my income is lower than my husband - how do we do our household expenses.com?

Answer 1

There are many different ways to do this, and you will have to figure out a method that you both agree on. Here's some suggestions from friends and family:

Plan 1: Everything is ours together.
In this situation, there's a joint account where everything goes into. Any expenses over a certain limit (i.e. $100 purchase or more) are approved by both parties, while the persons with an interest in the money are both accountable. This works for some, others have a lot of fights. This works if there's good communication (i.e. "If you want to spend $500 on golf clubs, I don't mind at all, because there's a few things I wouldn't mind buying myself at Jacob.")

Plan 2: You have yours, and I have mine.
In this situation, both partners have separate accounts. Bills come in, and you either split them down the middle or each pay a certain amount of the monthly bills ($250 each or some calculation that you both feel is fair). When you want to take a trip, you both chip in from your own kitty. This works fine as long as neither of you are borrowing money from one another, and both of you manage to save a little each paycheque so you don't have arguments about money later when times get tight.

Plan 3: Combination of the two.
A common account for monthly expenses and saving, and individual accounts to keep some money stashed away for the girl's-only trip to Vegas. You each contribute a designated percentage or dollar amount to the common account, and from this account the bills are paid. You still pay for your gym memberships and he or she still pays for their own cooking classes, but your monthly expenses come from a common account that is also used to save money for family trips, renovations, etc.

There is no right or wrong, as long as you are keeping some money for the family in the long run. Spending above your means is a bad trap to get into. Talking it over with your partner to figure out what you both feel is acceptable is the real answer here, and you can always change should you both find it doesn't work.

I hope this helps.

Answer 2

Prorate your bills according to your respective salaries. For example if you make 20% less than your husband and the utility bill is $300, your husband should pay 80% ($240) and you should pay 20% ($60).

Answer 3

Together.