Husband Gives Wife a Weekly Allowance for Personal Budget

Maintaining joint bank accounts affords married couples like us the simplicity of coordinating our shared budgets and direct payments. It also lets us save money for the future easily.

But with everything being transparent and all resources pooled in a single bank account, how can couples enjoy some liberty in spending? How can each spouse cover day-to-day expenses without feeling restricted?

Why We Have Weekly Allowances in Our Marriage

We've mentioned in a previous blog that we prefer to put all of our salaries in one joint bank account. Neither of us maintains a separate bank account.

Aside from promoting trust and equality in our relationship, this approach makes bill payments easy through a direct debit scheme.

To make it work and avoid the pitfalls of having a joint bank account in a marriage, we allocate a portion of our combined income to weekly personal budgets for ourselves.

With personal budgets, we can spend without consulting each other for every purchase.

Having personal budgets also prevents us from being constantly bothered by each other's spending habits.

Shah Abbasi of Octopus Money, a money coaching and advice service, noted, “When it comes to your personal pots, you should both embrace a rule of 'no questions asked' and 'no judgments'."

We find it simpler to manage our finances by setting personal budgets for ourselves weekly.

Doing this weekly instead of monthly prevents us from spending more than our capacity, helping us adhere to our joint and personal budgets more effectively.

If one or either of us is about to run out of money in the middle of the week, it's a clear signal to rein in our spending. We can simply wait for the upcoming week to receive direct payments from our joint account.

It's important to note that the weekly allowance we're paying ourselves is equal.

In our marriage, it doesn't matter who earns more. We want to ensure neither of us feels disadvantaged because of how much money each brings into the family.

Equality is paramount to us.

The specific figures on our financial statements hold less significance than the overall amount entering our joint account.

This method keeps us aligned with each other and our goals. It also prevents us from feeling at odds with each other.

The Bottomline

By allocating equal weekly personal budgets, we can promote financial autonomy and equality in our marriage.

This strategy simplifies our financial management and strengthens our unity and support for each other.

Do you also allot a personal budget or make a direct payment to every family member in your household? Do you just receive your personal budget from your spouse because they have more control over your finances or does the money directly come from your joint count? We'd love to hear from you, so please leave a comment below!

Read more about other ways we manage our finances as a married couple here.

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