October 11, 2021
My wife and I both work and recently we’ve been thinking of ways on how to effectively manage our savings. We’ve found a few effective ways that I want t share on how to manage our money, who should manage it and when are we allowed to spend on our wants only.
The most common setup with savings and money management in the house is by letting your wife do all of that. Even my grandma once told me to give all my salary to my wife and let her handle the budgeting. The thing is as much as I trust my wife, I like being involved with our finances so this one isn’t really for us. It’s been tested and proven through with various generations since even my mom and dad do it this way and they seem to be doing pretty well with their finances.
We have our own savings and joint account. I thought why not take it to another level? We both give 50% of our monthly salary on our joint account for expenses like the kid’s school tuition, food, and utilities. Part of whatever is left on our join account is considered as our savings. What we do with the other 50% is up to us. We can have 25% of it into our personal savings and the rest for our personal wants. This way we wouldn’t have to be bothered no how silly or how often one goes online shopping. My wife didn’t like this idea since she wants a more connected idea of managing our savings together.
This is currently how we manage our savings since we both like being involved in managing our money. We both have individual accounts that we use to receive our salary. We leave a bit of fund on it to maintain the accounts but most of it goes into our joint account. We can both see how money goes in and out. It’s pretty easy to spot when she ends up giving in to the temptation of online shopping. I always try to talk her out of spending but secretly don’t mind her buying a few things here and there since she’s been managing our money responsibly.
Managing our finances can be easy as long as we work together on it. Giving all your salary to the one who’s more responsible with money is also considered working together since it’s an effort and initiative to make sure you don’t spend unwisely. Having individual accounts might look uncooperative but it’s one way to also make sure finances are being managed responsibly as a couple. Both of us having access to a joint account where most if not all of our salary is placed seems to be the one that works best for us.
All in all, there’s no one way fits all when it comes to managing your money as a married couple so it’s definitely up to you to try and know other ways on how to responsibly manage your finances.