In my last post I mentioned that we have joint finances. I recently caught up on The Personal Finance Hour by Jim Wang and J.D. Roth, and in a recent episode they discussed how couples handle their finances.
There has never been a time we kept our finances separate. I have been a stay at home mom for over 11 years, and from the beginning our finances have been combined. With only one income (for the most part), this was the only way to go.
I suppose if we had started out as a dual income family things might be different. I did (and do) most of the shopping for the family, and he earns the money, so separating the finances never made sense.
Learn more: How To Take Charge Of Your Income
Now that we have smarter financial sense, I realize that there may be some problems with having a joint account, but so far the only challenges we’ve faced are making sure we check in about what we are individually spending. This is less of an issue now since we track our spending on our bank’s site.
When we have more cash flow in the future, maybe I will create accounts for each of us for our spending money, with a savings account attached so we can save for larger purchases. Of course that makes things more complicated and I’m all about simplification, so we’ll see.
Learn more: 5 Reasons To Ask Your Spouse For A Money Date
Do you have combined finances, or do you have separate accounts? If you don’t currently have a partner have you ever had combined finances?