Dave says that the most effective (and only) way to establish a budget is to do it together. Separate accounts is a form of denial.
QUESTION: William has the $886 car payment from last week and a dual income household, and wonders how to effectively use that money. Should you have separate accounts?
ANSWER: The most effective and only way to run a high quality marriage is to do it together. When you have separate accounts, it’s a form of denial. You’re not dealing with the stuff in your marriage or your money when you separate accounts.
When you budget together and put both incomes at the top of the page, and WE spend OUR income on paper and on purpose, WE have agreed on OUR goals and dreams. You need each other. As a long-term means of being effective with your money and marriage, you need to work together and have shared goals.