Jump to content

Managing the financials


Recommended Posts

As CEO of the household, After due consideration of available candidates, I appointed myself CFO.  I control all monies in and out.  I am responsible for ensuring bills are paid in full and on time, food is always available, roof over our heads, travel, medical, future financial security etc etc.

 

Mrs recently got a full time factory job as life is boring in Australia and she likes to keep busy.  Her salary goes into household consolidated revenue, out of which I give her a weekly allowance of around $140.  I discussed this with her and she wholehearted agrees and understands it's very fair.  That $140 she is free to spend in any way she likes as I take care of all other living expenses, including her parents medication and utility bills.

 

She is happy to have spending money and content knowing she doesn't need to worry about bills or expenses.  This works for us.

 

How do you manage the incomings and outgoings in your house?

Link to post
Share on other sites
colemanlee

Wifey, has access to all my US accounts, transfers money as needed...if I need money I ask her for it...(she always has it and never complained )..lets me be really retired...she is the CFO, Im the CEO

  • Like 4
Link to post
Share on other sites

One of my own keys to marital happiness that works for me is to keep our finances separate, starting with separate checking accounts that our income goes into.  I work in finance and my wife works in accounting, and we both consider ourselves to be good at managing money.  We've separated the household expenses, I am in charge of the mortgage and investments, my wife is in charge of the utilities, the kids' school expenses, and most of the grocery expenses.  Our car expenses are separate.  We have a joint household account that we each have a certain amount automatically swept into each month, and this account is a shared reserve against unexpected household or maintenance expenses. We file a joint tax return, and in years where we receive a tax refund, we usually divide it in proportion to who had how much each of us had withheld. 

 

This system works for us, we've never had a fight over money, because hers is hers, mine is mine, and we're not accountable to each other for our finances.  

 

I've tried to make sure that the expenses are divided in such a way that we each have around the same amount of disposable income after meeting our share of the expenses, so  essentially we're each paying a share of our joint living expenses in proportion to our incomes, but we don't keep track all that closely.   Sometimes we'll lend money to each other for something like a car repair, and our travel expenses are divided based on who has extra money around travel time, so there is some pooling of resources, but we've tried to avoid any seeds of conflict created by disagreements over how to spend "our" money because "we" don't have any to spend.

  • Like 1
Link to post
Share on other sites
NOSOCALPINOY
Since we are both retired and residing in the Philippines, life couldn't be any more simpler, since we do not have any debts or a mortgage. We just withdraw cash in pesos from our local bank just a few blocks from our home for our monthly living expenses and just take from it what we need and the rest of money is put in a safe place when ever needed again for whatever like groceries and our pharmacy needs. It's our his/her pot of cash to cover a few months or more at a time! 

We leave enough in our peso checking account to pay for our utilities on-line and whatever else like our HOA, Cable TV, DSL, cellphone postpaid accounts and or credit cards, a no hassle and stress free way of managing our monthly/annual finances!    

Link to post
Share on other sites

Mine is simple. When I'm not in the Philippines I send the wife a set amount to cover the bills & school fees etc. after they are paid then what's left is her money to spend as she wants but I'm always told the about the things she buys. when I'm there she budgets the money into weekly amounts to cover living expenses & bills & the rest is put in a kitty so we can have days out etc. she is good with finances now but it's taken 6 years to convince her that saving is a good thing to do, so she has money for an emergency.

  • Like 1
Link to post
Share on other sites
jtmwatchbiz

i work and bring in the money and she spends it.  simple as that.

  • Like 8
Link to post
Share on other sites

 

 

but it's taken 6 years to convince her that saving is a good thing to do, so she has money for an emergency.

 

You said a mouthful there.

Even getting a Filipina to buy 60 teabags each month because we use 2 every morning is met with "later" or "next time" as they buy 10 then on the 6th day they look at the shelf in amazement because there's non left.

 

Saving for an emergency? Why?

 

KonC

  • Like 4
Link to post
Share on other sites

i work and bring in the money and she spends it.  simple as that.

Most of us are under that 'system'. :cool:

  • Like 1
Link to post
Share on other sites
contraman

Mine is simple. When I'm not in the Philippines I send the wife a set amount to cover the bills & school fees etc. after they are paid then what's left is her money to spend as she wants but I'm always told the about the things she buys. when I'm there she budgets the money into weekly amounts to cover living expenses & bills & the rest is put in a kitty so we can have days out etc. she is good with finances now but it's taken 6 years to convince her that saving is a good thing to do, so she has money for an emergency.

 

Hey Man, Whats the secret?

You have achieved what most expats would have considered an impossibility :yahoo:

  • Like 3
Link to post
Share on other sites
cebulover2000

When in Canada, my wife makes over $1,000/week, it's her money and she is using it mostly to buy make up stuff, bags and shoes, the rest is spent on her relatives in the Philippines and she saves about 50 %.

 

It gets me off the hook for all that stuff, simple as that. I pay for the rest.

Link to post
Share on other sites

Hey Man, Whats the secret?

You have achieved what most expats would have considered an impossibility :yahoo:

Well it took a big shock to the system when I was inbetween contracts & my son fell & fractured his arm. I borrowed money & he was fixed but it kinda woke her up that she needs an emergency fund in case the brown stuff hits the fan. She puts so much away each time I send her money & so far it's working. She even has a savings account set up for our son so he can go to college or his 1st car as no way on earth while I'm alive will he be riding a bike in the Philippines. I'm an engineer & if he buys one he best get a workshop manual cos the 1st night it's being stripped to component parts.

Link to post
Share on other sites

As CEO of the household, After due consideration of available candidates, I appointed myself CFO.  I control all monies in and out.  I am responsible for ensuring bills are paid in full and on time, food is always available, roof over our heads, travel, medical, future financial security etc etc.

 

Mrs recently got a full time factory job as life is boring in Australia and she likes to keep busy.  Her salary goes into household consolidated revenue, out of which I give her a weekly allowance of around $140.  I discussed this with her and she wholehearted agrees and understands it's very fair.  That $140 she is free to spend in any way she likes as I take care of all other living expenses, including her parents medication and utility bills.

 

She is happy to have spending money and content knowing she doesn't need to worry about bills or expenses.  This works for us.

 

How do you manage the incomings and outgoings in your house?

Give it time she will be seeking a raise

Link to post
Share on other sites

I'm the CFO.  My wife has total access to all of our money. She can get on line and see where the money is going at any time. We both consolidate our monies and we both get an agreed upon amount every week for "folding cash". If we are going to spend over $100.00 on something we let our partner know in advance. It has been working well for the both of us for the last ten years and we never have any arguments about how the money is being spent.  I just can't get my head around the concept of two separate accounts. I guess what ever works for you is the way to go.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..