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Author: warrl Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308360  
Subject: Re: Credit, Debit or Cash Date: 5/20/2001 6:17 PM
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...what people like to use most and how they manage it, cash or debit card, or even credit.

In my case, I use the debit card A LOT; when I take cash out, I consider it spent the moment I put it in my pocket. So using the debit card for purchases gives me much better tracking of where my money goes.

I want & intend to get a credit card that gives frequent-flier miles, and use it instead (paying it off every month). This is because we are planning a major vacation (Scotland) in a few years, and having experienced flying in coach we think that going first-class on the transatlantic flight would be a worthwhile move.

I always have the checking account balance in my head and I'm always plotting what bills are going to be paid when, not really factoring in what my wife is spending until I get online and find all the things my wife has spent money on. It's usually not alot of money but when your going from pay check to pay check and you have things figured down to the last dollar it gets frustrating. I have gotten to the point of giving her an "allowance" each week and when the money is gone, that's it.

This is one of the more popular reasons for having separate checking accounts. It might be appropriate in your case; it would liberate you from having to worry about your wife's purchases, AND liberate her from having to account to you. The money that goes into her account is hers, and none of your business; the money that doesn't, she doesn't have easy access to. (My preference would be for all accounts to be joint accounts; you simply would carry cards/checks for only one account each. But in the event that you were unavailable, your wife would still be able to get funds from your account to pay bills.)

Not that every couple uses two accounts. Some use three (yours, mine, and ours), and some - us, for example - find ways to make one account work.

On this subject, the WRONG answer is: any answer that doesn't work well for you. The RIGHT answer is: any answer that does.
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