His, Hers, and Ours

Since we married 6 years ago, hubby has always been skittish about having a joint bank account.  As a result, we’ve had his and hers forever.  But recently, hubby decided we should try a joint account for things like groceries and restaurants.  I was stunned because he’s always been so adamant about keeping our funds separate.  Yes, he gives me money every month for household expenses such as electric and gas, escrow funds, etc., but never wanted to share anything else.  So when he suggested we set up a joint account, I was shocked.

We went to a local bank and each put in $50 to start the account.  Based on our normal budget for restaurants and groceries, we agreed to each put in $350 a month for a total of $700.  The plan is that if there’s money left over at the end of each month, those funds will be split and returned to each of us to be put into our emergency fund.  BUT, if we overspend in that account, there’s nothing elsewhere to back that up, so we’ll need to be frugal with our spending.  

I think this idea will work out well, but time will tell.  We’re still getting used to this as it’s only been a week since we set this up.  It’s been funded and we’ve spent about $150 for groceries and restaurants so far.  Yes, I’m keeping track of the spending as to what we’re spending and where.  Is it grocery stores or eating out.  As time goes on, I may have to reallocate funds and revise the budget for what is being spent.  It’s too soon to know but I’ll revisit this topic and let you know how it’s working out.