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scmn | We have 5 checking accounts at the moment: 3 personal and 2 business (farm and retail business). We are both listed as owners and signers on each account. With the personal we each have our own and then the joint account; every pay check we each get xxx in out own account and balance to joint account where monthly payments are made ( mortgage, loans, cc, etc). There is no check register for the joint account and we each keep our own register for personal accounts and add xxx each payday.
With a single joint keeping register accurate is a pain so you end up looking a bank balance but have no idea of outstanding checks or payments the other has made; works ok if you keep a lot in the account, but with interest rates where keeping LOC low and account balance low saves a lot of interest. If personal account needs additional funds we talk, then transfer from joint acct or other personal acct. We find it makes us think before writing check if it is really needed or just a want if we have burned up our fund. | |
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Combining Finances
