When we got married, Mr. Bracelet and I discussed how we would like to set up our finances. Before we got married, we didn’t share finances because we didn’t live together (rather, didn’t live on the same continent). Based on different recommendations, we discussed the following options:
- Have one joint account for everything.
- Have two separate accounts but share costs.
- Have one joint account and two separate checking accounts.
My parents used set-up #2 for their finances. My dad’s account was the main account that handled all the monthly payments. He transferred a certain amount to my mom’s account every month for groceries/household/child expenses, which my mom took care of. They each kept track of their own money/savings, but transferred funds vice-versa when discussed. This continues to work well for them.