Hi Snoop gang,
We’ve written a piece on tips and tricks to make the most of your money if you’re in a couple (look out for it in your Snoop feed this weekend).
But we’d love to know how you approach managing your finances with your partner. Do you have shared or separate accounts? Do you regularly set aside time to talk money together or deal with things as they come up?
Share your tips of what works for you that might benefit other Snoopers.
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We’ve always had a joint account and paid both our wages into it - and that account is there to cover all the essentials. We pay each other an allowance each month from that account as our own private money for treats, presents, anything that’s for ourselves. We’ve always found that works well as we both like to have our own money for the things we want. We both use Snoop - and connect our own account and the joint account (and credit card) to it. This is really helpful as it gives a complete picture - family money and our own money.
We tend to split money jobs. One of us does insurance, one does the mortgage. There’s no logic to it - just how we did it years ago. I haven’t organised a car insurance policy for years, but I will sort our energy provider!
We do talk about money - it’s not a favourite subject but to try and make sure we’re clued up where we need to be. Tax allowances, ISAs and things like that. From our point of view, talking definitely helps.
We both tend to get our bank statements on the same day each month, so we’ll usually spend 15 minutes checking them together, looking at our overall net position, discussing any big outgoings on the statements and what might be going out next month. Just those 15 mins gives us piece of mind that we know roughly things are all in order!
My husband has always been rubbish with money, constantly getting into debt and using payday loans before we were together…! I paid off his debts before he moved in, sorted out his overdraft issues, and he said it was a relief to have me to deal with all things money related! So, from the very beginning, we’ve had a joint account for all income and outgoings, plus a joint savings account, we both have our own account (but I never use mine) and he gets “pocket money” into his every month, although I just use the joint account. I habe a very analytical mind and I used to write bids for grants, manage huge budgets, analyse spending, and create reports, when I worked…
We have an account for all bills etc. I’ve a spreadsheet with monthly values for all (yearly bills tuck away 1/12 etc) This doesn’t get touched.
We have another account to cover things like food, consumables etc. Once it’s gone, tough wait til next month.
We then each have our own account which we allocate a nominal amount to to blow as we please.
Anything left gets tucked into savings.
@meedavid sounds a brilliant approach. It’s the ‘Once it’s gone, tough wait til next month’ part my household needs to work on! Despite me trying every month to reinforce that
try taking out that weeks money as cash. Definitely makes you think twice when spending.
Do you know what, I tried that. But it was worse as when it had gone by the Tuesday of that week I couldn’t work out what they’d spent it on as I couldn’t track it in Snoop!
Ah no. They get a daily allowance to do with as they want. You keep the rest.
See, I tell you all that and then you go and do an article on kakeibo, which I’d never heard of, but is basically what I do. The universe is spooky
Amazing! Would love to hear how you use the app + your budgeting technique in more detail!
We always integrated our finances to simplify and maximise financial control, spending power and tax efficiency. Also helps prevent financial meltdown if one partner falls ill, or under a bus.
We herd all income into a joint account packaged with travel/breakdown/phone insurance for both of us. This only pays out to our (interest bearing) joint account which pays all standing orders/direct debits including four (joint) credit cards for Groceries, Car costs, House maintenance, and Luxuries. Any surplus is hived off to a (joint) deposit account with 3 months cash reserve. The residue of a house sale resides in another joint deposit account so we can collect up to £2k in interest pa., free of tax, whilst the rest is gradually invested.
We each have small online sole accounts for personal expenditure, but otherwise all bank accounts and credit cards are joint. Transparent, no nasty surprises, (almost) no arguments.
Caveat: takes a while to set up and stabilise one account at a time but I generally introduce my wife as ‘my tax shelter’. Thought everyone did this …
Joint Santander current account (everything goes into and out of it) with associated credit cards and sub-accounts. Individual ISA stocks and shares accounts for savings/investments (with Hargreaves Lansdowne). I am the banker/accountant (and also tech person) in the partnership. Husband also has own personal bank account for “personal” finances eg money left to him from his Mum’s estate when she died.
Hi Snoop developers, can you please make an option to join two snoop users in order to see a total household spending of the month?
That would be fantastic. Please.
I got a divorce which has saved me thousands.
This will greatly help us couples. We manage to do some together but snoop won’t hold two Lloyds account. Don’t know how that works
I wish this was available to merge our separate snoop accounts
Hi @Acqui - we totally understand your point.
Right now we can only support one connection per bank from your snoop account. That single connection will be setup by your bank to include all of those accounts together.
Unfortunately if you have more than one set of log-on credentials with your bank (for example a single and joint account, or 2 singles - one for you and one for your partner) and it’s not possible to select all these accounts in one go, we can’t currently support this. We are looking at ways to improve this in future though as we can see the benefit this will bring.