How much to pay into joint account?

[meringue33]

DH and I met some years ago, at the time I earned about 80% of what he earned and we both initially put in 60% of our earnings to joint account for rent, later mortgage etc.

My career has not survived being a mother far from family support and having the burden of childcare fall largely on me, plus some complicating health issues. I now make minimum wage TTO and he makes many times that amount. We both have savings but he has significantly more; his pension pot is on track but mine is not. What do you think a fair split of contributions to the joint account should be?

Joint account for all household items + food shop, nursery or after school activities?? If so add these up, let's say 2,000 a month, your wage his wage, so he has to put the higher amount in say 70% your 30, in time if your job wages change you can add more, take in holidays children's clothing, presents for birthdays Xmas, days out,

It's unfair for both to be putting the same amount in now, but this will change, in the meantime your pension isn't growing but h is, lots to discuss op, put it all on paper between you both

Thank you, I found it hard to find the words to discuss this with him and the prompts that we need to put it down on paper like you say

I now earn less than half what DH does a month. We put everything in one pot and it all comes out of one pot. All savings are joint (though actually in my name because I manage everything). Though I appreciate this wouldn’t work for everyone, it mostly works because he spends basically no money and doesn’t care what I spend so I just do everything for the family. We both will up our pension contributions now we’re not paying much childcare.

I’m curious that you mention he has more savings, you’re married are the savings not both your savings for your family? I wonder if a bigger conversation about how you’re thinking together about family finances is needed, as well as a more equal proportion to the joint account - which I’d suggest should be proportional to income and also taking in what’s leftover after bills, so if you’re bringing in 20% of the monthly income you should be contributing 20%, but also make sure you both have a fair amount of fun money as well

OK op, you gather all financial information, out going, don't leave anything out, so mobile phone contracts car finance and insurance, keep a list of yours say fone and car finance,gym membership, and his separate, put together all house hold stuff including food, add that together, then days out, children's activities and nursery costs monthly, and holidays if any,
Your wage
His wage
You then have to agree % of who's goes into house hold, and family activities, again as your the lower earning you pay a lower % as you still have your outgoing fone, car, gym, insurance eg,

And remember if you decided to go full-time and need childcare or wrap around before or after school that's a cost that right now your doing at no cost, so if he wanted to be difficult it will cost so much to enable you to work full-time hours,

This isn't forever but for now until children older, and your missing out on building up your pension op,

When its all down on paper , you work out what's reasonable for you to pay , then put it to him , he carnt argue with black n white op, its there in front of him, might be good way to cut back on things too,
Things like, Netflix or prime, these things we pay out monthly without thinking whether we really need them ,
Good luck op,

We both put all our salaries in and after bills and savings we share what is left.

we don’t have his and her money - we have our money

All money is classed as our money. It would absolutely drive me insane having it any other way!

All money goes in the joint account and then personal spends are transferred back out. Both have the same amount of spends regardless of income.

Thank you. That's a really good approach!

We both put everything into the joint current account and joint savings. Doesn't matter who earns more, we have one pot and equal access to it.

My wife and I had a shared account for all household expenses. We put in proportionally to income. So if my income was 60% of our combined income, I put in 60% of the total required to cover expenses.

That said, we both viewed whatever was left as being joint funds, but because we earned fairly highly, it wasn't ever an issue. There was no such thing as my money, it was our money, just that we never needed to worry. We still consulted each other on any big purchases.

What I would say though is that it is better to have joint accounts. In the event of anything happening to one of you, it is a complete pain to have isolated accounts. Don't ask me how I know, I just know 😞

I have earned over double that DH earned throughout my working life. I had the pension, he didn’t. He did more of the term time childcare. Now we are both almost retired (I still work 2 days).
We have always had a joint account that both our salaries were paid into and each drew the same amount for personal spending that went into our own separate accounts.
What you and DH need to realise is if you divorced today all the money and pensions would be included in any financial assessment, starting with 50/50.

Generally, paying in proportionately is equitable if you earn similar ish. Dh earns about 2x what I historically have, but is a company director so doesn’t really take a salary in the same way as I do. So generally he would pay in 2/3 and I would pay in 1/3, but as the higher earner, he’d also cover the big expenses - car repair, new boiler, holiday, etc.

Working min wage and TTO, you are earning a very small amount to his salary and presumably covering all of the childcare. It very much depends on the numbers, but I’d expect him to cover all joint expenses (you keep all your earnings) or you both pay into the joint account everything and then you pay yourselves the same spending money. I think you need to drive home realistically how little money you probably have.