Managing Joint Incoming

Monzo Chat
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I’m planning my move to #FullMonzo. My partner and I typically have three accounts; a joint account and a current account each - not including savings and ISAs. This maps to Monzo quite nicely.

However, because of the way Monzo manages incoming money, budgets and commitment spending, I’m unsure which account our salaries should be paid in to and bills should come out of. I understand that this question isn’t unique to Monzo, but in order to get the best from Monzo’s features - what is a typical setup that people have that works?

Typically we have had salaries paid into our own accounts and then transferred from there to savings, everyday spending etc.

I probably should try it and find out. But I want to get the current account switch to the right accounts.

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We’ve got both our salaries going in to our JA. Our personal accounts aren’t used anymore except for savings pots until joint savings pots come in.

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Thanks for the prompt reply Andy. Question… are you both paid on the same date? If not, how do you manage this?

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No we get paid around a week apart. Our budget runs from my pay as it’s first. Monzo seems to handle it fine

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It would be good if they tailored it for joint accounts a bit more, IE it recognized both pay days.

If I had a joint account with my partner I’d imagine we’d get paid into our personal accounts then setup an SO for a large % of our salary to go into a joint account on the same day to pay for all the shared stuff and bills.

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Agree with above.

I’d get paid into the JA, and then wait for Monzo to adapt the feature set to allow custom dates etc.

Less friction in the long run (assuming Monzo deliver).

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My partner and I get paid to our current accounts and then transfer in ‘x’ amount on the last day of the month. This makes summary work beautifully for our Monzo joint account.

Our joint bills (council tax, utilities, mortgage, home insurance) and groceries come out of the joint account and personal spending is done from the current account.

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If summary could be customised, do you think you’d change (so both salaries went into joint?)

It’s not much hassle doing the transfer on the last day each month, but it’s slightly more friction than having summary work out your 2 pay days.

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No I’d still do it as is. A SO is setup so it happens automonzoly (:sunglasses:) every month. No hassle.

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:joy: Too cool!

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We have one income of the 23rd, one on 25th, and one every four weeks. I have no idea how this will work… I imagine painfully.

Currently (with First Direct), at any given time in the month, we have no idea how much we have “left over” given that our bills are also spread out throughout the month too!

Anyone have a suggestion of how to deal with this issue?

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