I think we have too many accounts and wondering if there is a better system..
Acc 1- DH - his work pay & student payment go here then it gets transferred if needed. This account is used for groceries / petrol / spending.
Acc 2 - DH - not really used and could be closed.
Acc 3 -Joint - FTB goes in here and we have a couple of bills debited, including the mortgage.
Acc 4 - Mortgage
Acc 5 - My name - parenting payment goes in here and bpay regular payments on bills such as electricity etc.
^These are all with the same bank, 2 internet logins (1 has dh accs & the joint, the other has my acc & the joint.. so it is easy to transfer between if needed)
Acc 6 with a credit union - we only have this acc because our car insurance is attached (the best deal) and we have to have it. I do plan on moving insurance and closing this acc.
Acc 7 & 8 - kids savings acc though in our names.
Its a bit ridiculous really, especially seeing as we will be opening a high interest acc / term deposit once i have found the best rate.
Any suggestions to get this running a bit more efficiently?
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15-10-2013 19:58 #1
Whats your system?
15-10-2013 20:08 #2
Joint Acc 1- Pay goes in
Joint Acc 2- Put certain amount in here for bills
Joint Acc 3- Mortgage
Joint Acc 4- Any money left over each FN goes into here so Acc 1 is empty every payday
My Account 1- I move money from Acc 1 to here for my car loan which is deducted automatically every month
Car loan, DPs name- Gets paid F/n
Both kids have their own acc
15-10-2013 20:13 #3Senior Member
- Join Date
- Apr 2012
Hmmm, we are similar...
DH savings (extra work - for him only)
Joint savings (spending, food, fuel)
My savings (safety net)
Direct debit acct (househild essentials ie: power, child care fees, rates etc)
Credit card (emergencies)
We dont have kids accts because I feel they would be better off if we paid our mortgage off sooner and want our money to work for us... I hate paying bank fees for nothing so limit the # of accounts we have....
15-10-2013 20:22 #4
DH account - not used.
My account - not used.
Joint account - where all the money is :evil:
15-10-2013 20:24 #5
An account that money comes in and direct debits come out as well as everyday spendings, groceries etc
A bills account that I transfer money into each week to pay bills when needed
A savings account
All of our accounts are joint.
15-10-2013 20:27 #6
Joint account where all pay goes in
Mortgage 1 - fixed
Mortgage 2 - variable
We pay everything with the credit card, pay CC in full each month and any extra in the joint account gets transferred to the mortgage.
Kids both have accounts where small amount gets transferred weekly.
15-10-2013 20:28 #7
Wow eight accounts!! That makes my head hurt just thinking about it.
We have tried to keep ours as simple as possible as our financial goal is to pay off our mortgage ASAP. Any other savings are for more short term things like a family holiday or new furniture.
We have our
1. mortgage account where DH's pay goes into (offset account) and mortgage comes out of
2. My salary packaging account where my pay goes into an we use this (visa debit) for all bills, food, direct debits etc
3. ING savings account
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15-10-2013 20:32 #8
1) DPs account
2) my account
3) shared account (DPs salary goes here and bills and rent are direct debited from it)
4) savings account (for some of DPs pay to go into)
5) minor savings account - for specific things eg a holiday, Christmas ttc.
15-10-2013 20:39 #9
We have 3 accounts. Our main joint account is where all wages and FTB is paid into, and where we pay groceries/bills/utilities. The second account is our long term savings account which we don't withdraw from at all. The third is our 'spare' account and mainly is used for short term saving goals like a holiday or new appliances. We opened all 3 under ANZ and using the mobile app we can manage them so easily, pay bills directly, view transactions And deposits ect. I highly recommend ANZ if your looking for easy management
Age 20, engaged, mummy to 3yo DS and TTC his sibling! Living life backwards
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15-10-2013 20:43 #10
2 accounts, 1 for me and 1 for df. We're both with nab so just transfer money as needed. We've talked about just having one account (my account is like his and vise versa) but just haven't gotten around to it.
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