Pots of money?

Hi guys

Here's an interesting spin from Martin Hawes on that joint vs separate bank accounts issue:

Steph

This is a really hard one - it depends on a lot of personal issues. Separate bank accounts can make money management more difficult and there is also the issue of what happens when one of you runs out of money!! This can mean that things like the mortgage cannot be paid.

One thing that you could think about is having three pots - i.e. his, yours and ours. This would mean that you would pay joint expenses (like mortgage and groceries etc) out of one account but you would each have a separate account for your own personal stuff (clothes etc).

You still have the problem of what happens when one of you is broke, but at least you both know that the important stuff will be paid. It also means that one is protected from the profligate ways of the other. A lot of people use three pots because it maintains a sense of togetherness and partnership, while still giving some independence and protection.

Martin

Some good advice there - didn't really think about doing both. Interesting thought!

Keep those votes and comments coming.

Steph