Guys, do you give your earnings to Wifey to safekeep?
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how do you ladies think about contributing to the joint account based on a fixed % of your salary each (from your spouse and yourself)
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SarChar:
keeping track of expenses is very impt esp u hv kids... it is to safeguard the future or in case of any big money needed suddenly...We do not have joint account. He does not give me pocket money. We dont have any rule who pays what in the house. We do not keep track of our spending so this is no good!
Starting from Jan 2013, we will save 100% of my salary minus credit card bill. We will only spend from his salary. Hopefully this will work for us!
saving all ur salary is a very good way.. the same as what i m doing too... my dh pays for my credit card bills too so i can really save 100% of my salary to accumulate lump sum of money for emergency usage... -
When I saw the topic of this thread, I remembered a children rhyme I taught my kids:
What does a bee do?
Making honey.
What does a baby do?
Eat up the honey.
What does Daddy do?
Making money.
What does Mummy do?
Use up money.
We still follow the old-ways. -
MMM:
managing finances separately is not rare, when both of u r equally good in managing yours..We do not have a joint account. However, he will transfer $x to me every month. It's the co-pay for kids' enrichment classes, maid, car, etc...
We manage our finances separately. For big item, it depends on who volunteers to pay. Sometimes me, sometimes him.
I don't know how much he has and he is not clear of mine too. For dining out, usually he will pay but sometimes I would volunteer to if he just bought some big ticket stuff/ depends on my mood....
This works very well for us.
however, both need to hv an idea of how much each has in their personal acc, this is not to spy, but just to make sure no overspending will happen for both of u at the same time when emergency is needed... -
verykiasumummy:
however, both need to hv an idea of how much each has in their personal acc, this is not to spy, but just to make sure no overspending will happen for both of u at the same time when emergency is needed...
I think in our case, any overspending will have to happen within our own personal limits. We do not expect our spouse to pick the tab/ cover for us. So it's still very much self-regulated. -
Imp75:
how do you ladies think about contributing to the joint account based on a fixed % of your salary each (from your spouse and yourself)
this is a good habit too.. used to do it few yrs back before we find that the monthly savings acc doesnt yield much interest. if the couple is just doing for saving purposes and not to earn extra income out of it, i strongly recommend this..
% to contribute should depend on individual income and contribution towards hsehold expenses... if equal % denotes equal amount, this is the best scenario... lesser chances of having quarrels over who save more... -
MMM:
nope, i mean overspending within ur limit, but unable to fork out when emergency arises... those are extra expenses, not counted for, hence need to take from personal acc... if just so happen that both of u cant take out the amount, it means both overspent...verykiasumummy:
however, both need to hv an idea of how much each has in their personal acc, this is not to spy, but just to make sure no overspending will happen for both of u at the same time when emergency is needed...
I think in our case, any overspending will have to happen within our own personal limits. We do not expect our spouse to pick the tab/ cover for us. So it's still very much self-regulated.
if one alerts the other saying that she/he has overspent, the other should bear in mind not to overspend too... so that if there happens to be big amount required for something, the other one can still take care of it... -
verykiasumummy:
Now I dont know how successful we will be on this new arrangement but we hv been working towards this arangement for the past 6 months. Come Jan 2013 it will be official.
saving all ur salary is a very good way.. the same as what i m doing too... my dh pays for my credit card bills too so i can really save 100% of my salary to accumulate lump sum of money for emergency usage...
If he pays my credit bill too....I think he may propose we do it the other way...\"spend only from my salary and save his salary\" LOL -
SarChar:
lol.... this is true... :rotflmao: :rotflmao: :rotflmao:
Now I dont know how successful we will be on this new arrangement but we hv been working towards this arangement for the past 6 months. Come Jan 2013 it will be official.verykiasumummy:
saving all ur salary is a very good way.. the same as what i m doing too... my dh pays for my credit card bills too so i can really save 100% of my salary to accumulate lump sum of money for emergency usage...
If he pays my credit bill too....I think he may propose we do it the other way...\"spend only from my salary and save his salary\" LOL
for me, i must say it really voices down to communicate with dh on any new or better arrangements... -
verykiasumummy:
When the monthly bank statement arrives, I'll tabulate into the spreadsheet to keep track. My DH trust me 100% so he won't bother to check or see the statement. His job is to issue a cheque to our joint a/c when I ask him to.pacetone:
We have a joint a/c and it is 50/50 for all expenses. Hubby will give me a lumpsum, say $20K for that a/c. Once it is running low, I'll remind him to top-up. All household expenses are managed by me, unless big items, then we'll discuss. We don't monitor or discuss our personal a/cs.
this is a good way, to give a lump sum and u will ask for more when it is running low... only thing is, do u monitor how long it takes to use up the whole amount? will ur dh justify the way u use it?
it is still good to hv a rough idea of how much each of u have in ur personal acc... just incase any big expenses is needed, like hospital/medical (touchwood), and u wun need to pinpoint at each other to ask why so low and this and that..
Our personal a/cs, shares, bonds, FD, etc are meant for individual. Roughly we know each other's amount but it is strictly oneself's money, hence the other party cannot pinpoint why his/her money is so little, etc. We give each other a lot of space. In case we need a big sum for certain item, then we'll both top up the equal amount into our joint a/c.
I guess end of the day, whatever in our personal a/cs will go to the kids and spouse but at the moment, we like to handle our finance this way.
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