Reply to Yours, Mine, and Ours finances-- how does it work in your house?

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[quote=Anonymous]We deal with it by having 5+ bank accounts.

All paychecks go into joint Account A.

Money is then transferred into joint Account B for food (groceries/restaurant) and gas. This has been pure magic for us because one of us would spend infinite amounts on groceries and the other one is too tight-fisted to ever buy a slab of brie.   Now there are never any fights about the grocery budget. The big spender waits till the end of the month to buy their Brie, and the tight-fisted one is not allowed to complain because the money is right there and that’s what it’s for, Scrooge.

An additional amount for monthly personal spending is transferred into individual Accounts C and D. Each of us has their own account, and there is zero judgment allowed. Whether you want to spend it on computer games, fancy coffee drinks, spa treatments, or random eBay junk from the 1970s, that’s up to you.

Money towards savings goals (emergency fund, car repair, appliance replacement, vacations) is transferred into joint Account E. It happens to be a bank account that allows for a bunch of envelope type sub-accounts for each fund, which I love.

All miscellaneous spending for the kid and house then comes out of what is left in Account A. This includes mortgage and private school tuition.

When I write it out it sounds complicated, but all transfers happen automatically, so it’s no effort at all. Accounts B, C, and D are with the same bank so it’s easy.  And we never, ever fight about money anymore. At one point I thought it was going to end us. But we’re both super happy with the system.[/quote]

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