As someone in the banking and accounting fields. I can tell you, it's only stupid if you're doing it incorrectly.
I have a joint account with my girlfriend which is specifically for rent and joint expenses.
Everything else is in our separate accounts.
Follow my financial journey: http://www.frugalrican.com
My (now) wife and I started a joint account after we moved in together (shortly after getting engaged) and have had it that way since. At the time we were two incomes, now it is just one and she is holding down the homefront. She manages our finances, we go through it regularly and it works VERY well for us.
More than anything it depends on your partner and whether or not it works. Your seems to be working just fine, I wouldn't worry too much about what other people say.
... Other than a mortgage ... except for a mortgage ...
But isn't the rest generally a drop in the financial bucket? I find this contrast interesting: 1. half of household couples up to the age of forty are underwater, 2. by law a creditor can close a joint account at the request of either spouse. It should noted that the card must be paid off before it can be closed, but how much can the spouse charge when you check the balance responsibly often?
Looks like it's working very good for you. My GF is very aware of her credit as well but mainly because we have different app spree dates, we do not have any joint accs yet.
I hope you guys can maintain all the trust you have in each other.
My husband and I joined accounts... or rather we maintained seperate accounts that are joint accounts now. Trust is the issue... its not a money issue.
There isn't a wrong way to handle your finances (by this I mean joint or separate accounts)..For every (+) someone can show you a (-)... What's important is what works for you and your family
The ways of doing it may look wide open from a distance, but once all the details have been laid bare, the only win for keeping finances separate may well be the ultimate separation and divorce. You never had a chance in the first place because your hearts aren't fully in it, and the self-reinforcing snowball merely speeds it up. The logistics alone is unbearable. When it works for some, it's because it's more of a business relationship than a companion relationship, and that's probably not what we are discussing. But if it is and other variations too, then let's include people that aren't grown up and able to trust each other and be accountable, people that childishly think they can do what they want because it's their money, people that can't say no to themselves and are not able to postpone gratification. These people aren't ready for a real relationship anyway, money or not. Emotional hangups and habits, if not direct addiction or codependency, hold them back, and they may be in serious need of help to restore freedom and trust. Wishing you a happy Sunday!
Thanks, I think people that can hadle their finances understand. It really isnt a money issue at all... maybe I'd feel differently if she was a shopoholic, but it works for us and we enjoy it. Its easy to keep up with the bills and savings. I dont have to ask her for half of the bills and such. Plus, I make more money than she does, so I dont want her to see her account and stress about bills and her account balance being low etc. I make more money, I pay more bills, and it works.
My hope is that I can get my income to increase enough to where she doesnt have to work. Right now she works as just a convenience and to save up for our house, but I told her that if I can ever add on that extra 30k/yr. to my salary, she can quit and start a hobby haha.
Thanks for all of the input, guys!!!
Best of luck to you. And if that hobby happens to make money, even better!