Day to day spending - moving away from cashback cards

Matrix_Keeper

For the last few years myself and OH have used the cash back credit cards as recommended on MSE for all our day to day spending.

In this new economic era, being mindful of budgeting, initially for my OH's clothes / cosmetics spending, I'm considering losing the cash back benefit of these cards for either a pre-paid card (fuelled by a monthly transfer from our main current account) or even a separate current account which my OH can use for all this kind of expenditure. By my OH taking independent responsibility, I think typical couple disagreements over such purchases will be avoided and her spending will actually be reduced as she will only spend what she has - easy access online banking will be an important tool for this.

Be grateful for the thoughts of the forum...

Kavanne

Why don't you just get one cashback card each so that you are each responsible for your own accounts? then you can keep the benefits but hopefully stay on budget too!

Mikeyorks

Matrix_Keeper wrote: »

and her spending will actually be reduced as she will only spend what she has

...... and how long has she been the OH ...... and why don't you know her yet?

Mine has her own current account into which a substantial monthly sum is transferred for housekeeping and that non-tangible called 'a little bit of independence'. Difficult to find a word for how she manages it ..... but 'useless' is the politest I would muster. Any sort of apportionment of funds across the month appears totally alien to her.

She basically operates it like a 'clockwork account' i.e when it's fully wound up with funds it goes like the clappers and regularly falls off on the corners ..... then stops fairly dramatically as the spring runs out well before the month end!

And woe betide any financial comment / advice being offered to someone who is, otherwise, meticulously organised. I have a trench in the garden for such occasions.

If your current organisation works for you ..... don't fix it!

Matrix_Keeper

Thanks for suggestion Kavanne. I'll consider that. I'd like to maintain the joint cashback cards for general day to day - i.e food, baby products, petrol, travel, etc. But the prob area is the OH's clothes / cosmetics - I'd like her to take independent control but not with the freedom you get from a credit card.

Kavanne

If you can get her to she can change her credit limit to say something closer to her monthly budget for those things. Say £400. HTH

halight

Hi mate,

Id say get her a bank account of her own for her own spending money. just make sure that she can not get an overdraft on it!!!!!
If you are worried about her going over drwan on it then a pre paid card would be best

Matrix_Keeper

Thank you one and all for your thoughts. A separate a/c seems to be make sense.

CopperPlate_2

A nice bundle of crisp £20 notes at the start of the month, into 4 or 5 small brown envelopes (dated naturally) and sealed accordingly. Only to be opened on the identified dates...and when it's gone, it's gone!!