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Thread: How do you separate bills at your house?

  1. #16
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    our household is like natalka's household-married 33 years we both have one joint account and one savings account -doesnt matter who makes what-we both try to put money in the savings all the time -cause you never know whats around the corner
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  2. #17
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    We've been married 2 years now, together for 8, and we are finally taking the plunge financially, and combining into one joint account with two debit cards. What's the point in juggling who pays what when it's all 'our' money anyway... Going to make paying bills much easier Especially since we're using YNAB, which makes sure we have the $$$ for everything!
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    Canadian Genius Insane's Avatar
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    We tried joint accounts a couple of times. They never worked for us. Mostly cause we bank at different places.

    We have things divided. The person who gets paid more, pays more bills. Because the house is solely in hubby's name, he pays the morgage (a big expense) and I pay the majority of the bills. I also do all the shopping. If I run short one month and he has extra, he just writes me a check. We have it split so that each person has a little spending money. But I also withdrawl 2weeks worth of spending cash every pay and put it in a jar. If he's running out to the store to pick up something then he grabs cash from the jar.
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    ShutTheFrontDoor KrazE's Avatar
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    Separate accounts; SO pays some of the bills, I pay some of the bills - right now it's pretty uneven since I have been on EI when the place I worked closed Dec 2011, and my EI is now done and I still haven't been able to get a job.

    Recently dumbed down my resume about as close as saying "I werked" so we'll see what happens.

    I won't ever in my life have another joint account with anyone. Never ever put all your eggs in one basket.
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  5. #20
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    We have a combination of joint and separate accounts. Although we have separate accounts, we look at it as our money and pay our bills, put money into savings and have funded the girls RESP from our money. We don't make the same amount of money (I make more), but it's ours and stuff gets funded from that. We also agreed early on that we would consult on big purchases and that has worked well for us. We can do this because a) we see eye to eye financially and b) we have trust.

    I did find that it is easier to have one person manage the finances though, rather than both of us. This ensures the bills always get paid on time, because I know it's my job and I'm not wondering if he has paid a bill or not. Both of us have access to the accounts and he can see what is going on at any time. And when last year there were challenges and he wasn't looking at our finances carefully, I had him take a good look so that he could understand what I was talking/worried about.

    We keep some accounts separate because at first I was afraid of what his ex-wife could do to our finances. She's nasty, and if she could find a way to freeze his accounts, she would do so.

    I also think it's a good thing to have separate accounts because I've heard too many stories of what can go wrong. It's not only in case of divorce, but also if a spouse dies. So many women have found themselves with frozen accounts when their husbands die. This is mostly my parents generation, but stuff can happen.

    Oh, and our credit cards are separate too. We have the credit cards we had before we met, and has never made any sense to change that.
    Last edited by super807; Mon, Dec 3rd, 2012 at 12:27 PM.
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    We have everything in one account and then we both have a separate account for our weekly spending money. The savings account is funded with both of our money but it's in my name alone, I've had it forever and we never bothered changing it.
    Last edited by rachel1496; Mon, Dec 3rd, 2012 at 12:59 PM.
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  7. #22
    momof5boys
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    We have always had joint accounts - if you all had a hubby like mine, you wouldn't have to worry....he NEVER spends money other than gas or the odd haircut lol Quite a content fellow he is
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    We've always just had our joint accounts. Easy and works for us.

    We jointly decided that I would quit my job to raise our kids (until kindergarten at least) so DH is our only income. He jokes that he makes the money but I keep the money in our pockets (I do the banking, shopping, couponing).

    For presents we usually agree on an approximate amount and use cash so the other doesn't see where $ is spent before receiving the gift.
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    Mastermind Natalka's Avatar
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    Quote Originally Posted by momof5boys View Post
    We have always had joint accounts - if you all had a hubby like mine, you wouldn't have to worry....he NEVER spends money other than gas or the odd haircut lol Quite a content fellow he is
    Hm... maybe our husband are related? Mine is pretty much the same way...


    Quote Originally Posted by bargain_hunter_lola View Post
    We've always just had our joint accounts. Easy and works for us.

    We jointly decided that I would quit my job to raise our kids (until kindergarten at least) so DH is our only income. He jokes that he makes the money but I keep the money in our pockets (I do the banking, shopping, couponing).

    For presents we usually agree on an approximate amount and use cash so the other doesn't see where $ is spent before receiving the gift.
    I just love the way you put that!

    Then, there's always the reminder of the 'real life salary' of a SAHM - 2012 numbers: Stay-at-home moms work a total of 94.7 hours a week, with a 40-hour base and 54.7 hours of overtime on their mom duties. That's good for an annual salary of $112,962. (salary.com)

    That's just averaged out, every family is different! Of course, we know no price can be put on it!

  10. #25
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    For 41 years we have had joint accounts. Having said that, I don't think there is a "right" or "wrong" way to pool resources and/or divide up bills.

    Like Super807, I think that seeing eye to eye financially and trusting each other to stick to "the plan" is what helps determine how our household finances should be handled.

    Since we retired, we have taken $20 each per week that we tuck away in our "stash" can. That gives us $1,000.00 cash each per year that we can use when we want to buy each other a gift. If we are going on a vacation and have extra in our "stash" can, we pool that for buying little extras on the trip. It seems to work well, for us.
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    I also think it's a good thing to have separate accounts because I've heard too many stories of what can go wrong. It's not only in case of divorce, but also if a spouse dies. So many women have found themselves with frozen accounts when their husbands die.

    Banks can't freeze joint accounts in the case of death. (speaking from experience)
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  12. #27
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    Depends if it is a full joint account or if you are just set up as a signatory on it
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  13. #28
    Senior Canuck matty's mom's Avatar
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    [/Quote] Banks can't freeze joint accounts in the case of death. (speaking from experience)[/QUOTE]

    Thank goodness! It certainly saved my mother when my father died. It took about 4 months for the life insurance to settle, even longer for the will & pensions. He was the one with the pay check- so with the joint account with overdraft protection- mom was able to pay all the bills while we waited.

    We have a combination- as he has his own own business- he banks with a different bank that I do. But we have "one pot", and think accordingly.
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  14. #29
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    We have 2 savings, 2 chequing and 1 high interest savings. We both have access to them. All of my pay cheque goes into high interest savings (after RRSP and other investments are deducted) and all of hubby's pay goes into chequing. We pay taxes, electric, union gas, cable and cell phone bills, groceries and our "spending allowance" out of that account. We allot each other $100 every 2 weeks spending money to do what we wish with (I like to hoard mine for a rainy day). What's left over at the end of the bills goes into savings for emergencies. This system works well for us and has allowed us to be completely debt free for the past year or so. What a great feeling.

  15. #30
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    We do the joint account thing as well... we call it "The Black Hole". We never withdraw from it (made it difficult to do too... have to both go in to a branch and sign for it). Every two weeks a set amount of income goes in, and that's where our bills come out of. We overpay it a little, to create a buffer cushion. Our other "joint" account is the one our money goes in, and we use what's left over for Interac purchases.

    It's a great way to keep track of how much more you can afford in terms of bringing on new expenses.

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