How do I consolidate finances with my husband?

My husband and I have been married for over a year, have owned our home for 3 years and have a new baby. Before the baby we both worked full time, each were responsible for our share of the mortgage, insurance, taxes (etc). We divided up the bills (I paid the garbage he paid the water etc...).At this time he made double my salary so he paid the larger bills. We have never merged any of our money. If either one of us purchased anything it was with our own money





Now, I work part-time and take care of little one the rest of the time. We still count on what I bring in to pay for the part of the mortgage I was paying for. Now I also pay for daycare. If I need money for anything my husband has no problem giving me money.





However, as baby grows and we acquire more joined expenses, I want to combine our money and credit card, to make things simpler. Especially so we know exactly how our money is coming and going. Both of us are responsible with our money. My husband wants to keep things separate and has offered to put some of his money in a joint checking account but that's it. I think its a bit strange but I know his parents struggle over money because his mom is an over spender (which I am not at all).





How can we combine our money and still have both of us be happy with the situation. I would like to start out with a joint checking account for all of our household expenses and any family expenses. However, I would also like a savings account for our trips and rainy days. I really don't want to have to ask him for money to buy diapers or lunch; he is my husband not my dad.





After all of this rambling my question to you is how do we start combining our money? What is the first step?|||Every married couple I know have joint accounts for expenses and everything they share together. However, each spouse also has a separate savings account for anything after that for frivolous stuff. Since I am not married I am not qualified to tell you what you should do. But with the power of observation, each married couple I know have solid relationships. This is how they do it: Regardless of who earns more they have money direct deposited in a household account that covers the cost of the house, upkeep, and expenses related to the children. Usually, this is an interest free checking account because checks are being written all the time. Then, they agree to take ten percent of their earnings or less to put into separate accounts for their own spending money. This way they don't feel like they have to check in with each other. That's their play money. I don't get too personal and ask how they divvy up their money for savings and investment but I imagine they have that stuff payroll deducted and maybe take the excess from the household account to invest.





Then there are the couples I know with only one earner while the other stays home raising the children. In this scenario, everything is in a joint account. This way the spouse at home doesn't have to call the working spouse every ten minutes to get approval to buy groceries.|||I think a joint checking account and joint savings account makes perfect sense. Make sure you find a bank that easily allows you to transfer money between your individual accounts and the joint account (whether in person at the bank or online).





Figure out how much total you would need per year in each of those accounts, and then each put in the same percentage of your income to get to that amount (so that he ends up putting more of his money in, since he earns more right now). Agree what expenses will come from that combined account.





Anything that doesn't fit into the guidelines you've created for the joint account, pay for from individual accounts.





It sounds like your husband has already agreed to the joint checking account, so you should start with that. If the joint savings is a sticking point, see how the joint checking goes for awhile, and then bring up joint savings again later.