I really love setting a budget and I change up how I do it every so often! I'd love to hear how other households do it and see if I can get any new ideas! 💡
Our current system is working really well for my husband and I, we have a few different accounts with different categories assigned to them and transfer money to each account once a week.
We have a main joint bank account that we both get paid in to and all monthly fixed bills and mortgage come out of this, these total 1050 a month.
We each have our own Monese accounts that we transfer 100 each in to every Thursday for personal spends. My husband always does the grocery shopping so he also transfers an extra 100 a week in to his Monese account to cover this.
We also have a Revolut account for shared household stuff, repairs, socialising and other miscellaneous expenses. I transfer 250 a week into this. This account funds our date nights, extra groceries, we can both use it if we run out of personal money etc. We try not to spend everything in this account every week so money will roll over and build up over time but then an expensive repair or big social event will inevitably wipe it out.
At the end of every month, I transfer an extra 200 to our Revolut account and put it straight in to a Vault labelled Yearly Expenses. This is to cover things like car insurance and tax, campervan insurance and tax, house insurance, professional fees....any big expenses that only pop up once a year.
And then finally, at the end of every month I transfer whats left in our main account into savings. This should be our wages minus bills, mortgage and the 550 I transfer out every week and it usually is.
We use Google pay on our phones to pay for everything and we both have all the cards to every account on there, with our own Monese accounts set to default, but we can switch between any of them as needed!
Pre-pandemic we used to always operate in cash so had to adjust when cash suddenly became unpopular overnight! Having the different accounts and vaults really helps us keep things organising so we know what money is for what.
What way do you do yours?