I said a few days ago I'd talk about what things we'd tried in our family, along with what had worked and what hadn't. Coincidentally, Hubby and I are in the midst of trying something new.
To give background info, I've said before that Hubby is a Stay at Home Dad and I work full time. So all money is joint, no his and no mine. I'm in charge of our finances though, I have the better credit and already had a checking account, credit cards, investments etc. where he came into our relationship in the midst of trying to get back on his feet from a difficult financial and emotional situation. So we've started our financial journey entirely on my items and just added him to things.
This worked great for household bills, groceries and family expenses but personal expenses have always been a problem. Budgets haven't solved the problem and though I'm organized enough to keep up with check registries, I'm not organized enough to make weekly reports. We've tried Mint.com but that's led to me just watching us break our budgets over and over again. Why we keep doing that is I have a problem saying No. So we have a new plan.
Within the next few days Hubby is going to get an ING Direct checking account opened up in his name. I may do the same but I may wait a little I'm unsure. Every paycheck I'll deposit money into his account and he can do whatever he wants with it. He'll also link it to his Paypal account where he can continue to sell his items he wishes to on Ebay. I'll let it be at his discretion for adding funds back into the main household account.
He's onboard and I think it could be a great idea, giving him independence financially that he hasn't really had. If the budget looks good in a month or two then maybe I'll do it for myself also so that I have money I can myself spend.
Next step: Creating a finance plan to tackle our debt.