How many checking accounts do you have?

[disneysteve]

But don't you all already run separate checking accounts?

No. We only have one checking account.

[Nutria]

No. We only have one checking account.

Sorry I mistook you for someone else.

[disneysteve]

I really can't think of any reason my wife would even need her own checking account. I take care of all of the bills. She has full access to the joint account on the rare occasion when she needs an actual check for something. She pays for everything with a credit card (also joint).

Having her open her own account would mean I'd be giving her money to fund it, like an allowance. Seems to me that would be a lot more uncomfortable for her than being treated as an equal with full access to the joint account.

[GoodSteward]

I really can't think of any reason my wife would even need her own checking account. I take care of all of the bills. She has full access to the joint account on the rare occasion when she needs an actual check for something. She pays for everything with a credit card (also joint).

Having her open her own account would mean I'd be giving her money to fund it, like an allowance. Seems to me that would be a lot more uncomfortable for her than being treated as an equal with full access to the joint account.

That is something I've discussed with my wife also, the allowance type money. The way we look at it we each need our own "free" category to use as we want. I plan to implement that more this year. Normally we just spend as needed, but since I'm in charge of the account as you are with your setup, it is much easier for me to buy something and adjust the categories for it than it is for my wife to has to come to me. Understand, in our house I try all the time to get her more involved, but she happily just leaves me to it, The negative side effect of that is that she has to "answer" to me more and I don't like that. Also, I'm the only income earner now as well, but I still consider this all our money. That's why I think she does need some money that she doesn't have to necessarily tell me about and I would like the same to avoid having to justify it.

This brings up another point. In a joint account, if the main person in control of it is a spender then that can cause a lot of harm to the account as they can cover and hide it easier. I would know, I am a spender lol.

[scfr]

Thats actually a really good point and I never considered it. Especially if one of us would die...emotions running high and trying to deal with banks or lawyers...whoever you need to contact to get into others account...not good.

Are you authorized signers on each others accounts? (I'm an authorized signer on my husband's business account.)

[disneysteve]

That is something I've discussed with my wife also, the allowance type money. The way we look at it we each need our own "free" category to use as we want. I plan to implement that more this year. Normally we just spend as needed, but since I'm in charge of the account as you are with your setup, it is much easier for me to buy something and adjust the categories for it than it is for my wife to has to come to me.

That's why I think she does need some money that she doesn't have to necessarily tell me about and I would like the same to avoid having to justify it.

My wife doesn't have to come to me every time she wants to buy something. In fact, it is exceedingly rare for that to happen. If she wants something, she buys it. When I get the credit card bill, I don't ask her what she bought at Target or Penney's or Macy's. I just pay the bill.

The only time we discuss purchases in advance is when they are of a more substantial nature. For example, last year she wanted us to get new luggage so we went shopping and researched the prices together before making a decision. Neither of us would go out and spend hundreds of dollars without consulting the other.

[GoodSteward]

My wife doesn't have to come to me every time she wants to buy something. In fact, it is exceedingly rare for that to happen. If she wants something, she buys it. When I get the credit card bill, I don't ask her what she bought at Target or Penney's or Macy's. I just pay the bill.

The only time we discuss purchases in advance is when they are of a more substantial nature. For example, last year she wanted us to get new luggage so we went shopping and researched the prices together before making a decision. Neither of us would go out and spend hundreds of dollars without consulting the other.

The fact that we don't have loads of disposable income most months we have to watch and plan more aggressively.

[Nutria]

That is something I've discussed with my wife also, the allowance type money.

My wife takes $40 cash from the ATM every Monday for lunches and general knickknacks. I guess it's an allowance, but mostly just for places that don't take cards.

The way we look at it we each need our own "free" category to use as we want.

One line item in our monthly budget is "slush fund", which probably serves the same purpose: buy whatever you want -- no (or minimal) questions asked. Just don't go over budget.

Also, a couple of times a week, I email her an update of what's left in the four budget items:

• Slush fund
• Groceries
• Fuel
• Restaurant.

[disneysteve]

The fact that we don't have loads of disposable income most months we have to watch and plan more aggressively.

That makes perfect sense. When every dollar counts, you need to account for every dollar.

[msomnipotent]

We have one joint checking and another joint checking shared between 4 people for our cottage (because 3 families own the cottage). I don't count anything in checking towards our net worth because I see it as a holding tank until money goes where it needs to go. We have one joint savings account, but I'm thinking of opening two more. I'm thinking of starting a Christmas fund and a separate vacation fund.

[Nutria]

but I'm thinking of opening two more. I'm thinking of starting a Christmas fund and a separate vacation fund.

One account, and a spreadsheet to tally how much belongs in each fund!

(That was the genesis for the OP in this thread... And handy when your bank has minimum balance requirements.)