Joint Bank Accounts

Squat said:
whether you have a joint account for bills or not, you still have to work out how much each person puts in so who's paying for which bills. whats the point of transferring the money from 1 account to another to pay a bill. just pay it directly from the first account.
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Cos the banks give you free money ;)
 


We have a joint account, she draws money out for shopping as needed and we discuss what we need for ourselves.
Since I quit work 20 months ago the only money going in is her pension, I never needed to check the balance while I was working, now it's a little different, the savings account is in her name because she isn't a tax payer, I think after 45 years together she won't run off with it now.
 
Squat said:
whether you have a joint account for bills or not, you still have to work out how much each person puts in so who's paying for which bills. whats the point of transferring the money from 1 account to another to pay a bill. just pay it directly from the first account.
Click to expand...
It's easier to know how much money you have left.

I pay a lump into the bills account on the 1st of the month and then the various bills come out at different times during the month.

What's left in the main account, I know I can spend without being caught out by a direct debit I forgot about.
 
We have our own personal accounts to pay for mobile phone bills and that sort of thing and a joint account for food and bills. I use a spreadsheet to keep track of direct debits/food budget and it has a formula that tracks the balances. That way I can tell the missus I want X amount of money when she gets paid and she can spend the rest of her money on whatever she wants with no risk of being short in the joint where the bills come out. I can't understand how people can keep track using separate accounts.
 
I’d happily get one just never got around to it. Married and have a joint mortgage. Mortgage comes out of my wife’s account, and we each put a few quid aside into one of her savings accounts because she had a spare one. Will likely use the money for home improvements when the time comes.

I have certain bills come out of my account. Council tax, tv license, life insurance. Every month I just transfer her the difference on pay day.

Few of my mates were shocked when I told them this, I’ve never had to go through the trouble of explaining why I withdrew xyz though. Same with her. Only really let the other one know what we’re spending if it’s a big purchase.
 

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