Doing Budget with partner

Drusillamac

Hello,

Looking for some advice regarding the Budget Planner on the main website. I've lived with the boyfriend for three years. Previously he footed a lot of the bills when I contributed when I could. Our earnings were not equal; he earns considerably more than I do. Once the bills are paid, we are free to spend our, personal, money on what we wish.

How can we translate that into the budget? For example I spend quite a lot on books whilst my partner socialises at le pub more than I do. He also buys more clothes than I do. How do you take into account separate finances (or does that stop when you start living together and become one economic unit)?

burnoutbabe

you deal with it however you want.

I would say you can draw up a budget for all the main household joint expenses (inc food) and make sure you agree a split of them (maybe a % based on salaries).

how you deal with your left over money is your own call. you could have it all in one pot or you could just have seperate finances. depends on the 2 of you. And would all change again if you have kids.

sneezyboots

Well i'll tell you what we do to give you some ideas.

All our salary goes into one account out of which bills, mortgage etc are paid. Then I transfer £100 each month into each of our own accounts as 'spending money' but also to be used for xmas and bday presents for each other. I transfer the same amount into each account as we live equally. He was earning more than me, now me more than him but when we have children in the future it will stay the same. We married a few months ago but have been living this way for a while. Although we have both said we would happily let the other buy something from the joint account if they didn't have enough in their own. Neither of us are possessive about 'our own money' and who spends what, but we are generally quite tight. We both seem to spend cautiously and want to save the same amount (everything we can) and for the same things (doing the house up mostly) so are quite lucky.

Flyboy152

Why do some people call themselves partners, when clearly they do not consider themselves as equal as the title suggests?