because of that, which she lets me use how I wish since it's "spent" money to begin with.

I totally agree.

Credit cards can be a great way to help earn points, cash back and also to track and limit your spending. In my case, I regularly use all my credit cards, but my wife is a little reluctant to use them, so she stays. away.

 

[Harsh World]

I regularly use all my credit cards, but my wife is a little reluctant to use them, so she stays. away.

My wife was at first because credit cards work entirely differently in Japan than in the US.

I explained the difference, and we both share US-based credit cards now.

 

[Fidelia1]

When I get married, the model I would propose is that we both would pool our monthly earnings. We together make decisions on how to spend it on basic necessities and investments.

 

[Harsh World]

When I get married, the model I would propose is that we both would pool our monthly earnings. We together make decisions on how to spend it on basic necessities and investments.

I believe that this is only fair in any marriage, as after marriage, you become one.

Why wouldn't you pool money together, why does it matter who makes more or less, and why does it matter who spends more if there's proper communication? You should know who makes what before marriage, so there shouldn't be squabbles over who makes more or less and who's spending how much on what over the other person.

 

[Alamson]

The way I do mine is a bit different. We don't operate a joint account but she knows how much I earn. I transfer a certain amount to her account for expenses at home at the beginning of every month. And she has access to my cards and can spend after informing me if there is a need for additional money.

 

[Yama]

Currently, my wife is jobless, therefore, I pay all bills. However, she has some savings that she built when she had a job and when I am not able to pay bills in a certain month, she helps me. In a month when I earn well, I try to return the money. When we both were working, I paid all bills and she saved all her income.

 

[Lord Severus]

Currently, my wife is jobless, therefore, I pay all bills. However, she has some savings that she built when she had a job and when I am not able to pay bills in a certain month, she helps me. In a month when I earn well, I try to return the money. When we both were working, I paid all bills and she saved all her income.

Do you think its unfair?

When one person spends all their income on daily expenditure and the other person gets to save all their money?

I absolutely understand that its a system that works for you, but i am just curious to know if you have any adverse thoughts about this system in general.