How We Organise Our Joint Finances as a Millennial Couple | More Hannah

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- Hey everyone, welcome back to my channel. Today, I wanted to talk about how me and my partner organise our joint finances, but also just to talk about money and finances in a relationship in general. Before we get into that, though, I teased this in my last video, but now I can tell you that there is going to be a sexy scribbles colouring book. This is a digital colouring book that includes all of the sexy scribbles from the last year plus a couple of bonus pages. So if you've been signed up to the newsletter for the last year, and you've received all of the sexy scribbles, the colouring in pages, then you will still get something new. If you've only got half of them then this is your chance to get the whole shebang. And if you've no idea what I'm talking about, hey, do you wants some chills, sex positive, body positive colouring and to do over the winter months? Well, do I have something for you. These are my pages that I've done over the years, all of my, oh my gosh, all of my beautiful colouring. I keep them all in this little folder. So it's a digital colouring book, and there are two ways that you can get your hands on it. The first way is by pre-ordering it, by purchasing it, there's a link in the description to my website where you can do this. It is six pounds, and there are 14 different colouring pages included. And it will be sent straight to your email, and you can download them to print or you can digitally colour them in, if you've got a tablet and a stylus. I said pre-order because it actually comes out on the fourth of December. But if you pre-order, you will get one page immediately sent to you and then the whole thing will come to you automatically on the fourth of December. So that is way number one to get it is by purchasing and pre-ordering it. Obviously after the fourth of December, it will still be available to purchase, and you can just purchase it and it'll go straight into your inbox. The second way to get your hands on it is to become a patron. So one of the perks that my patron community The Common Room have received over the last year is that even if they weren't subscribed to the newsletter, or they missed one, they would get access to all of the sexy scribbles. So patrons already have access to all of them. So if you sign up to become a patron by the 27th of November, then you just will get the entire ebook for free. The only place to get the two bonus pages is as part of the whole ebook. So you do have to be signed up by the 27th in order to get access to those. So there you have it. I've been working with the illustrator Maddie over the last year, and I kind of wanted to send off her sexy scribbles with a bang. And so we've managed to compile them all, get some bonus stuff, I've got little stories and thoughts about each page as well as part of the ebook. And yeah, I'm really proud of this little project that's happened over the last year and glad that we can like round it off in this way. And I hope that you enjoy colouring in and having a nice chill time. Okay, so money, relationships, joint finances. I just wanna preface this that there is no right or wrong way to do things. And you don't have to do things the way that me and Dan do it. Absolutely not. There is like different versions of structures of ways that you can manage your money within a relationship. This is just what we do, and it works for us. So we actually got a joint account when we moved in together. So this was before we were married, but we just thought it would be easy for both of us if there was a joint account where mortgage and bills and like food shops and everything that is just like for the house, for things that both of us use, it all comes out of one account. We both still have separate personal accounts. And whatever we choose to spend out of those personal accounts is our own business. So that is your personal money and we basically agree on how much each of us will put into the joint account each month. We need to obviously cover all of our expenses, but we don't always do a 50/50 split. So it kind of depends on who is earning more basically. We do it based off what each of us can afford, rather than always doing it 50/50. And even though we might not always be putting the same amount into the joint account, once it's there, everything in that account is both of ours, is split 50/50. It's not like oh, I own 70% of the money in this account. It's not like that at all. We just contribute different amounts, but everything that is in there is ours equally. So that's our general structure and it hasn't changed since getting married because obviously we had the joint account system already in place from when we moved in here. So yeah, we've been sharing a joint account and merging our finances for the last two years. And it's works pretty well so far. As you might already know, I love personal finance. I love talking about money, I love trying to like break the taboo and stigma around being open and honest about money, especially with the people close to you in your lives where it's important that you are able to talk about money, such as someone who you might be sharing the joint account with. So because I love it so much, I also love spreadsheets, I love colour coded spreadsheet, I love organising all these different things. I am very much the like, keeper of the finances. Obviously, we both have access to our own cards for the joint accounts, we both have access to all of that money, but I'm the one who kind of like, organises it. I'm the one who knows how much our bills are every month, I know what our yearly expenses are as well, things that might come up once a year or twice a year. So I do all of the calculating, I do all of the tracking of our spending. I'm the one who's like, oh, this thing, this, oh maybe we need to like spend a bit less over here or like, okay, we've got a new mortgage, that means that we need to put more money in the joint account, how much can you afford? Oh, my God, we've got this massive bill that I didn't even foresee, can we please put some more money in the joint account? That's always me. I am the organist one of the finances. And luckily, Dan just trusts me. I do talk him through it. I don't think there's any problem at all, if one of you manages the finances, as long as both of you have access to it, and there is clear, clear communication. Because abuse comes in many different forms, and one of them can be financial, and you want to always make sure that you know what is happening with your money. So we both have access to the account, we both can see everything that's happening. And anytime I am doing like an overhaul or like something changes in terms of our bills, or our mortgage, or our income, whatever it is that changes, I will take stock and have a look at everything, I will kind of like come up with my own ideas of what we could do or what we might need to do. And then we will sit down together and talk about it. And then I will do all of the filling out in the spreadsheet and getting very excited about numbers and things. So yeah, I don't think there's anything wrong if like one person is just like, I love doing this, this will be my household chore, I will do this thing, as long as you're really communicating. And the big decisions that are being made are run by everybody. So I'm not the decision maker when it comes to the money, I'm just like the monitor, I'm the one who spots the trends, see what's happening. Speaking of trends, because I've been tracking our finances for the last two years, I have been able to see the difference in our spending from 2019 to this year with the global pandemic and how that has changed. And we have dramatically increased our food bill. How is this like, what is going on? Like we're not eating out, we might be getting more takeaways. But like our actual groceries, like food shop bill was so much more. And I was like what is happening here? And then it clicked with us, we were like, oh, of course. Because last year, we would both eat lunch separately, because Dan would be at work and I would be doing my own thing, so we would both pay for our own lunches on our personal accounts. And then we would only spend money on the joint account on food for meals that we had together at home. And that might not have even been every night of the week, because we might be off doing separate things with friends or whatever and so we're eating out separately. Whereas this year, with both of us working from home most of the time, we have got seven evening meals a week that we're eating together, and then also seven lunches that we're eating at home together. So yeah, the amount of food that we're actually eating through the joint account has increased. However, it's not that we're actually spending more on food because obviously we're spending less through our personal accounts. But that was something that I was able to notice, because I've been tracking all of our money. So yes, let's talk through how I organise our finances through our wonderful, wonderful spreadsheet. Now, I have basically adapted spreadsheets from like Patricia Brye, and from One Big Happy Life. I've like used their like budget planning yearly spreadsheets, and then like kind of adopted it and made it work for me. So this is what it looks like, this is an empty one. And so the top line is for income. So this is what I put in the joint account, what Dan puts in the joint account, and then other. And other might be like money from birthday presents, or like literally other literally could be anything else where there's some money that's come in. And then we have this whole section for savings. So obviously this year, we were saving up for our wedding and our honeymoon, which because of COVID we have had to change kind of both of those things, but we still obviously had to save for them. And then we have an emergency fund, which is pretty new for us, we're like starting to create a joint emergency fund. We both have our separate personal emergency funds, which is very important. And then boring stuff, boring stuff basically, what I did, we kept on getting caught out by those bills that aren't monthly, we just kept forgetting to factor them in to what we were spending every month, 'cause they would come once a year, or they would come twice a year. And so what I did is I got everything, I was like, these are all of the things that we pay for not on a monthly basis on like less frequently than monthly, and I added it all up and then I divided it by 12. And so then the amount that that came to, we now put in a separate savings part that is just boring stuff. Basically just monthly bills, but I just make sure it gets put aside every month so that when those bills come along, it's like, haha, we have the money, we did it. So that's actually something that we've only just started, because of months of getting caught out and just being like fuck we don't have enough money in the joint account. And so fingers crossed that works, hopefully. I love implementing new systems. So that savings there isn't just like what we did put into the joint account. Some of those savings ones like the wedding and the honeymoon also have a goal attached to them. So what I would do is I would like start at the end, being like, okay, this is the goal, this is how much we need, and then work backwards from there to figure out how much money we have to put in the account each month. So that savings line isn't really tracking that savings line is like, this is what you're obliged to put away, like this is what we need to put away. And then we have expenses. Now you're like what the hell is this average 2019 actual 2020. This is, again, how I've adapted it myself, and how it works for me. So my spreadsheet isn't really a budget planer, maybe a little bit in terms of the big things that we might have to save for, but ultimately, it's a spending tracker. That's kind of like how it functions more. So I tracked our spending for the entirety of 2019. I didn't do any budget planning, I just tracked our spending. So I have this whole year of how we spend our money. And so I obviously have an average of what we've spent every month. And so when I was doing our budget planning for 2020, I used 2019's average, to kind of fill out the spreadsheet and see what we needed to put in in order for everything to balance out with the wedding and the honeymoon savings, so that we weren't going into negatives. But then as the year has gone on, obviously I've been able to replace the average amount that's in that box with actually what we spent that month. And then as you can see, there's like that second line for wedding, honeymoon slash remortgage. And these are all just like big things that happened in 2020. So I'm not including them in our average monthly spending, like what we spend on food, what we spend on our pets, what shopping do we do, what do we spend on like Netflix and Spotify and like all of those kinds of things. So anytime we made a big wedding payment or honeymoon payment, or like solicitors fees for the remortgage, that kind of like went in a separate