Joint account budgeting over time / two salaries and budgeting

Hi guys, apologies if this exists somewhere else but I’d love it if there were some considerations for budgeting with the joint account. I use a joint Monzo account with my wife as a pure house/bills one with direct debits for all our predictable spending. We also both get salaries paid in about a week apart.

I’ve had to set up a Google Sheet (rather than trust the in app budgeting) to monitor our balance levels as they fluctuate hugely throughout the month and the budget calculator on the app seems to be based on a simple one salary setup. Any other experience with this? Would be great to get a better view of typical account balances based on time of the month and basically improve the predictability of the budgeting based on more than one salary.

Hi Jonny & welcome :wave:

We have 2 salaries paid into our Joint account and also 2 child benefit payments. Forget about them for now, but use the first of the 2 salaries when they are closer together - bit hard to describe, I’ll give my example…

My wife is paid on the 26th, I am paid on the last working day of the month. The summary period is set to start when my wife’s salary lands in the account. Monzo knows all of the bills that are due to go out during the summary period, so for 4/5 days before I get paid, Monzo is all “You don’t have enough money…” until my salary lands. Then it corrects itself and becomes accurate for the rest of the summary period.

1 Like