One of my and my husband's financial goals after marriage is living on one income and saving the other. The first step to that is starting to combine our finances, and it's a headache!
I've been reading this blog post and seeing if I could get some insight on the best way to do this:
Should Married Couples Combine Finances?
I have friends who are married and still keep all their finances separate. Then again, combining everything is not a feasible option either bc I have so many different accounts and investments and property in my name.
I think for now the yours, mine and our approach would work best. We decided to start out with a joint household account to which we will both contribute. We will pay the mortgage, utilities and food out of it, and also contribute savings into the linked savings account.
We decided to go with ING Electric Orange and the linked Money Market for this. I was interested in this account since I've read about it a while back. I gladly trade the ability to write paper checks for earning even a small interest on my checking account balance.
I'm taking charge of the bill paying ofcourse, bc I'm a nerd like that. We do discuss what we're doing and what we're spending, and he is very thrifty like me, so that helps.
How do you manage money in your marriage, and does it work for you? Do you have any advice on for a young couple just starting out together?