Yours, Mine and Ours

This Suzi Orman is one smart lady with money. Fri Oct 8 she was on the Today Show. The only reason I caught this segment, I was watching for the local weather to see how much rain for that day, ha.

http://today.msnbc.msn.com/id/26184891/vp/33239022#33239022

3 bank accounts: his, hers and a joint(to pay bills)

Example 1: monthly: $10000 total income / $3000 (joint expenses) = each pays 30% of their income.

30% of her $7000 income, she puts $2100 in the joint acct
30% of his $3000 income, he puts $900 in the joint acct
for a total $3000 in joint acct for expenses.

Remainder split into separate accounts.
(I would start out with the incomes in the indie accounts first, then put your proportional percent amount of the expenses into the joint acct. She makes it sound like you both deposit to the joint acct then put your remainder into your indie acct..Tammy)

Example 2: a couple has been together long time with only one acct. Split the money 50/50 from that joint acct and put into two individual accounts. Then see Example 1 for going forward.

Example 3: (one person in the couple not working): breadwinner brings home $5000. split that 50/50 into individual accounts. Then split the cost of the expenses.

My ex-husband and I had some friends, Larry and Kathy, who were ahead of their time back in the late 1980s. I remember she said they had 3 accounts: yours, mine, and ours. I thought what a hassle, LOL, while we struggled with one joint account. I don't know if they split the expenses proportionally, but am guessing they did.

Suzi says you must sit and do bills together. I totally agree from my experience of not doing that. I wish I had known all this good info from Suzi back when I was married as it sure would have helped some of our money issues. At least now I know about it going forward.