Is there any ratio in which you split your expenses? Based on who earns more or based on gender?
@DrizzyDre Having dual income in the family is fantastic. In terms of sharing expenses and responsibilities, here's what has worked for me:
We don't have a "you and me" mindset; it's always our money at the end of the day.
We have a monthly money meeting, usually on the last week of the month. We review the past month, plan for upcoming months, and consider major expenses, events, and shopping. Together, we calculate a budget and contribute accordingly. Some of the questions we discuss are the following.
– How's our spending? Need to cut back? – Any overspending? From where? – Surprises this month? Adjustments for next month or year? – Next month's plans? Prepare for events or expenses? – On track with goals? Adjustments needed? – Any financial priority changes? How to adjust?
This has been super helpful for us and I believe more than anything having a candid conversation is the first step.
Been married for a good number of years now and we don’t have any method to split expenses. Both earn equally well and this is also a personal preference that works for both of us.
I assume couples with a large difference in pay might need to have something in place. Also mindset matters - for us it is ‘our’ money so in the end doesn’t matter who is spending on what. If I compare the spends in a year, both world almost end up spending equally. What matters is how much we are spending and saving combined.
Just speak to your spouse/partner and figure out a way that will work best for you. Something that has worked for others might not be your best bet.
Interesting... This is kind of personal so you don't have to answer but since you've been married did you consider/ get a pre up?
Nope did not even think about it once. Again, in my case we had been together for a couple of years and when we started dating I was actually against the institution of marriage but now I feel should have gotten married sooner. Touchwood but it’s all about finding the right person 🙃
Type 1: One spends, one saves/invests Type 2: Equal split (the most ideal way!) Type 3: Both spend proportionate to their earnings
I grew up in a Type 2 household and I've seen it work well. Personally, I'm fine with either Type 1 or 2. I still like Type 2 more though.
Create a joint bank account, both of you trf a fixed amount every month and do all expenses from there. Whatever is not spent monthly can be accumulated for a trip. The fixed amount can be a % of your individual salaries.
Shouldn't the most obvious way be in similar range of earning. If you are married or being longterm, the exact number doesn't matter. If you are not, then you can choose to be precise.
🤔 u married or in relationship?
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