2 Responses to Is Your Family Checking Account Philosophy Good for You?

  1. Scott says:

    We follow a similar setup, although we don’t have separate accounts at a bank or anything. We just have a spreadsheet that tracks our expenses/income and we give each of ourselves a little money each month to do with as we please along with other ‘accounts’ within our spreadsheet for emergency fund, house repairs, vacations, etc. This was one of the best things we did after getting married. We can do what we want with our money. And over time it builds into non-trivial amounts if you save it properly :-)

  2. Monkey Mama says:

    Ditto to Scott.

    We have never had a problem with the joint account thing but we instituted allowances 2 times. When we first were married we did the allowance thing (& a budget) just to see where we were and to avoid problems. It might not have been necessary, but really set the financial tone in our relationship. Over the years we both got large raises and I don’t think we thought too much about allowances and budgets. We were saving around 50% of our income.

    But when we went down to one-income we found we would fight a little more where the money went so we quickly set up a $50/month allowance, each. This isn’t necessarily our only “fun” money. But it’s the “money that we will never agree where it is spent” kind of thing.

    We just track it in a excel spreadsheet. Honestly we sometimes only track it once or twice a year. But it just kind of sets the guideline and we know how much we have to spent on things that we know the other would ever approve of. I think with a larger income and more financial stability we won’t need it so much in the future, but when money is tight or you are entering new financial territory it is important to have that freedom, no matter how you set it up or implement it.

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