Hi,
My ex and I are thinking of opening a joint chequing account for shared child expenses. I am really hoping this will work out great and reduce any discussions about who spent more than the other etc.
We have 3 kids - equal access and pay offset CS.
These are my thoughts - let me know of any advice
So it would be a chequing account and we each would have debit cards, online access, and online bill paying. Both names on the account, no overdraft. We would automatically put the same amount in each month, adjusting as needed.
Primarily it would be for shared CS covered expenses that has nothing to do specifically with one house such as clothing.
We would use it to pay for school trips, school supplies, clothing, kids cell phones, CS covered extracurricular, possibly bigger expenses such as braces and Section 7 extracurricular (though that would have to be contributed to in proportion to income)
We would not use it for entertainment, food, spending money (aka entertainment)
Every cheque, debit purchase, deposit etc would be texted immediately to the other and all receipts kept in case of dispute. Expenses over a certain amount ($100?) have to be 'preappoved' by contacting the other first.
I get along fairly well with my ex (all things considered...) but the issue of 'I spent money on this so now its your turn' BS is something we both feel is not working so we hope that this is the solution.
Also, as she is contributing equally I feel that the spending will be under control, though I have some reservations about that, but overall I don't think it will be a major problem.
I find that I only have about 2 receipts per week that I am tracking for shared expenses, so I don't think the account will be used that much.
Thoughts?
My ex and I are thinking of opening a joint chequing account for shared child expenses. I am really hoping this will work out great and reduce any discussions about who spent more than the other etc.
We have 3 kids - equal access and pay offset CS.
These are my thoughts - let me know of any advice
So it would be a chequing account and we each would have debit cards, online access, and online bill paying. Both names on the account, no overdraft. We would automatically put the same amount in each month, adjusting as needed.
Primarily it would be for shared CS covered expenses that has nothing to do specifically with one house such as clothing.
We would use it to pay for school trips, school supplies, clothing, kids cell phones, CS covered extracurricular, possibly bigger expenses such as braces and Section 7 extracurricular (though that would have to be contributed to in proportion to income)
We would not use it for entertainment, food, spending money (aka entertainment)
Every cheque, debit purchase, deposit etc would be texted immediately to the other and all receipts kept in case of dispute. Expenses over a certain amount ($100?) have to be 'preappoved' by contacting the other first.
I get along fairly well with my ex (all things considered...) but the issue of 'I spent money on this so now its your turn' BS is something we both feel is not working so we hope that this is the solution.
Also, as she is contributing equally I feel that the spending will be under control, though I have some reservations about that, but overall I don't think it will be a major problem.
I find that I only have about 2 receipts per week that I am tracking for shared expenses, so I don't think the account will be used that much.
Thoughts?
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