Silent_One said:
Sure it's about trust. You have to be able to trust you partner not to spend money foolishly. Its about prioritizing your financial
responsibilities together. If you can not do that then yes, you have a problem, and maybe, yes, you need seperate accounts. But seperate accounts, IMHO, means I can't trust my partner to not spend our "hard earned money on junk".
I agree with Slient_One on this. Here's how my wife and I do our finances. Keep in mind that we both work, but we don't make the same amount. But I would do the same if only one of us was working. The principal is:
I don't make money, and my
spouse doesn't make money. We
both make money, and everything we make goes into a big pot, because it's
ours.
1) We have a budget that allocates $X every month for paying bills, putting in the kids college fund, buying groceries, etc.
2) We each get allocated a budgeted amount for "personal, daily requirements." This relates mostly for getting through the work day: buying lunch, dry cleaning, hair appointments, etc. My wife gets more because she is higher maintenance.
3) We have 4 "Mad Money" accounts, each with a monthly allocation.
a) Kids Mad: $X of money per month to spend on the kids. This includes clotes, toys, day-trips, etc. We both have "access" to this money and can spend it as we wish.
b) Joint Mad: $X per month to spend on each other. Things like going on dates...movies, dinner out, etc.
c) Individial Mad: We each get the same $X per month to spend how ever we see fit. My wife prefers to buy more clothes and shoes on a regular basis. I prefer to save money for single larger purchases. We don't have access to each other's mad, but we each get the same amount per month.
The one thing that we do that is more of a "personal" incentive, is that if either of us gets a pay raise, we each get to "keep" one month's worth of the net pay increase as a reward. And we each get to keep 20% of any bonus we might get as a reward for earning it. The rest goes into the "big pot", or worked into the overall budget.
Works very well. But it does require discipline, and a willingness to actually track and account for expenditures every month.