We’re moving in… Couple… Finances

Mojisola

PurpleGoldFish said:

This might seems weird and we’re looking for genuine options, advice.

So the other half (Stephen) and I met a year ago and we’ve decided to move in together. 

In my previous relationship, both salaries were combined and the bills deduced, what was left was halved and in our own bank accounts. We felt this allowed us as a couple to share money, but allow us to have some financial independence, with the remaining money in our own accounts. 

In Stephen’s past relationship, they had their own money and each sent 1/2 the bill money to the bills account and finances weren’t shared.

Don't move in together until you've worked out the details - if you can't agree on this, it's going to cause problems in the relationship.

SootySweep1

Hi
As others say there is no right answer & its about what works for you.
We have a joint account & joint credit card but we both have very similar attitudes to money & no concern about the other seeing  what we're spending.
I'd suggest that you need to think about your attitudes to money. Are you both good at managing money ? How much do you each earn ? Do either of you have debts / ongoing financial commitments ? Do either of you have expensive hobbies ?
Rhetorical questions but things to think about.

Jen

kimwp

I think you are setting a precedent unless you agree now to change the agreement at a later point in the relationship. At the moment the difference is a hundred pounds or so - what happens if one of you starts to earn significantly more than the other or you go on maternity leave? Why is he happy to have more for himself than he gives to you?

Lavendyr

We have a joint account into which we pay an equal amount to cover the mortgage and shared bills. Our salaries go into our own individual accounts and we each have a standing order into the joint account. Anything else is our own spending. Simples. 

GaleSF63

Remember that whatever you decide, you can always try a different way if it doesn't work. 

anotheruser

May have been covered before, but there are two options:

1) Each put entire salary into a joint account.  All bills are paid from this account, food shopping, everything that is joint.  An allowance of £XXX per month is transferred to personal bank accounts for personal spending.  This could cover things like clothes.

2) Salaries are paid into personal accounts and a set amount is transferred to a joint account to pay for food, bills etc.

Both have their advantages and disadvantages.
If you get paid to a personal account and transfer an equal amount, say if one person gets paid £150,000 a year and the other just £20,000, transferring £1000 a month into a joint account isn't really balanced.  However if you both transfer 50% of your salary, that means the person earning £20,000 a year has little incentive to get a better job and it's still not exactly fair.

Either way will allow you to slowly build up your joint account as a savings account.

Those are the choices you have to muddle through.

But make however you pay bills a priority.
It's better to have a buffer in that account than paying in exact amounts and risking going overdrawn.

zagfles

You should also consider non financial contribution, for instance the lower earner might pay less of the bills but do more housework etc, so they're contributing in a different way. This is basically what we did before we had kids, it worked for us, but you need to discuss and do what works for you, rather than what other people tell you you should do.

squirrelchops2

My partner earns around £50k and I earn around £20k.
All household bills are split equally except council tax which he pays all of. He gives me a set amount each month to cover all the bills and I source the good deals etc which he hates doing.

 Food is split but eating out etc he usually pays for.

Now, it may seem quite unequal, however he works away and has accommodation costs, fuel costs as 5 hour round trip each week so has other stuff to pay for that I don't.

Although I may not earn as much I have quite a lot of money in the bank and we don't have a mortgage. He has savings too. 

I feel happy with how we split things and have more than enough left each month.

Pollycat

squirrelchops2 said:

My partner earns around £50k and I earn around £20k.
All household bills are split equally except council tax which he pays all of. He gives me a set amount each month to cover all the bills and I source the good deals etc which he hates doing.

 Food is split but eating out etc he usually pays for.

Now, it may seem quite unequal, however he works away and has accommodation costs, fuel costs as 5 hour round trip each week so has other stuff to pay for that I don't.

Although I may not earn as much I have quite a lot of money in the bank and we don't have a mortgage. He has savings too. 

I feel happy with how we split things and have more than enough left each month.

And as long as your partner feels like same, that's great.
It doesn't matter what anybody else does.

squirrelchops2

Pollycat said:

squirrelchops2 said:

My partner earns around £50k and I earn around £20k.
All household bills are split equally except council tax which he pays all of. He gives me a set amount each month to cover all the bills and I source the good deals etc which he hates doing.

 Food is split but eating out etc he usually pays for.

Now, it may seem quite unequal, however he works away and has accommodation costs, fuel costs as 5 hour round trip each week so has other stuff to pay for that I don't.

Although I may not earn as much I have quite a lot of money in the bank and we don't have a mortgage. He has savings too. 

I feel happy with how we split things and have more than enough left each month.

And as long as your partner feels like same, that's great.
It doesn't matter what anybody else does.

Sorry, yes you are correct we are both happy with the arrangement.