Reply Hey Mom! Learn more about the Gerber Life Insurance Grow-Up Plan!
 
Thread Tools Display Modes
Old 05-02-2017, 08:27 AM   #1
Agla's Avatar
Agla
Super Admin We can do it!
sitesupporter
seller
seller
 
Join Date: Jun 2010
Posts: 15,417
My Mood:
s/o How do you handle your family's finance?

I now every family has different ways of handling this. Curious to see what your is.

Background: I was really skittish about $ due to past experiences. My dh is extremely disciplined. I was not. We needed to come up with a system that gave me flexibility(for me) and precision for dh.

We do a salary system (we don't call it an allowance.) Basically, I get $ every two weeks into a separate account. I cover certain categories of expenses(mostly kid related) that we both agreed upon in advance.

We keep a log of cross spending. So if I buy something from one of his categories I log it and vice versa and we square it every two weeks.

We've adjusted amounts during the years but mostly kept to plan.

How do you guys handle this?

Advertisement

__________________
Here to help if I can.
Shameless referral links: Soft Star shoes are awesome. Buy them here. PM me your email for 15% of your first Boden purchase.
Agla is offline   Reply With Quote
Old 05-02-2017, 12:00 PM   #2
jen_batten's Avatar
jen_batten
Registered Users
seller
seller
 
Join Date: Oct 2008
Posts: 10,281
Re: s/o How do you handle your family's finance?

DH's parents weren't good with money, so he didn't have a strong knowledge base about finances when we got married. My mom was an excellent budgeter. We pretty much do our finances the same way my parents did....DH earns the money, it goes into our joint account, I am responsible for paying all bills and other expenses.
jen_batten is online now   Reply With Quote
Old 05-02-2017, 12:12 PM   #3
Agla's Avatar
Agla
Super Admin We can do it!
sitesupporter
seller
seller
 
Join Date: Jun 2010
Posts: 15,417
My Mood:
Re: s/o How do you handle your family's finance?

Quote:
Originally Posted by jen_batten View Post
DH's parents weren't good with money, so he didn't have a strong knowledge base about finances when we got married. My mom was an excellent budgeter. We pretty much do our finances the same way my parents did....DH earns the money, it goes into our joint account, I am responsible for paying all bills and other expenses.
Was he relieved you handle that area?
How did his parents handle it?

We have a joint account as well but that's strictly for bills and his expenses (which are low to none.) Periodically we will meet and decided on the next goal. So for example, the last goal was to pay the van since we purchased it ahead of schedule. So we kept extra expenses to a minimum.

I do not want to handle all the finances but I do want to know exactly what is going on.

My parents finances were a mess. My father supported a mistress secretly so that it made difficult to financially plan.
__________________
Here to help if I can.
Shameless referral links: Soft Star shoes are awesome. Buy them here. PM me your email for 15% of your first Boden purchase.
Agla is offline   Reply With Quote
Old 05-02-2017, 12:23 PM   #4
jen_batten's Avatar
jen_batten
Registered Users
seller
seller
 
Join Date: Oct 2008
Posts: 10,281
Re: s/o How do you handle your family's finance?

Quote:
Originally Posted by Agla View Post
Was he relieved you handle that area?
How did his parents handle it?

We have a joint account as well but that's strictly for bills and his expenses (which are low to none.) Periodically we will meet and decided on the next goal. So for example, the last goal was to pay the van since we purchased it ahead of schedule. So we kept extra expenses to a minimum.

I do not want to handle all the finances but I do want to know exactly what is going on.

My parents finances were a mess. My father supported a mistress secretly so that it made difficult to financially plan.
Yes, he loves that he can trust me to take care of all of that and that he doesn't have to worry about it at all. Occasionally he will ask me something, like how much is in savings or whatever, and of course we discuss major purchases and that kind of thing, but he really likes knowing that the financial stuff is taken care of.

Eh, his family was just a big mess....both his mom and dad worked and were paid decently. They only had 3 kids, and not tons of expenses or anything, but they still couldn't keep things together. I'm not sure exactly what their setup was (like who was in charge of the bills), but they just didn't control their spending and it wasn't a good situation. It's weird to me too--they would pay an accountant to plan out a budget, but they never seemed to stick to it. Like they would take a big family vacation...and then have no money left for bills. So come to think of it, I guess pretty similar to what I see a lot of people doing today, lol. I'm thinking FIL must have been the root of the issues because MIL does WAY better now that he's gone.

Sad to say, their oldest son is at least as bad as them, probably worse. I cannot stand to hear him talk about money. Their daughter isn't awesome with money either, but her husband makes a boatload so it doesn't matter as much. Even though DH doesn't handle our finances he does recognize financial issues now and the benefit of budgeting--he has even been able to give budgeting advice to a struggling co worker and things like that, so he has learned a lot in the last 12 years!
jen_batten is online now   Reply With Quote
Old 05-02-2017, 12:56 PM   #5
SharedTheJourney
Registered Users
 
Join Date: May 2015
Posts: 424
My Mood:
Re: s/o How do you handle your family's finance?

Hubby heads this task and does it well. I am glad for this as I do not have the head for this.
SharedTheJourney is offline   Reply With Quote
Old 05-02-2017, 12:57 PM   #6
MamaChirpy's Avatar
MamaChirpy
Registered Users
seller
 
Join Date: Jul 2013
Location: South MS
Posts: 5,641
Re: s/o How do you handle your family's finance?

