- Messages
- 2,031
- Reactions
- 4,096
My wife and I share all financial information amongst all accounts. IMHO when you hide information bad things can happen.
My sister suddenly received news from my brother-in-law that they were losing their home. Basically, my brother-in-law hid years of reckless, irresponsible spending habits from her as she had no idea what the other was doing financially. My brother-in-law was maxing out credit card after credit card and began failing to pay their mortgage after buying things he could not afford because somehow he felt he was entitled to them. So after losing their home and declaring bankruptcy they finally begin to get back on their feet and what does he do? He buys an expensive boat.
Anyway, YMMV and what works for me may not be right for you, but we have separate savings accounts and budget out scheduled payments to those accounts. If one of us wants something frivolous or impulse buys something, it's paid for out of those accounts and not out of the shared accounts. This works extremely well for us and there has never been any bickering over finances after almost 20 years of marriage.
My sister suddenly received news from my brother-in-law that they were losing their home. Basically, my brother-in-law hid years of reckless, irresponsible spending habits from her as she had no idea what the other was doing financially. My brother-in-law was maxing out credit card after credit card and began failing to pay their mortgage after buying things he could not afford because somehow he felt he was entitled to them. So after losing their home and declaring bankruptcy they finally begin to get back on their feet and what does he do? He buys an expensive boat.
Anyway, YMMV and what works for me may not be right for you, but we have separate savings accounts and budget out scheduled payments to those accounts. If one of us wants something frivolous or impulse buys something, it's paid for out of those accounts and not out of the shared accounts. This works extremely well for us and there has never been any bickering over finances after almost 20 years of marriage.