how does money travel in your home?

what is money's path in your home?

how does it come in?
how is it shuffled?
how does it go out?

SO and i are working out the kinks in taking care of our finances, income, expenses... i'm looking for blueprints of how other couples deal with different pay schedules, expense due dates, fun money, joint accts.

what is the flowchart of how money moves in your home?

i'm not sure if we'll have to set up different accts for different things, separate AND joint accts, etc

tia

Re: how does money travel in your home?

I get paid 2x a month and DH every 2 weeks. We both have direct deposit and the majority of our bills are paid electronically. The majority of my paycheck goes into our joint account. I have money coming into my own account because I have school loans automatically deducted since before we were married and it's a bigger hassle to change that than to do what we're doing.

Re: how does money travel in your home?

We have joint accounts and our checks are depositied 2X a month. I am biweekly, he is semi monthly so usually a check in coming in weekly. Most bills are on auto pay and we split them. There is no my expenses or hi sexpenses. We've done it this way for 12 years and works for us.

Re: how does money travel in your home?

Right now it is a mess of accounts. THe only good thing is that we are now on the same pay schedule.

He has a savings account in bank a, will be closed after he buys "the ring"

His pay goes into a checking account in bank b. Bank b also has our joint saivngs account.

My pay goes into a checking in bank C. I also have 2 savings there. One is now our holding place for gift money.

Sounds cut and dry but I pay all the bills and keep such a detailed budget plan that too many banks is driving me INSANE! After we do get engaged, everything in A and B will be closed and it will all go into C.

Re: how does money travel in your home?

I get paid every other week and it goes into my checking account. From there, I put some money in savings and pay ALL bills.

DH brings home cash -- he is in charge of all day to day expenses and gives me some cash for my own spending as well.

Every once in a while he will save up a bunch and deposit it into our savings account.

Re: how does money travel in your home?

it disappears very fast. thats all i know

Re: how does money travel in your home?

3 checking accounts.... 2 personal 1 joint, 1 savings...

DW gets paid weekly... i get paid every 2 weeks....

we have $50 deposited into each personal joint checking each week (personal spending money)....

$100 direct deposit into the savings account every 2 weeks....

the remainder gets direct deposit into our joint checking...

i have set up ALL our bills to be automatically paid to coincide with my checks every 2 weeks... so we never tech "see" that money. direct deposit comes in... bills get paid...

anything left in the joint account goes towards dinners, groceries, gas etc...

our personal accounts are for us to do whatever we want with...

Re: how does money travel in your home?

Posted by MrsSpring

it disappears very fast. thats all i know

Re: how does money travel in your home?

Posted by MrsSpring

it disappears very fast. thats all i know

Re: how does money travel in your home?

DH and I lived together before we were married and paid bills jointly but from SEPARATE accounts.

I HIGHLY recommend that you keep your accounts separate until you're married.

That said, we now have 1 joint checking, 1 savings and we each have a personal checking account. Paychecks get directly deposited into the joint. $$ gets transferred into the personal accounts for everyday spending (gas, lunch etc). The joint is used for paying bills (via on-line or check) and does NOT have ATM access. We MUST go into the bank to pull funds from that account. This way we are much less likely to impulse buy. HTH


eta: I should've read and quoted Andrew's response since it's basically the same as mine

Message edited 1/24/2011 10:13:25 AM.

Re: how does money travel in your home?

EXCEL!

I get paid twice a month, he gets paid every other Friday.

I set up his spreadsheet and I have my own.

He has is own bank account, I have my own (rarely use) and we have a joint account.

He's responsible for a set of bills, I pay the mortgage, daycare and loans plus other bills.

We both pay our own credit card bills.

Whatever money is left after he pays his bills is transfered into my account to pay the other bills that I pay. Mostly because the bills i have are too large to pay with what he's moving over.

All bills due between the 15-30 are paid with the money received on the 15th. All bills due between the 1st and 18th are paid with the money on the 30th.

Doesn't matter WHAT the due date is.

So if a credit card is due on the 17th, its paid with the check on the 15th. If its due on the 20th or the 29th its paid on the 15th. If a bill is due on the 5th is paid on the 1st, same for if its due on the 10th or 14th. Make sense?

I basically moved all bill payments to be early regardless of due dates. I also never pay minimums so its eaiser to budget. Just round up and expect it.

Mortgage is directly withdrawn on the 3rd. I prepaid my phone for the year and cable is autowith drawn as is my insurance. Those amounts are accounted for in my budget by crossing out their name on my spreadsheet but not the amount until it clears. What's netted it out is what I have left.

So example

Mortgage 1300
Water (empty) paid 30 cleared same day
Cable 60

What's left is moved into savings to sit until the next pay schedule. Also I split up daycare into half and 'pay' half into my savings. I used to do the same with rent.

Its a smooth running machine now in my house! haha

At tax season I readjust both spreadsheets and try to pay off anything I can.

Re: how does money travel in your home?

DH gets paid biweekly. Every paycheck he transfers what I need for bills into our joint checking.

I ask him for a certain amount a month to put into the savings and to buy a bond for our dd

I am frugal so I don't buy much...but If I need anything I take it from our checking.

Dh pays the big bills. Mortgage, car insurance and any cc payments


I pay little bills, that come in that we dont pay online. Medical, water, lipa, oil...............ugh

Re: how does money travel in your home?

