with another person to take care of all the household expenses. Is there any method you use for budgeting and keeping track of all the joint expenses? How can I transition smoothly from just my income to sharing 2 incomes?
2006-11-01 08:57:25 · 10 answers · asked by Myra 4 in Business & Finance ➔ Personal Finance
Probably the simplest way to do it is to figure out how much your joint expenses will be each month. Then open a joint checking account and each put in enough money so that the total is enough to cover the joint expenses. You can either split everything 50/50 or, to be a little more fair, put in money proportionate to how much you earn. So if you make twice as much as your partner, you would put in 2/3 of the money to cover the joint expenses and your partner would put in the other 1/3.
Good software programs for personal finance and budgeting are Quicken and Microsoft Money.
2006-11-01 09:10:14 · answer #1 · answered by anne_s 2 · 0⤊ 0⤋
Make sure any purchases are very clearly made by one or the other. This will be a big deal if you split. If one of you owns the home, draw up and sign a rental agreement. Otherwise, you could each write a check for each bill, decide who will pay for which expenses, or one of you pay all the bills and the other write a check for half of the total. For utilities and whatnot, you may want to get both names on the account. Just be sure that if you split, your belongings are clearly yours and not "joint funded".
2006-11-01 09:02:15 · answer #2 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋
Direct deposit both paychecks into the joint account. Decide on a weekly allowance for both of you ($50-100). Pay all bills from this account. You should discuss any major purchases. This is what marriage is all about. Don't forget to save for retirement as well (IRAs, 401K). Get rid of the individual accounts. Keeping track of expenses in different accounts is a major pain. It can also lead to fights about money, which accounts for 70% of the divorces in the US.
2006-11-02 06:36:50 · answer #3 · answered by Steve R 6 · 0⤊ 0⤋
This is tricky. I would avoid a joint checking account. Split the bills 50/50 and then pay them accordingly. In other words, if one person pays rent of $500, then the other pays utilities and groceries up to $500. Keep running tabs each month of who has paid for what, and be sure you agree at the beginning about what expenses will be combined (lightbulbs, lawn care) and what will not be (manicures or car insurance). Good luck!
2006-11-01 09:02:12 · answer #4 · answered by Mrs. Strain 5 · 1⤊ 1⤋
I'm doing that right now...My husband thinks because there are 2 checks that means there is more money to spend..The most important thing is to keep a joint acct for ONLY household bills. That way only the mortgage, utilities, groceries and such are coming out of that acct. Then each of you needs a separate acct for saving or whatever. That is the plan I am currently working on.
2006-11-01 09:46:30 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Well it is like this, The two of you need to set down together and write down all Bill's and there amonths that has to be paid each month. Now If you are not In AGREEMENT to paying anything of just paying what you have, meaning YOUR BILLS ONLY (if any). YOU WOULD NEED TO BE HONEST w/your Partner. By being honest then your partner will know just where you stand. Example: If I just had my car note and I work and that is all I wanted to pay or could pay then something is wrong if I want to get my hair/nails,eat out. And have money to take care of this but I want my partner to pay/bye me things PLUS PAY ALL the BILLS. Now If my Partner is doing just what I mention about self and I am LEFT TO PAY ALL HOUSE HOLD BILLS PLUSE bye him whatever he wants and he just BLOWS his MONEY ON OTHERS or Other Things. Then This Would be A PROBLEM for me, My Point In EVERY Relationship good/bad. If any couple plan to LIVE TOGETHER, then It is ONLY fare to SHARE the BILLS by Spilting them up. Now Unless you MARRY or Get with somebody who Is RICH/Wealthy. Then You can DO what ever w/your MONEY and THE HELL with Never having to Worry about bills anymore, And Please LOOK ME UP, Because I will be wishing I had it like you. LOL Take Care and just know that this day and time It just about takes Two Incomes to SURVIVE. If you may be having an ISSUE with paying bills hey this is Natual but my advice to you, MARRY RICH or get with somebody that WANTS to TAKE CARE OF YOU and DO NOT NEED YOUR HELP. Take Care, Sign YOUR HARD WORKING FEMALE THAT PAYS HER BILLS. LOL
2006-11-01 10:07:18 · answer #6 · answered by sweettoni37 4 · 0⤊ 0⤋
You said couple-- if married then a joint account works. If not then open a joint account that requires two signatures on checks to be valid. Then put your share in. When bills are due the money is there to cover them.
2006-11-01 09:01:42 · answer #7 · answered by golferwhoworks 7 · 2⤊ 0⤋
We got a cash book and write down everything that comes in and goes out. It has helped us a lot and we have been doing this for the past 4 years. As our bills increased, we got a white board and make a spread sheet of the bills, their due date, and the amount and pay some at each pay period. Good luck!
2006-11-01 09:00:53 · answer #8 · answered by Wookie on Water 4 · 1⤊ 0⤋
Get a joint account. Consider the money in it as belonging to both of you.
2006-11-01 09:01:49 · answer #9 · answered by tumbleweed1954 6 · 0⤊ 0⤋
1 makes the budget the other gets an allowance
2006-11-01 09:00:21 · answer #10 · answered by Anonymous · 0⤊ 4⤋