For the last decade or so, my SO and I have been more or less dividing our expenses, and Venmo/ PayPal-ing the other as needed (rent, etc).
I know a lot of couples use a shared account that they both contribute to via direct deposit. How many of you do this? Any drawbacks or other options I haven’t mentioned?
We each have our own checking account. We also have a joint account. Each of us receives our paychecks in our personal account. We each keep a small portion in our personal accounts for each month for personal expenses, gifts, etc. The rest goes into the joint account.
We set up credit cards the same way. This gives us the means to buy gifts for each other without the other knowing. It also provides redundancy for lost cards.
We can both see the joint accounts. We cannot see each other’s personal accounts. Our bank has it set up so I can see everything I have access to on a single online account.
This arrangement has been working well for years.