Is it better to have joint accounts, separate accounts, or some variation? Either way, how do we figure out a system? -- SB

I feel each couple should set up a household account and have individual accounts. This way, if you’re traveling together, buying groceries, or making home repairs, you don’t have to go through the often uncomfortable process of check-splitting or figuring out who owes whom how much. And no one has to feel like she needs to report in when she wants to buy a cup of coffee or a pair of shoes. However, if you as a duo are in credit card debt or the purchase is over a comfortable amount (say, $150), you should always discuss before you buy.

Once you set up your three accounts (I recommend using the same bank), you can have your paychecks deposited directly into the joint account, and then move a certain amount into your separate accounts, or vice versa. This can all be done very easily online.

• How should you figure out how much goes where? The amount required for household expenses drives the divide. Add up your fixed amounts (mortgage, utility bills, insurance), plus the average cost of your variable expenses (food, entertainment). This total goes into your combined account. The rest is for your personal spending. Keep in mind that if the lower-earning spouse has a hobby that keeps him or her sane, adding enough money for those expenses in your combined account might make both of you happier.

• Is it even-steven? One way to figure out how much of each paycheck should go toward the joint account is to a) calculate how much your joint expenses will be each month, then b) compute what equal percentage of both of your salaries will get you there. For instance, if you need $4,000 a month for joint expenses and you take home $40,000 ($3,333 a month) while he takes home $60,000 ($5,000 a month), you’d each kick in 48 percent of your paychecks. That’s $1,600 for you and $2,400 for him.

• What about one-income households? Stay-at-home spouses need discretionary money in their own accounts too. Directly deposit the paycheck into your joint account, then evenly separate what’s left. But whatever you do, please don’t call it an allowance. I find that particularly insulting to the stay-at-home parents I know who often have a much tougher day than their spouses do at the office. (I’ve also spent enough time at home with the kids to learn this lesson firsthand!)

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Jean Chatzky is a money coach and the financial editor for the Today show. She is the the author of of five books including the upcoming Make Money Not Excuses: Wake Up, Take Charge and Overcome Your Financial Fears Forever.
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>> Check out her website, jeanchatzky.com

-- The Nest Editors

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