Fair budgeting for couples

gingerdad

We have a simple solution which works for us. and has always even when my wife earned twice what i did at the time, she now only works oneday a week as have two kids.

everything goes into one account and everything comes out again. no issues no problems, and we both work to the same budget and have the same spending money each month. it has worked since we met and still works today and we both are full aware of our postion at any time. And if she does return to work full time then it will continue just some of the figures will be higher. it is a partnership after all like all marriages.

GD

Darryl

flea72 wrote:

so you split the mortgage 50:50, but split the bills, percentage wise?

how exactly does that have any bearing on ownership, when it comes to divorce proceedings?

We're not lawyers, so I can't answer that one. We're just comfortable paying equal amounts into the mortgage. If there is no advantage, what's the best way to share mortgage payments?

flea72 wrote:

what happens, when one of you no longer has an income, do you loose entitlement to your 'half' of the house, or will you work out percentage wise, how many years you have paid in, to work out what you get at the end?

Why would one of us not have an income? Retirement - mortgage will be paid by then. Illness - income protection insurance will pay the mortgage and more. Kids - we don't and won't have any. Loss of job - emergency savings fund = 6 months of required income will meet mortgage payments and more until we can get a new job. (This is a good tip for anyone - if you don't have this type of fund try and build one up)

flea72 wrote:

Ok, in gonna generalise now, but unless the whole household income is shared on everything - then it is always the man who comes off better financially, as they usually are the higher wage earner, dont take time off to look after kids, and work full-time

The only way the higher earner can be better off is if they don't pay proportionally more for bills. I'm a good case in point - my wife has much more disposable income than I do!

Darryl.

Tony_H_3

angelofabundance wrote:

Thank you for the technical advice Tony this will make it much easier to work out.

If you require anymore technical advice feel free to ask!!

Tony_H_3

I'm a good case in point - my wife has much more disposable income than I do!

SNAP!! and boy can she dispose of it :eek:

Darryl

Is it genetic, do you think? (Maybe that's a question for another thread). Or maybe it's to do with the additional Platinum Amex I gave my wife... (OK, I shouldn't complain - at least I'll get the cashback!)

materialsmonkey

I'm new to the board, but have spotted this thread and was wondering what you guys do about 2 cars. Do these fit in with the proportional payments (i.e. both need servicing etc). Then does petrol also go the same way ?

Just wondering