Expense Tracking and Payment Management

Keeping track of spending related to your child can prove to be a tedious task for any parent, but this responsibility can prove to be twice as tedious (not to mention, complicated) for divorced or separated parents.  Even if you can say that your current relationship with your co-parent is amicable, disagreements surrounding money have a tendency to in incite conflict. This can be avoided if proper practices are enlisted by co-parents when it comes to tracking expenses and managing payments.  

Expense tracking and payment management are important elements maintain in order to promote a low-conflict relationship with your co-parent, though co-parents sometimes struggle to do so when using the same forms of expense tracking and payment management that they used before ending their relationship. In this situation, parents need a tool which keeps expense and payment-related information well organized and accurate. Also, finding an appropriate yet convenient way to manage payments will also prove to be a necessity. While personal money management tools exist, most are not tuned precisely to meet the needs of divorced or separated parents. Don't think that this kind of tool is far from reach because an expense tracking and payment management solution for co-parents certainly does exist through the tools offered within the Expense Log on OurFamilyWizard. For more than fifteen years, OFW has been helping families across the globe to better track expenses and manage payments using secure, user-friendly tools. While complex in the level of documentation and accounting provided, the OurFamilyWizard Expense Log is easy for any parent to use.

Accuracy and convenience are primary elements to each of the tools in the OurFamilyWizard Expense Log.  As you enter your basic details, OFW will do the math for you. Every expense is assigned a category which divides that expense based on the percentages of responsibility for each parent. The expense tracking tools in the OFW Expense Log go even further to let you view different expense totals such as what has been paid and what is still owed. Expense statuses will also help you to get a clear picture of which expenses have been address and which are still pending approval or reimbursement. 

Management of expenses and their related payments is un-convoluted on OurFamilyWizard, with your choice of payment method. Payments made outside of OFW, such as via cash or check, can be easily noted in the Expense Log. If you’re looking to simplify this even further, and more securely and accurately manage payments with your co-parent, OFWpay offers a convenient solution.

OFWpay facilitates payments between co-parents while also tracking all of the related payment details.  Co-parents register their separate banking information which is securely stored within their individual accounts. Since their OFW accounts are already linked, OFWpay will facilitate the transfer of funds from one parent’s account straight into the other.  This means that you will not need to share your personal banking details with your co-parent or need to document on your own when a payment was sent or received. Using OFWpay, simply select the expense(s) you wish to pay, select the account you wish to pay from, and submit your payment. When the transfer is complete, the Expense Log will update all related expenses and payment records to detail this reimbursement.

These expense tracking and payment management tools offered in the OurFamilyWizard Expense Log are just a few elements of a much larger account that offers more tools to help facilitate the management of all of the other important aspects of co-parenting and divorce communication. If you find yourself in a tough spot when it comes to managing expenses and tracking payments with your co-parent, why not take a step towards reducing conflict regarding co-parenting expenses and create an OurFamilyWizard account for your family today.