If two people are using the same checking account, how can I keep track of spending?

Question

My husband and I are trying to create a budget, however, we share a checking account that we use for everything....bills, daily spending, etc. I'm just afraid that my husband will not be able to keep track of all his spending on the account and I will never be able to figure out a budget.

If anyone has had any experience with budgeting and joint checking accounts, your advice will be greatly appreciated! Thanks!

Answer 1

I use budgeting software.  I have an Excel spreadsheet from Pear Budget (now costs $3/month, but they still offer the Excel spreadsheet for free download).  Google Docs also has a "Shared Expenses" template, and others (some very nice ones too).  There are also a lot of budgeting programs around that you can purchase.

The most important thing is to COMMUNICATE with your husband.  Money is a serious issue, especially these days, and it can be difficult to talk about.  You need to discuss this with your husband so he can hear your concerns and goals, and you can hear his.

Answer 2

Use online banking it shows daily spending and you can go over it with your husband and work together at keeping your spending down and your savings up.

Good luck

Answer 3

Does your bank have internet banking options? If they do then this can help. Check it every 2-3 days and any checks that clear, debitcard spending, will show up, then you can keep a schedule in Excell of each purchase and give it a category: gas grocery, etc. At the end of the month, total each category.

Answer 4

He needs to make sure he enters every check and debit he makes into the register. If you have online banking access, check your account every single day in case something was left off. Tell him he needs to keep ALL receipts when he uses a checkcard -- otherwise, you'll have NO idea what the total was if he just writes down "lunch at the Bar & Grill".

If he can't be responsible enough to keep track of the checks he writes or debit purchases he makes, I seriously think you should get separate accounts.