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3y ago
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LPT Request: What is a good way for married couples to manage their money? Does it make sense to have a joint account? How do you decide how much of each paycheck goes into that account?
Finance
Edit: What is a good strategy when one person earns double what the other earns?
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I “believe” that there should be a common account for expenses, and each partner have their own account to use as they see fit. In my 40 year marriage, my deceased wife was a great saver because she grew up “dirt poor”. Having her “own money” gave her the ability to relax and stop that fear. There were times when she made more than me and time when I made more than her. It was never an issue because we both contributed to the common account.
I read and see where many times the “breadwinner” is control freak and the partner usually the woman is left high and dry with nothing. I think the three account solution — joint, yours, and mine — puts the bully on notice that it’s a partnership; not a dictatorship. I “feel” that anyone, who insists on control, should be dumped immediately as “not ready for prime time” and should be returned to their parent for further training. You’re not going to change anyone and they could wind up literally killing you!
Still think that it’s OK to have it anyway that works for you. Except that BOTH partners should have “life boat money” set aside in case it’s needed. It can be divorce, but it also can be other things like surprise parties, birthday presents, hobbies, GoFundMe’s, whatever.
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Reinke Faces Life 