How is that any different with a joint account? For purchases she makes I don't look twice and vice versa. It's only major purchases we discuss, like cars, things that cost thousands of dollars etc. If she wanted a prada purse she'd buy it. It works because we both are money concious so we don't have to worry about the other one going crazy and putting us in finantial trouble.

 

I think you can read between the lines in all these posts and see exactly what type of financial arrangement makes sense based on the type of relationship you have with your spouse.

Before you flame me, I'm not judging anybody. Sheesh.

 

I don't see how it really matters, just do whatever is convenient and works for you. All money now belongs to both of you equally anyway.

As long as you talk about major expenditures ("major" is $100 for some people, $5000 for others) before doing it.

 

[QUOTE=s2000raj,Aug 11 2009, 03:08 PM] How is that any different with a joint account?

 

so what happens to your "financial freedom" with separate accounts when one of you loses a job and your balance goes to $0? do you owe your spouse money? would you keep track of the mad money that you are losing to pay bills she was taking care of? do you have auto pay setup out of a particular account, or do you now manage 3 accounts and "loan" money to the general fund?

if no, then a separate account versus an allowance out of the same pool of money is the EXACT same thing, just harder to juggle IMO.

if yes, dont get married.

My wife and i have a joint account, joint CCs, etc. she is stay at home, i work. Do i get frustrated at her spending, of course, what man doesnt. (her hair bill for 1 month is my annual spend.)

Marriage is a partnership. Two becoming one flesh. does your torso get angry at your foot when you buy new shoes because your old ones wore out? no, so you shouldn't get mad at your wife for buying clothes she needs because you are there to balance and help each other out.

this exercise is purely psychological.

 

My wife and I have access to and share all our accounts. Everything is joint. She is a stay-at-home mom and I have an 8-5 job, so I bring home the money. There's no reason for us to separate it.

We also don't have money issues. It is expected that money is used first to pay bills and second for fun and games and all that. We've just learned to discuss major purchases beforehand.

 

^ @HKStallion: You're the only one that said anything about getting mad about her spending. I'm not talking about complaining about or controlling your spouse's spending habits. I'm simply indicating that it's easier to track your personal spending and to know exactly how much money is available to you at any given time if you have separate accounts for individual stuff.

I'm not sure I understand the first part of your post. Obviously, if one spouse loses their job, then the funds will be allocated differently. How the money is divvied up is up to the individual couple, just like the couple has to decide exactly how much money they're willing to put into the mad money funds and how much goes into the general fund.

Anyway, if you want a joint account, and it works for you, then go for it. Personally, I still believe that it would be easier to manage separate accounts, and that would also allow a feeling of financial independence.

To the OP.... I say that you should discuss it with your fiance/wife and you two make the decision that works best for you. If you find that you've chosen the wrong one, then you can always change your minds later.

 

Frustrated does NOT equal mad, but thanks for trying. and if you are implying that you have never been frustrated at your spouses buying habits, either you have a crazy frugal wife, OR more likely, you just arent being honest. and i know for a fact that she is frustrated at some of the things i buy too, but it is built into the budget.

Bottom line, what works for you, works for you, but if you have budgeted correctly for you mortgage and bills, whether $100 is in a separate account for each of you, or $200 is sitting in the same account is the EXACT SAME THING. You just need to be more organized to avoid overdrafts and to cover auto bill pays. please correct me if i am wrong with a detailed explanation.

Dave

 

i think it's funny how heated this argument is getting.








get over yourselves everyone. your way of doing things isn't the right way or the only way - there is no right way. do things how you and your spouse want. OPs question can't really be answered.

 

Thanks for trying? I was just referring to the part where you said: "no, so you shouldn't get mad at your wife for buying clothes she needs because you are there to balance and help each other out"
So, yes, you were the first to bring up anything about getting mad.

I disagree.
Example: You and your wife have $200 of available "mad money." You & your wife both want to make separate $150 purchases on the same day.
If you have a joint account, either:
1) You both check your balance online, see that you have $200 available, and both make your individual purchases. Bam, your account is overdrawn.
2) You have to call your wife to get approval for every single transaction so you can be sure you're not going to overdraw the account. Therefore, you have given up any semblance of financial independence.

If you have separate accounts:
1) You check your balance and immediately know how much is available to you, and only you. You know if you can afford the purchase, and you immediately know whether or not you're going to overdraw the account, since no one else can withdraw money from that account.

This is likely a non-issue if you keep large amounts of money in your checking account, but like I said earlier, I don't. I keep a very small amount of money in my checking account, and everything else is in a "working" account where it does something productive.


Anyway, if you don't understand my point by now, then there's no use in me continuing to try and explain. We can simply agree on one thing that we've both already stated: