Hello there. New Monzo user, and first post. I was wondering if there’s any pre-existing advice or guides on how to set up a budgeting and spending system using Monzo for couples. Here’s the background:
2 years ago my business failed and my family went from one fairly substantial income to one modest one and one micro one (wife has started part time freelance work £25 an hour, around £400 a month). We’re worjijg with step change and a debt management plan to keep credit payback under control and to eventually get ourselves back on track and out of the red.
At the moment we have a joint natwest account, that my salary goes into, and individual current accounts. What we try to do is leave the joint account with all of the DD’s and bills coming out, and just enough to cover that in their. We then move the remaining to a savings account only I have access to, then I drop feed money into both of our individual accounts as and when we ‘need’ it. I’m trying to avoid us fighting over the same pot of money. I work in London all week and the missus stays in the midlands all week looking after our kids so we don’t get to talk / plan much.
I’ve recently got my Monzo account up and running and I can see it’s value for personal spending monitoring and budgeting. However, as I understand it you can only have one account per person. So how would you clever money people suggest we set things up?
I’m thinking we leave the natwest salary / bills account as is and get my missus to open a Monzo account and we just transfer each of our spending / housekeeping money into our monzo’s on pay day. Is this what you’d recommend? Or do you think I should move everything to Monzo? We’ve never managed to sort out our financial system of joint accounts and budgeting - and we’ve been married for 13 years! We are desperate to get organised and stay on track.
Any help, advice or links to guides to help with this kind of stuff would be fantastic. Thanks in advance, Daz.