Money Matters
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Replies

  • Because of the nature of an emergency fund (large amount of money just sitting waiting to be used) I would only have one simply for the return on interest.  Having two sets of money for the same purpose won't earn as much as one large amount.
  • I watch Suze but more of a Dave Ramsey fan. We joined all of our money - after all we are married and ONE unit.

    We each receive an allowance every 2 weeks that is our 'walking around money'. If I want to have lunch with a GF, I use this. If hubby wants to go golfing, it's his money.

    This system works well for us as all our basic needs are covered - food & shelter. Clothing is paid for by our allowance.

    We make decisions together. I've seen couples that never have joint finances, neither knows what the other has and each contributes 50/50 to the house and child care - despite of unequal work salaries. If she wants a new car, she buys it. If he wants season football tickets, he buys them. They seem more separate than together and many of them have divorced or recently filed. :(

     

    BabyFruit Ticker Anniversary
  • HarleyKins: that's not how Suze's system works.  You each make contributions based on how much money you make.  The idea is it actually prevents arguments because you have some financial independence still.

     I'm curious, with your system say one of you needed to get a new car.  Would that come from joint money or your "walking around money."

  • My DH and I do not have any joint accounts, never have.  We might in the future, should it make sense, but right now, it doesn't.  It is no direction on our commitment or getting divorced or any other relationship commentary, it is simply practicality.  It does not make sense for us.  If it makes sense for you, then do it together or separately, whatever works for you.  Same with retirement, you can have joint or individual, though a lot of retirement plans are set up for individual.  The truth is, as long as you communicate and know about what your spouse has, then it really does not matter whose name it is in.  In a lot of cases, it can be much better for long term tax purposes to have it in only one spouses name, just depends on your tax bracket and overall assets. 
  • The answer to that needs to come from what works best for you and your spouse. There's no right or wrong answer. There's nothing wrong with having it both ways or three ways or ten ways. Make sure you have open communication ... and free checking/savings/investment accounts. Set them on auto-pilot.

     

  • And that's why we don't follow Suze. Suze Orman also thinks it's ok to walk away from homes underwater - not to morally stay obligated to them.

    We've actually done the car thing. We sold my husband's, he got mine and I got a 2007 Sante Fe - that we saved and paid cash for. The money comes from Joint money as it is a Joint decision. 

    I have friends who live pretty much separately. If he wants to buy sports gear, new car, go on trips - he does. If she wants her nails done, a new car or to shop - she does. The thing is they have NOTHING saved together - what happens if theirs a crisis? Both have held grudges and against each other because one will have more money than the other. They've also been discussing divorce, but apparently neither can afford to live solo - which is funny since that's pretty much how they do live.

    A marriage is equal. Equal money, Equal life. 

    http://keithandkinsey.wordpress.com/2012/03/20/marriage-and-money-dave-ramsey-vs-suze-orman/

    BabyFruit Ticker Anniversary
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