Any system in which the partners are open about their money habits is a good one. Ultimately, it comes down to this: Do what works for you.
Pretty interesting read over at “Get Rich Slowly” on joint or separate finances for couples. In our case, Yh and myself started out having a joint account that we both agreed to contribute a fixed amount each month that could be used to finance various purchases (especially for our wedding and home last year).
We actually had the account open when we were dating (around Jan 2005) as I had learnt a very good tip from an ex-colleague at NEC. That having a joint a/c makes it easier to spend on stuff when we do things together since we will both have to think about the purchase and not have one person feel like they are constantly paying for things.
Its been 2 years since and I’m glad we had such a system when we didn’t have to dig too deep into our own pockets to finance the furniture and wedding stuff. Now that we’ve finally completed our last installment, it’s time to channel some of the savings towards a higher interest account. (Maybank’s iSAVvy Savings Account is a good choice).