Setting up a new home together, how do you sort finances?

[nevermarryamitford]

Curious as to how people set up their financial arrangements when moving in with new partner. We will be renting a place together, he has an XW and DD and I have never been married.

What is general consensus? Do most people set up a joint account and pay out rent and utilities from that with both people paying in equal amounts and paying half of everything?

Help/thoughts greatly appreciated.

Draylon So interesting to hear how you have created a system that works for you, thank you for sharing! Perhaps Preparation for Marriage classes should be compulsory to help us all with thinking about or finances ; )

OH and I first rented a place when we earned roughly the same but I had DS, who I received child maintenance and child benefit for.

We split the bills 50/50 by paying and equal lump sum in to a joint account for household bills. We then paid our own bills separately (phone, petrol, car finance, netflix etc) and have our own savings. Family days out we'd each pay for as and when but never had a running tally of who paid what. I paid for DS clubs, school clothes etc with my own money.

We now own a house and have a child together but have kept much the same set up. I receive the child benefit for both children so buy their clothes/milk/nappies fron my money as this is what the benefit is for. I also receive maintenance for DS.
While I'm on mat leave OH pays more in to the joint account and I am using my own savings to supplement my portion/my own bills. OH will pay for our fence from his savings (as I am saving us on childcare expenses atm) anf Christmas is combined.
When I return to work it will be much the same set up, but I will contribute more to the joint account as I will be earning more. Each year my wage increases we will pay a percentage in, as opposed to the same amount, making it fair.

As for holidays etc we both save separately but contribute 50% of the cost.

sailorcherries Thanks so much for telling me about your set up, it sounds like you have a really communicative team approach which is so great.