My husband and I have been married for seven years, and we still keep our finances separate.
WHY WE DO IT
Our values around money couldn’t be more different.
We started our marriage on unequal footing.
And I like knowing I could take care of myself if something happened.
Money isn’t a factor in our relationship (which probably cuts our fighting in half).
Having our own money keeps the romance alive.
HOW WE DO IT
It really isn’t complicated. To start, we have separate savings and checking accounts and credit cards.
Then, we have one joint credit card for all joint things.
We also split the cost of big, joint purchases like cars, furniture, and trips we go on together.
When shit happens, we have each other’s back.
OUR PLAN GOING FORWARD
Things are about to get more complicated in our world: We're having a baby!! Our plan is to continue “the plan” with a few modifications.
Navigating the first couple months will be tricky. Since neither of us has paid leave, we've been stockpiling reserves to get us through it financially.
So that's why we do it, how we do it, and our plans for the future. Anyone have advice on keeping your money straight (and separate) with kids? I’d love to hear how you’ve made it work.
BTW, for more stories about money and careers, check out the rest of our personal finance posts.