Joint account - help required

Missmint

Hi,

Can anyone help me? I am desperately trying to get my spending in order and I think the best way for my boyfriend and I to keep track of all our out goings would be to have a joint account. The only problem with this is that he has a very poor credit rating and my bank have advised me not to get a joint account with him as it will effect my credit rating. Can anyone suggest the best solution? I have looked at pre pay cards but I haven't found one that seems suitable. All suggestions welcome!!

CLAPTON

why will a joint bank account make things easier?

both of you need to
-work out a proper budget , a good format is here
http://www.makesenseofcards.com/soacalc.html

-start to keep a spending diary / record of absolutely everythoing you spend

sit down once a week and try to understand where your money is actually going and change your spending habits

there is no magic here; no magic account, but spending discipline

tattycath

Could you work out the money you need to pay the bills then get your BF to transfer an agreed amount into your account every month to pay the bills?

CH27

A joint account won't solve anything.

You both need to set a strict budget.

Keep a detailed spending diary & you will soon see were mony is being frittered away.

FireWyrm

The others are right, a joint account wont help you and in fact could hinder your situation with an adverse link to a poor credit file.

I dont know about your circumstances so please just consider this as possible advice.

Ask yourself the question, who is better at managing money? My OH is a complete twit when it comes to money. He means well, but somehow manages to bo***ks it up every time I've let him run the house. We dont have a joint account, but what we do have is a 'House Account' into which our salaries are paid and out of which, the bills come. The only one who has access to this account is me since I have the best credit rating. What we do, is set a budget, pay all our wages into this account and then pay out 'pocket money' to our respective accounts. The bills are always covered and our 'pocket money' fluctuates depending on what the fixed outgoings that month are. No one gets into trouble because you only have so much in your private account to pay for 'things'. Anything like clothes, replacement shoes, travel costs are paid out of the 'house account' according to the budget and are agreed. My OH sees all the statements for that account, but just cant do anything on the account.

Personally, I've found this to be a very good way of managing combined incomes and servicing debts and bills. It has several advantages, but will only work if you absolutely trust each other.