Linux apps like Quicken are badly needed 3378

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Similar to our model. About 10 years ago, myself and Mrs Mark, after multiple heated discussion about who should pay for what, came up with a slightly more complex but highly effective money management method.

We each have our own current account into which our pay is paid (you call them checking accounts in the US and Canada). We have a joint current account from which all of our household (joint & family) bills are paid. We each pay a fixed amount from our own current accounts into the joint account each month.

This works really well, but doesn't sort the credit card problem, however, this is resolved using almost exactly the same method. We each have a visa card, which is charged from ourowncurrent account at the end of each month and in full. We also have a shared joint visa card (one each), which is paid from our shared house current account, in full, each month.

The only possible area of confusion is that in making multiple purchases, sometimes a reconciliation and virement is required, but on the whole, this is rare.

If we need to check house accounts, we have only a credit card and current account statement to check, our own personal items don't hit it, and are accounted for alone.

I explained this to one couple who were also have some difficulties in resolving accounts, and they found it helpful, but I'm not aware of anyone else who uses the same method as we do.

Like you, we do not retain any credit card debt,howeverwe attempt to pay for everything on the credit cards each month, because we a) earn some interest on the current accounts (not much, but money is money), and we get "points" for using the credit cards, which convert to cash at the end of each year. The combined effect is additional income which can be quite substantial in a good year (lots of business travelling), or mediocre in a bad one, but isalwaysin our favour.

We also have our own savings accounts, as we've found that there's more incentive to have 'personal' savings than to have 'joint' savings... but perhaps we might have something joint at some point.

Anyway, I recommend the approach to any couple who have multiple incomes and want a fair method for spreading payments.

-- Mark Kent -- mark at ellandroad dot demon dot co dot uk The soul would have no rainbow had the eyes no tears.