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Anyone any good with percentages?
Comments
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Sorry, made a mistake:
63.9344% of £1625 = £1038.928
36.06557% of £1625 = £586.0655
shame on me....0 -
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.
How can you both pay 50% if you arent going to pay the same amounts?
One of you will pay more and the other will pay less if you are going by what you earn.
Do you definitely want to make it a set percentage coming down to exactly what you earn, or do you just want to say, ok you earn more than me, so you should pay say 60% of the bills and Ill pay 40%? i.e a rough guess
If you want to be picky about it, Id do it like this
Total wages = 3050
Wage 1 is 64%
Wage 2 is 36%.
So the Wage 1 earner would pay £1040 and Wage 2 £585.
When me and my partner werent married, he used to earn more than me so he used to put I think £250 into a joint account each month and Id put £150, wed split the rent, and the joint account was used for any bills or joint activities, our own accounts for spending.
Now were married everything goes into one pot. And its a whole lot less hassle!0 -
Just to add, I earn more per month but pay my 45% "fair share" (until baby arrives when it's all pooled!).
This is because we look at what we earn minus our train fare, mine is £570 and his is just £150. If we didn't then I'd have £0 left over and he'd have £800 ish! Which would make doing things together rather hard!If you aim for the moon if you miss at least you will land among the stars!0 -
I earn more than OH, I just pay more into the joint account than him, so we're each left with the same 'spending money' I'd feel guilty having so much more spending money than him if it was done on percentages.0
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balletshoes wrote: »eta - I'm not sure what you mean by 50%?
Nor am I
I'd had a drink when I posted that and although I knew what I meant, explaining it was surprisingly hard!
Effectively, we wanted to be sure that we are paying equal amounts into the household 'pot' according to wages so that we have roughly equal amounts of disposable income.Person_one wrote: »You'll still have a disparity there. Are you looking to be truly equal partners yet or is this a 'dry run'?
This is just one idea we are kicking around.[Deleted User] wrote:I take it your not married?
We are very much married and have been for 21 years. We've been plodding along quite happily, but last night we started discussing who pays what and decided to look at changing what we do - especially as one of the parties has just got a generous pay rise
As it is, we have discovered that the lower earner is paying more than your figures and the higher earner less. Ultimately, I think it is fair that both parties have roughly the same disposable income. We like having separate bank accounts.
Thanks again for taking the time to post and do the maths.0 -
Effectively, we wanted to be sure that we are paying equal amounts into the household 'pot' according to wages so that we have roughly equal amounts of disposable income.
In that case, you definitely want to do as barnaby-bear suggests, and pay £1237.50/£387.50 respectively, giving you each £712.50 left of your own money each month.0 -
Interesting thread. Interesting that some people say they should be splitting the bills equally, while others say they should be splitting the spending money (i.e. what's left after the bills) equally.
I would say that this is only reasonable if the higher earner works harder than the lower earner. If they just happen to be in a better paid job then I don't see why they should end up with more money to spend than their partner. The clue's in the word "partner".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?
Obviously if one person works full time and the other works part time so they can spend more time on the xbox then it is fair that the part time person has less money to spend.0 -
Find it a strange set up how your working it - not saying it's wrong just different to how I do it
My situation is I get paid approx double me dh all money goes in joint account and bills come off, money to savings and then we both use cash as and when needed no limits as too what we can use just whatever is available within our means and it works out fine
Why would you split the bills dependent on how much you earn, would those be reviewed if circumstances change
How do you work things like holidays shopping furniture etc do u go 50/50 or pay a percentage
In the unlikely event u were to split and sell house would it be split or shared if one has paid more than the other
Questions are not a dig just generally interested in how others work their money
As I mentioned I'm old fashioned money all goes in one pot but that's not to say our way is the only way to do it:A VK :A0 -
I have to say when I read this I thought you were perhaps in a new relationship/just moved in together or something, not married for 21 years!
Is there a reason why you dont just poole all your money and each spend what you like after savings/bills etc within reason? You would have the same disposable income each because it would just be 50% of whatever was left in the bank. You wouldnt need to do any calculations etc.0 -
JimmyTheWig wrote: »I would say that this is only reasonable if the higher earner works harder than the lower earner. If they just happen to be in a better paid job then I don't see why they should end up with more money to spend than their partner. The clue's in the word "partner".
I agree with this. My husband works very long hours, in a manually demanding job. He has progressed at astonishing speed within the company; this is due to his strong work ethic and abilities. However, it is not a very high paying job. It should be, if there were any justice in this world he would earn far more me, but he does not. Therefore, we think it fair that we pay an equal share into the household based on earnings. That way, no one is penalised for earning less.Find it a strange set up how your working it - not saying it's wrong just different to how I do it
Makes life interesting - would be awfully dull if we were all the same
My situation is I get paid approx double me dh all money goes in joint account and bills come off, money to savings and then we both use cash as and when needed no limits as too what we can use just whatever is available within our means and it works out fine
We considered this but like having separate bank accounts. That way, for example, if I buy him a gift he doesn't know how much I spent and vice versa. Also, we both have bills that are separate. Therefore, keeping separate accounts is important to both of us.Why would you split the bills dependent on how much you earn, would those be reviewed if circumstances change
Because we think it is fair that the person earning the least pays the least - as they have a smaller income. In our house, I pay the most, followed by my husband, then our son. When circumstances change, then the amounts paid by each person are reviewed accordingly.How do you work things like holidays shopping furniture etc do u go 50/50 or pay a percentage
We tend to split purchases like furniture and electrical items 50/50. We've not had a holiday for years, but when we do I would imagine it will be the same - a 50/50 split.In the unlikely event u were to split and sell house would it be split or shared if one has paid more than the other
The house is rented and always will be. If we do split up (highly unlikely) we'll deal with the fall out when it happens.Questions are not a dig just generally interested in how others work their money
As I mentioned I'm old fashioned money all goes in one pot but that's not to say our way is the only way to do it
No offence taken. I am open to new ideas. As long term marrieds, we've been doing this for years and yesterday was simply exploring a new system. It was interesting to note though, that we are already paying the appropriate percentage according to our earnings. Our system works for us - I pay the bills, he buys the food (our food bills are high!) and pays for the car (I rarely use it). We share the cost of nights out/takeaways/bottles of wine etc.I have to say when I read this I thought you were perhaps in a new relationship/just moved in together or something, not married for 21 years!
Is there a reason why you dont just poole all your money and each spend what you like after savings/bills etc within reason? You would have the same disposable income each because it would just be 50% of whatever was left in the bank. You wouldnt need to do any calculations etc.
Yes. See above!0
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