I know we (as in, we as a people, generally) don’t talk about money very often. But we did, kinda, with new friends this weekend, and we got a great idea from them!
They keep 1 main bank account and everything for the month gets paid out from it. But then they have 2 separate checking accounts, 1 for each of them, that is used for spending money. It doesn’t get tracked in the major budget, and you can spend it however you’d like. The money for the spending accounts comes from the leftover at the end of the month, which is split in half.
I love this idea of a spending account that I can use to get myself a pedicure, a new album on iTunes, or to save up my birthday money without it disappearing into the oblivion of the monthly budget. I know Larry likes the idea of being able to save up for the new iPhone 5 without hand calculating how much of the current checking account is “his.” I married a saver, while mine tends to go $10 at a time. But the idea of splitting the difference at the end of the month doesn’t work for 2 students whose pay checks aren’t identical month-to-month, and neither are our student expenses (like the $1500 semesterly health insurance check we’re about to write!). So we’ve modified the idea and come up with this:
– 2 separate spending accounts, 1 for each of us
– $15 a month going into each account plus any birthday/holiday money. Plus Christmas spending money for the other spouse so that we don’t see what the other one bought.
So I thought I’d just open it up and see if anybody else has some ingenius money ideas out there that they’re hoarding just because people don’t talk about money! Do you keep separate spending accounts? How has it worked out for you? Any bugs in this system you want to warn me about?