What's the best way for a couple to handle money?
I like the idea of "yours, mine, and ours" when it comes to checking accounts. Each person has their own account to go crazy with, and shared expenses are handled through the joint account.
Kevin Mercadante tackles the question in a guest posting at FiveCentNickel.com. He has plenty of good reasons to keep accounts separate, and it's worked in his marriage for 16 years.
The main drawbacks to having multiple accounts are the added complexity and possibility of fees (although a shared account can generate fees if you both spend too much at the same time). However, with free checking, automatic transfers, and good communication, you should be able to manage.
How does your family handle checking accounts? Joint or separate?
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