Joint v. separate accounts

[Anonymous]

A combo. We have a joint Bill account that covers all the monthly stuff (mortgage, daycare, utilities). We have a joint spend account that covers the random flexible stuff (groceries, gas, parking), and we have joint savings accounts. We also each have our own allowance account, where we can spend freely and on whatever dumb stuff we want (lunches, gifts, clothing). From that we both also set up our own single savings - so that we can buy higher ticket items (for example, I'm saving for a stupidly expensive purse). But all accounts are transparent - we use an online budget/planning tool, which shows all of our accounts anyway.

[Anonymous]

Anonymous wrote:

This sounds confusing as hell. Whatever works for you, I guess. A united family shouldn't need so many paragraphs to explain how the family finances are organized.

I'm the PP. It sounds confusing but the short answer is all joint accounts but we treat them as his, hers, and ours. It has been working for us for 15 years and we have never had an argument about finances or problem meeting savings goals or paying bills. I tend to give more detail but I'm making the assumption since the OP asked why that he/she is trying to figure out what may work for his/her particular situation.

[Anonymous]

separate everythiing. For no real reason other than too lazy to go to bank and join accounts and then redirect pay checks autopay etc. I make 110k and he makes 165k, we have no debt other than mortgage. He pays mortgage and all big expenses, I cover nanny and almost all kid related expenese. It actually works out to an an equitable distribution. We have never had a fight or disagreement on how to save, spend "our money" and we defintiely think of it as our money. Just too lazy to make it official I guess.

[Anonymous]

All joint.

[Anonymous]

His, hers and ours. The ours is for bills, groceries, etc. However, we both have signature authority on each other's accounts in the event anything happened to either of us.