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9/10/21 - what did you do with your finances after marriage?

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newwifenewlife
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9/10/21 - what did you do with your finances after marriage?

Post by newwifenewlife »

What did you do with your finances when you got married and what was the reasoning you did it that way?

SUGGESTED OPTIONS:
1) Combined main account(s) where you both are on it and have access?
2) Completely separate accounts and you divide up bills and life expenses to pay from then?
3) A hybrid plan where there’s a main account money goes into and then each spouse has a separate account for personal/“mad” money and/or specific budgeted expenses?

BONUS:
- Is it the same now as when you got married?
- Any stories or thoughts to share?
Last edited by SeekingChange on Fri Sep 10, 2021 5:03 am, edited 1 time in total.
Reason: Made sticky


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newwifenewlife
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Re: 9/10/21 - what did you do with your finances after marriage?

Post by newwifenewlife »

4strongmarriage wrote: Tue Sep 14, 2021 11:50 am oops forgot to add, it is important to teach your kids about saving. I was lucky my dad gave me an IRA for my birthday one year and I was hooked on savings. I love to start accounts with my kids and watch it grow. They learn all about compounding.
That was a great idea of your dad. Great point to bring up. Frustrating though, not all kids listen. My sister & I were raised in the same house, and while she has changed and is a mover & shaker in the marketing world now with the salary & house to show, she didn't get that way until she met her husband to which my parents GLADLY gave her away and WITH the debt she'd accumulated. He "set her straight" on the financial path to which my parents were eternally grateful! :lol:

I taught my kids all about savings and having a spending plan. Talked to them about avoiding debt so they have choices. One has a college degree debt free and is in a career that's looking promising. (I told them all I'd take care of the first two years and they'd have to do the rest.) He knows what a savings account is for...has started a ROTH...and has some significant goals in life. One has a well-paid career but can't seem to keep his money and a third has some other issues involved and has NEVER...EVER...been disciplined or wise with money. :hb: ::cb ::pray All were raised the same.
Last edited by newwifenewlife on Wed Sep 15, 2021 8:45 am, edited 1 time in total.
tentsofpurple
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Re: 9/10/21 - what did you do with your finances after marriage?

Post by tentsofpurple »

We combined everything closed our personal accounts and opened new accounts together.
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