In our house, my husband & I each have a separate credit card, then we also have a joint card for gas and groceries and shared bank accounts. He also has a separate bank account where he stashes money for long-term savings.
- A budget that we more or less developed together about 5 years ago and adjust as our financial situation changes. We budget to a pretty granular level.
- A savings account to which we automatically transfer a set amount of money monthly, so no one has to remember, and those funds are there when we need them (this account is mostly for designated savings: new car, repairs, vacation, etc).
- A spreadsheet where I track my personal monthly spending and our groceries so I have an idea of what to expect when we get the bill for the grocery card. I update this most days.
- Quicken, where I download the statements for nearly all of our accounts (maybe time to connect them all?) and I categorize our transactions. I update this every other week, typically. Otherwise, I get way behind and become an ostrich.
- The NerdWallet app for keeping a casual eye on our balances between the formal update listed above. I’ve found this so handy for knowing that our spending isn’t (or is!) going way off the rails.
I’d love to hear how others do it!