Reply to Merging finances - how much to contribute to the joint account?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Ignoring the wacko judgmental "WE ARE ONE AND TRUE" bunch....

We basically looked at all our monthly bills and came up with a number to cover that plus a decent cushion. And even though our incomes aren't exactly the same, we put in the same amount. (On a HHI of about $230k, we each put in $3k a month)

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So if one spouse feels the house needs to be painted, but the other disagrees, who pays or does it come out of the joint money?[/quote]

I'm the PP. In our household, if that came up, I imagine that the house wouldn't get painted if one disagreed. Or, if the one who wanted it painted argued so strongly and the one who didn't didn't really care, it'd end up getting paid for out of the joint account. Or the HELOC.

Now that I think about it, this scenario has actually come up--DH wanted new floors, and I was pretty ambivalent (cost, hassle, etc). Even moreso when we went looking and to get it done with the hardwoods we wanted was priced at about $14k. I gave in, since he wanted it so much, and we put it on the HELOC--and it completely changed our house. Fabulous. (So glad we did it when we still plan to be there for a while instead of waiting until we're about to move. How great to get to enjoy them.)

But when I wanted a new car to replace my 9-year-old one, that was my money. I would never think to try to make that a joint expense, since we each have our own cars. And in a case like that, it's on me to determine if I can afford the monthly payments while still honoring the household obligations, etc. I talked it through with him--not like I just ran off and did it--but in the end it's my responsibility. Just as his car is his responsibility.

I think income and net worth do play into this--it could be wildly different if the decision to paint the house (or get new floors) would wipe out savings, make us cut cable, stop eating out, etc.

It also helps to have similar spending patterns and approaches to money. We both max out our 401ks, put away extra in our own small brokerage accounts, pay our personal credit cards in full every month (in addition to the joint cards), and live a comfortable life.

We've done it like this for nearly 20 years, and I can't think of a single argument about money. (We also have no kids.)

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