We also use separate bank accounts for budgeting. I like it, it keeps all the money separate, keeps fees down as the money is spread over accounts with several different banks (5 in all) taking advantage of their fee free thresholds (where applicable) or their high interest rates. Plus if there is ever a run on a bank (like on Northern Rock in England last year) we won't lose all our savings
We are both paid fortnightly into a joint bank account and this is how our money is distributed every payday:
$1000 to Mortgage,
$450 to a "Bills" account: covers childcare fees, home phone, 2 x mobiles, land rates, electricity, water, home/contents ins, Foxtel, internet, DH's work Social Club fees, DH's gym membership fee. This is an everyday account with an EFTPOS card attached but we don't use the card and all bills are either direct debited or I use internet banking to pay them so this is basically a fee free account.
$250 to a "Transport" account: covers petrol, services, tyres, comprehensive insurances, rego, CTP, E-Way Tags, etc for 2 cars. This is an everyday account with an EFTPOS card attached. We get unlimited free EFTPOS transactions a month, unlimited free ATM withdrawals from the Bank's ATM, 5 free ATM withdrawals a month from Other ATMs and no other account keeping fees if we keep within the Other ATM limits.
$50 to an "Emergency Fund" account. This is to cover sudden expenses like big appliance replacement or car insurance excess in the event of an at fault accident. This is a high interest bearing online savings account.
$50+ to "Specialty Savings" account. Currently we are saving for a new computer. This is a high interest bearing online savings account.
$50+ to a "Holiday" account. This is a high interest bearing online savings account.
$400 to "Grocery" account. This is everyday account in my name only. It has an EFTPOS card attached.
The remainder of our pay stays in our joint account to pay for entertainment, presents, DH's lunches, incidentals, etc.
Additionally, $690 a month
goes into a "School/Xmas" account. This is child support I receive for 2 children and covers their school expenses at a Catholic High School (fees, books, uniforms, camps, etc) and whatever is left in the account end of November goes towards Xmas. This is an online high interest savings account.
I am pretty hopeless at tracking expenses so the keeping all money in one account and separating/recording on a spreadsheet doesn't work for me (and yes I have tried it)
This is what works best for us.
This post has been edited by shadon: 03/01/2008, 09:36 AM