I found this thread while searching for a recommended way for split parents to manage shared child expenses. We have a shared bank account for our childs expenses, but we run into the problem of rarely having enough funds there, so in-the-moment transfers are then called for and inconvenient. We do not have a shared credit card for child expenses, but individually have rewards credit cards we like to use. We are both bad with accounting and I am just starting to work through getting Tiller to automate my financial life with rental properties, amazon transactions for various purposes, and our shared child expenses. It sounds like the new “Split Transaction Workflow” might be the way for us to manage shared child expense. Please recommend the best scenario for two split parents to manage such a situation. We are happy to make changes as far as bank accounts, credit cards, etc, but looking for a way for the accounting inept to make this as easy as possible. It I should just post a new topic for this, I can do that. Thanks!
Hi @kaizengrit,
I think this is really going to depend on how the transactions are flowing in and the logistics.
In a scenario where you’re using the shared account does that transaction need to split?
If it’s on a personal credit card does that transaction need to be split?
Basically, what types of transactions and from which accounts do you actually need to split them?
The Split Transactions workflow in the Tiller Money Feeds add-on will let you split any transaction in your Transactions sheet, so I think the question is just what types of transactions need splitting and when.
Is the goal to figure out how much you (or the other parent) owes the other each month?
I am also looking for a way to track a joint co-parenting account. In my case, my ex and I still have a joint checking account that we use for child expenses. I’d like to track it in Tiller, but not add the full amount to my balances. Is this possible? Would it work best to create a second spreadsheet in the Tiller Console and track it separately?
I also have some kid expenses that are half reimbursable (joint expenses that I couldn’t use the joint account to pay) so I’ve created a category so I can at least easily find those to transfer to another spreadsheet we’re using to settle up quarterly.
It would be interesting to see some good tools developed specifically for divorced/separated parents although I suppose some of the same tools could be useful for other scenarios with shared expenses (for example, roommates, couples with a joint account for shared expenses, sharing expenses with a kid in college, etc.). My shared-expense scenario will stretch out for many years.
welcome @colette.phs
If you don’t want to see the balance of the shared account showing on your Balances sheet you can just mark it as “hide” on the Accounts sheet.
This help guide is for Google sheets but the basics apply to Excel as well except the Accounts sheet is not hidden in the Excel version of the template
Or a totally separate spreadsheet also works. It just depends on whether you need to see your part of the expenses in your day to day budget as well. If you do (I’m guessing yes) then you probably want it all in one sheet.
In which case it probably makes sense to use the Split Transaction tool in the Tiller Money Feeds add-on for Google Sheets.
You could use the Saved Splits feature and rather than putting a specific dollar amount, just put in 50% and use the saved split on all your transactions and have one category be “My child expense” and then “their child expense” (for the side that will get reimbursed). Then only your side is showing up in your budget/actual expenses. Or something along those lines.
Hopefully that makes sense!
Sorry this reply took forever. I had to finish a rental project, then have now been forced to learn Tiller better in order to do my multi-business taxes for 2022. I now understand it a great deal more, have accomplished my tax organization goals with it, learned some features, and now ready to tackle this split parent expense tracking thing.
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I realize now that I was barking up the wrong tree with Transaction Splitting. I have used that to great effect when I have receipts with two categories (i.e. real estate and personal etc).
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Yes, we are just looking for a way to figure out what the other owes. Here are the in’s and out’s:
-We have an ongoing friendly relationship with more than a reasonable amount of financial trust.
-We have a shared bank account for our child expenses, as previously mentioned, that isn’t often a great way to manage the situation.
-We both use personal rewards credit cards for split cost transactions often for the rewards benefit. I don’t think I’d be comfortable sharing credit with a single child expense rewards card, but that is still on the table.
-A major problem I’ve had in the past is taking notes for a transaction that just happened that won’t show up in my e-transactions on the Tiller sheet for days. My solution was to create a workflow with my iPhone for capturing receipts and and filing them in iCloud folders to reconcile later. I realize that I could use that or maybe even just make a note in the tiller sheet for later deletion upon reconcile. I’d love a recommendation to easily track the case-by-case transactions easily later for who paid, then how to auto-tally these things
-The other parent doesn’t have Tiller or access to mine. I prefer no access.
-We have transactions as such:
-purchased with the debit card on the shared child expense account
-purchased with splitting at the time of transaction, 50/50 to each others rewards cards
-purchased by one or the other with rewards card, need 50% to be reimbursed by the other later
-occasional transactions not child related that we split, and sometimes not 50/50 (itemizing a huge Costo purchase as example)
So far I attempted to make categories for the above scenarios, but these this approach or just my attempt at it hasn’t “clicked” yet in my brain or is simple enough to use.
Any helpful input would be great! Thanks!
Hi @kaizengrit I agree that splits wouldn’t quite work here since the use case for splitting a transaction is for when a single purchase can be split into multiple categories.
Have you utilized a note column in your Transactions sheet or tags?
I think your best bet would be to use Categories, Tags, and/or a Note on the transaction then review on a regular basis (maybe monthly) with the other parent. That way you can notate what needs to be reimbursed x amount, you can review the data in your sheet by those specific accounts (the shared debit card and the rewards credit card), or better yet you can have a spreadsheet dedicated entirely to purchases only from these cards. Then the Categories, Tags, or Notes can help you organize everything.
An example:
Category: Child’s name
Tag: Type of thing child needed (clothes, food, sport, school cost, etc.)
Note: spouse paid me on March 30.
Then when you need to see all of this in one place you’ll just filter your sheet to only show transactions with Category: Child’s name.