Anyone any good with percentages?

Person_one

Mara69 wrote: »

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

If you're married or otherwise 'permanent' then my preference is for true equality.

Stick everything in the joint account and take out some 'spends' for each of you, but the same amount! What's coming in isn't mine or yours in a committed couple, its 'ours', whoever earns it.

Wirenth

It is funny to see how we all do the maths slightly differently. This is my take on it.

Outgoings are £1625 per month.

Wage one is £1950
Wage two £1100

Combined wages £1950 + £1100 = £3050
Combined outgoings = £1625

1625 / 3050 = 0.5328

So, you and your OH spend 53.28% of your combined wages on your combined outgoings.

53.28% of wage 1 = £1038.94
53.28% of wage 2 = £586.07

I have done some rounding up of the figures to make sure you won't be left short (in theory).

Counting_Pennies_2

We put it all into one pot.

Each person gets £250 spending a month, and the rest goes on bills, and what is left goes into savings

mintymoneysaver

I agree with all the other posters as to the actual percentages, but the person with the higher wage will have more money for themselves than the other. How about you pay the bills as agreed, both keep the same amount of what's left for yourselves ( £400 would be well more than enough) and put any that's left in a seperate joint savings account for future purchases?

Goldiegirl

This is why we have a joint account and all the money goes in there and all bills are paid from that account.

It's too much hard work to keep working out who pays what and the percentages.

Tiglath

We just treat all income and outgoings as joint. If we split it by personal outgoings, DH would have a negative salary and I'd be quids in!

panchis

Ideally in "this" house we split outgoings as 50-50 but if you want to make contribution in proportion of your earnings i would say:

Total household income= £3050
Total outgoings= £1625

so, salary £1950 contributes to 63.9344% of total household income and salary £1100 contributes to 36.06557% of total household income

therefore:

63.9344% of £1950 = £1246.713
36.06557% of £1100 = £396.7213

I wouldn't like to be the higher earner in your house, my advice would be to stick to the general rule of 50-50.

There must be another fairer way to calculate

barnaby-bear

Mara69 wrote: »

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.

total in = 3050
total out = 1625
surplus = 1425
surplus/2.0 = 712.50

So for both to have same disposable income
one pays 1237.50 other pays 387.50

This_Year

Divide the bills 50-50

The disparity in income is easily sorted. Get a job that pays more.

Treevo

Person_one wrote: »

If you're married or otherwise 'permanent' then my preference is for true equality.

Stick everything in the joint account and take out some 'spends' for each of you, but the same amount! What's coming in isn't mine or yours in a committed couple, its 'ours', whoever earns it.

So anyone who doesn't subscribe to your way of thinking isn't part of a committed couple? You're single, aren't you?