Guest post by Barnabas Brown from The Dad Wallet.
I get asked this questions about should I share my bank account with my spouse probably once every few weeks. I actually just heard it yesterday from a couple we have been mentoring for a while now and refuses to get a joint account. Money is one of the top three problems for couples to go through and fight about!
What my Wife and I Do
I recommend that you and your spouse share a bank account but with a twist. I firmly believe that those people who do not share the main bank account tend to have more issues in their marriage. Or if you have secret bank accounts, yes I have heard about this as well.
Now before I hear it in the comments I know this is not a perfect blanket and if you have made it work great! I truly am happy for you, but I have seen many marriages fail from money issues and his and her money separation.
My wife and I share a joint bank account and have since a few weeks before we got married. Everything we bring in is ours, not his and hers. You are focusing on your collective goals and dreams not his and hers, after all, you are married now.
The plot thickens
Here is the twist, each paycheck we give ourselves a personal allowance or fun money to spend how we please. When we were skimping by for money and did not have extra, trust me our fun money was nearly nothing. Sometimes as little as $5 a month to get a drink. But it helped us keep going and stay on track! It still does today even when we are more financially stable!
We do not have some complex budget or strategy like most other personal finance bloggers do, and partially I think that’s our fault for not doing it because we have been blessed enough not to have to stick to a super super tight budget most of our lives.
What do our budget and conversations look like?
That said, we talk about what are our goals in life are, and how are we are going to pay the bills this week and what to do with the extra. So we have a budget, and it is on paper, but we do not track every cent like we used to when we started out.
My wife has always had a big heart for Cambodia and Thailand, so we are constantly talking about how our money can go for something for that. And now this summer we both get to take a trip over there and experience it again or for myself the first time!
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