Re: how does money travel in your home?

We each have our "own" checking acct. but we are on each other's account. direct deposit every other week. We get paid the same week.

DH pays:
his own insurance
food shopping
going out
Lipa
verizon
verizon wireless
long term savings account

I pay rent, now the mortgage
oil
propane
water
my own insurance
house stuff
shorter term savings

Re: how does money travel in your home?

Posted by Tilde

Posted by Xelindrya
All bills due between the 15-30 are paid with the money received on the 15th. All bills due between the 1st and 18th are paid with the money on the 30th.

Doesn't matter WHAT the due date is.

I pay like this too - every Friday I pay all the bills due until the next paycheck. DH HATES this he wants me to keep the money in the bank to earn more interest LOL .02%

Message edited 1/24/2011 11:01:10 AM.

Re: how does money travel in your home?

Posted by MrsSpring

it disappears very fast. thats all i know

Message edited 1/24/2011 10:55:21 AM.

Re: how does money travel in your home?

this is going to sound so old-fashioned and anti-feminist of me but here we go

I have my own checking account, its an international account that is linked to my Canadian account. I rarely use it but keep a (very) small balance so that is available if I need anything

We have a joint checking and a joint savings. I get paid every 2 weeks, direct deposit into the joint checking account. DH works for his family business and is responsible for payroll, so often he accumulates a few paychecks before depositing them. All our wedding gift money went into the joint savings account, which earns money and is basically our house-saving account

DH pays all the bills. He is in finance and is great with money and I'm not, so he really just takes care of it. I take out cash from joint checking as I need to and use/spend what I need. If I go shopping I'll let him know because he checks the credit cards to stay on top of how much we have.

Basically, I have no clue how it works but it does and I'm okay with that!

Re: how does money travel in your home?

DH is salaried - his paycheck goes into checking and pays all bills and school tuition for the boys except groceries. DH gets a bonus - that goes into savings. I have my own business - that's spending money, lunch, groceries and gas. This is the simplified version but pretty much how it goes.

Luckily for me DH's $$ philosophy is "Easy Come, Easy Go"

Re: how does money travel in your home?

I do something similar to what others have said. I get paid bi-weekly for both jobs and DH also gets paid bi-weekly. Both of our checks go into our joint checking acct. We use this to pay bills, food shop and general home stuff. If I buy anything for me I use my personal checking and he does the same.

I pay all of the next months bills with my final pay check of the month regardless of when they are due. That way I'm only paying bills 1x per month, I'm ahead of the game, and can put the rest away into savings. I also put the entire check from my 2nd job into savings and use tips earned that weekend as my cash for the week so I don't have to use the ATM.

We have 2 joint savings 1 ING that we combined w/our individual savings and 1 where we put our wedding gifts in that we're not touching. That will be our house fund.

DH and I are recently married and since Christmas is now over this plan is still a work in progress but almost done.

Message edited 1/24/2011 11:19:48 AM.

Re: how does money travel in your home?

separate checking accounts, our direct deposits go there. then we each pay different bills. we split the cost of them evenly. since he makes more money and i have to pay my school loans, he puts $$ into one of our 2 joint savings accounts (one's a money market).

Re: how does money travel in your home?

Posted by jmf423

Posted by MrsSpring

it disappears very fast. thats all i know

same here!

Re: how does money travel in your home?

DH and I get paid every 2 weeks, what's good is that one friday i will get paid, the other friday he will get paid... a good portion of our money goes toward the mortgage and other bills, utilities, credit cards, etc. whatever is left over, if we can, we will put some into savings.

Re: how does money travel in your home?

Our checks get direct deposited in our checking account.
DH pays all the bills. Tries to transfer some to savings each month if we can.
When either of us need cash we go to the ATM.
I usually just debit or credit though when going to Target, Food shopping etc.

Message edited 1/24/2011 12:43:56 PM.

Re: how does money travel in your home?

We basically have two main accounts - a savings and money market accounts. We have direct deposit for two of our jobs that goes right into the checking account. His distributions from his other job, his fund, are significantly more, so he just deposits that into the money market account where it usually sits.

We pay all of our bills online. Any bill that's in my name, I make sure I pay and the same for him. Many of our bills are setup automatically online so I don't really have to do anything for them (i.e. mortgate, student loan, etc).

All of our other expenses, food, clothing, etc., we just use our debit card and it comes out of checking. It's rare that we have to dip into the money market account.

Once the checking account exceeds a certain amount, I transfer $$ into the money market account. Once the money market account exceeds a certain amount, I transfer the excess to our other investments, like CDs, accounts for the girls, etc...

Message edited 1/24/2011 1:35:21 PM.

Re: how does money travel in your home?

I get paid every 2 weeks, DH gets paid every week. Both of our paychecks get direct deposited, and then automatically divided up in the accounts...we have a joint checking, joint savings, and then we each have a separate checking and savings account. Most of my paycheck goes to bills and most of DH's goes to the mortgage. $100 a week is automatically transferred to another bank for savings/emergency expenses. We each get a bit of our own paychecks, but that goes to our own car payments, gasoline, buying lunch or breakfast, credit cards, and our own spending money. It usually works out fine, but we do have a line of credit backing up our joint checking account just in case...it is so much cheaper to pay a few bucks or less in interest than it is to have a bounced check and/or a late payment fee.