Managing spending is the key to making a family budget work. If you spend more than you make it is impossible to get ahead. One of the long time arguments the benefits of separate and joint bank accounts.
For many couples the issue is one of control by one person one over the other, rather than of prudent financial management.
Which method is better? Here is a great video that discusses some of these issues from The Wall Street Journal –
Again here are some key issues you must address regardless of method you choose –
1. Decide together what your financial goals are for the next year, paying off your credit cards, funding a family vacation, or setting aside the resources for a down payment for home.n
2. Spending must be decided in advance together. Best to have monthly family meeting to review the coming month.
3. Larger expenses should be decided together. Planning for up coming expenses should be done for annual expenses like home/car insurance or property taxes.
4. If you have enough resources, spending money should be split and given out with out restriction. Make sure to review spending money as part of your monthly meetings.
Make to check my two budget worksheets here – http://mikehassard.ca/resources/financial-worksheet