To suggest this way of splitting our finances?(53 Posts)
My DH and I are about to aquire a mortgage and so it's probably high time we got a joint account. At the moment we split bills roughly 50/50. Once we start paying a mortgage our bills are going to increase quite a bit. So I've been wondering how we should split things to make it fair.
DH earns about 1/3rd more than me, so if we continue to split the bills 50/50 it will mean me having hardly any money to myself once everything is paid, while he will have quite a bit.
One suggestion I had thought of would be to pool all of our money into a joint account to pay bills, and then each of us to then transfer out the same amount each month into our own accounts for us to spend on whatever we like. But is this horribly unfair?
On one hand I think it's probably unfair on DH as he earns more than me yet ends up with the same amount of disposable income. On the other hand I think well we are married and money should be joint.
So AIBU to suggest this or not?
DH wage goes into one joint account and covers bills etc
My income goes into another joint account and covers the 3 Fs - food, fuel and fun
It's not his and mine-it's ours. Not for everyone but works for us. :-) x
I think it's good to get into the way of thinking that all money that comes in is 'our' money - not my money/your money - so it all goes into a joint account. Then bills get paid, you put a chunk into savings (if you are lucky) and either you both spend out of the joint acc or you both have equal money trf into your own 'spending' account, preferably not too much otherwise you'd never save anything.
This way of thinking makes money 'ours' - this is quite important when you are on ML & when you have children. I don't think it's good to think about my money & your money when you are a couple and even less so when you have children.
Of course some people make it work in other ways, but it's rare that it ends up 'fair' as children cost money and one person usually ends up using 'their' money for the children whilst the other hangs onto the Lions Share for their own 'spends'.
I have always earned more than DH (especially when he was a full time SAHP) - its always been a single joint account. My salary goes in every fortnight and becomes family money - what's left after mortgage, bills etc stays there to offset the mortgage.
We have a joint credit card for day to day expenses (food, fuel, stuff for boys, random spending) which gets paid off in full each month. We have another joint card with a permanent 6 months interest free which we use for higher value items but we discuss most spending over $100 anyway.
DH tends to use cash a bit, I don't. He takes out what he needs, I take out what I need, every now and again one of us will query a statemented item with the other to make sure it was one of us!
Works well for us. I would hate for him to feel he had to ask me if he could spend family money on something just because I earned it (he's saving me a fortune in childcare, housekeeping and dog walking costs!).
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