What is your reasoning? By the way, I am not criticizing anyone. Everyone has to do what they have to do to make their own marriages work. I'm just very interested as I didn't realize this many people did this.
This is the most common case. Dave Ramsey says that the Spender needs the saver in order to keep the spending in check & that the Saver needs the Spender in order to have a life.
Does Dave Ramsey advocate separate accounts? Seems like if the spender has her own account she is still going to be a spender.
I can definitely agree with that. If having separate accounts is how you keep your marriage together, more power to you then. I was just curious to the various reasoning.
My suggestion is to look into taking "Financial Peace University" with your wife. Its a personal finance class offered at many churches and community centers across the country. Its around $100 (total per couple to cover the book, workbook, etc) for a 13 week class, but well worth the money. I know a lot of people that have been through it & haven't heard one person say it wasn't worth the money.
Joint money market account for savings; joint checking for bills; and then individual checking for our allowances Works well for us.
I see. My wife and I agree to "do as you please money" but your setup allows you to really "do as you please" with it without getting the rolleyes or the lol smilies when she looks at the bank account. "He spent how much on a new router because his NAT was closed? "
1. My SO has no spine to tell people no, back off, etc. 2. My SO's mother works at a bank. So basically her mother would more than likely require her to have the account at said bank where she could keep an eye on it and call and inquire and inform us about it as well as make horrible decisions regarding the account. She does this now with the SO's account. No way in hell I'll be doing it.
i'm not married but this is the way i see it when it comes to separate accounts: 1 joint acct for bills and savings 2 separate personal accts for whatever your heart desires. this doesn't allow the "spender" to go over budget. let's say $300 goes into each personal acct every month. then that means one can ONLY spend $300. if it was just one joint account, there's nothing to doesn't stop the "spender" from spending $600 which could dig into the savings also.
So it's about lack of responsibility. I can understand that. Edit: This is assuming that you do not have debit cards for the joint account.
We're not married but we live together and we have separate accounts. I can't imagine sharing an account with her. In fact, her spending habits are the only thing that frightens me about marrying her (although I'm sure we'll get it ironed out soon enough). I don't ever see us completely sharing money since I find half of what she spends her money on extremely questionable.
no, he advocates joint checking..what comes in belongs to both of you. But he stresses that you must talk about money & formulate a plan to deal with it, & then to keep a WRITTEN detailed budget and adjust it each month according to your needs. One great piece of advice I've heard from many, many different places is that if you take 1 month & write down every thing you spend money on, every coke, snack, meal, bill, etc..that you'd be amazed at where your money is actually going. Many people say that when they got on a budget, they felt like they got a raise.
Yeah. That's definitely the way to go. I used to have a very, very strict budget. Got so used to it that when I started making a lot more, I still lived a pretty frugal lifestyle. Still no HD TV to this day, for example.
that agreement should be established when you're married. if your SO is spending money out of an account he/she shouldn't touching, then you've got more than money problems.
