Check the link Envelope budgeting system - A simple way to control your expenses This portal has lot information about finances
@EagerForInfo, here is some info on how to start budgeting and how to save money on grocery budgeting: Grocery budgeting: How To Plan Your Monthly Grocery Budget {Part 1} + Here Is Mine - Centsible Indian General family budgeting Art Of Family Budgeting - How To Stick To The Budget - Part 1 - Centsible Indian
Usually around the 5th of every month after dinner, we indulge in a brief mental calculation of what we plan to do with our salaries. The first major financial decision we made in our marriage was promising ourselves to send a decent deposit to our account in India every month and then manage with whats left for all household and other expenses here. We see that both our credit card and monthly car loan is paid on time. So first we set aside our savings then check if we have any unavoidable expense for that month which we keep aside along with car loan and credit card payments. Hubby takes care of all the bills and he pays online on time, I only participate in decision making. Rest of the money goes to ATM. If the month looks tight, we cut down on the savings amount - though we try to avoid this situation to the maximum. We dont carry too much cash with us, we just keep a minimum amount in our purses and refill as its spent - like every 8-10 days. We have only one cashback credit card that we use for occasional big purchases and mostly towards the end of the month for shopping, movies, etc ( to keep cash for other emergencies ). Also, unknown to DH, I save some cash every month which I surprise him with during tight months. I love how that lits up his face!! It would be a different story when kids arrive, but we plan to stick to this habit as much as we can.
@EagerForInfo, in our case, YES. All the bank accounts have no of us listed as beneficiaries. Again, neither of us spend money unnecessarily and even if we want we don't spend money without asking the other person. So that helps.
Yes. Both our earnings go to his account here and in India. I also have a separate account where I save up and deposit every 3-4 months. We both are very comfortable sharing our incomes, hes not careless and never spends unnecessarily. I can always access his account but then when I go to my place I like to use my account for expenses, thats why. I have a purse with multiple pockets for cards, I use them to hide cash so that I dont easily use it and I dont keep a mental note of it. It amazes me how this method has effectively benefited us during emergencies - always more cash than expected!
That is exactly the case with me and my wife also. She has her own salary account which I also can access; its called either or survivor account. Plus I have a separate account of me which she can access. To have permission for an account accessed by the other spouse entirely depends on the mutual trust and the mutual comfort level I don't know about what others feel in this subject. In my perception , denial of access to the spouse, one's Bank account , shows the lack of mutual trust.
Hi , We both are working and DH travels too .With two kids it is difficult to manage budget calculation.The mandate goes like this, DH pays for all the loans . He also Pays for all major expenses (like rent,festivals, school fees etc.,) hope you get it. I pay for day to day expenses and savings. We do discuss on investments and all savings&investments are joint ventures. However , no joint accounts and we dont share our salary accts details.Its comfortable for both of us.
We have joint account where we direct transfer our salaries. We also have our individual accounts that we have access to but we never use each other's accounts. From our joint account, DH takes care of mortgage, most utilities, and transferring to IRAs. I am responsible for phone, internet bill, kids daycare expenses, buying presents for both families, clothes for me and kids, and vacation. DH buys his clothes and whatever he needs from the same account. I send money to my parents in India and keep some cash for 'just in Case's. Thus amount varies. We don't micromanage each other's spending but usually know where the money is going. We talk once every few months about what need to be dine- any big purchase or vacation.
