- 3 months ago
- Wedding: June 2019 - Tacoma, WA
My wife and I recently opened a shared account and now we’re kind of wondering what the best way to use it would be. We also both maintained our own individual accounts. As of now, I pay most of the expenses out of my individual account (rent, utilities, cell phone, groceries, etc.) and she sends whatever her portion would be directly to my individual account. She usually just pays the cable/internet bill out of her own account, but the rest of the bills are paid by me. This is how we’ve done it for 3 years now, but I’m starting to think the better option would be for us to both add $$ to the shared account and have all expenses paid from that, and then just use our individual account for non-shared expenses, like subscriptions, spending money, etc.
As of now, we’ve only really been using the shared account to throw money into randomly for things like dinner out together, vacation expenses, etc. But that just seems a little pointless to me, especially with no rhyme or reason to the deposits at all, and it’s starting to lead to us “keeping track” of who has contributed what amounts to shared and who is funding our “fun money” more than the other. And, at that point, we might as well have just kept things how they were, with each having an individual account and not having a shared account at all lol. And, with each of us putting in money randomly, it’s more of a headache now than when we’d, say, just go out to dinner, one of us would pay, and if it wasn’t one of us treating the other, the other would just transfer over half. Now it’s just more numbers all jumbled together and it’s getting confusing pretty fast! You’re probably confused just reading all of that! Hah!
So, do you and your SO have a shared account, in addition to individual accounts? If so, what is the shared account used for, primarily? Do you pay all common household bills from the shared account, and personal spending from your individual accounts? Do you each contribute to the shared account with specific amounts regularly? Like, when you get paid, you know to put $500 in shared, and SO does the same? Do you use the shared account when going out to dinner, taking a vacation, etc.? Or is that funded by individual accounts? Does your system work well for you?