We have two checking accounts.

"Mine" is the "household" account. All bills and groceries, everything needed to make the household run comes from this account. I hold the debit card and check book to this account.

DH has a debit card to a smaller account. His lunch money and whatever else he needs comes from this account. If I ask him to stop and pick up a few groceries, I will replace money in his account if he needs it for something. If not, I don't. He also gets the majority of our animal feed and farm supplies. So sometimes, he will need me to transfer some extra money into his account. I can do that in about one minute online.

Neither set of our parents were good with money.
MamaChirpy is offline   Reply With Quote
Old 05-02-2017, 01:18 PM   #7
mamaberkhie's Avatar
mamaberkhie
Registered Users
Formerly: 3L*****B*****s
seller
seller
 
Join Date: Jun 2009
Location: NW Ohio
Posts: 4,544
Quote:
Originally Posted by jen_batten
DH's parents weren't good with money, so he didn't have a strong knowledge base about finances when we got married. My mom was an excellent budgeter. We pretty much do our finances the same way my parents did....DH earns the money, it goes into our joint account, I am responsible for paying all bills and other expenses.
This is how we do it. It works but sometimes I wish we had a better system. DH isn't the best with finances (don't think his parents were either) and my parents never taught me a thing about it so anything I know I learned on my own.
__________________
Mama to many littles
and baby Remember.
mamaberkhie is offline   Reply With Quote
Old 05-02-2017, 02:49 PM   #8
twood80
Registered Users
seller
seller
 
Join Date: Apr 2011
Posts: 2,340
Re: s/o How do you handle your family's finance?

I think ours sounds a lot like OP's.

We pay ourselves first (saving funds, college and retirement funds, etc), and then have his/her checking accounts.

DH gets an allowance of sorts, his own checking account with a small auto-deposit every paycheck so he doesn't have to remember to track/log his debits, cash withdrawals, etc. He's good at managing his own, but bad at reporting back to me, so we can't have him dabbling in the general account. His is also maintained at a relatively high level vs typical use (a couple hundred dollar buffer) in case he mis-remembers and then has to foot a big household bill because he's the one in the position to buy whatever it is we need. Fortunately bills aren't so tight that this is an issue. If it over-accumulates above a threshold he's comfortable with, we discuss where to off-load the extra savings to. He's the free spirit and the spender of the family, but that's relative and he's actually really good so no issues there.

"My" checking account is responsible for all the household bills. Theoretically I could get an allowance out of there, DH would be fine with that (he advocates for me to take one periodically), but I don't want/need one as I'm pretty focused on saving. I do mention in advance all non-reoccuring purchases to him ("hey honey, it's sales season, I've taken inventory of what we have already. Here are our next season clothes holes, ___ for __child__, did you want to see what I've got queued up for $___? And did I forget anything else I should be adding?").

Every payday we reconcile together, and so we both get to see all of the balances everywhere, and we re-allocate if necessary. I also take care of all of the insurance and investing, so I voluntarily report back to him at least annually with some summary updates. And I'm a data person, so he also knows he can ask me for current status or history of these things at any time. We also get everything on paper statements, so there's never any wondering if anyone's seeing everything, the mail is always filed so it can be looked through.

We're both on very similar financial pages (despite having different processes and requirements for exactness), so it's not stressful. Lots of different systems work for different families, I hope you can find one that works for you if you think your current system needs help.
twood80 is offline   Reply With Quote
Old 05-02-2017, 06:50 PM   #9
EnlistedinHisArmy
Registered Users
 
Join Date: Mar 2013
Location: Alaska
Posts: 247
Re: s/o How do you handle your family's finance?

My husband does the finances. I think I am more naturally numbers and budget oriented but he wants to do it. We are both disciplined in our spendong. We have a set budget that we each get our own spending money. My spending money is anything I would buy that is not food (clothes, things for the kids, walmart or target trips, gifts, etc). I just keep track how much I have spent so that I don't go over.
We have an app with our bank account that has our budget set on there and we can label each debit card swipe which also helps us keep track of our money.
EnlistedinHisArmy is online now   Reply With Quote
Old 05-02-2017, 07:19 PM   #10
HugeBabyBoy
Registered Users
seller
 
Join Date: Jun 2012
Posts: 1,117
We use Mint.com and setup the budgets through there. Most everything is on auto-pay. Medical bills (OMG!) are paid through our bank, who issues the check or ACH payment. Mint shows all balances in demand deposit accounts, credit cards, stocks, mortgages, and property values. We can see a full net worth overview when we login and the status of the budgets (green, yellow or red depending on what we've spent on that line item). The alerts are also really great, because we get a weekly report noting expenses for the week. And it's available on mobile devices, meaning we can check balances anytime.

By trade, this is my field and wheel house, but DH also monitors spending via the auto generated reports and alerts that Mint sends. He also has many reimbursements for travel and work, so we are diligent about submitting those and Mint makes it really easy to categorize and track them.

On the investments side, we both watch the market and discuss any changes we want to make, including projections and government changes that will effect specific sectors.
HugeBabyBoy is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Copyright 2005 - 2014 Escalate Media. All Rights Reserved.