Post # 17
We both have our separate checking and savings accounts, and also, one joint checking account for bills and “together” money (i.e. vacations, dinner dates, etc).
Personally, I prefer having my own account. I think we all have little material splurges we like to relish in once in a while, but we don’t really want anyone to know what we spent 🙂 For me, it’s shoes and clothes. I work hard, and as long as I pay my bills on time, and put an appropriate amount away for savings, I feel I should be able to do what I want with what’s leftover, without my husband counting every penny. Same goes for him and his Wii addiction.
This is what works for us, though. I feel that we know each other enough to allow some privacy with money, while also being a team when it comes to the big things. For the most part, he knows what I spend anyway (I may fudge the actual price once in a while, though, hehe), so there are no huge secrets. But at the same time, I don’t feel like I need to justify every sweater I buy, either. It’s a form of trust we’re completely comfortable with.
Post # 18
like so many bees, we have one joint checking/savings account and individual checking/savings accounts.
we aren’t married yet, but we did buy a house together, and since we have shared bills, we jumped on the bandwagon a bit early.
Post # 19
We are planning on doing individual accounts with a joint account for household expenses. But I think our plan is to have our paycheques deposited into our own individual accounts, and transfer the money to the joint account, rather than the other way around. We are planning on doing a percent system in terms of how much to contribute to the joint account because he makes nearly double what I do. We both agree this an equitable solution and are happy with it!
I agree with the poster’s who have mentioned having some of your own “fun money” – for Fiance, he can buy electronics and games and for me, clothes. I don’t want to have to run that by him if we were to completely share all of our money.
Post # 20
We have the same thing as Jyening, three joint accounts. One is fixed expenses, one is variable expenses (so food, gas, entertainment money) and one is savings/emergency. This works really well for us! Though, I think if you are concerned about spending money on non-essential items, or spending without discussion, the “play money” accounts is a great alternative. It is hard for a spender (like my fiance) to get used to staying within certain bounds, and for a saver (more me) to watch money be spent on things they think it shouldn’t be! But I am proof that it CAN be done! 🙂
Post # 21
We’ve been sharing all of our money for a good majority of the time we’ve been together. We currently have separate accounts with plans to merge them into one checking and one savings after we are married – we’d do it sooner, but figured we’d just wait until I change my name to avoid one more name change hassle, but its all considered “our” money.
I have no problem with him splurging on things he wants like car parts or video games and he’s fine with me spending money on clothes or anything else I decide that I absolutely have to have. We are both committed to building our savings and making smart money decisions, so we don’t typically consult each other unless the purchase is over $500 or so.
Post # 22
we do exactly what your fiance wants to do. i’m not that crazy about it. i rarely use my money that gets deposited in my savings. I end up using the card associated with our joint account to make most of my purchases. my husband gets mad about this because then i never pay back the joint account with my own savings money. i would rather have us use the joint account for everything. but i do agree that having the separate savings does help out around christmas (present buying) time.