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Financial advise needed!!!! Income and exp

6 replies

ICantWorkthisOut · 16/07/2019 18:44

Please can someone with an ounce of sense help me with this.

We have 2 wages that come into each of our personal accounts. We have a joint account that the majority of our direct debits leave.

We're currently putting 1k in each to joint and not keeping a track of anything.

How do we do this so that we're both left with equal spending money??

Account 2 needs to put more into joint.

Income account one £1400
Income account two £2322

Outgoings joint £1518

Outgoings account one £140
Outgoing account two £390
£400 food shop

I've got to a point where we should have £634 each spending money. But no idea really how I got there and my heads hurting.

Also doesn't help that account 1 is paid end of the month and account 2 is paid on the 17th.

OP posts:
Dontbestupidagain · 16/07/2019 19:08

1400- 140=1260
1260+1932=3192 (A1+A2 after individual outgoings)
3192-1918=1274 (Incoming - outgoings + food)
1274/2= 637 each

Dontbestupidagain · 16/07/2019 19:08

Might be out a few quid as added in my head!

kyles101 · 16/07/2019 19:17

Think the op wants both to have same spends after

1260 + 1932 = 3192
1918 \ 3192 = approx 60% of each wage after bills

Therefore 1260 * 60% = £756 into joint + £506 leftover personal spends

1932 * 60% = £1,176 into joint + £756 leftover personal spends

£756 + £1176 = £1932 to cover bills.

Again, hope numbers are correct, double check as flicking between apps on phone.

Ted27 · 16/07/2019 19:21

wh y dont you just put it all into one account and transfer £500 or whatever each to a personal spending account

BarbaraofSeville · 16/07/2019 19:47

Yes, it's probably easier to put both wages into the account where the bills are paid out from.

Put something into savings for annual and irregular joint costs like insurance, Christmas, holidays, car repairs etc.

Work out a way to pay for joint food costs and any other joint costs like commuting, family days out etc. We just pay for all these on a credit card and pay the credit card off in full every month out of the joint account.

Transfer the £634 pm spending money into separate accounts with a debit card for personal spends.

ICantWorkthisOut · 16/07/2019 21:02

I think we've got there. Jeeez thanks guys!!!!

OP posts:
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