Joint or Separate Checking Accounts?

From:  Oprah.com

Many couples have trouble deciding whether to pool their money together or to keep it apart. For each couple, the solution may be different. Does your current situation work? If you're not having any problems, then keep doing what you're doing. Otherwise, here's Dr. Phil McGraw's advice:

Joint accounts are a bad idea, especially if you're on a budget. For a joint account to work, both people have to be highly responsible with their finances. Very few people have the ability to be that financially disciplined. 

The main problem with a joint account is that you have no money just for you. It's important to have private money to use for whatever you want. Without it, you lose your sense of independence. Whether $5 or $500, discretionary income is a must for any partnership. 

There's nothing wrong with treating yourself every now and then-in fact, you need to take care of yourself, or you may start to resent your children. 

 Remember, you have a finite amount of money, and you have to function within that. Set priorities and use your money accordingly. Keep in mind that credit is not the solution to money problems. Use credit only when you have an absolute need; otherwise, it's easy to let spending get out of hand.