Working with one account

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DWAAS

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Trying to streamline our finances (something I've neglected). In one area I'm in the process of closing my cheque acc. but first switching debit orders over to wife's acc. My salary will obviously also go in there with hers.

When done with this I'll close my acc. and save some unnecessary fees and get better control of things. We'll also apply for a higher overdraft facility equal to what we both have together at present.

Any of you doing this?
 
Please keep the threat open and let us know hoe its going, would also like to do the same. Just ine question would you not like to keep your debit order rather in one account to ensure no unnecessary debit orders go off. What you put in that acc will only deducted.
 
Dalaw89 said:
Please keep the threat open and let us know hoe its going, would also like to do the same. Just ine question would you not like to keep your debit order rather in one account to ensure no unnecessary debit orders go off. What you put in that acc will only deducted.
Click to expand...

This is missing the whole purpose. Why would any "unnecessary" debt orders go off?
 
I don't think it's a good idea to cancel your account and do everything on your wife's account.

How would you maintain a good credit record? (or are you avoiding the ...)

I figure most banks would have this, at SBSA you can get 2 cheque accounts and your wife pay less for her account, the 2 accounts get linked, and in my case I gave her a cheque card that's linked to my account if she want to buy groceries etc.
This way both have everything, (including credit record) and easy to manage.
 
I do the following and it works perferctly for us:

I have a Cheque Account (sallary goes in here) & Credit Card with FNB. My wife only has a Cheque Account (sallary goes in here) with FNB. Only her cellphone debit order is going off her account and I basically sweep / transfer the remaning balance to my Cheque Account.

She then has a linked Credit Card to my account for all swipes and therefore all other expenses / transfers are managed through my accounts.

She still has 2 accounts with Edgars and Woolworths which is paid monthly to maintain her credit record.

It works for us and all e-bucks are earned on my accounts which is a real bonus!
 
gfmalan said:
I don't think it's a good idea to cancel your account and do everything on your wife's account.

How would you maintain a good credit record? (or are you avoiding the ...)

I figure most banks would have this, at SBSA you can get 2 cheque accounts and your wife pay less for her account, the 2 accounts get linked, and in my case I gave her a cheque card that's linked to my account if she want to buy groceries etc.
This way both have everything, (including credit record) and easy to manage.
Click to expand...

Hahaha good respond in brackets there. No, both my wife and myself have an excellent record with the bank. No problem there and no we will not be divorcing at any stage either. The possibility of that is zero (spoken like a boss).

It's just easier to manage in one account + cheaper. We also have 3 credit card accounts of which we'll be closing 2. Not sure about the revolving credit account though, it's costing me R106 to keep open yet it's a nice to have in case of emergency.
 
hermansteyn said:
I do the following and it works perferctly for us:

I have a Cheque Account (sallary goes in here) & Credit Card with FNB. My wife only has a Cheque Account (sallary goes in here) with FNB. Only her cellphone debit order is going off her account and I basically sweep / transfer the remaning balance to my Cheque Account.

She then has a linked Credit Card to my account for all swipes and therefore all other expenses / transfers are managed through my accounts.

She still has 2 accounts with Edgars and Woolworths which is paid monthly to maintain her credit record.

It works for us and all e-bucks are earned on my accounts which is a real bonus!
Click to expand...

We do the same as above.

R106 to keep a revolving loan open. Mine with FNB is free, only pay for it if i use it.
 
DWAAS said:
Hahaha good respond in brackets there. No, both my wife and myself have an excellent record with the bank. No problem there and no we will not be divorcing at any stage either. The possibility of that is zero (spoken like a boss).

It's just easier to manage in one account + cheaper. We also have 3 credit card accounts of which we'll be closing 2. Not sure about the revolving credit account though, it's costing me R106 to keep open yet it's a nice to have in case of emergency.
Click to expand...

It's not nice to think of, but when one of you dies, it will be useful to have 2 accounts. That way the surviving spouse doesn't get stuck with all of the money in a frozen account.
 
cr@zydude said:
It's not nice to think of, but when one of you dies, it will be useful to have 2 accounts. That way the surviving spouse doesn't get stuck with all of the money in a frozen account.
Click to expand...

You are so right I totally forgot about this little fact :o

Suppose I could open a normal savings account just for salary and link it on int.banking with her cheque acc. Then do a transfer at the end of the month
 
Does anyone know what it will cost to take a property out of a trust and put in the names of me and my spouse?
 
Not really for tax, because it changed so much in the last few years, but I have a mission to have a roof over my head and transport in a trust, (paid off).

Then it's for two things, if something goes wrong in my life, i can loose everything, but Ill always have a roof over my head and a small car to restart from scratch,

When I die, its easier for the people that stay behind to always have that security.

I just write in my will that they must become trustees, because its a separate entity.

Yes there are accounting fees to have a trust, and no tax benifits anymore, but its a separate entity.

We've lost 2 family members, and it just seems like a hell of a mission to get things on the remaining people's names.

Should I ask to get a better answer regarding the fees? PM me the value of the property, then Ill ask my connection for the exact fee
 
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gfmalan said:
Not really for tax, because it changed so much in the last few years, but I have a mission to have a roof over my head and transport in a trust, (paid off).

Then it's for two things, if something goes wrong in my life, i can loose everything, but Ill always have a roof over my head and a small car to restart from scratch,

When I die, its easier for the people that stay behind to always have that security.

I just write in my will that they must become trustees, because its a separate entity.

Yes there are accounting fees to have a trust, and no tax benifits anymore, but its a separate entity.

We've lost 2 family members, and it just seems like a hell of a mission to get things on the remaining people's names.

Should I ask to get a better answer regarding the fees? PM me the value of the property, then Ill ask my connection for the exact fee
Click to expand...

Never thought of it like this.

This is an eye opener, so with the trust under what circumstances can they take the house from you?
 
Just remember in the event of your wife's untimely death her bank account is frozen, and you will have not access to the funds. Rather keep your own account, that your salary is paid into get a savings account for that if you want to minimize bank fees.
 
They can never take the assets of the trust if it is paid off, unless you used it as surity in another deal.

My idea was to buy a 2 bedroom flat next to the sea, and a very small car todo shopping etc. put in into a Malan Trust, and then no matter what happen in my life, I always have this backup plan.

When I die the trust can go on, and my family always have a holiday home at the coast.

It would be a super great idea to setup a small business that generate re-occuring income, that fund the trust (you know one of the cloud ideas),with that you pay maintenance and levies etc.
 
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