Jul 19
Tip for sharing expenses with your significant other
One of the biggest issues facing couples today involves the use of money. In order to minimize money becoming an issue in your relationship you might consider one of these suggestions for dividing everyday expenses such as food, housing, utilities, and laundry:
- Share a bank account. Both of you deposit your paychecks into a shared bank account and pay your household bills out of it. While your incomes may not be the same at any given point in time this can be a good system for this day in age when job security is limited -- you may be earning more than your spouse today but find yourself unemployed tomorrow.
- 50-50 split. You agree to split any expenses related to your shared lives 50-50. In order to reduce the burden and annoyance of dividing every daily expense keep receipts for shared purchases and reconcile them every couple of months.
- Contributing in proportion to your income. If you earn 80% of your combined incomes you agree to pay 80% of your shared expenses.
Comment: How do you divide expenses in your relationship? Please let us know with a comment below.
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Comments
This has the potential to be a mine field! We split 50/50 and I've talked to those that have tried the proportion to your income method-with mixed results. In time of disagreements this is often thrown in their face! Best case scenarrio-have clearly established and mutual financial goals and things go a lot smoother.
My significant other and I keep our finances separate. We each have our own checkings, savings, debt, etc. It's just easier that way because we both have very different spending styles.
We have an informal proportional breakdown when it comes to rent and utilities. I make more now so I pay the biggest share of rent. I also pay three of the household bills and he pays one. This ends up breaking up about proportionally to our incomes over the course of the year and works out for us. When our incomes change, that breakdown of rent and bills will change as well.
We maintain almost-completely-sepe... finances. No joint bank account. Things for her are bought with her money, things for me with mine. I pay the rent, since it was my apartment first and my name on the lease. For purchases that really are for both of us, the rule has always been "whoever wants to control the decision pays the bill". It works for us, but I make no claims as to its viability for any other couple. :)
Everything is shared, bills and income. My wife does take care of the actual physical act of paying the bills. We're both fairly thrifty people, so that might make it easier.
On the other hand, we've been married 10 years and haven't integrated our CD collections.
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My daughter and I bought a house together. We are supposed to be sharing expenses, but at the end of the month, it seems like I am using my entire earnings to pay the lion's share of the house payment and nearly ALL the bills.
We have a noncontributing member of the household as well. My son, her brother, who is trying to get back on his feet after a devastating financial disaster in his life, is not working presently, and is recovering from an injury due to a car accident.
She seems to have money for extras, while I am struggling to pay the bills. I drive a truck, so I am not at home more than 4 or 5 days out of the month. Meaning, I'm not using the house, the utilities, etc.
How are we going to work this out? I do make more money than she does, but I'd like to be able to have some discretionary money too. I'd like to put some money in savings, and put some back for retirement. It's getting closer every day!
Firstly, you should have agreed on how much the both of you would contribute before the house was bought, so none of this would be a problem now if all of you followed that agreement.
Your children are old enough to make money and they should start to move out. You are being overly protective by keep them with you. Of course, as a parent, you will be the one they look for when it comes to money. So what if you're not using the house? If you can't take it then sell it and force them to look for their own apartments.
I feel that you have managed your life very badly and disciplined your children in a lousy way. Probably why you are living alone now (without a spouse anyway). Consider euthanasia.
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I moved into "his" house. For the first year I have paid all the utilities and bought all the groceries. I also do all the housework, laundry, cooking and ironing. I feel like a housekeeper and roommate more than a significant other. Any suggestions?
Sounds like you've set a bad precedent. Maybe discuss the situation with your partner and what you don't like about it. Suggest buying a home together and making daily tasks a little more equal.