Anyone any good with percentages?

Mara69

I am looking for an equal percentage (in money) to be paid into the household.

Outgoings are £1625 per month.

Wage one is £1950
Wage two £1100

We need to calculate how much wage one and wage two need to pay to the household so that it is fair, given the discrepancy in wage.

Anyone? Obviously wage one is going to pay more, but we need it to be fair, with both paying 50%.

Thanks in advance, anyone that needs more info, please just ask.

balletshoes

easy - the person who earns £1950 earns 64% of the total money coming into the house (1950 plus 1100). So 64% of the household outgoings is £1040, and thats their share. The other person's share is 36% of the total outgoings, so thats £585.

eta - I'm not sure what you mean by 50%?

MrsDrink

Person A:
1950/3050*1625= £1038.93

Person B:
1100/3050*1625= £586.07

nicp60

Hi Mara,
This is exactly the way we're going to sort out our finances (when the OH finds a job!).

I would say:
Joint income = £3050
Expenditures = £1625

Therefore, your outgoings are 53% of your income. I would suggest that each of you pays 53% of your individual incomes towards these expenses.

For the person earning £1950, that would be about £1040 a month and for the other it would be about £585 a month. That may seem like a big difference, but it would leave you both with the same % of your 'own' money.
Hope this helps!

Treevo

Presumably if there aren't any children to factor in then the fairest way would be for both to pay 50% of the costs. Or is the lower earner using less than the higher?

flipper_72

Basically add the 2 incomes together
So 1100 plus 1950 equals 3050

1100 divided by the total shows what percentage of the income is for this person
So 1100/3050 = 36%
Therefore
The other person is 100% less 36% = 64%

Each person would then contribute that amount of the bills (if I am understanding what you are asking)

1625 *36% = 585
1625 *64% = 1040

Hope that helps

butler_helen

This is how we split things too but we always buy odds and sods randomly - I'm sure it's worked out fairly in 8 years.

Person_one

You'll still have a disparity there. Are you looking to be truly equal partners yet or is this a 'dry run'?

flipper_72

Way too slow! As all the other answers prove...

(Me not the other messages in
between)

[Deleted User]

Hi,

I take it your not married?

If married just bung the wages in to joint account, pay the bills, buy the shopping, any money left over, have a wee break now and again.

Mara69

Thanks all, we want to do it so each person pays a fair share; therefore the higher earner pays a higher amount. Our figures were out slightly by 10%. I hate maths