#8996725 - 04/06/17 04:41 PM
Finances with the Wife (OT Spin off)
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OracerO
Post Master Sr
Registered: 10/07/02
Posts: 3949
Loc: GTA
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I know there is no "standard" in managing your finances with the SO.
But what do you guys all do?
Currently:
We have our personal accounts and also have a joint account, CC, Savings, Chequings and we pay a monthly % into it.
But our personal accounts is where our employment income goes into.
I obviously make a lot more so my % is a lot higher. That being said, we have never been cheap towards each other.
I know some couples open everything to each other. I know some dont.
What's your formula?
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#8996765 - 04/06/17 05:24 PM
Re: Finances with the Wife (OT Spin off)
[Re: OracerO]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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1 joint account, all pay goes into it.
1 joint CC (2 cards linked to it), all expenses paid out of that.
/end
*we both have other CC's that just exist, but aren't used. 1 bank account, this way no fees, no confusion, 1 CC, rack up points faster/more efficient, etc.
I have no idea how people do separate accounts and then pro rate expenses based on income and then "top up" or split renovations or whatever the fuck. It makes absolutely no sense to me, but then again i don't understand half the shit most people do to begin with so there is that. Do whatever works for you, there is no *right* way so to speak. Some are better than others from efficiency/finance point of view, but may not be better emotionally (person dependent).
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#8996773 - 04/06/17 05:28 PM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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The Postman
A-List Member also The Man
Post Master Sr
Registered: 02/13/02
Posts: 5064
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I have my own banks accounts and savings and CC.
Every 2 weeks I give her $1500 and she puts it towards our various bills.
If I need cash, I use either her or my debit card.
My wife, much like all of your's probably has a slush fund or other accounts that we have no idea about lol.
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#8996776 - 04/06/17 05:29 PM
Re: Finances with the Wife (OT Spin off)
[Re: The Postman]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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My wife, much like all of your's probably has a slush fund or other accounts that we have no idea about lol.
no
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#8996826 - 04/06/17 06:00 PM
Re: Finances with the Wife (OT Spin off)
[Re: titty sprinkles]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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JOINT? (Referring to the Russian).
Nope nope nope.
Separate savings, separate chequing, separate everything. Nothing joint.
I pay for house, she pays for food and utilities.
Each pays for own car, gas, phone etc. She mkes about 45k and I make 39k annually.
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#8996832 - 04/06/17 06:05 PM
Re: Finances with the Wife (OT Spin off)
[Re: 4age]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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#8996964 - 04/06/17 07:47 PM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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zc911
Ferrari4Sale 😎
Post Master Supreme
Registered: 01/01/00
Posts: 16451
Loc: toronto
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1 joint account, all pay goes into it.
1 joint CC (2 cards linked to it), all expenses paid out of that.
/end
*we both have other CC's that just exist, but aren't used. 1 bank account, this way no fees, no confusion, 1 CC, rack up points faster/more efficient, etc.
I have no idea how people do separate accounts and then pro rate expenses based on income and then "top up" or split renovations or whatever the fuck. It makes absolutely no sense to me, but then again i don't understand half the shit most people do to begin with so there is that. Do whatever works for you, there is no *right* way so to speak. Some are better than others from efficiency/finance point of view, but may not be better emotionally (person dependent).
This
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#8997035 - 04/06/17 08:36 PM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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SiRice
Post Master Jr
Registered: 04/07/00
Posts: 1534
Loc: Markham
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1 joint account, all pay goes into it.
1 joint CC (2 cards linked to it), all expenses paid out of that.
/end
*we both have other CC's that just exist, but aren't used. 1 bank account, this way no fees, no confusion, 1 CC, rack up points faster/more efficient, etc.
I have no idea how people do separate accounts and then pro rate expenses based on income and then "top up" or split renovations or whatever the fuck. It makes absolutely no sense to me, but then again i don't understand half the shit most people do to begin with so there is that. Do whatever works for you, there is no *right* way so to speak. Some are better than others from efficiency/finance point of view, but may not be better emotionally (person dependent).
Pretty close to this except we each have a credit card and we both have a secondary card for each credit card.
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#8997273 - 04/07/17 07:19 AM
Re: Finances with the Wife (OT Spin off)
[Re: SiRice]
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b16_eh
Post Master Sr
Registered: 03/26/02
Posts: 3362
Loc: Toronto
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One joint account a PC, we each contribute to it evenly on our pay days.
