My partner and I recently bought a house together and we’re looking to combine some of our finances for shared expenses (mortgage, utilities, house costs). What’s the smartest way to do this where we get the most financial benefit?

The option we’ve been discussing so far is a combined checking out where we each send a certain amount of money from our paychecks to the account every month and use that to pay shared bills.

However, I’m wondering if a credit card would be better (to get some rewards/points back) - although we can’t use a credit card for all of those payments. Then, we would have to figure out how to split paying a credit card bill.

Any other suggestions?

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wndrgrl555 t1_jeg38cu wrote on March 31, 2023 at 7:27 PM

#2,545,816

get married. it'll make your life WAY easier. you should have done that before you bought the house, actually, and the complications you're facing are why.

DisciplineOk8356 OP t1_jeg3s88 wrote on March 31, 2023 at 7:31 PM

#2,546,013

Replying to wndrgrl555 (#2,545,816)

We are planning on getting married but the house happened first. Any advice in the meantime?

KeyLimePie2269 t1_jeg4m6e wrote on March 31, 2023 at 7:36 PM

#2,546,284

My wife and I each put 80% of our money into an account, that pays all the bills, any fun we have together, paying extra on debts, and putting into savings. The other 20% we each get to ourselves to do whatever with...she usually spends hers and I usually save mine :)

PalaHeels t1_jeg5jpp wrote on March 31, 2023 at 7:42 PM

#2,546,629

I think the shared checking account is probably the best option. If you want a way to spend money from that account with credit card rewards, one of you could get a credit card (or designate one you already have), make the other person an authorized user, and only pay for shared expenses on that card. Then, pay that card only from your shared checking account.

BillyMackk t1_jeg756m wrote on March 31, 2023 at 7:53 PM

#2,547,150

Replying to PalaHeels (#2,546,629)

But do this with a bank that has notifications when the card gets swiped so that neither of you has the ability to spend without the other's knowledge.

Above all else, talk about the household finances once a month minimum. That alone will eliminate 90% of potential financial troubles. And if you can do it successfully, you'll be way ahead of the game once you do tie the knot.

ivydesert t1_jeg7fcs wrote on March 31, 2023 at 7:55 PM

#2,547,249

Replying to wndrgrl555 (#2,545,816)

How will marriage help in this situation? I don't see any complications that OP is facing that marriage would preclude.

My wife and I bought our house two years before we married and split the tax stuff equally.

ivydesert t1_jeg84fi wrote on March 31, 2023 at 8:00 PM

#2,547,471

We don't exactly split things down the middle. I pay for some bills, she pays for others, and it all comes out to roughly the same, give or take.

We have a joint savings account for travel, home improvement, and other things we're saving up for. I've added her to one of my credit cards and I'm one one of hers. As far as shared finances go, that's it.