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Old 05-29-08, 04:03 PM   #1
devildogmech
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Debit Cards....

Hey all,

My wife and I are running into trouble with of all things the DEBIT card! This stems from my wifes complete inability to actually put things in the checkbook

How do you all keep from overdrafting when there are two cards and only one check book?

I've sudgested a pre-pay VISA from the bank for her, but she refuses.... I've sudgested to pull out the budget in cash, put it in labeled envelopes and then not worry about the check book..... She wanted to kill me over that

Any ideas?

TIA
B
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Old 05-29-08, 04:13 PM   #2
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Separate checking accounts?
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Old 05-29-08, 04:17 PM   #3
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leave a cushion in the checking acct + check balance online daily. Oh also if you can get a wraparound 'overdraft' protection that pays overdrafts from savings w/ no fee... I had a bank that did that but they folded (I wonder why...) and current bank doesn't do that.
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Old 05-29-08, 04:45 PM   #4
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My wife and I keep our bank records in Quicken and update our records every few days. Any time either of us uses a debit card, we save the receipt and use that to enter into the computer. I find this works pretty well. It just requires a bit of discipline to make sure you update your records regularly.
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Old 05-29-08, 04:49 PM   #5
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Electrified debit card. Shocks the user every time it's used, and the shocks get stronger as funds decrease.
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Old 05-29-08, 04:51 PM   #6
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you said she's opposed to the prepay card for her, what about a prepaid card for you?

then when the checking account is overdrafted, it's on her.

i know, it doesn't really help solve the problem, just sort of cement who's fault it is...but it could lead to something more helpful, like her using the prepaid card, or seperate accounts, etc...
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Old 05-29-08, 05:03 PM   #7
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See.... She know's its her fault..... ARGH!!!!! We have to come up with something...... I'm going to look into the pre-pay for her....
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Old 05-29-08, 05:12 PM   #8
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Separate checking accounts?


This was the solution in my household.
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Old 05-29-08, 05:13 PM   #9
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separate check books works great for me.
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Old 05-29-08, 05:15 PM   #10
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have one account for her for the debit card. She can check it (no pun intended) online daily.
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Old 05-29-08, 05:45 PM   #11
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Quote:
Originally Posted by devildogmech View Post
Hey all,

My wife and I are running into trouble with of all things the DEBIT card! This stems from my wifes complete inability to actually put things in the checkbook

How do you all keep from overdrafting when there are two cards and only one check book?

I've sudgested a pre-pay VISA from the bank for her, but she refuses.... I've sudgested to pull out the budget in cash, put it in labeled envelopes and then not worry about the check book..... She wanted to kill me over that

Any ideas?
My wife is a bookkeeper, but I NEVER enter expenditures in checkbooks or elsewhere. We have never had problems. Here are a couple options:

1) You both need to have a sense for how much you have and how much is spent. Stay disciplined, and if there are any deviations from what is expected, you inform each other. This is the method my wife and I use.

2) For undisciplined people, a separate account where the budgeted amount is automatically deposited is a better way to go. She withdraws cash from the account when she needs it.
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Old 05-29-08, 06:08 PM   #12
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Do have a regular credit card you can use? It's much safer. Seriously. As long as you're in good standing with your CC company, they'll usually bend over backwards for you to take care of any problems (i.e. fradulent charges or lost card). A debit card is a direct line to your money and while the bank says they'll replace any $$$ lost due to fradulent charges, they'll usually give you hell first (i.e. accusing you of being the thief).
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Old 05-29-08, 06:09 PM   #13
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How do you all keep from overdrafting when there are two cards and only one check book?
Don't use checks, maybe? Do everything online and/or with the debit cards.
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Old 05-29-08, 06:25 PM   #14
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1) You both need to have a sense for how much you have and how much is spent. Stay disciplined, and if there are any deviations from what is expected, you inform each other. This is the method my wife and I use.
That's never worked for me, so I always HAVE to use a checkbook. For some reason, it totally baffles me how people can keep a running tally in their heads. Most of the time when I try to do this, I'll forget that I wrote out a check (I rarely write checks) or that I transferred money to savings, etc.

I think separate checking accounts would be the only solution to this.
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Old 05-29-08, 07:07 PM   #15
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is the trouble that she just spends and spends and spends and spends......until you run out of cash. or just that she doesnt write it down which makes keeping the books difficult?

if the cash is not an easy then just use a credit card. we both do for pretty much everything from groceries to gas to coffee. obviously, if one of us wants to drop $500 bones on this and that we check with each other first.

later.
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Old 05-29-08, 07:14 PM   #16
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I like the separate account idea too.
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Old 05-29-08, 07:50 PM   #17
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When I got married to Mr. East Hill, one of the burning questions virtually everyone asked was:

"Do you have a joint checking account set up yet? You'll need a joint checking account..."

I explained patiently that I had no intention of having a joint account. Mr. East Hill has his money, and I have mine. If we want to get something that costs more than a couple hundred bucks we let each other know.

He keeps his balanced, I keep mine balanced.

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Old 05-30-08, 12:23 PM   #18
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I can't imagine having separate accounts with my wife!

We are in constant communication about our finances and are equally involved. We budget every week and leave cushions in there.

My wife was a huge spender, she isn't any more. There are never any surprises to account for or we discuss it first.
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Old 05-30-08, 12:39 PM   #19
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Never had a problem, but I know how much I and my wife are spending and check on a daily (maybe every other day) basis how much is in the account. Quick advice is to have a cushion 2-4 x what you have when you have had an overdraft. Also, as Sonata said, be in communication about the finances. My wife and I talk whenever we spend over $100, be it on clothes, pet supplies, etc.
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Old 05-30-08, 12:43 PM   #20
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Separate checking accounts?
FTW!

The Girl and I have 3 accounts: Hers, mine, and bill payments. We have them linked so that we can both transfer money INTO each other's personal accounts but not draw any out. We can both put money into the joint account for bill payments, but there's no debit card for it: Checks only, and we both have to sign them.
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Old 05-30-08, 12:59 PM   #21
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We have one joint acct to accept all income and pay all bills and disperse to savings and then separate indiv accts that our monthly allowances go into (and pay for bike parts out of).
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Old 05-30-08, 01:23 PM   #22
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I've used mint.com for checking all my accounts all at one time online. Highly recommend it (It's Free). Simple way of consolidating all of your account balences and purchases. It even catagorizes purchases, which helps for budgeting purposes.

I would go the route of an additional checking account for her with the same bank as your current account. Makes for simple account transfers.
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Old 05-30-08, 07:47 PM   #23
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That's a tough one. Try posting a sheet of paper on the fridge or kitchen bulletin board. Write your starting balance on it and then deduct purchases (rounded to nearest dollar for easy calcualtions) and record the declining balance when you walk into the house at the end of the day. You won't overdraft that way and the amount of money you have (or don't have) will be easily evident.
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Old 05-30-08, 07:53 PM   #24
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cut debit card up. it is really humbling to cash a paycheck, and watch the pile of bills dwindle as spending increases.
i usually cash my paycheck in 10s and 20s so i start with a large pile of money, then it gets smaller...and i am sad when it is all gone.
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Old 05-31-08, 06:24 AM   #25
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Thanks for all the advice all.... Billy
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