Right here goes....
Just got married and both DW have roughly similar incomes (I am doing a PhD and have bursary, she works full time)
Until we got married, we had totally separate bank accounts (for a variety of reasons, but mostly because we have very different attitudes to money and spending habits. One saver and one spender)
Both of us world feel resentful of the other if the finances were totally shared, they'd be mutual accusations of 'running through the money and having nothing left to buy milk' or 'being deprived because the other is a tight bastard.' Neither of our approaches to money is right or wrong, just different and not reconcilable. We'd both feel our independence was being compromised and for us, everything in a joint account, isn't really an option.
Equally it is becoming a faff with joint expenses,such as the weekly shop. rent and utility bills, as we have to keep constant track of who owes who what.
So this is what I've come up with.
Our wages/bursaries continue into our personal bank accounts.
We each pay the same amount into a joint account for food, bills, rent/mortgage, council tax etc. (say £450 each) at the start of the month.
Whatever is left at the end of each month in the joint account is then transferred into a joint savings account.
That way we have three lots of money
- Our personal accounts (our own to do with as we like)
- The joint current account (for day to day purchases)
- The joint savings account for expensive long term purchases such as furniture or as a 'rainy day fund'
Does this seem a bit convoluted and over elaborate? DW seems to think it will be harder to keep track of what money was where and making sure there was enough in each account.
Any thoughts or alternatives would be gratefully received!