| Ours really depends on your definition of simplicity. We have independent checking accounts (normally at the same bank), and credit cards. And then we have 10 or so joint savings or roboadvisor investment accounts – each one for a single purpose, buying a new car, family vacations, new furniture, major house repairs: the roofs need repainting. It is trivial for each of us to see what our progress is on any particular upcoming expense and adjust our donations to that account. Day-to-day small expenses were divided amongst us fairly, based on income out to the start. But our incomes have changed a fair bit and they’ve been re-jigged a few times. Additionally, it became obvious that my wife was not great at paying bills that required checks in the mail (I know it’s 2024) so now all of those get paid by me and she sends me monthly top up payments when she gets to it. —— This structure allows for us to have very different spending patterns on personal stuff and have aligned goals for big stuff. Different amounts can go to different goals, based both on income and interest in the goals, and progress is clear. It has also allowed for us to deal with income changes - We each have three jobs currently and one of mine only pays out one in five years, and none of mine pay a salary. Lumpy income can be hard to plan for, and the private accounts allow us to smooth some of this out. Also for a while, she was a student and had negligible income, then we had similar incomes and now she makes more than I do, the joint accounts and small expense division help level this out over time. Also, we can have either savings accounts or these days just ad hoc payments that allow for one person to do the chore (shopping, car repairs, writing checks) and another to pay for it. |