What is the best way to share the expenses in a relationship??

Question

In your experience, what works and what doesn't work when trying to devise a plan to share the bills and manage money in the household?
What do most people think about both spouses contributing an equal % of their salaries into a joint account, used for household bills and groceries etc. and keeping the remainder in a personal account for personal expenditures such as clothing etc?
Those who've been married for years please tell me what works best!

Answer 1

We share the bills in a joint account in proportion to our earnings (which are close). Whatever is left is for our personal expenditures (clothes, car gas and repairs since we each have a car, prescriptions, etc.) We have the same number of relatives to buy for, so we have a set amount and I buy for my side and he buys for his and we put both names on the gifts. For my daughter, I pay for her birthday gift, he pays for Christmas. There are certain things I pay for out of my pocket because I do not desire his input or criticism, such as what school clothes I buy my daughter or what maxi pads I wear or what school activities I am willing to fork money over for. It has worked for five years. I was on my own from age 17-31 before I married so I was very set in my ways and not willing to bend on financial matters because I know how to keep utilities on and mortgages paid and he had never really been on his own.

Answer 2

My wife and I put all of our income in a joint account. We use this account to cover the mortgage, bills, food, clothing, and other living expenses. We budget once a month, then meet weekly to make sure both of us know where the money is going and to decide if any adjustments are needed.

From this account, we transfer an amount of purely discretionary money into separate checking accounts. That money is under individual control, and we do not question each other as to how it is spent.

My wife and I bring home wildly different salaries, but we value each others' contribution equally. This plan prevents either one of us from shouldering too much of an economic burden yet allows for us to personally control some of the money we bring in.

Answer 3

It can depend. My wife and I have separate (but joint) accounts. We divvy up the bills in such a way as to hopefully leave us both with about the same amount to spend on whatever.
We both have had past issues with using the same account with another person. Difficult to balance the account when someone else is using it.
We do use a single account for our savings, and any withdrawl is supposed to be a joint decision, but we each have our own checking accounts so that they are easy to balance. Has been working pretty well.

Answer 4

50 / 50 works best if you both make 50,000. If he makes 20 percent more than you after tax, social, insurance, etc., then he should foot 20 percent more and you 20 percent less.

This way you are both on equal footing. Plus, if you do a spreadsheet with monthly incomes and minimum monthly outflows of cash such as mortgage, gas, telephone, electric, etc., then both of you can see truely where the money flows.

It doesn't have to be a mean excercise, just the facts of where things are going. Also, both of you have to be honest. If you spent 50.00 you shouldn't have, put it down as a line item but confess up to it as well. That way there is no hiding.

With kind regards.....Finn.

Answer 5

Add up all your bills including groceries. Divide them in half. Then divide them by 4. Each of you need to deposit that amount of money into a joint account for bills only. Then there is enough in there always to pay the bills. Also I think it should be equal yet adjusted to earning power. For instance if I or my wife earn double to that of the other. I think The top earner should carry 67% of the bills So that we both have spending money.

Answer 6

We put all of our money in a joint account and we pay the bills out of that account. We take out cash for small personal purchases and we discuss most purchase that are over $50-$100.

Answer 7

I had the very same problem for what seemed like forever; but we found something that works. We have an account for household expenses then we have one for play and everything else. We both manage them. At any time either one can access the account but can't make a personal withdraw. Obviously, we both have been burnt before. Good Luck and my God bless you too!!

Answer 8

I always asked my partner for so much money per week and he kept the rest as spending money, then I sorted all the bills and other things. That way I knew everything was paid and so much money was saved. He was happy with that as he really didnt want the hassle of organising stuff. I managed the money very well and was up front with where the money went. My wages went into the mix as well.

Answer 9

It depends on each of your spending habits. My husband and I have one joint checking account. All of our credit cards are joint. We have nothing separate. Everything is OURS. We never spend a significant amount of money on anything without discussing it. This works for us because we are both frugal. We know exactly what each other spends money on.

If one or both of you tends to spend a lot on themselves such as going out, clothing, hobbies you probably should consider separate checking accounts like you suggest.

Answer 10

well u have future goals like taking vacations or buying a home that is good. me and my husband use one account. once ur married its not ur money and its not his money. its both ur money. but we both budget our money so that all our bills are paid. we then give ourselvs an equal allowence every pay day. with that allowence u can get what u want. the remainder goes into a savings account. but only i have access to the savings only because im more responsible with money then he is. so depending on who is more responsible should have access to the savings acount. weve been doing that for a year now and we have saved 9 grand, our bills are paid, and we still get to have fun with our allowence money.