All money goes into one account. From there we each get personal money transferred to individual accounts. We have several sub accounts for different purposes for cars, vacations, house projects, college etc.
Thanks for all the responses. You are all giving me a lot to think about. For everyone who does fun money, do each of you get exactly the same amount each month? My H spends very, very little money. For him, a great day is a day where he doesn't spend a penny. He doesn't drink coffee, smoke, or drink alcohol, he never grabs lunch out, never buys a magazine or a book, spends around $50 a year on clothes, buys one pair of shoes a year, gets his hair cut at the cheapest place possible, etc. The man has zero vices.
I figure I would be most comfortable with about $250/month for discretionary spending (clothes, shoes, waxing/pedicures/hair cuts, lunches out, etc.) There is no way that he would spend $250/month. He would be more than fine with $50. Do any of you have fun money set up this way? Is there any resentment? I suppose if we did $250/month he could just save what he didn't spend. I want to be fair but I know that he does not and will not spend even close to what I spend every month.
This is totally my husband too - except he cuts his own hair and will probably go years without buying a pair of shoes. I put my hair, clothes (although just what I "need" which is probably about $50/month) and waxes as budget items. They are not fun money. I would talk to your husband and see how he feels about that. Really, waxing is as much for him as for you, right ? My DH gets that "girls cost more" - our hair, our clothes, everthing and wants me to have those things. Again, I'm totally not extravagent, but we're on the same page and that's what matters. Remember, "fair" doesn't always mean "equal." Plus, my husband knows that if ever he really wants to buy X, he can take money from savings because he really hardly ever spends a penny. It's not like he's "not allowed" to spend, it's just that all his needs are met with less money in our budget going to him.
Everything is joint. We each have one extra CC that we can use for secret gifts. Otherwise we pool all our money into one checking account, use one joint CC (for points that we pay off each month) and various joint savings accounts. I manage the money and this is easiest for me. Plus it works well having one pot of money to deal from.
We each have our own checking account and we have a joint savings account, all at the same bank.
Paychecks are deposited into our personal checking accounts, and we move money to savings each pay period.
Up until a few months ago, my checking account was at a separate bank in my hometown. Then we moved away and I opened my own checking account at the nationwide bank MH uses.
Bills: the mortgage, utilities, and cable bills come out of his checking account. Mine pays for groceries and car insurance. House repairs come out of savings. We each pay for our own credit cards (none are joint) and I pay my student loan. Fun money for joint activities and money for gifts comes from whoever has it available at the time.
100% joint. No limits set on fun money, just the general rule to buy within reason. I control all of the money, but I'll usually consult with him if I want to buy something big (such as a new $$$ purse) and we set our financial goals together. It works for us, we pay bills and savings first, then the rest is free to spend but we always have extra by the next paycheck.
Joint checking for daily spending, bills, Little E. 2 separate fun money accounts, which the other can see/access if s/he wanted/needed to. Joint CCs and savings accounts. Works for us.