What's a fair financial split for a married couple?

[Mugofteaforme]

I've been married to a great woman for seven months (proceeded by a six year relationship). So we can get married I put all the expenses on my credit card (I know I know), and additionally until recently pay all the household bills. My wife has just come to term with her creditors for reduced payments so she's now about £600 a month better off. Out of this £600 she gives me £130 a month so I'm paying the rent + expenses of about £1000 a month and the Wedding costs of about £400 a month. I earn £27000 a year and my wife about £18-20000. If I was a rich man I wouldn't worry, but I'd love to know what a typical split would be. We don't have any children.

Why not get her to pay a few of the bills instead of giving you money.

Thanks Starlight. That's a good idea but I expect her credit ratings taken a knock so she won't be able to put the Direct Debits through her account.

In our house all money goes into a joint account and once bills are paid, we have equal access to what is left.

I know that some couples don't like joint finances, but as a general rule, I think both partners should have equal amounts of money for own spends, once bills have been paid. So as the higher earner, I think you should pay a higher proportion than your wife, but not so much that she has a higher disposable income than you. It should even out.

why would paying bills by direct debit be effected by a person credit rating? A direct debt is not a loan or Hp

If you earn 27 and the other partner earns 18 then you could put a % of your earnings into a pot to cover the household bills.

So you have a 1000 worth of living expenses per month, but I would guess there are other bills that crop up through the year and possibly you need s pot for breakdowns of white goods or car.

So if you both put in 35% of your monthly income would that work?

616 for you from your net pay

437 and for your partner from her net pay

that way you are both paying the same amount 35%

I agree Ivy and Karma that seems very fair. When I set up the Gas and Telecom I was credit checked won't they do this if the Direct Debit was amended to Mrs Tea?

sorry having re read your post I see that the household bills are 1000 per months and then the credit card bill 400

you can include it but will need to up the % of what you both pay

ivykate - believe it or not you are impacted by being able yo pay by DD if you have a bad credit rating.

I do agree with your split though and she should be contributing more.

why not have one bank account in joint names that all the direct debits come out of, so the council tax, water bill, gas and electric household insurance, car tax telephone, internet, rent, life insurance all come from at the begining of the month you both send a standing order on the day that you get paid to this account for the set % you have agreed on that will cover the household bills - that way it doesn't matter who's name the bill is in - as you just give each and every company the new account number to take the money from each month.

No need for the account to have a cheque book or debit card as it would just purely be used for bills on SS or DD

844 is 48% of a 27k wage net

600 is 48 % of a 18k wage net

this would cover the wedding and household bills at 1400 a month

Cheers Ivy, having the joint bank account is great in principle, but once again my wife's default would effect my own credit rating. It's not really fair that the Credit Reference agencies to do this but that's life. We need at least one healthy Credit rating if we need to find a new rental for instance. I like your % split though that seems very fair.

She sounds lousy with money. Possibly a joint account not a good idea. Her debts are your debts as well so really it's just: pool your money, pay off your debts, pay off your bills, food etc, whatever is left should go to reducing your debts or not running them up further. When you're free of debt any surplus money should be saved. You can allocate yourself a bit of money for a treat each month but how much that should be depends on your priorities. That's very simplistic. But essentially joint responsibility and joint division of surplus with some consideration for emergencies and your future.

You can still get a basic bank account without a cheque book or debit card in your name and then get your wife to put the correct amount into the account on pay day - later perhaps when her credit rating is better then get her name added.

That's not a bad idea Katy, thank you.