What's the best way for a couple to keep in financial contact... your tips wanted

jungle_ninja

My OH and I both use LastPass to store our passwords. I've also added the account details for all my cards, savings, etc.
It has a handy feature called Emergency Access whereby you can nominate people that are allowed to request access to your account. You then receive an email to allow you to deny the request - if you don't then they gain access to your account after a period of time you've previously specified.

olliebears

I keep all our info in a spreadsheet with all the web links etc. built in and save this on a password protected encrypted USB pen. This is kept outside the house in case of fire or theft etc. I cannot get my wife to deal with the money. I am a stroke victim and still she is not happy to take any responsibility. Fortunately we are totally debt free so it's only running costs we pay. We have quite a few accounts and they are set up to move money around for best interest rates. We have wills made and Lasting Power of Attorney. As we know no-one abroad we block all international calls to stop scammers as we are both over 60 we are classed as easy targets for conmen and charities.

MusicMaker

It just so happens that I manage everything to do with the finances. That wasn't planned, it just happened because we were so busy with sick kids that it just naturally became easier for one person to manage this aspect of our lives.

However, we have made an effort to talk to each other so that we both understand what's going on. Traditionally we had a well organised filing cabinet, but with many things being handled on line these days, we've had to adapt.

We use a spreadsheet to keep track of bills, expenditure etc on a daily basis, so we always know what funds are available to us. This is a Google Spreadsheet which we share. There is a page to enter daily spending, a page for regular income and bills, reminders and information about account numbers for gas, electric etc. Then transactions are checked off as they appear on the online bank accounts.

The bank account is joint, into which both our wages are paid and all the bills leave. Neither of us have seperate accounts.

We use credit cards for daily expenditure, again on the same account, all of which is accounted for in the spreadsheet, and this is paid off fully each month.

All in all we have a system going which works well for us, and I think either of us would be fine if anything happened to the other one.

I do need to sort a will though as I've realised ours is out of date - only takes into account two children, not three.

Poppy3008

I manage all our finances - my husband has access to our joint accounts as he so desires but he chooses no to. He sometimes has said he feels he needs permission to by anything - I have told him many times, he does not but if he does not know what's in the accounts then he cannot assume there are funds there! I enjoy managing the money - although not so much this month! My hubby has always said he is happy with this arrangement, But I do worry if something suddenly happened to me he would not have a clue. This article has made me realise I need to make a document so he knows where and what everything is. I also need to make a will! I tell him frequently what's where so he knows - not sure he listens.

f0xh0les

I do the gas/electric/council tax/ water bills and the car insurances, he does the mortgage, life assurance, and telephone bill. I tell him who we are with but he doesn't really listen.I have a big black file labelled IMPORTANT STUFF. It is all in my laptop, I send him emails to let him know account numbers and company names. Then he has it on his computer. Also, it helps credit ratings having a regular utility bill coming out, as when we got our mortgage, I have a good rating, he did not exist, even though we have had a mortgage before, and he is in paid employment and I am not, he has no data as he has had his bank account for over 25 years and never switched.
And I have paid off his overdraft 2 times and he still went back into it. No joint accounts for us!! He does not check his bank balance, even to check if he has been paid! Or if the mortgage has definitely gone out! He is just not bothered, but we are trying to build up his credit rating for when we need to remortgage in 2018.
We do not have a will!! Must get on with that one.

jess1808

I deal with all bills but they come out of the joint account, some bills are in joint names and some just in mine and my OH could probably guess my passwords! Probably be awkward for someone else to sort but at 22 and 24 with no kids to sort I don't tend to think much about it.

enthusiasticsaver

I handle all of the finances simply because my husband is not really interested and only looks after his work expenses account which doubles up as his personal account. His work expenses and personal spends are in the same bank account and he only likes to have one account although he can access our joint main account which has our salaries go into each month and all direct debits beyond a few I put through other current accounts to comply with terms and conditions about direct debits. I have done standing orders for our personal spends as his reluctance to get involved with budgeting means that this is the easiest way of dealing with things so he does not do constant cash withdrawals from our main account leaving it short for direct debits etc. He is not difficult or mean with money just his skills lay in other directions and he tends to just assume the money is there which I do not like. He has occasionally asked for me to bail his personal account out from our joint spends which I have done and as he retires this month I am hoping he will take more of an interest now he will have more time.

Every 3 months I put a spreadsheet in front of his nose and we chat about large items of expenditure which might be coming up. I have a folder in our safe with all bank account details (there are a lot)and he knows it is in there as I keep telling him and it has passwords etc so he can access them although most are in my name only as he is a higher rate taxpayer and I only pay basic rate. We have wills and all our bills and main credit card are paid by direct debit.

enthusiasticsaver

My OH said the other day he would struggle to deal with all the bank accounts I have as I have opened numerous current accounts and regular savers to get the best interest rate which involves transferring money every month usually, previously by standing order but now OH retires this month I have cancelled these meaning to do them manually until his pension kicks in. He suggested that we simplify things and just have our two personal accounts and a main joint account with £20k in (Santander) and a joint national savings income bonds account for savings (1%). This year I have been moving money around between LLoyds Club, BOS, TSB, TESCO, Nationwide and Santander (our main account) plus regular savers with Nationwide, TSB, FD and Lloyds Club.

I intend to do a spreadsheet to show the interest differential of using these but do wonder if simplifying things now all these banks are reducing their rates anyway is a better way to go as we get older. I have a stocks and shares ISA with Halifax but he really does not want to get into that anyway but I think he can handle contacting them if anything happened to me.

Ldawson52

I always dealt with finances but had a spreadsheet for my husband in case anything happened to me. Sadly it was the other way round and he died but I have now shown it to my daughter and told her where to find everything as I don't want her to have problems when I die. I have all my passwords abbreviated so that she knows what they are are but if anyone else found my spreadsheet it would mean nothing to them.

KBurb

I am a single mum with three teenage children. One year ago I created a spreadsheet with contact details (not policy numbers) of all policies, monthly/annual bills and any miscellaneous matters such as driving licence, passport, EHIC card etc.

I have told my brother, sister and children where the spreadsheet is along with associated paperwork and diarise to update the spreadsheet annually.

Yes it sounds morbid but a simple checklist of who to contact is a no brainer.

I also have a will (which I did a few years ago via the Will Aid scheme), Power of Attorney, life insurance and critical illness cover.