Week 6, Question 2

Following on from the eye-opening look at our money personalities the other day, Matt and I have been talking about our financial goals. Shock horror!

Now Matt’s signed up for his employer’s retirement savings scheme we’re actually thinking further ahead than next week for a change.

On Sorted it says one of our goals should be to increase our net worth over time.

Well, house prices seem to keep rising and as our mortgage gets paid we’ll have more and more equity. So that’s one way.

But another idea might be to leverage off the equity in our house and buy another property as an investment (no, not right now, we’re talking long-term!).

You always hear about people doing this – why not us?

Oh – thanks for all your votes on the bank account question. We’re going to open separate accounts for each of us, but also follow Martin Hawes’ advice and keep our joint account for things like the mortgage.

Steph

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

Week 6, Question 1

I’m a Money Surgeon and Matt’s a Money Maestro!

Well, that’s what the money personality profiler on Sorted said anyway.

I like “order, stability, clear systems and being in charge”, while dear Matt likes the good things in life and is prone to “bursts of extravagant expenditure”.

Couldn’t have put it better myself!

I’ve often thought that we had very different ideas about money and this just confirms it.

We’ve had a joint account since we got married. Which has led to a few arguments over the years about where our money’s going.

But now I’m wondering if we should have our own accounts again – maybe with some “pocket money” for each of us to do with what we want. So I can buy my magazines and make-up without feeling guilty. And Matt can buy the odd CD or nice bottle of wine.

Worth a try? What do the rest of you do with your finances?

Steph