line, because that to me doesn't really need to be included in the average of our monthly spending this year. And then there's another page in my spreadsheet, which is actually where I track all of our spending for every month, like what we actually spent in all of these different categories, so I can then work out the average for each one as we move through the year. I was actually showing this spreadsheet to one of my friends and she was just like, "Mustard, how are you spending?" I can't remember what we were spending on average, but let's say it's like 50 quid, right? She was just like, "How are you spending 50 quid a month "on mustard?" "I didn't realise that you guys loved mustard that much." And she thought that it was the condiment, that we loved the condiment mustard so much that we had a whole separate line in it in our budget. But no, mustard is our pet gecko, and so obviously we spend money on her. She needs to eat and she needs light, and she needs things in her vivarium. So we gotta buy that stuff. So y'all know, we do not love the condiment mustard that much. But we love our baby gecko Mustard a lot. So that's my spreadsheet. Do you love it? I love it. Do you have your own spreadsheets where you do your personal finances? I would love to hear. Is your system similar to mine? Is it different? Do you have any tips and tricks? Oh, always up for like system improvements. One of the other things I wanted to talk about was asking permission to buy things if you share a joint account. And obviously this will be different for every relationship, but I think it's always important to have a conversation about what can you buy without needing to get permission from the other person. And where is that line when you need to be like, "Oh, can I buy this on the joint account?" Like you need to have a mutual understanding of where that line is of like, "Oh yeah, of course." Like you just put that on the joint account, no need to ask. So like, for example, Jackbox six, seven, the new Jackbox, which is like a game and it's got loads of different party games in it, the new Jackbox pack came out recently. And that is something that Dan and I like often play together and have lots of fun times with. But Dan texted me just being like, "Can I put the new Jackbox game on our joint account?" And I was like, "Of course." So the new Jackbox game was like 24 pounds, which isn't even that much, but obviously, it's not something that we'd talked about getting, and I didn't even realise that it was out. And so Dan was like, "Can I buy this?" Sure. The other big change that has happened with us personally, is that we now own this flat together, we have a joint mortgage. Previously, I owned it, it was my mortgage, I did all of that. Obviously, Dan contributed towards the joint account, which paid the mortgage, but we recently remortgaged and we now own it all together. So yeah, joint mortgage. That almost feels like more significant to me than getting married, I don't know. They're both pretty significant. But oh, my goodness, applying for a mortgage with two of you as a joint mortgage, where one of you has a normal job and is on PAYE, what a breeze? Like, honestly, I mean, not a breeze, like it was still a lot of paperwork. But when I applied for the mortgage by myself, originally a few years ago, as a freelancer, they would not give me lots of money. And this time, they're just like, "Here have this massive mortgage, all fine with us." And I'm just like, "God, dammit." And we actually recently experienced our first like, financial marriage perk, which we weren't expecting. Dan recently renewed his car insurance, and for the first time put me as a named driver on it. And he was just like, "blah, blah, blah, my wife." My wife, fuck. And because he's now a married man, and not a single man, the price of his car insurance went whole way down, we were like, "Ah, you are now responsible." But yeah, Dan's car has actually another one, 'cause Dan got his car before we met, and he's been doing his car repayments on that. So that all comes out of his personal account, but because I benefit from him having a car, and we use it together for the things that we do together, things like the MOT, new tyres we have to get recently, all kinds of petrol and the insurance, that all comes out of the joint account. But the actual car repayments comes out of Dan's account. But I think he's only got like one payment left. And so now, it will be our car, will it? I don't know, legally, maybe. But yeah, so those are a few examples of how we manage our joint finances, and also a little look at my spreadsheet and how that all works. I hope that this has been interesting or useful, or you maybe took something away from it. If you only take one thing away from it, I just want it to be to communicate about money with your partner, with the people that you live with, with the people who you might be financially entangled with. Just that open communication is so so important. And I know people can feel a bit like embarrassed or ashamed especially when it comes to like income, and being honest about how much you earn, whether it's a lot or not very much. But if you can, it's so important to have that open dialogue and communication when it comes to your finances. So everybody knows what's up and what is happening. And it can also protect you if any of those relationships might break down. And just having a grip on your own personal finances and understanding what is what and how things work is so important. Thank you for watching, I hope you enjoy this video. Hope you love spreadsheets as much as me. If you don't, that's fine, we can still be friends. I hope you're doing well and don't forget to check out the sexy scribbles colouring book links to all of that stuff in the description. And I'll see you in my next video, bye.
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Channel: More Hannah
Views: 55,912
Rating: 4.9692202 out of 5
Keywords: hannah witton, hannah, witton, hannahwitton, personal finance, joint finance, how we organise our joint finances, organising personal finance, budgeting, finance, personal budget, income, budget spreadsheet, organisation, organising, marriage, marriage income, influencer income, mortage, london mortage, married budget, millennial finances, influencer, vlogger, millennial, money, millennial budget, one big happy life, 2020 budget, 2021 budget, budget planning, talk about money
Id: kuCsTVjavCE
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Length: 18min 44sec (1124 seconds)
Published: Thu Nov 12 2020
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