How should my partner and I combine our finances after having a baby?

R

RoyalBearQuery

New Member
Hey boys,

Looking for advice about combining bank accounts.

Context:

My missus and I have a 10-week-old child together. We also have two stepchildren. We’ve been together three years. Both very, very happy.

Two properties. One rented. One PPOR. About $2m in total value. A $1m property sits in each name. Separate mortgages.

Time has come to combine finances. Simplify shopping, bills, etc.

Current setup:

Separate pay accounts. Money is funneled into our PPOR offset. It covers interest etc.

$50k in savings.

We have never officially combined finances. What is the general advice?

One joint account for both?

Three accounts: one paid into, two separate for “allowances”?

What other options exist?

Do’s and don’ts?

Thanks guys.
 
I'll start by saying: each to their own. We're in a similar position two properties plus savings in an offset account on our PPOR. We simply put all our funds into the offset account, have all bills direct debited, and pay monthly expenses with a credit card to earn points. I don't see the need to hide what you're purchasing from each other, in my opinion.
 
There’s no righ answer, but honestly, being aligned on your financial plan and spending habits is so important to avoid future heartache. For us personally, we get paid into our own accounts, keep our combined savings in a joint offset, and every month we contribute to our joint spending account. We decided on a fair split based on income and other factors, and we stand by it sincerely. Before every EOFY, we sit down and agree on concessional super contributions unless there’s a genuine reason not to, we both max out to $30k.
 
Back
Top