what's the best way ...

BlueStraw_2

this is a question I've asked on the budgeting board, but just as apt here. Would have posted the link but as I'm new it won't let me.

I really don't know the best way of doing this, have tried all sorts but nothing seems to really work. So thought the regulars on here may be able to give me some ideas.

I need to find an efficient way to track my and OH's finances. The problem is we get paid on a different rota (I get paid monthly, OH gets paid 4 weekly). Ideally I'd like to get a joint account to cover all the bills etc so that what's left for food is what's left and it can't be overspent.

At the moment, some DDR's go from my account (in particular rent) and some from his (e.g council tax, contents insurance etc) in theory he's supposed to pay for food etc from his account with a small weekly STO from me to top it up - but I still find my self regularly transferring money to his to make sure he doesn't go over overdraft so at the end of the month we have nothing to save and have only made minimum repayments on things. When I do a budget of everything it seems to balance, yet we always get hit with emergencies such as urgent car repairs etc that always puts us 2 steps back.

It would be a lot simpler to have a joint account, but OH has a bad credit history - he has credit cards frozen totaling £15k due which he inherited on the breakup of his marriage (were all in his name so ex-wife got off scott free!). I have about £15k in savings, but don't really want to use my savings to pay his bad debts - I have made a low offer to them but they won't accept so I think it's best we stick to separate accounts.

Is there a way of having a joint account without is being linked financially?

I was also looking into a prepaid card type thing, so that at beginning of each month we can both transfer what's left to it, and use that for spending - the thing is they are geared towards holiday spending so a lot of them charge for spending and atm withdrawals in the UK - so although a good idea, financially it's a stupid one.

Other problem is OH, no matter how hard he tries, is just not interested in tracking where the money goes. Once upon a time he let me log in to his online banking to track the money, then when he tried to log on he couldn't remember the password and we're now locked out. He said that he will now take responsibility for his account - that lasted 5 minutes so now he's opted for telephone banking - but that's a real pain - 0845 numbers and they don't detail who the purchases are too!!

I hate talking about money with OH as he get's very defensive as he feels that I think he spends too much. That's not the case, there are areas we can both cut down on. We don't go out much really the only major thing we could cut is the gym membership - but we both enjoy that luxury so would like to keep it.

My OH is great at managing people in his work - looking at sales and targets, if only he could apply that to our finances.

I just wondered what other couples' approaches are to finance. How to you plan for the next week, month, year etc. Any tips on discussing money matters without sounding like you're moaning.

I really want us to get sorted financially as we want to start a family in the near future, and as I'm the main breadwinner I'm worried how we'll cope.

Thanks again for any help and ideas. I'd really love to meet up with Martin Lewis so he can give us a money makeover - so if you're reading this Martin, please get in touch!

Thanks

BlueStraw

Tixy

What about you having a second basic bank account just in your name but for bills. Then you could both pay in agreed set amounts to that account by standing order the day after your respective paydays and then use that for joint bills, food shopping etc. Leave the remainder in your own accounts for personal spends and bills.
I would only suggest this if you think the relationship is solid. But as its in your name you'll know everything is being paid and its not being dipped into for anything else - you can show OH the statements (if he's interested).

Not sure who OH banks with but some banks will text you a mini statement each day or a balance or something which might help him keep track of his spending/account.

shezam

Hi,

When me & my partner moved in together this is what we done.

Totalled up how much everything would be for the month, bills and round it up to the nearest £100. so for example

Rent, council tax, tv, internet, phone, mobiles, gas, electric, food etc. £737 = £800

We both pay £400 into an account the day after pay day. At the moment the account is in my name, this is not my normal bank that I get my wages paid into but an account which we opened with intention of putting my partners name on but just never got round to it.

Then I moved all direct debits to that account, all coming out between 10th and 17th of the month, this way there is always enough money in for Direct Debits and a bit leftover each month.

Whatever money we have from our wages is our own and we spend as we wish, as long as the bills are paid that suits us. Means come December we should have a nice little amount in the extra account to spend on xmas presents.

Hope this makes sense!
Sxxx

BlueStraw_2

Thank you - I never thought of just opening another account in my name but informally call it our joint bills account.
I think I'll look into that.

Mikeone

Tixy wrote: »

What about you having a second basic bank account just in your name but for bills. Then you could both pay in agreed set amounts to that account by standing order the day after your respective paydays and then use that for joint bills, food shopping etc.

We do exactly that in our house and it works quite well. We use internet banking to keep an eye on things, and to transfer additional funds in to the bills a/c when necessary.

We do it at the same bank (albeit with totally separate accounts) so that the funds transfers are instananeous.

Our intention is to pay slightly more into the bills a/c than comes out every month and by so doing, to build up a reserve of money to cover household bills in case of emergencies.

shezam

Mikeone wrote: »

We do exactly that in our house and it works quite well. We use internet banking to keep an eye on things, and to transfer additional funds in to the bills a/c when necessary.

We do it at the same bank (albeit with totally separate accounts) so that the funds transfers are instananeous.

Our intention is to pay slightly more into the bills a/c than comes out every month and by so doing, to build up a reserve of money to cover household bills in case of emergencies.

Thats exactly what we do, and after checking the account by December we will have £575 spare in that account, a great amoutn for xmas shopping!
Sxxx

elaine12022

I just want to say good luck with sorting everything out..I have had problems with my OH and he finally agreed to putting my name on his account so I have my own log in and can check the account whenever I want. Things are not perfect but nearly 3 years down the line I feel like we are (mostly!) working together. Like your OH his credit rating worse than mine, so don't want to be linked. We keep toying with the idea of a separate account for bills but we don't have much to put in it!