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1 or 2 person handling finances is best?

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youdontkillmoney
Valued Contributor

1 or 2 person handling finances is best?

General question, what has been your experience for handling finances best in a relationship, marriage etc?

 

In my case, I handle all the finances in a two income marriage, pay all the bills, track everything, control everything, etc.

In the case of her student loans, recently decided to pay it down, got rid of the $20K (original $40k) by aggressively using her money and my money, it did not matter to me since her debt will affect both of us, so took care of it.

For banking we have joint accounts, our monies comingle.

I didn't used to (but started to a week ago), provide weekly printouts of balances, expenses etc. to her for full disclosure, also as a reminder to her to keep us on track for our home purchase next year.

I enjoy managing the finances, like personal finances, investing, etc. 

I think as long as one person does not siphone funds secretly and keeps the other person in the loop, it has worked for us. we don't really have any fights about money other than sometimes reminding her/me sometimes to not spend on collecting more things. 

 

Does anything feel a different method has worked for them?

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2 REPLIES 2
Thomas_Thumb
Senior Contributor

Re: 1 or 2 person handling finances is best?

Check out posts under the thread "separating finances during marriage"

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Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 2 of 3
Anonymous
Not applicable

Re: 1 or 2 person handling finances is best?

For us, we like to keep things seperate.  It has worked well for us and don't plan on changing it anytime soon.  We do have a seperate account we each contribute to to make payments.  An all bills are paid from that account.

 

We are beneficiaries on each others account.  That way, should things go south we are all protected and move on. Love is a good thing but you just never know. Better be safe than sorry.

 

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