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I used to scoff at couples who claimed to marry solely for love but yet still insisted on that ugly ol’ prenup… Talk about unromantic and pessimistic, right?  Then I went to law school where I was introduced to Community Property States by adorable (but scary), crotchety Professor F.  And as he lectured on survivorship rights and traceable mutations, two thoughts consistently popped into my head:

1. “Mrs. F is totally screwed if they ever get divorced.”
2. Charlotte York firmly telling Bunny McDoogle: “I’m worth a million.”

Now, this is not the post where I tell you that I hollered “we want prenup, we want prenup, yeeeah” (sorry: shameless pop culture reference) - quite the opposite, in fact.  But understanding how our state views a married couple’s money and property (in Texas, what’s mine is Evan’s and what’s Evan’s is mine) gave me a whole new appreciation for having an agreed upon financial plan.

piggy bank by Esty seller Dog Star Designs

We started talking finances a couple months before saying “I Do” in an attempt to starve off those scenarios that result in money acting as the number one reason for marital discord.  For us, its easiest to live off of Evs’ paycheck and (for the most part) save mine.  Once every 2 months (so every fourth check) my check gets deposited into a “Fun Account” for travel or other large items we want but don’t need.  The rest goes towards a down payment in the “House Account.”   As far as day-to-day spending goes, we pared down the number of credit cards and set some ground rules.  Before getting married, we each had various credit cards.  We picked the two that give us the most bang for our buck (rewards wise), added us both to the account, and cancelled the rest.  The majority of our daily expenses go onto those cards or onto our separate store accounts (Brooks Brothers, Banana Republic, Nordstrom, Neimans) - all of these accounts must be paid in full every month.   We have a standing “consult if its a personal item more than $100″ rule”… Evs’ gets a gold star for following this rule, while my Marital Finance Report Cards reads “needs improvement.”

Its not for everyone but this situation works well for us for the most part.  However, I can’t help but feel a little like I’m on an allowance.  As someone whose been in school for twenty years, I still get a little thrill every two weeks when I collect my regular paycheck (yes, my firm does not have direct deposit…and yes, this is superbly annoying).  And sometimes I just want to take that paycheck and invest a third of it on something pretty for my feet without a second thought.

But, then again, I’d also like to be sittin’ pretty in retirement before I’m 89 - preferably with a husband who hasn’t gone mad with rampant handbag bills.

How do you handle the finances in your relationship?  What works for you?

While cruising the Kiplinger website, I found an article on a new type of savings account called SmartyPig. They immediately sucked me in with their cool graphics and savvy website.  I’m a sucker for good design!

I thought it was a great idea for short term savings goals.  It has a fantastic APY of 3.9%. The best part is that your friends and family can contribute towards your goal.  The account is free (as shown by the great graphics!). The constraints are a minimum goal of $250, a minimum time period of 3 months (but it can stay there for as long as 50 years), and a minimum initial deposit of $25.

A.