What do to debt?

Bufger

Apples2 wrote: »

Bufger's suggestion is a good one, but one of you need to actively manage that account.
It is easy to both throw money into it without really controlling it.
The risk is an unnecessary bounced DD if it drops too low.

Sounds a simple enough concept, but not everyone (couples) find it so simple (ignore it whilst assuming other half is looking after it)

If I ever tried something like that I would probably build up a float in it of about £500 before taking the plunge. Use the £500 as the £0 point and go from there throwing money in by SO.

You're right you still need to track that account too. Fortunately I have a spreadsheet that tracks my current account, the joint account and then the individual debts and savings accounts. We also have a buffer in the joint account of exactly £500! I'm increasing this over time to cover a whole month of mortgage + bills incase there are ever any banking/wage errors as there is 5 days between wages in and bills out.

But yes, one person does need to be money Savvy in any relationship, it always pays to monitor your accounts. (I dont monitor my wives current acc because shes an adult and I trust her!)

longsightrob

""We have a Salary account, a Bills account and each of us has a pocket money account."

Like this idea.....thanks again everybody and sorry if this is covered elsewhere but I couldnt see it quickly while at work!

Rob