Best way for two people to manage money without joint account

Buzzy_Bee_2

Hi all,

My girlfriend and I have moved in together, for the last few months I have been paying all the bills and she just sends money to my account. This is fine for bills & rent but it's difficult to keep things fair with regard to food shopping etc. as we are each just paying random amounts from our own accounts and not keeping things organised.

We don't want a joint account as I have poor credit.

Is there a better way to manage our money where we can both pay onto a card or into an account and preferably both have a payment card for when we go food shopping etc?

I have come across the MyCashPlus card which sounded perfect but they are hiding the costs of their service on the site, even going through the FAQ it is not transparent as to what charges you will be paying, indeed I almost applied before I realised there were charges, this put me off them.

Also there is the ThinkMoney account which again is perfect however it costs £21 a month which is the amount of some of our bills so I'm hesitant to increase our monthly costs by so much.

These are the only two solutions I've been able to find so far, is there anything better?

Thank you for your help

Cornucopia

Basic bank account? Many banks do them, and they are suitable for people with poor credit. Should come with a debit card for your shopping. You can each pay in a fixed amount each month on standing order, and it you arrange it right, have an amount left at the end of the year for festivities or holiday expenses. (Not sure if these accounts can be operated jointly).

http://www.moneysavingexpert.com/banking/basic-bank-accounts

Alternatively, you can get multiple cards on a credit card account.

Counting_Pennies_2

Keep all receipts and tally up the money at the end of the week.

Buzzy_Bee_2

Cornucopia wrote: »

Basic bank account? Many banks do them, and they are suitable for people with poor credit. Should come with a debit card for your shopping. You can each pay in a fixed amount each month on standing order, and it you arrange it right, have an amount left at the end of the year for festivities or holiday expenses.

Alternatively, you can get multiple cards on a credit card account.

This was another idea I was going to look into, thank you, will only allow one card won't it which is why I put it down the list but I think we can manage that.

Counting_Pennies wrote: »

Keep all receipts and tally up the money at the end of the week.

In theory this would work but me and paper don't seem to get along

Cornucopia

Buzzy_Bee wrote: »

This was another idea I was going to look into, thank you, will only allow one card won't it which is why I put it down the list but I think we can manage that.

I don't know. I found the Barclays Cash Card account in a table of joint accounts, so would be best to enquire with them what that means.

I would steer clear of expensive niche accounts if you can.

In theory this would work but me and paper don't seem to get along

Joint credit card a/c will make this easy. Or maybe look at prepaid cards?

Buzzy_Bee_2

Cornucopia wrote: »

I don't know. I found the Barclays Cash Card account in a table of joint accounts, so would be best to enquire with them what that means.

I would steer clear of expensive niche accounts if you can.

Joint credit card a/c will make this easy. Or maybe look at prepaid cards?

What do you mean by a joint credit card account? Is this simply a credit card in one person's name with two cards or do you both apply? And if so, do your credit scores become associated as in a joint bank account?

Yes, I will indeed be staying clear of those niche services, I'm trying to cut costs not add an extra bill to the mix

Cornucopia

It would be an additional cardholder (you) on an account in your OH's name. Sorry, I don't know how it works for credit-scoring.

If you always shop in the same store(s), you could also look at gift cards/christmas club cards, which would be a very simple solution.

Buzzy_Bee_2

Thanks for all your advice Cornucopia, I think the simple bank account is the way to go as one card shouldn't be an issue. I've telephoned Co-op bank for an application form. Cheers!

ecoelle

Get a jar, put cash in it one a set day each week, GF puts in same amount, then use that when you need to get shopping. Cash is easiest of all I think x

Dozey_crow

it might be a good idea to set a budget (say 300 per month) and then both put 150 each towards this in cash. Keep that cash seperate from other spends and then use it for your groceries.

No need for a bank account then.

inkie

Work out your budget for everything that you share - all bills including food. Split this amount so that you each contribute 50% in to a separate account. Sorted.