We have one credit card that we put all of our expenses on. On a monthly basis I audit it and we pay it off according to whos expense it was. Me, wife and family expense.
We pay car insurance, life insurance, cell phones and gas expenses from our joint account. Even though they are different amounts we consider these family expenses.
Keeps the cash flow nice and even, whatever we do with our separate cash goes unquestioned. Of course not much is left over once we put our cut into the joint account anyway.
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#8997315 - 04/07/17 08:40 AM
Re: Finances with the Wife (OT Spin off)
[Re: b16_eh]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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We have 2 chequing accounts that are joint in name, but our incomes go separately into 1 for me and the other for her. We pay all expenses out of mine, regardless of who's expense, who's credit card, etc. The reason to do this is for investment attribution. I am the higher income earner, so my marginal tax rate is higher. It makes sense to invest "her" money because any interest or capital gains taxes can be paid under her name because she earned the income that was used for the investments.
It seems stupid, but this is what you need to do in case CRA wants to audit you. If you're not doing this, you're leaving money on the table and handing it to the government.
_________________________
1991 MR2 Turbo aka "The Myth"...does it really exist?
2006 Mazda3 Sport aka "Reality"...it really does exist...
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#8997327 - 04/07/17 08:57 AM
Re: Finances with the Wife (OT Spin off)
[Re: Hatorade]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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Nope. Joint everything.
We use to have separate accounts when we were still at the condo and then decided to consolidate the accounts when we moved.
Only CC is separate.
Why do you need separate CC?
Separate CCs: $400 annual fees * 2 = $800
Consolidated CCs: $400 + $100 annual fee = $500
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#8997337 - 04/07/17 09:06 AM
Re: Finances with the Wife (OT Spin off)
[Re: Senor Eduardo_82]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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Why do you need separate CC? Got expenses to hide from each other?
How do you buy gifts for her without her knowing where you've shopped?
You are going to get a separate credit card just to buy gifts?
I don't buy gifts except for my son.
Replace "kids" with "wife"
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#8997340 - 04/07/17 09:07 AM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47917
Loc: T.O. - Canaduh
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1 joint account, all pay goes into it.
1 joint CC (2 cards linked to it), all expenses paid out of that.
/end
*we both have other CC's that just exist, but aren't used. 1 bank account, this way no fees, no confusion, 1 CC, rack up points faster/more efficient, etc.
I have no idea how people do separate accounts and then pro rate expenses based on income and then "top up" or split renovations or whatever the fuck. It makes absolutely no sense to me, but then again i don't understand half the shit most people do to begin with so there is that. Do whatever works for you, there is no *right* way so to speak. Some are better than others from efficiency/finance point of view, but may not be better emotionally (person dependent).
we're similar to this, still have my own cc's though. also half our chq's go into the shared, rest into our own accts
_________________________
 "Ban low performance drivers, not high performance cars"
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#8997774 - 04/07/17 02:23 PM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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OracerO
Post Master Sr
Registered: 10/07/02
Posts: 3949
Loc: GTA
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1 joint account, all pay goes into it.
1 joint CC (2 cards linked to it), all expenses paid out of that.
/end
*we both have other CC's that just exist, but aren't used. 1 bank account, this way no fees, no confusion, 1 CC, rack up points faster/more efficient, etc.
I have no idea how people do separate accounts and then pro rate expenses based on income and then "top up" or split renovations or whatever the fuck. It makes absolutely no sense to me, but then again i don't understand half the shit most people do to begin with so there is that. Do whatever works for you, there is no *right* way so to speak. Some are better than others from efficiency/finance point of view, but may not be better emotionally (person dependent).
This is new to me. I don't know anyone who is 100% joint. This is pretty cool.
Edited by OracerO (04/07/17 02:25 PM)
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#8997830 - 04/07/17 03:34 PM
Re: Finances with the Wife (OT Spin off)
[Re: Senor Eduardo_82]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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Why do you need separate CC? Got expenses to hide from each other?
How do you buy gifts for her without her knowing where you've shopped?
so like there is this thing called cash...
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#8997844 - 04/07/17 03:44 PM
Re: Finances with the Wife (OT Spin off)
[Re: OracerO]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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1 joint account, all pay goes into it.
1 joint CC (2 cards linked to it), all expenses paid out of that.
