Joint account good or bad

tallyhoh

I see your partner has a DMP with Gregory Pennington. Do you have any debts? If you dont then do not have a joint bank account as this will link you financially.

sparkley84

I like the 'joint account that you both pay into' idea best. Most people I know do this. However when I was with my ex he had a bad credit rating and I didn't want to get a joint account with him and affect my credit rating. So we used a second bank account that he had in his name. We'd each pay money into it monthly and then all the bills were in his name and came out of that account. If I did food shopping I'd just remember how much I'd spent and then take that off how much I paid in the next month.

I'm single right now but I like the idea that once I'm married I'll have a joint account and all money will be shared!

Mojisola

MockTurtle wrote: »

We have a joint account from which all the bills are paid. We each put in a set amount each month and there's usually a bit left over each month after all the bills have been paid.

What's left in our personal accounts is ours to do with as we please. The extra left over in the joint account is for meals out or other joint treats.

This works well while you're both earning. It's worth thinking of a back-up plan if one of you becomes unemployed, has to go on sickness benefits, becomes a stay-at-home parent, etc, otherwise one partner can be left with no personal money.

CuppyCake

Hi Vicky,

I though I'd just share with you what me and my partner do.

I have a direct debit which goes out of my account on pay day in to his for £500. This covers our council tax, rent and internet bills. We decided to keep these payments in his account because of the hassle of moving them.

We also have a joint account. Into this we put £130 a month each. This is the account from which our gas, water and electric bills go, as well as all our food money for the month. It's great because even when I have no money in my own account, I know we'll still have money for food and I never have to go to him to borrow money and vice versa. Sometimes, we have a little extra in there, so we treat ourselves to a trip to the cinema, or more recently, a day out in Winter Wonderland in Hyde Park.

I find that this works really well for us, and in the two years we have had it we haven't had a problem!

Willow_K

We have a joint account into which all money gets paid and all the bills / shopping / household and family expenses come out of. We then have separate individual accounts which we transfer a set amount into by standing order at the beginning of the month for personal spends.

Anything that's left in the joint account at the end of the month gets swept into a joint savings account.

I couldn't be doing with working out what percentage each of us should pay and having to adjust it each time bill amounts changed. I also don't think it would be fair if we had different amounts of personal money - this way we both have the same and anything spare is family money which goes towards benefiting all of us.