Currently, I’m paid on the last working day, but my wife is paid around 23rd of every month. We both have Monzo personal accounts and a joint account. Typically my wife’s budgeting period starts from 23rd, but mine is the last working day.
Although the app appears to show that it’s possible, the budgeting period/left to spend is fixed for both the personal and joint account, they can’t be set independently of one another.
I’d like to have my personal and joint account budgeting periods to start from the last working day, but my wife understandably would like to have her personal account budgeting period to start from 23rd, but the joint account from the last working day when both of our money has been paid in.
Every time we try this, once the budgeting period is set for one account, it’s automatically applied to the other account, making budgeting somewhat difficult. Am I missing something (or is the app)?
It’s the app (in terms of flexibility). But it’s also a mindset too.
I used to fail miserably to try & make the same thing work for our circumstances. Then I realised the simplistic way for it to work - pick a single date, any single date, and cycle around that. In the end, the 1st of every month worked best. I got paid way before then, MrsW got paid just before that point. But crucially, we set up almost all of the bills to go out between the 1st and the 5th of each month.
While it might not ‘gel’ at first, you get used to the cycle and can plan for all sorts of what-if scenarios based around that*
I used to be BIG on personal finance data analysis - for decades - and have recently settled on just Trends. and guess what - my analysis time is almost nothing and we’re both used to the cyclic flows & feel much, much better.
Overthinking things sometimes simply isn’t worth it. But don’t take my example as the way to go - finances (especially with a close partner) can be a rollercoaster experience and you have to find your own way which feels the most comfortable. About a life-subject which mostly feels uncomfortable.
Similar situation, but I’m the one paid earlier. We just… don’t budget the joint account. Not in trends anyway.
It gets an amount, some for pots, some for spending, some for saving. Then that account just runs itself sort of. I make sure we have enough money to eat, fuel, repeat.
What you could do, is similar to what David said and just reframe it. I put my JA contribution into a Club Lloyds account for free Disney. Could you do the inverse and fund yourself from savings one month, then “pay yourself” every 23rd?
Trends. and guess what - my analysis time is almost nothing and we’re both used to the cyclic flows & feel much, much better.