As soon as Chad and I moved in together 4 years ago, I insisted we open a joint account to handle joint bills. We paid for rent, groceries/eating out, utilities, and other miscellaneous house spending out of this account, and Chad and I just put a set amount into the account each month. This way, our other accounts were totally separate. If we had broken up, it wouldn’t have been too difficult to disentangle ourselves financially.
That was a perfect solution at the time. There was no judgement on how the other person spent his/her money. I didn’t even know how much Chad had in his savings!
Now that we’re married, keeping things separate doesn’t make much sense. We theoretically will want to buy a house in a few years, so it makes sense to save together for that. Most of our expenses are joint, so it makes sense to pay for tem together. And of course, now that we’re on one income, I think it’s important not to delineate any money as “mine” and “his.”
And although it makes sense to combine most of our finances, I also want to preserve that feeling that our spending is our own. I don’t want to track Chad’s spending (“You spent HOW MUCH on a baseball glove?”), and I don’t want him to be checking mine (“You already spent your October clothing budget, why are you on eBay again?”).
We’re holding off on making a decision for now, until I get my name changed (theoretically, that should happen soon), but that means we’re leaving savings in limbo until we make a decision.
Anyone have any advice?