Manage your money together with joint accounts!


#247

I think this is usually the big talking point.

Ultimately, there has to be a certain amount of trust involved (and self restraint). Plus, there’s things like house purchases. If she buys 3 ridiculous cushions for the sofa… Is that her purchase, or a joint one?

Her argument is… If it were down to me, the house would be bare (she isn’t wrong).

My argument is… Do we really need those ridiculous looking cushions that no one likes?

But at the end of the day, I’m sure (well… 90% sure), she’s being that stuff to make our home a better place for us and the kids, and that she doesn’t have a cushion fetish.

If one of us wants to buy something particularly expensive (or more expensive than your every day things), the other will try and be a little more cost conscious that month.

Also, if we want to buy big ticket items, we could look at selling something first (this usually applies to me buying Apple equipment every year…).

I don’t think it would work for people who want to keep a strict tally of whose spent what, because it would indeed cause too many arguments, and you’d be better off with “your money is yours, and mine is mine” etc.

But for us, it works well.

Note - We put all of our spare cash into savings at the START of the month (based on the projected outgoings that month). This generally makes us more inclined to not spend too much, because we don’t want to take money out of the savings.

Second note - Back to the initial discussion - How would you “split” the money each month if one of you was part time and earned less (especially due to childcare, and therefore, not exactly your fault?)

To say that person has less money to spend that month would be unfair, so in my opinion, it’s 50/50 or it doesn’t work.


(Frank) #248

I currently have all direct debits in my personal account still as I don’t want them to be declined (and then have to be retried) so no overdraft is preventing me moving them to the joint.

And as someone else mentioned I don’t just want a large balance in the joint account so still using my sole pots and moving the money to joint when needed. But means the other half asking me to move it rather than her accessing it herself.


#249

A big AMEN to that :rofl:


((╯°□°)╯︵ ┻━┻) #250

:rofl::rofl: We have these discussions even with the way we do it.

Thanks for taking the time to explain, I can see the pros and cons for both ways now :slight_smile:


(Mo) #251

For us, all of our money is in effect shared, there is disparity in our earnings, but there have been times over the years when the bigger earner has switched between the two of us. We put all of our money into 1 pot and then we pay out housekeeping, individual allowances and joint and individual savings. We buy house stuff from the house savings etc. but we both get to choose how we spend or save our own allowances and savings. I don’t want either of us to have to justify what we spend on, we’re a team but we’re also individuals


#252

Thanks for the update Simon, much appreciated.

I know the big one everyone is waiting for are pots but i’d also like to see Overdrafts added sooner rather than later.

It’s something we would need before we could switch accounts fully.


#253

Same here, Nick. And for the same reasons as you that I work full time but my partner works part time so we pool everything.

Joint pots is very much needed sooner rather than later. Although Q4 is only a few days away, isn’t it? October to December… Or are they running on financial years?


(Andrew Schofield) #254

We’re the same. All our non-committed spending is with our joint account. Our personal accounts never get used (except when I’m testing things). Our only legacy current account is joint as well.
At the moment I don’t have a compelling reason to switch as I already manage our finances outside the app, and notifications for DDs etc (which are more or less the only thing that comes out of the legacy account) are less important. If joint accounts had pots (and I could create an arbitrary number of them) I might consider a full switch (I use a version of the envelope budgeting system, so I would need more than 10 pots to get rid of my external budgeting spreadsheet).
I also have a soft-spot for my old account number (because it’s particularly memorable), maybe that’s weird, but having had it for maybe 20 years maybe not.
Edit: Bring on account number portability: https://www.fca.org.uk/publication/research/anp-research.pdf


#255

When a company quotes Q3, Q4 etc I always work on the assumption it’ll likely be near the end of the quarter rather than near the start.


(Dan) #256

Yep, same here


(Dan) #257

Yeah, my wife and I have been using joint accounts exclusively for the last 12 years (I’m 35 years old, we got married pretty young). Desperate for pots in Monzo joint accounts but sticking with Starling until they appear.


#258

Quick question - is it possible to have a joint account that is similar to having an additional card? E.g. I have an account in HSBC and I included my partner to make it a joint account and they provided her with a separate debit card. Can the same be done with Monzo?


(Frank) #259

A joint monzo account would mean a card for both parties. So yes she would get a card. But she would also get a sole account and card as you need to be an existing monzo customer to have a joint account.

Do you mean you have a credit card at HSBC and an additional cardholder? If yes then these are two separate and different products. A credit card is not joint (and generally the additional cardholders do not have access to the card account information).


#260

A joint monzo account would mean a card for both parties. So yes she would get a card. But she would also get a sole account and card as you need to be an existing monzo customer to have a joint account.

Yes, the problem with this is that the Monzo app cannot be installed on her phone. So, can’t she get a card for an account that is installed only in my phone?

Do you mean you have a credit card at HSBC and an additional cardholder? If yes then these are two separate and different products. A credit card is not joint (and generally the additional cardholders do not have access to the card account information).

No, I meant a debit card. When I created an HSBC current account, I was able to add my partner and make it into a joint account. As part of this, she received her debit card.


(Frank) #261

She could apply on your phone and then you both apply for a joint account. But it would get messy quickly with maintaining her sole account and all the other admin that comes with owning an account. But it’s an option. The other is to get her a new phone :blush:


#262

The other is to get her a new phone :blush:

Haha. Thanks.


(Andy Slater) #263

My wife is part time too so we each put our wages minus £200 each month into our joint funds, the £200 we keep is our ‘pocket money’ so effectively a personal allowance from a joint fund. Means of we want a sweet treat, a night out or a 2nd dinner at work we don’t have to justify it to each other, it’s up to us individually to budget for those things

We also have a joint fund though for things like meals out


#264

You are my kinda guy @aslater!


(Andy Slater) #265

Dinner date?


#266

Only as long as it’s our 2nd of the day!