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How about each agreeing to contribute to a joint checking account per month. Like $5K each per month to the joint account. For those of us who own our own busi
by for_i_in_range 3y ago
How about each agreeing to contribute to a joint checking account per month. Like $5K each per month to the joint account.
For those of us who own our own business or are self-employed, my business account is mine, and my partner's business account is hers.
- DiggyJohnson 3y agoThis might seem antagonist, I don’t mean it to be so, but does your proposal not assume both parties make well over 150k a year in salary to contribute such a large sum on a monthly basis with anything to spare?
- saulpw 3y agoFrom each according to their ability. If you make $50k and your spouse makes $150k, and your monthly expenses are $10k, then it seems quite reasonable for you to put in $2500 and your spouse to contribute $7500. The nice thing about the joint spending account is that you can set up this arrangement and then subsequently ignore it for everything else. All communal bills just get paid, and you are free to spend your excess how you like. If either person takes issue with how the money is spent, then you break it down into what they're missing. If it's nothing, then what's the problem? And if there is something missing, then you can agree to increase what counts as communal bills, including vacations, retirement, etc. All the way to everyone contributing 100% of their income, which is just a traditional joint account (but I would strongly recommend against that; 80-90% should be the max).
- DiggyJohnson 3y agoI do actually agree with the merit of this scheme, now that you’ve laid it out. I still thing the example values you use are extraordinarily high (“10k” / month) but I take your point. Cheers
- balderdash 3y agoDon’t you meant more like $80k a year?
- DiggyJohnson 3y ago$80k/yr wouldn’t now be enough for each spouse to contribute $5k a month, unless I’m misreading and GP meant a cumulative value of both partners combined.
- deleted 3y ago[deleted]
- balderdash 3y agoSorry, you’re saying that a salary of $150k ($12.5k/mo) works out out to only $5k/mo in take home pay? How does that math work?
- bradlys 3y agoYou don’t put your entire take home pay into the joint account - is the point. You put in whatever is agreed upon and then keep the rest of your earned money to yourself.
- technothrasher 3y agoWhen we first got married, we had the reverse of this. Both our incomes went into a joint operating account, and we each got an identical allowance paid out bi-weekly into our own separate accounts. But after a few years of marriage we found it needlessly complicated and now we just have the operating account which we both can withdraw money from, along with various short and long term investment accounts which we both have to agree to pull money from. Perhaps it's because we've never really spent beyond our means that this hasn't caused any conflict in the past twenty years of marriage.
- em-bee 3y agowell in my understanding it is advisable to keep business accounts separate from personal accounts in any case. business expenses are made from the business account and personal expenses from the personal account. only income moves from the business account onto the personal account. if you and your wife both have their own business, then those of course should be separate from each other. you can still have a shared personal account if you like or not. that's completely unrelated.