Vouchercodes.co.uk has found that ore 50% of people don't know how much money they have in their bank account. As someone who is newly married, I know how hard it can be to consolidate your joint finances, so I have come up with a few tips to help you if you are just moved in. These are by no means set in stone but they have worked for us so might just work for you too.
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Pay everything out of joint account- You might have this already set up for your mortgage- but make sure you put all your joint and single bills into it and use your personal account for just that- personal stuff like clothes and petrol- as these vary. If you can pay your bills from one place it makes it a whole lot easier to manage, rather than potentially negotiating three accounts at once.
Pay in more than you need- Work out a 50/50 split if you earn the same or a split that's propitiate to your wages, add this amount to your own bills and then put in that plus a little extra. Just in case you get an unexpected expense. And if not- you can use it as a buffer- all accounts should have a float in them so you don't accidently go over your limit.
Get a joint savings account- It can be tempting to dip into your own savings when you have overspent- however you may feel guilty in doing the same with a joint savings account- so it might prevent you from indulging so much when you don't have that as a backup.
Keep receipts- And check them off against your statement- that way you are not left wondering what the cash you got out was for and can clearly see what you spend most of your money on.
Have a separate account for shopping/food- Shopping varies a little so make sure there is a bit of a buffer in here too but try to stick to the same amount every month on groceries and food or this can spiral out of control. Budgeting will stop you from loading up the trolley with excess food.
Keep a file- For all your financial documents and divide it up for each outgoing. Put a sheet at the front that lists everything you pay for in a month. If you are struggling, it makes it clear what you can cut back on with once glance.
Separate your money up- On pay day make a list of things you are going to spend your disposable income on after you have transferred your money to your joint account. Petrol is a big one because it might look like you have lots left over- until you deduct it from your monthly spend. This way you know exactly what you have to play with for treats.
Think twice- About getting a take away or something for your house- do you really need it right now? If not then cook something from your fridge or freezer or don't buy that item on impulse- ask yourself if it's a want or a need.
Get regular updates- Many banks offer a mini statement in a text message each week so you can keep tabs on what you have in your joint account. If you don't have this potion- log in regularly so you know where you are financially.
Look for the best deals-If you have been with one of your suppliers for a while- you can search around for a different one if they are offering a cheaper tariff and make the switch.
tagged in Money