Two Paychecks: What Money Goes Where

You work hard for your money. But, when you're part of a couple you can't avoid the fact that at least part - and sometimes most - of your money becomes part of the common fund. There are joint bills to pay and goals to save for.

Whether you combine your paychecks, split everything 50/50, or pool some of your money and split some, American First has accounts to help you.

Joint share draft/checking accounts are good for shared household expenses. Once you've determined how much you need to contribute each month, direct deposit and automatic transfer of funds can be useful tools to disperse funds to appropriate accounts.

Also consider overdraft protection with your share draft/checking account. That way, if withdrawals or checks fail to get logged in the shared check register - so there's actually less money in your account than you thought, funds from another account will cover any checks or drafts you've written. There's a fee attached, but it's less than what it would cost you for bounced checks or drafts.

For shared transaction accounts, do the following:

• Avoid writing checks away from the checkbook. Use credit cards instead and then pay off the bills by check.
• Use checks backed by carbons, returning all copies to the central checkbook.
• Return all ATM (automated teller machine) receipts to the central checkbook and log your withdrawals. Do the same with all debit card receipts.

For joint savings accounts you may want to consider a dual-signature account where both parties must sign before either partner can withdraw any money, especially if one partner has a tendency to dip into the account.

Copyright 2008 Credit Union National Association, Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.