Splitting Household Costs Without a Joint Bank Account

Sowffle

Hi there,

I have been with my partner for a short while but we are already at the stage of spending money on groceries and household goods. I am trying to find a solution where we can both pay in to a "pot" so either of us can access it and buy household goods and groceries when required without having to do the awkward totting-up at the end of the week/month.

It would not be appropriate for us at this stage to have financial bonds such as a joint bank account, and so I have looked into pre-paid cards although the majority of them seem to have fees etc which is not ideal.

If anyone has a solution to this I would greatly appreciate hearing it!

Many thanks

p00hsticks

Sowffle wrote: »

Hi there,

I have been with my partner for a short while but we are already at the stage of spending money on groceries and household goods. I am trying to find a solution where we can both pay in to a "pot" so either of us can access it and buy household goods and groceries when required without having to do the awkward totting-up at the end of the week/month.

It would not be appropriate for us at this stage to have financial bonds such as a joint bank account, and so I have looked into pre-paid cards although the majority of them seem to have fees etc which is not ideal.

If anyone has a solution to this I would greatly appreciate hearing it!

Many thanks

Old fashioned, maybe, but how about a petty cash tin with both putting cash in at the start of each week/month ??

Lisi299

I agree a pot that you both put same amount of cash in each week, anything left over could be taken off the next weeks money or saved separately for a treat at the end of the month.

Should you use the same shop such as Asda money can be paid onto a savings card and used each week?

Only other option is a joint bank account but that is a pain lol

Ben8282

Of just put up with the awkward totting up.

[Deleted User]

You need a joint account.
If you’re a couple then act like one and share things.
Money included.

Flobberchops

Get a joint account.

Contribute equal amounts of cash to a physical pot, either nominate one person or take turns monthly using it to pay expenses.
Or work out an awkward system of keeping track of who owes who what.

Dobbibill

Get a *credit card and an additional cardholder.
At the end of the month contribute 50/50 to the bill.

You may even find you can get a reward type card to earn points/cashback etc..


*Research which card in advance as forum users have reported M&S (I think it was) as creating a joint link on the credit file but this is an exception to the rule.

[Deleted User]

If you do go the credit card route, even with an additional card holder, the main card holder is responsible for all debts.

Whereas with a joint current account you’re both equal

JuicyJesus

For a while when me and my partner moved in together (and me and my ex before that) we had a "bills account" that was just in my name. We moved money in to cover monthly bills on payday.

Obviously that requires trust on your/their part to not withdraw all the money and spunk it up the wall. But it's an option.

If you want full oversight then you will need a joint account. Bear in mind that having a joint account will financially link your credit histories for as long as the account exists and some time afterwards. Monzo could be helpful here as it is easy to set up a joint account and you can keep track instantly of what goes in and out.

Rich1976

If you live together I would say a joint account or a credit card with one of you as the primary and the other as the additional card holder.

Why bother faffing about with who owes who for what.

If you don't want to split the cost 50/50 agree beforehand and pay that money into the account or when the credit card statement comes through.

Sowffle

JuicyJesus said:

For a while when me and my partner moved in together (and me and my ex before that) we had a "bills account" that was just in my name. We moved money in to cover monthly bills on payday.

Obviously that requires trust on your/their part to not withdraw all the money and spunk it up the wall. But it's an option.

If you want full oversight then you will need a joint account. Bear in mind that having a joint account will financially link your credit histories for as long as the account exists and some time afterwards. Monzo could be helpful here as it is easy to set up a joint account and you can keep track instantly of what goes in and out.

Thank you for your response and sorry I've only just replied! Monzo is what we went with and we've been using it ever since, it's been an absolute saviour and I would highly recommend it, way better than being financially linked when in a new relationship!