Some married couples adhere to the "what's mine is yours" method of handling their finances while others keep separate accounts and reimburse each other for shared expenses.
Morgan and I recently made the decision join our bank accounts so that we have access to each other's money.
Is it just me, or is this a scary move?
Giving someone access to my hard-earned, not to mention scarce, income is freaking me out. It's not because I think he's going to run off with it. There's really nothing to run off with. I guess I'm nervous because this change symbolizes we've reached a new point in our relationship. It's another step in the process of becoming partners.
I guess scared isn't the right word, then. Excited? Anxious?
How do you and your significant other handle finances? Any advice for a newbie?
xoxoL
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4 comments:
Hey, lily. Haven't commented on your blog in a while. Here is my wisdom on the subject:
Wade and I keep it all in one big pot, but twice monthly we get a little bit put into our own separate checking accounts (this is our "allowance." It sounded gay so we didn't do it for a while, despite my sister's recommendation, but then Wade wanted to go buy things like an iPod touch, and I wanted a sewing machine, so it works out great now.)
From what I've heard from most couples, there's usually one person in the family who keeps track of the money, like how much you have and making sure that the bills get paid (that would be me), but all big purchases and the budget itself is a joint effort. We keep each other in line by saying, "We really don't have enough to buy that right now." Anyway, that probably works best where you both have the same philosophy about money — save a lot or spend a lot.
My Fiancee and I are in this diccussion part of the relationship as well, we are thinking of doinga joint account where we both place and X amount of money in the pot to use to pay bills and for big expenses other than that we will still keep out seperate accounts that we had before we got married.
We have always had a joint account (as long as we've been married). My mother told me practically my entire life NOT to have a joint account once I married. Truthfully, compared to buying houses and cars together -- having joint accounts isn't really that great a risk.
Blessings!
Lacy
RazorFamilyFarms.com
Thanks for your input, girls.
Lacy, my mom, too, told me to keep a separate account and I did for a long time. With Morgan being away, though, it just got too hard to keep track of who was contributing what from where to our house, bills, dog, etc. The truly joint expenditures, ya know?
I like your idea, Amanda, but I truly don't believe M and I are disciplined enough. Still, it's worth a try.
Right now we have our paychecks going into one account and I think we are on the verge of deciding how much we each should take out for investments and grown-up stuff like that. Perhaps I can add this whole "allowance" idea to the mix.
Keep the comments coming! I love them.
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