It’s still raining here, but at least I had a little something to brighten up my day. Fresh flowers always put a smile on my face!
I was starving when I woke up, so I immediately went to the kitchen to make breakfast. I wanted something fast and filling, so I grabbed a whole wheat tortilla and started adding ingredients.
In the mix:
- Teddie peanut butter
- Banana slices
- Chia seeds
I need to make this breakfast more often. I forgot how delicious and satisfying it is.
How We Do It: Finances
I get a lot of questions about how Mal and I manage our finances as a couple. We have our own little system that includes multiple personal and joint bank accounts. We never fight about money, so it definitely works for us. Our system may not work for everyone; this is just our experience.
Our Bank Accounts
Between the two of us, we have six different bank accounts. It sounds ridiculous, but it works for us. Mal and I each have our own personal checking and savings accounts. We also have a joint checking and savings account. It sounds like a lot of accounts to keep track of, but it’s really not.
Mal and I manage our own personal bank accounts, which also means we decide how to spend our own money. This is nice because I can spend my money on flights to the West coast and he can buy video games and neither of us gets upset. We also make sure to add money to our personal savings accounts for “Oh Sh*t” moments, like when one of our cars breaks down.
When it comes to our joint checking and savings accounts, we both contribute the same amount of money to them each week. We both set up an automatic withdrawal from our checking accounts to our joint checking and savings accounts, so we don’t have to think about every week and there’s always money in our joint bank accounts.
Who Pays for What
When it comes to “major” life expenses, Mal and I split them 50/50. We’re each responsible for our own half of the rent each month, which comes out of our personal checking accounts. We both write separate checks to our landlord. We’ll likely do this for our mortgage too.
When it comes to groceries and other bills (utilities, cell phones, car insurance, etc.), we still split everything 50/50, but we pay for these items from our joint checking account. We determined what amount is needed to cover all of our expenses and contribute that amount each week from our personal checking accounts.
Ok, all of this probably sounds a little confusing. A brief summary of our bank accounts might help explain our system a little bit better. Here’s what each of them pays for:
- Tina’s checking: Rent, my student loans, prescriptions, beauty products, clothing
- Mal’s checking: Rent, his student loans, his car payment, video games, J.Crew clothing
- Tina’s savings: Taxes, house down payment, car repairs
- Mal’s savings: Summer classes, car repairs
- Joint checking: Groceries, utility bills, car insurance, cell phone, gym membership, gifts for family, dining out
- Joint savings: House down payment, trips/vacations
Wow, that was a lot more than I planned to write! Let me know if you have any specific questions, and I’ll do my best to answer them. Again, this system works for us, but it might not be for everyone.
TNT Raffle Winner
THANK YOU to everyone who entered our TNT raffle to win a Breville Juicer. Mal and I are so thankful for your support and your donations help get us closer to finding a cure for these horrible blood cancers.
To pick the winner, I listed everyone’s name in an Excel spreadsheet (one entry for $5, two entries for $10, fifteen entries for $50, etc.) and then Mal picked the winner using the Random Integer Generator. So, here’s your winner: Holly Bigness!
Congrats, Holly!!!! Please email me at firstname.lastname@example.org with your mailing address and we’ll send out your new juicer this week.
Question of the Day
When it comes to finances, do you consider yourself a spender or a saver?