Update: We’ve still stand by this discussion on married money administration techniques as well as have updated links; you may likewise want to inspect out a few of our more recent discussions about money.
We’ve talked about exactly how to keep track of many accounts — however I don’t believe we’ve ever talked about which money administration technique Corporette visitors prefer, when married or partnered. There are a number of different techniques that I’ve heard about with the years, as well as I’m curious to hear from you guys (particularly those of you who are the breadwinners): what is your family’s technique for sharing money? There was a fantastic series in Slate a few years back (now offered as a Kindle book [affiliate link]) that defined these primary types:
Common Potters – people who integrate all of their money
Sometime Sharers – people who have both separate as well as joint accounts (usually with an automatic portion going into the joint account)
Independent operators – people who have totally separate accounts
Psst: In honor of this series’ original title, Tales from the wallet — here’s a mini search with wallets we love!
< $73.92 $89.00 $125.00 $97.00 $50.00 $50.00 $40.00 $16.19 $16.19 $47.99 $27.00 $68.00 $104.00 $155.00 $130.00 $145.00 $145.00 $98.00 $42.00 $78.00 $790.00 $275.00 $920.00 $910.00 $198.00 >
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For my $.02: my hubby as well as I tried to be Sometime Sharers when we got married (almost five years ago) — our plan was to contribute 80% of our paychecks to a joint account, as well as then divert 20% of the paycheck to separate accounts, based on advice I keep in mind reading from Suze Orman (although her advice in this link is a bit more challenging than the 80/20 system we tried). It was important to me that we have sufficient to cover our fundamental expenses in a joint account — I never wished to feel like I was “chasing” my hubby for “his share” of the bills; I’d had sufficient of THAT specific brand of fun with roommates.
But we ran into issues instantly — if I bought him a sweater, was that our money? Or my money? (What if it was a really, truly great sale that I totally couldn’t pass up?) If he went onull