Wednesday, November 28, 2012
Separate bank accounts
Is it normal for married people to have separate bank accounts? I'm not talking about "my money vs. your money" type of accounts, where nothing is shared. I'm talking about "all our money, but this is what you can spend" type of accounts.
Since we got married (almost 4 years ago), we shared one bank account and one credit card. We each deposited and withdrew from the same ones. I always thought that when you got married, that was how it was supposed to be. I would hear about people who had separate accounts, and I always thought it was weird, like the two people wanted to keep secret purchases from each other or something.
As time went on and we started saving money, we noticed that we were having a hard time getting past a certain number, and it was because I felt like I had nearly unlimited funds. We decided to set up a smaller account to help me budget, and to give me the option to save for special things that I want that Conrad doesn't usually like to spend money on.
I'll tell you something. I actually really like it. I have my set amount (or allowance) for the month, and I'm responsible for groceries, car maintenance, general shopping needs (and wants), and some household stuff. We decided that I would also budget for Christmas. Crazy! One thing I love about having the account is that I can budget almost anything into the month's spending, as long as I take care of those other things. It's also my own account for the money I make.
What about you guys? Do you have separate accounts? Do you like it or do you think it's weird and that things should be joint? What are your responsibilities if you do have separate accounts?