Since money issues are often a problem for couples, I'm interested in how different people manage this. I've seen 3 basic schemes:
1: Each pays their share, expenses (like housing) are split. This of course only works if both have an income source. Its nice because no one feels guilty for spending too much. Disadvantage is that if the incomes are very different, or if someone hits the jackpot in internet stocks or something, it can quickly seem very unfair. If one of you is one of the google guys, and the other works a normal job, its tough to split expenses on the $100 million custom airplane.
2: Pool the money. All money is shared. This is great for paying bills, etc. Only problem is that you sort of need permission from your spouse to spend money. Can feel very unfair if one spouse has expensive tastes and the other doesn't.
3: Fun money: the scheme my wife and I use. All money is put into a pot to pay all bills, and the majority of expenses. The if one partner has an expensive hobby or something, they get a budget, say $5000/year. Every time they spend a dollar on that hobbie, an additional dollar is put in an account for the other partner to use on any fun thing they want - or to save for the future. Cars are bought out of this fund, so if you want more money for a hobby, you can buy a cheaper car. This clears up the disadvantages of the previous 2 methods, but adds the problem of deciding which expenses should be included in the "fun" money.
What do other people do?
1: Each pays their share, expenses (like housing) are split. This of course only works if both have an income source. Its nice because no one feels guilty for spending too much. Disadvantage is that if the incomes are very different, or if someone hits the jackpot in internet stocks or something, it can quickly seem very unfair. If one of you is one of the google guys, and the other works a normal job, its tough to split expenses on the $100 million custom airplane.
2: Pool the money. All money is shared. This is great for paying bills, etc. Only problem is that you sort of need permission from your spouse to spend money. Can feel very unfair if one spouse has expensive tastes and the other doesn't.
3: Fun money: the scheme my wife and I use. All money is put into a pot to pay all bills, and the majority of expenses. The if one partner has an expensive hobby or something, they get a budget, say $5000/year. Every time they spend a dollar on that hobbie, an additional dollar is put in an account for the other partner to use on any fun thing they want - or to save for the future. Cars are bought out of this fund, so if you want more money for a hobby, you can buy a cheaper car. This clears up the disadvantages of the previous 2 methods, but adds the problem of deciding which expenses should be included in the "fun" money.
What do other people do?
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