Combined Finances

9 Responses

  1. John R says:

    One only Bank account in both names + my wife has her own individual account that she opened when we started receiving old age pension.

    Up till my retirement with me being the only wage earner I paid for everything. Once we both started receiving pensions, then all household bills & every other expense is split 50/50.

    Any interest/investment income is also 50/50

    Our income is as close to equal on both sides.

    • Nice system. What made u guys switch?

      • John R says:

        We went from the one joint bank account to adding an account for my wife for several reasons.

        1) now having dual income, pensions & separate investment portfolios

        2) equal share of all expenses based on the fact that we set it up that we had equal income & the fact that in the event I popped off first she would know her way around the bills & finances

        3) That it stuck home after my MIL died age 83 when my FIL (who was then 85) had never in 60 years of marriage handled the money or the bills & the fact that he was lost not knowing what to do next & said his part in the marriage had always been to work, give his wife the pay packet, she did the rest…..old school I suppose.

        He is now 98, knows how the money works & that’s after we spent nearly two years getting his head around it after MIL died.

        And yes he has a will, he is tight fisted, sits on his money & assets & says ‘wait till I die’ before you get anything. We just nod & smile because we don’t need his money.

        • Haha great reasons.
          sorry to hear about your mil. Its sooo true thats what i worry about with my wife and i try to keep her in the game. Knowing what bills got paid etc etc. Not needing his money is great! Cheers john

  2. Leo T. Ly says:

    Happy belated thanksgiving.

    I do believe in combining our finances as a family. It’s much easier to plan and maximize our tax benefits, especially the RRSP. Currently, my account is a bit higher in value compared to my wife’s. I the near future, I hope to open a spousal RRSP account for her so eventually, her account value will be equivalent to mine. When we retire, we will pay less taxes as a family.
    Leo T. Ly recently posted…What Are You Thankful For This Thanksgiving?My Profile

  3. Cris says:

    I believe in combining the finances as a family as I strongly believe in the meaning of word FAMILY. There are situations where you might have some separate accounts (we have one for my wife where she is getting paid from a part-time job and help with filling the taxes) but, no more then financial/taxes advantage purpose.
    What if something will happen with one of you? Unless there is a joint account, the other can not do anything in that account?
    I know people having everything separate but, also I can see that they are having their family life quite “separate”. This might not apply to everybody but the risk and temptations are there.
    The musketeer motto: All for one and one for all!

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