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Sharing savings - unsure of what to do

(2 Posts)
moneyissues Wed 27-Jul-16 22:49:26

I'm a regular but have NC for this as I don't want these details linked to the rest of my posts.

Been with DH 4 years, married for 1, expecting DC1. I'm starting ML soon and today we discussed some changes we're going to make to our finances with regards to the next few months.

We have separate finances, plus a joint account. Every month we each pay the same amount into the joint account, which we use for all family/home/couple outgoings. We're obviously left with money in our own accounts which we use as we each see fit. Today DH suggested that since I'll earn less in the next few months, he wants to increase his payments to the joint account and I can lower mine. I said fine, but I'm not worried as I saved for a long time prior to getting pregnant so I will be fine regardless. He asked how much - it's 30k. We had talked about it loosely before but never talked firm numbers. He said he's got about 7k in savings at the moment, and suggested we invest the whole 37k together. It's a lot of money to keep in a standard savings account with practically zero interest.

I trust him, we're happy, there are no issues. We each owned a house before we met - I then moved into his house, which is worth around double mine. I understand that I get a good deal out of this, as I didn't have to find the initial equity for such an expensive house. We're letting my house and the rent pays my mortgage. Everything is shared equally.

Does joining all finances make sense? Does it even matter since we're married? Would I be wise to keep some of it in my personal savings account/invest it separately?

I don't have any reservations in doing so, but then I think about my best friend who used up all her savings during maternity leave, then separated from her DH and now can't afford to move somewhere nicer or buy a car. I'm sure she never planned for things to go that way.

Do people who have joint finances keep a buffer for themselves?

Thank you.

ThePartyArtist Sat 30-Jul-16 17:35:32

You could each open an ISA as that would be tax free. He invests his savings, you invest yours - keeps it cleaner in my opinion?

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