Household Finances

[NuckyS]

Prompted by a comment one of my family made about household finances, I'm just wondering what people consider an equitable arrangement within their household.

I work FT and DW works PT - the proportion of our contribution to the finances is about 75-25. I pay:

• mortgage
• loan repayments
• Council Tax
• groceries/clothing for DCs
• fuel
• entertainment (TV licence, streaming films, etc.)
• insurance

We split utilities proportionately on our income.

I've never had a problem with this arrangement (although it leaves me with no spare cash left over in any given month) until that comment the other day.

What do others think?

I didn't take it any further cos to be honest I don't know if it is unfair or not. I do know that I hardly have a penny left after the bills go out on the 1st of each month.

In that case, you two should sit down and do a budget. I really recommend YNAB (you need a budget). It doesn't take long each month but it's important to know where the money went. Then you can budget for some own money (if it's possible) so you both have an agreed share on it. Money will get very tight once children enters the picture. They are very very expensive.

We have a bills account and a spend account which pays for day to day living. We run big purchases past each other as a matter of courtesy but otherwise it's just gets used for whatever.

We have done this for over 30 years and it works well.

We put into our joint account proportionally to what we earn, dh earns more as I'm part time so he puts in more. Mortgage, bills etc go out of that. Anything left in our own account is for spending or saving.

You need to look at it if you're ending up with less money every month.

"Money will get very tight once children enters the picture."

they have two children

I've never understood people who will combine their dna to make whole new humans, but won't combine their money so everyone has equal access.

Makes no sense to me. Combine all income, pay all bills, discuss large purchases, and spend equally the remainder. Any other way is up to you, but don't be surprised when its not fair.