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Joint Bank Account?
Mrs_A_2
Posts: 73 Forumite
Hi,
Husband & I have always paid all of our salary into one bank account, which the mortgage etc has come out of. We have then transferred into our own separate accounts the same amount of disposable cash each.
We have both been known to use our overdrafts in our personal accounts, and think we can 'pay it off' by cutting down the following months etc, which has never really happened. I have recently moved this debt onto an interest free credit card for 12 months, so there are no outstanding overdrafts now.
Our monthly disposable income is £1,175. This is what is left after our mortgage, bills, food, petrol, etc. It really is for 'extras' like new clothes, meals out, and anything else that crops up (or any overspends anywhere).
We have intended to continue what we have always done and put all our money into one account, and then keep £200 each for 'our spending'. Meaning the disposable money in our account would then be £775. Some of this would go towards joint outings - meals out together etc, and the rest to pay off our debt.
I've been debating whether putting all our money into just one account may work better though. My thinking is, we can then see how our finances are as a joint force, rather than running the risk that we may both, again, run up separate overdrafts that the other are not really considering. Does that make sense? I guess I am thinking that its easier to keep control when you can see everything in one place.
I've also considered that it would mean I'd be able to see any leftover money at the end of the month and use it to pay off some of the debt. Otherwise it may be left in our individual accounts and spent just because it is there and therefore 'can be' ?
Alternatively we can carry on as we are and close both of our overdrafts so its not possible to go into anymore.
Anyone who has any thoughts / feedback / advice, please let me know. All responses welcome! Thanks.
Husband & I have always paid all of our salary into one bank account, which the mortgage etc has come out of. We have then transferred into our own separate accounts the same amount of disposable cash each.
We have both been known to use our overdrafts in our personal accounts, and think we can 'pay it off' by cutting down the following months etc, which has never really happened. I have recently moved this debt onto an interest free credit card for 12 months, so there are no outstanding overdrafts now.
Our monthly disposable income is £1,175. This is what is left after our mortgage, bills, food, petrol, etc. It really is for 'extras' like new clothes, meals out, and anything else that crops up (or any overspends anywhere).
We have intended to continue what we have always done and put all our money into one account, and then keep £200 each for 'our spending'. Meaning the disposable money in our account would then be £775. Some of this would go towards joint outings - meals out together etc, and the rest to pay off our debt.
I've been debating whether putting all our money into just one account may work better though. My thinking is, we can then see how our finances are as a joint force, rather than running the risk that we may both, again, run up separate overdrafts that the other are not really considering. Does that make sense? I guess I am thinking that its easier to keep control when you can see everything in one place.
I've also considered that it would mean I'd be able to see any leftover money at the end of the month and use it to pay off some of the debt. Otherwise it may be left in our individual accounts and spent just because it is there and therefore 'can be' ?
Alternatively we can carry on as we are and close both of our overdrafts so its not possible to go into anymore.
Anyone who has any thoughts / feedback / advice, please let me know. All responses welcome! Thanks.
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