Separating finances and improving money management

[BoneAppleTeaa]

My husband and I have joint finances, always have since early on in the relationship. At times there has been disparity in our earnings but we’re pretty much earning the same now. It’s always worked for us, never any resentment or issues.

I’m curious though as to whether it’s easier to budget / manage finances if they are separate? I mean paying an equal share to cover all costs, including debt accumulated during our time together. We do struggle at times and I suspect I’m the problem spender, but husband does have his hobbies too and things add up.

Has anyone gone from joint to separate finances and found it easier to manage? Better?

We’re not separating or anything.

We have a joint account for mortgage/bills/food and we put equal into that.

Then we have our own separate accounts where our wages are paid in.
That’s it, works for us.

We do a combination. We have individual accounts and a joint one for household/family stuff. We put money into the joint account each month what is left is for personal spending. Feels a fair way to do it so one person overspending doesn't mean the other goes without. We do help each other out from time to time and if something unexpected comes up we work it out between us. We also have certain things that each other are responsible for, eg dh pays for anything to do with the car and i tend to buy things the children need but it's not set in stone.

I suspect if my OH didn’t earn double what I do this is the way we’d do it but I can’t have him sitting on a big old pile of cash while I don’t have two pennies to rub together

crosser62 and 3teens2cats those examples are what I mean, good to hear it works for you. I might suggest it to my husband.

Fridaynightfuntime I imagine this is more difficult when earnings are not broadly in line with each other, I wonder then if you’d put in the same proportion rather than a straight 50/50?

Thing is, we are similar in our financial outlook, both savers, both careful and both earn a similar amount.
We have been together 27 years, from day one we thought it would cut out any issues that may crop up with money. It’s never been an issue though.

My OH and I have entirely joint finances and I wouldn’t have it any other way.

Perhaps what would work best for you is keeping things broadly as they are but taking an agreed amount each out of the joint account each month to spend as you each wish.