What is the most effective way to manage the finances across different bank accounts? - Seedly
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Kent Toh

Asked on 03 Dec 2019

What is the most effective way to manage the finances across different bank accounts?

I am still confused- for a newly-formed family, when do you want to have joint accounts? Or keep one main personal account? Or should you keep 1 personal & 1 household account? Or is 2 separate personal accounts a better option?


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Firstly, it is always about going back to the basics and to understand your personal cashflow. From there, we can assess the situation and see if any optimisation is required. Here is some information that you may find useful: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/

From there, decide if your partner and you are going to have split responsibility or shared responsbility.

Example 1: I pay for grocery while my partner pays for utility. In this way, it is okay to have personal account.

Example 2: We transfer 20% of our income into a joint account to pay for all household expenses.

Either way, communication is the most important todo thing with your partner. Have an open conversation where both of you share common goals and vision for the future. Since no two couples are the same, it really depends on how comfortable both of you are to discussing about personal finances.

By the way, this is how I plan my budget: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/

In like manner, every household is able to do the same when planning for household expenditure and future needs. And the most effective way is always to automate everything (details in the post).

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