Minister of Finance

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Who is the Minister of Finance

Husband and wife maintain separate banking accounts and keep their own salary
6
18%
Husband and wife maintain joint bank account with both salaries deposited here and managed by either spouse
5
15%
Husband and wife with separate account but create a separate joint account for family expenses
16
48%
Husband alone control all finances
2
6%
Wife alone control all finances
4
12%
 
Total votes : 33

Minister of Finance

Postby verykiasu2010 » Tue Jun 21, 2011 12:17 am

Please be as honest as possible

Here are your choices of response : see poll above
verykiasu2010
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Re: Minister of Finance

Postby jedamum » Tue Jun 21, 2011 9:56 pm

When we were dating, dh-then-bf deposited all his NS pay into our joint account while I deposited a similar portion of my pay into this account; money later used for wedding and such.
After we got married, we opened another joint account; 1 account input his pay for expenditure purpose, 1 account input my pay for savings purpose.

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Re: Minister of Finance

Postby verykiasu2010 » Tue Jun 21, 2011 11:42 pm

jedamum wrote:When we were dating, dh-then-bf deposited all his NS pay into our joint account while I deposited a similar portion of my pay into this account; money later used for wedding and such.
After we got married, we opened another joint account; 1 account input his pay for expenditure purpose, 1 account input my pay for savings purpose.


so basically, husband's pay go to expenses, wife's pay go for savings
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Re: Minister of Finance

Postby dunnoleh » Wed Jun 22, 2011 9:44 am

all income goes into our joint acct.
I keep an atm/credit card in my pocket.
everything else is left to my wife.
life couldn't be better! :smile:

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Re: Minister of Finance

Postby dicky » Wed Jun 22, 2011 12:54 pm

There's a survey done before on this, seems that while most people varies, it trends towards:
Baby Boomers - Usually single-income, home maker control family purse
Gen X - Usually 1 main income earner + 1 part-timer/home-maker, which ever is more finance-savvy manages the $$$
Gen Y - Usually double-income with maid, 1 CFO the other Auditor...
Gen Z - Irrelevant, still at stage of asking for allowance...

My poll, seperate with one joint acc for expenses. HB spender, so he pay I save (I don't contribute to that joint acc) :rahrah:

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Re: Minister of Finance

Postby 3Boys » Wed Jun 22, 2011 7:09 pm

Separate accounts for salary and personal savings, joint account for managing expenses. The amounts in each are transparent to all parties, and walls between the accounts are pretty porous, to be honest, but managed this way for easier admin.

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Re: Minister of Finance

Postby verykiasu2010 » Thu Jun 23, 2011 12:35 pm

dunnoleh wrote:all income goes into our joint acct.
I keep an atm/credit card in my pocket.
everything else is left to my wife.
life couldn't be better! :smile:


sounds like me
verykiasu2010
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Re: Minister of Finance

Postby Guest » Thu Jun 23, 2011 12:46 pm

verykiasu2010 wrote:
dunnoleh wrote:all income goes into our joint acct.
I keep an atm/credit card in my pocket.
everything else is left to my wife.
life couldn't be better! :smile:


sounds like me


So are you surveying to justify for a change? :evil:
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Re: Minister of Finance

Postby verykiasu2010 » Thu Jun 23, 2011 12:48 pm

ksi wrote:
verykiasu2010 wrote:
dunnoleh wrote:all income goes into our joint acct.
I keep an atm/credit card in my pocket.
everything else is left to my wife.
life couldn't be better! :smile:


sounds like me


So are you surveying to justify for a change? :evil:


haha, saw some postings about who contribute more and who spend more and so thot may be survey to see how others are doing it .....
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Re: Minister of Finance

Postby Guest » Thu Jun 23, 2011 12:58 pm

verykiasu2010 wrote:
haha, saw some postings about who contribute more and who spend more and so thot may be survey to see how others are doing it .....


Pardon me for saying this in general, not specific to you hor.. When men just started out, combining and giving full control to wife is not an issue because to begin with, the amount then probably is not so much and best to be managed by wife who needed to manage household expenses. However, when men become more successful in their earnings, they will prefer to have their own keeps so that expenses spent on individual hobbies will not become so apparent should wifeys have objections.. :wink:

So this approach is good for couples starting out but not deem so good as they become more stable and successful. Well, one cannot have the cake and eat it right?
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