Why My Husband and I Don’t Combine Our Finances

A straight up miracle happened yesterday! I was able to convince my wonderful, though somewhat camera-shy, husband to do a video with me. I thought this would be the perfect way to do a follow-up on last week’s post on what to do when you make more than your partner.

I Hope This Video Clarifies Things a Bit?

So basically we’ve got a very simple system in place, and it works for where we’re at in life right now. I definitely do think Josh and I will be figuring out a more specific plan for retirement.

We’ve never actually talked about when we hope to retire, how much we’re saving individually or whether we plan on retiring at the same age. Definitely something we’ll be chatting about at our next semi-regular budget meeting.

Although this System Works, We May Change It in the Future

One thing we also touched on that I know we’ll be talking about more seriously in the future is combining our finances when we start a family. At this point, we don’t have any plans to start a family since we’re very focused on our careers, but who knows what the future holds. We’re only 30 and 31, so we’ve still got a few years to figure that all out.

But if we were to have a family, we have discussed at length our plan for me to continue working and Josh to stay at home with the kids. Daycare is just so expensive, and honestly I hated daycare as a kid.

I only had to go a handful of times because my mom stayed at home for most of my childhood, but I really didn’t like it. I know it’s become the norm, but if there’s a way one of us can stay home with the kids until they’re old enough to go to school, that’s what we’re gonna try to do.

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Showing 9 comments
  • Rob

    Great video guys! Does Josh get any royalties from this appearance? 🙂

    Speaking from experience, where over the years I earned more than my wife, be sure to contribute to spousal RRSPs and, in preparation for retirement, arrange to have your CPP contributions combined. There’s a form for this. This will result in some significant tax savings for you both upon retirement.

    • Jessica Moorhouse

      If I end up making any money from it, I’ll cut him a cheque 😉 And good advice, I’ll definitely look into that. Who knows what the future holds, if one of us will eventually stay at home or make more than the other, combining would make more sense.

  • Jen Hemphill

    Loved the conversation and especially the look he gave you at the very beginning when you mentioned it was his first and last video ;-).

    • Jessica Moorhouse

      Haha and that was not scripted. Poor guy. The things I make him do.

  • Aiman Sattar

    So cute you too 🙂 I miss you guys

    • Jessica Moorhouse

      We miss you too Aiman! 🙂

  • Leigh

    My husband and I do 50/50 as well and we are working on a postnup to solidify that. We’ve earned varying incomes over the course of our relationship but also have different asset levels, so even if one person is earning less, they still have liquid assets they can use to contribute their half that way. If the higher income spouse was the one with the more assets permanently, it feels to me that they would more likely be the one wanting to increase the joint lifestyle and should thus be responsible for paying for large one off things like big trips.

    The other thing we’ve discussed too is that if the lower income spouse isn’t using all of their retirement account space, the higher income spouse will make those contributions as it is better for us overall as a family.

    • Jessica Moorhouse

      That’s a good point about the RRSPs.

  • MomofTwoPreciousGirls

    I know this is a long time ago (motherhood)!

    When hubby and I were first together we did the same. We went through rough financial times after our kids were born due to long term job loss (2008). After that we started just combining everything because at that same time we had our 2 girls.

    I think it’s good that you know what works for you guys and you also know that you can make changes in different seasons of life.

    The only thing that struck me was separate investments and retirement planning. Typically retirement plans are separate anyway and it’s fine to keep the assets separate, but it’s good to talk about the goals for that time (it seemed at the end like maybe you haven’t talked about it yet) and also to check in with each about the actual investments. You want to make sure overall you have a good allocation to meet those goals. You don’t want to both be putting into the same exact investments if they aren’t properly allocated. Like if you both are investing in the same aggressive growth fund only. Then you are not going to be diversified well to weather rocky markets.

    Also want to make sure you have all your beneficiaries properly set up and oh have sufficient insurance to cover income replacement for the liabilities you share. I remember getting insurance when our first child came along and my husband couldn’t grasp why his mom wouldn’t be the bene. He figured she would plan his funeral…I was like NO, you’re 30 years old with a wife and child. I would handle those things and then I would also need the money to replace your income and care for our kids! I had to go through all his accounts to get them set up to me and the kids!

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