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Separate or joint accounts.(6 Posts)
Started a new thread Sinatra's of hijacking the other one.
Me and hubby have separate accounts which we get paid into then joint savings joint bills and the kids have there own.
How does ur accounts work??
Similar to you, Mrsjelly
We have personal current accounts and savings accounts, plus a joint current account and savings account.
We each pay an amount, roughly proportional to our incomes, into the current account which covers all household expenses, bills, holidays, anything for DD including uni fees, etc.
Any surplus - and there is always a surplus - goes into the joint savings account periodically.
We do what we like with the remainder of our individual incomes - cars, clothes, weekends away with friends, etc.
DP (not DH, but we've been together ages) and I have joint accounts for everything, and own the house as joint tenants. We always have. Essentials get paid, then we spend what we want (kind of - I spend more than he does ) but would always discuss anything over about £50. Neither of us spends what we can't afford and we earn roughly the same, which I think helps.
However we were friends with a couple who had the following:
Three current accounts - his, hers and household
Three Mastercards - his, hers and household
Three Visa cards - his, hers and household
One night we'd all arranged to go out to eat. We met up at theirs, and they were discussing whether he, she or the household budget should pay for their meals, and from what source. I swear I'm not joking, they hadn't agreed about it and we were still at their house at the restaurant's closing time. So DP and I left them to it and called at the late night chippy on the way home.
Seperate accounts, joint money.
Household account (his name)
2 ISA (one in each name, roughly same in each)
2 savings (one in each name, roughly same in each)
Two everyday currently accounts (one in each name, same spending money in each)
One credit card (in my name, but he has card also).
Money comes into our current accounts, all of it bar the agreed spending money gets pooled and then distributed to the various accounts for bills / savings. I used to earn double what he did, now he earns a little more - it’s swings and roundabouts but everything is seen as joint - however we just spend what we want on stuff and only big purchases get discussed. Works for us and it’s totally transparent.
One joint current account that we pay half each into month to cover all household food,insurances,holiday payments car tax insurance and petrol for the month.
We have a seperate current account each that we get paid into.
We have seperate savings accounts and a joint savings account.
My car finance I pay out of my personal spends and dh is saving hard to upgrade is car in the next 12 months.
We also put back £50 each ear minth to cover birthdays and uniforms for dc.
Have two pots that I put £12.50 a week In each so by dec will have £1200 saved. £600 for general house stuff and £600 for Xmas
I'm in the process of revising how we do it.
It was one current account and we would always run into overdraft because we never budgeted.
I'm starting a budget and starting now we have:
Joint account all salaries go into before redistribution leaving just bills money.
A current account each for spending on our own stuff- no overdraft so once it's gone it's gone!
Joint account for household eg food and petrol.
Various joint savings towards different targets like holiday and new computer etc
Fingers crossed this works!
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