/end
*we both have other CC's that just exist, but aren't used. 1 bank account, this way no fees, no confusion, 1 CC, rack up points faster/more efficient, etc.
I have no idea how people do separate accounts and then pro rate expenses based on income and then "top up" or split renovations or whatever the fuck. It makes absolutely no sense to me, but then again i don't understand half the shit most people do to begin with so there is that. Do whatever works for you, there is no *right* way so to speak. Some are better than others from efficiency/finance point of view, but may not be better emotionally (person dependent). This is new to me. I don't know anyone who is 100% joint. This is pretty cool.
Maybe it's a cultural thing, a lot of people i know have it this way (older people, not my age). A lot are also from families with stay at home mothers so there is one income to go around anyway.
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#8997866 - 04/07/17 04:19 PM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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Why do you need separate CC? Got expenses to hide from each other?
How do you buy gifts for her without her knowing where you've shopped? so like there is this thing called cash...
She'll still see that you took $5k out of the joint account 
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#8997878 - 04/07/17 04:35 PM
Re: Finances with the Wife (OT Spin off)
[Re: Senor Eduardo_82]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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Why do you need separate CC? Got expenses to hide from each other?
How do you buy gifts for her without her knowing where you've shopped? so like there is this thing called cash... She'll still see that you took $5k out of the joint account
eddie82, the type of guy to surprise his gf with presents every month. awwwww
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#8997926 - 04/07/17 05:24 PM
Re: Finances with the Wife (OT Spin off)
[Re: titty sprinkles]
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Lafora
Post Master Sr
Registered: 12/16/01
Posts: 4623
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joint and separate.
the joint takes care of the house and utils, which really is another of my account.
i've been thinking about it lately, why do I even have another account, because I pay for almost everything.
I think i'm only keeping it because it's linked to my paypal.
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#8998140 - 04/08/17 01:38 AM
Re: Finances with the Wife (OT Spin off)
[Re: Lafora]
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hyper-s2k
Post Master Supreme
Registered: 12/01/05
Posts: 14556
Loc: T dot O dot, Canada
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She has 1 personal.
I have 2 personal (1 for pay cheque, 1 for pay bills -- different FI - the pay bill account was created long before my current pay cheque account -- too lazy to move stuff over).
1 joint account -
- all my pay goes into it, then move money to my pay bill account as required.
- she would throw whatever left over after paying daycare and some to her folks (offset their household expenses cuz we eat there daily and they pick up 1 of our kids from school)
She pays our monthly life insurance premiums, day care, groceries
I got utilities, property tax, gas for both cars, home and car insurance
Too much work to calculate / pro rate shit based on pay. I fork out more cuz I make more - eye balling the bill split that looks proportion enough.
We do gifts based on telling the other what we want (wish list). So no need to "hide" what we spent; element of surprise is when the gift is least expected.
_________________________
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#8998249 - 04/08/17 11:21 AM
Re: Finances with the Wife (OT Spin off)
[Re: hyper-s2k]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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^ good example of having separate accounts where it works because of transparency.
Only part i don't get with separate accounts is when people think it's ok to not have to be accountable to their spouse for [insert dollar amount here] because it's their fun money.
Does no one else see an issue here?
edit: forgot to add we actually have 3 CC's linked to one CC account, third one is for my MIL when she is out grocery shopping for us and whatever else she buys us that we ask for.
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#8998387 - 04/08/17 06:14 PM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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I'm all for separate accounts - have full trust to the gf unit but why not control your own account. Have a shared account for what's needed but I would still keep my account and she hers
Edit and definitely seperate CCs - why need a shared one unless you're sharing points and even then I like cash back cards so it doesn't matter.
Edited by JEFFOS (04/08/17 06:16 PM)
_________________________
-Jeff
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#8998542 - 04/09/17 08:26 AM
Re: Finances with the Wife (OT Spin off)
[Re: JEFFOS]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45575
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#8998569 - 04/09/17 10:08 AM
Re: Finances with the Wife (OT Spin off)
[Re: Risky Business (he/him)]
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LNXGUY
Tougher than Logan Roy
Post Master Supreme
Registered: 08/06/00
Posts: 107790
Loc: Barrie, Ont,
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Everything is in my name (House, etc). All separate accounts, etc. Sorry but I need to cover my ass if this doesn't work out.
_________________________
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