Getting confused re: splitting finances!!

ViolaLass

Mutter wrote: »

Because one of the parties doesn't use 37.5% of everything. 50% makes sense.

It's a new take that OP may not have considered. No more no less.

It's not an unreasonable suggestion per se but I don't think calling the system the OP had in mind 'communistic' is constructive.

I don't believe there is any one system that is naturally best - each option has its own possible flaws and benefits - and I get rather annoyed with those who think they have the one and only answer when what matters is whether the parties actually contributing are happy with the arrangement.

pinknfluffy0

We have always had a joint account and shared all of our money from 4 weeks after we met, always worked for us.

MFWannabe

pinknfluffy0 wrote: »

We have always had a joint account and shared all of our money from 4 weeks after we met, always worked for us.

It does until you split up; then it becomes a nightmare. I know that no one likes to think of this happening but if it does and everything is joint then it's a real pain. Best keeping seperate accounts; having a joint account for all bills that Direct debits come out of and having a joint savings account.
Ops idea of a percentage based on salary is also a good idea as the lower earner will feel better about what percentage they have left is a true percentage of what the higher eaner has left of theirs. Then they can each do what they like with what they have left each month withouth either party asking what the other has spent money on.

LilacPixie

50/50 may not be an unreasonable suggestion when it is just a couple but the OP says the salary fgures are not taking into consideration CB and tax credits which implies there is a child involved, If one parties income is lower because they have child care responsibilities it is unfair to say ok you work reduced hours to care for our child but you still have to pay half of everything.

pinknfluffy0

FREEZ wrote: »

It does until you split up; then it becomes a nightmare. I know that no one likes to think of this happening but if it does and everything is joint then it's a real pain. Best keeping seperate accounts; having a joint account for all bills that Direct debits come out of and having a joint savings account.
Ops idea of a percentage based on salary is also a good idea as the lower earner will feel better about what percentage they have left is a true percentage of what the higher eaner has left of theirs. Then they can each do what they like with what they have left each month withouth either party asking what the other has spent money on.

It has worked for us for over 10 years, I dont live my life thinking we might split, if we do we will work something out.

Europa_2

PasturesNew wrote: »

The problem, as I see it, with splitting bills 50% when two people earn significantly different things, is that the one who earns less might get a bit angry at the 'waste' of the higher earner, while the higher earner sees two incomes as the opportunity to splash out a bit more as they find themselves with more disposable income.

To split bills to income percentages can, in many cases, make things more equal.

e.g. If you earn £800 and other person £1600 and the bills are £1000, then the £800 earner will be having to watch their £300 carefully, while the £1600 earner will be wanting to run riot with their £1100.

On the other hand, with those same figures, the £800 earner, paying 1/3rd won't be quite so 'tight' as they will have £467/month, but the £1600 earner will still be better off than living alone and will still have £934 for themselves.

The lower earner, living alone, would have chosen a much more frugal lifestyle for themselves than the higher earner. The higher earner benefits from the shared costs,, while the lower earner might find themselves not much better off because the higher earner demands a higher standard of basic living and lifestyle to split.

This is exactly the reason WE want to work things out on a % of earnings and not 50/50. I am "tight" when it comes to money (I scrimp and save and try not to waste)as I don't have a lot, he fritters it away on anything and everything so would see any extra money as his to use, hence no joint account.

I just wanted help with my maths as someone else pointed out. When it comes to it we will be including all income, including CB and TC, etc. This method seems to be the one that benefits us both.

Thanks to those with the helpful advise and I think I'll chose to ignore those that were not so helpful!!

property.advert

If you really want to do something useful, then perhaps some basic maths lessons would be in order. Seriously, if you cannot work out something as simple as this on a percentage basis, which it seems you want, then a few hours down the local college would be a great investment.

You would then be able to put forward any mathematical arguments in confidence and be able to talk them through with your partner. As it stands, you may get the answer you want here but you have no way of knowing whether the answer you get is in fact correct or not !

DevilsAdvocate1

Europa wrote: »

This is exactly the reason WE want to work things out on a % of earnings and not 50/50. I am "tight" when it comes to money (I scrimp and save and try not to waste)as I don't have a lot, he fritters it away on anything and everything so would see any extra money as his to use, hence no joint account.

I just wanted help with my maths as someone else pointed out. When it comes to it we will be including all income, including CB and TC, etc. This method seems to be the one that benefits us both.

Thanks to those with the helpful advise and I think I'll chose to ignore those that were not so helpful!!

So if he has a large amount left to himself each month, will you not start to resent that you could both be saving some of that money for the future?

I couldn't do a percentage thing for this reason. Both our income goes into a joint account which everything comes out of, including savings for the future. Any money left we both spend. Any left at the end of the month is an extra mortgage payment.

But I'm lucky in that we both have very similar views. I have a friend who does a percentage with her partner and everything they do seems to be a negotiation. She wanted to upgrade the bathroom and he wanted a new boat. It took them months to decide who would contribute how much to which project.

D.

Europa_2

property.advert wrote: »

If you really want to do something useful, then perhaps some basic maths lessons would be in order. Seriously, if you cannot work out something as simple as this on a percentage basis, which it seems you want, then a few hours down the local college would be a great investment.

You would then be able to put forward any mathematical arguments in confidence and be able to talk them through with your partner. As it stands, you may get the answer you want here but you have no way of knowing whether the answer you get is in fact correct or not !

I thought this forum and this site was here to help people. There is no need to be rude and make out that I am stupid. What is the point of having this forum to help people if you make them feel like a piece of s**t when they ask for help.

Thanks very much for your unconstructive comments. Maybe you need to take a trip to your local college and take a lesson in being nice to people.

mickeypops

Every couple has its own method of splitting the bills - I don't think there's a right or a wrong answer, it's down to what suits you and your partner.

Mrs M and me do the percentage split. Seems only fair that the biggest earner pays a greater share.