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How to start sharing earnings?

(9 Posts)
Felix90 Mon 25-Nov-13 10:08:55

OH and I are expecting our first child in January. We have been together for 5 years and lived together for 4. I earn £1200pcm and OH earns £1300pcm so earnings are pretty equal. We have always split everything 50/50 (rent, bills etc) and had separate bank accounts. We have a joint account which our rent and bills go out from, and we both transfer our money from our main accounts in to this at the start of each month. This has always worked well for us.

I go on maternity leave next month and get 6 weeks at 90% of my wage then statutory pay for the remainder, and also £20ish per week child benefit. OH will still be working full time so will get the same amount as above. We are moving house so our rent is going down from £825pcm to £395pcm (yippee!) and we have worked out we won't be much worse off when I'm on maternity leave than we are currently paying the higher rent with us both getting a full wage, which is great!

Anyway, we have been talking about putting all of our money in 'one pot' so to say, but I am not sure how to go about this as we have always split everything down the middle. As he will now have more coming in each month compared to me, we need to work out who should be responsible for paying what. The thought of even starting to work this out is pretty daunting for me, but potentially it could be quite straight forward.

Does anyone have any advice on how we could work this out? I don't want one of us to be paying out a lot more than the other and making it awkward when it comes to disposable income. I think it's a case of thinking of the money coming in as 'ours' rather than just his or just mine.

Hopefully this makes sense and someone can help!

Rockchick1984 Mon 25-Nov-13 10:48:14

Put it all into the joint account and each take a set amount of disposable income back out, that way all bills are paid but neither of you is better off than the other.

Felix90 Mon 25-Nov-13 11:09:40

And it's as simple as that! For some reason I expected it to be really complicated and I don't know why? Thank you smile

Rockchick1984 Mon 25-Nov-13 11:10:45

smile

LadyKooKoo Mon 25-Nov-13 11:27:26

Exactly what RockChick said.

PeerMon Mon 25-Nov-13 12:31:42

DH and I do it based on proportion of income. For example, I earn 1500 per month and him, 1000. So I pay 3/5 of rent+bills and he pays 2/5.

On this arrangement we both have enough disposable left over, so it works for us for now. The arrangement would be adjusted if one of us stopped earning - the other would cover all costs and share disposable income.

There is one small caveat - it sounds as though it's unlikely to apply to you two but better safe than sorry... if one of you has a bad credit records, it's best not to have a joint account as this will affect the other one.

Felix90 Mon 25-Nov-13 16:13:57

We already have a joint account set up at the moment where our rent comes out of. OH has an amazing credit score (he's obsessed with it) and mine is just fair. I think putting all money for bills etc in the joint account then slitting the remainder is the best option grin

Felix90 Mon 25-Nov-13 16:14:33

We already have a joint account set up at the moment where our rent comes out of. OH has an amazing credit score (he's obsessed with it) and mine is just fair. I think putting all money for bills etc in the joint account then slitting the remainder is the best option grin

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