Full amount of our bills in joint bank account ready for the following months bill payments

Laurelii

Me and my partner have opened a joint bank account for our bills. Would it be easier once we have both got paid (we get paid around the same time at the end of each month) once we have been paid we put the total of all the bills in the bank account so for example if all the bills add up to £1200 we put this total in the joint account at the end of the month ready for the following months bills to come out? 

MovingForwards

Yes, that way you know the bills are covered.

eskbanker

Laurelii said:

Would it be easier....

Up to you as to what works best for you - for example, many will use the same account for salary receipt and bills payment, which is undoubtedly easier than running multiple accounts, even if it has other disadvantages!

penners324

Set all the bills Direct Debits to go out on the first of the month. Also set a standing order up to pay half each (or whatever split you agreed) the day salary gets paid in.

SiliconChip

penners324 said:

Set all the bills Direct Debits to go out on the first of the month. Also set a standing order up to pay half each (or whatever split you agreed) the day salary gets paid in.

While this may work for you I wouldn't advise either of these things.

There's nothing special about the first of the month, and around month end is a time when banks will have large numbers of transactions to process so if something goes wrong with their system that could impact on bill payments on the first.Personally I'd set the DD date a few days into the month (and of course some organisations won't allow you to select your own date anyway).

And I would also delay the SO for a few days to allow for any delays in salary payments arriving and to avoid any possible issues with variance in the actual date of salary payment.

born_again

If you can afford it. Keep a balance of one months bills payments in there all the time. Means you do not have to worry about dates of funds going in or if a bank has a outage.
Or if you hit money issues you have a free month.