The main reason is that we’ve never been in a dire financial situation on the verge of bankruptcy or anything even close.
However, I believe a secondary reason is that we’ve ignored all the advice about having a joint bank account.
I’d say that we’re both natural savers instead of spenders, so we have never had issues making this work for us.
If there are trust issues, or if one partner is a big spender and needs some accountability, then, by all means, go for joint accounts.
- We are not allowed to take on significant credit card debt. In addition to our bank account, we also have our credit cards.
- Even though we have our own accounts, we still discuss significant purchases. We do not have an exact threshold, but it usually ends with anything about $200 or $300.
We’ve never kept a budget. However, we’ve used for years what has been coined as the anti-budget by Paula at Afford Anything.