We have a joint account plus an account in my name linked to a line of credit (wouldn't allow for joint). We both have cards for both and know the Internet banking details for both. DH usually jumps on and pays all the bills on payday and tells me how much is left over. We go shopping together as it means a trip out of town so we both know what is spent. If I want something, I don't need permission to buy it, I just ask if we have enough for me to buy it or if there is something else coming out I don't know about. I get a carers payment and sometimes get family tax benefit as I am a stay home mum, he earns the money. It's always been "our" money and we both have equal control.
We have joint accounts. All of our wages go into the 1 account then every week a portion is taken out for:
- Bills account (every single bill is paid from here via a monthly direct debit or recurring bpay payment - set amount each week
- Weekly direct debits - Eg mortgage, car payment, xmas fund, credit cards - set amount each week
- Spending acc - Groceries, takeaway, fuel, going out etc - set amount each week
- Savings - whatever is left over after the top 3 have been taken care of
I handle all of our finances, hubby likes it this way and so do i, we have a very good system setup after alot of trial and error.
We both also discuss big purchases and our financial goals for the year ahead.
For those that direct debit fortnightly/monthly to a bill account would it not be better for the money to be in your own account? I appreciate interest is limited these days but if you use a high interest online account to my mind at least it's me getting that small amount not big business!
Since my last post, i am in the process of changing things. As i will be going on maternity leave soon and hubby is self employed, I am setting up every single bill to come out of a credit card designated only for bills. Then every time hubby gets paid, a portion of his pay gets paid onto that credit card used for bills.
I would be really interested to see how others who are self employed or who have inconsistent pay cycles do everything? By doing this it alleviates some pressure & stress incase hubby has contractors paying slow.
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