How do you split your money?

5 comments

1. I do not share any accounts with my partner.

   I have one account for my debit card, one for my savings, one for bills, one buffer account for my dog and one for food (I transfer from this one to the debit account weekly).

   When I get paid I transfer a set amount to my bills account, my food account, my savings account and my dog’s account (for bigger expenses). In my bank it’s easy to create multiple accounts for different purposes. It helps me get a better overview of my spending/expenses.

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3. I have two savings account, one that was for teenager/young adult and that accrues more interest but has a much lower ceiling, that I reached a long time ago, one that is the most regular type of savings account in my country. I’d love to have an investment account as well eventually.

   I also have a day to day transaction account for my spending. I literally can’t use the money from my savings account without first transferring it to my day to day account, which is helpful, and I only keep on there my budget for the current month plus like 200 in case of emergency. I transfer whatever I want to save That month from my day to day account to my savings as soon as my pay check hits. That way it’s easier to see where I’m at with my budget throughout the month.

   I’m in a long term relationship but we do not live together, so no joint account. Once we do, I think it could be good to have a joint account that we would contribute fairly on the basis of our incomes for our shared expenses, but then keep our own accounts too

4. My current account is Starling which I manage on my phone. It lets me move money into different “spaces” within the account and I have automatic transfers set up so when I get paid each month it moves the necessary amounts into each space. So it moves enough to cover the mortgage, council tax, utility bills, insurance, internet and telly etc to a household space, some into a food space, some into a treats and social space etc. I have separate savings accounts.

5. My husband and I each have our own Checking and Savings and we have a joint checking and savings, so 6 accounts in all. I have no idea why because we have access to each others accounts. I should probably get rid of the joint accounts.