How do you apportion disposable income

Peterbot

I've read a few threads on here about how people manage their household incomes, some preferring to keep separate accounts and paying into a bills account and some choosing joint accounts but there are only a couple of comments I can find on how to work out how to split income and was looking for some ideas.

I am married, happily and with no dependents, but I earn more than double that of my wife.

Currently we have one account where all of our bills are paid from, this is the same account where our salaries are paid. Our situation is very basic, money comes in, bills/savings go out and whatever is left over we split 50/50. I've been happy with this arrangement for the 10 years it has been in place but recently I'm starting to wonder whether this is the best solution and I am curious to know what others do.

tacpot12

I think that what you have is probably the best solution. You have agreed on what costs are covered from the money that comes into the family and have agreed that whatever is left is then split for you to do as you wish with it. This is the most fair system, but not everyone can perceive it as fair. Hence, many people have to move away from this ideal to find something that both parties are happy with, or are at least equally unhappy with!

The ony thing you might do to be happier is to make sure that both of you are saving enough for your pensions and for any one-off bills that might occur with the house, e.g. needing a new boiler, sofa or fridge. 

Zanderman

Everything (all income) split 50:50 for us, married, no dependents. Very simple. Very easy. No stress. No issues.

We wouldn't do it any other way and don't quite understand people who do! 

Except in situations where there isn't commitment (marriage is a pretty firm one though!) or where one or both partners have unequal commitments to previous partners/families and have to cater for those.

MikeJXE

Peterbot said:

I've read a few threads on here about how people manage their household incomes, some preferring to keep separate accounts and paying into a bills account and some choosing joint accounts but there are only a couple of comments I can find on how to work out how to split income and was looking for some ideas.

I am married, happily and with no dependents, but I earn more than double that of my wife.

Currently we have one account where all of our bills are paid from, this is the same account where our salaries are paid. Our situation is very basic, money comes in, bills/savings go out and whatever is left over we split 50/50. I've been happy with this arrangement for the 10 years it has been in place but recently I'm starting to wonder whether this is the best solution and I am curious to know what others do.

Good to hear so congratulations on joining the committed to each other group.

I'm 82 and was happily married 50 years, being on equal footings with your partner is the only way for a long and happy relationship. (Both happy that is)

DullGreyGuy

Married, no dependents, very asymmetrical income.

I cant say we do 50/50 in a strict sense... we are fortunate that we dont need to watch the pennies closely and so we both spend from the central pot. Whats leftover at the end of the month moves into savings.

In practice she spends a fair bit more than I do so probably more 60/40 but in principle its all ours and owned equally (and she'll always claim that new low cut top she bought herself is for my benefit) 

Zanderman

DullGreyGuy said:

Married, no dependents, very asymmetrical income.

I cant say we do 50/50 in a strict sense... we are fortunate that we dont need to watch the pennies closely and so we both spend from the central pot. Whats leftover at the end of the month moves into savings.

In practice she spends a fair bit more than I do so probably more 60/40 but in principle its all ours and owned equally (and she'll always claim that new low cut top she bought herself is for my benefit) 

Depends on whether you judge the 50:50 on the income or the outgoings! 
Our income is shared 50:50 but there are, inevitably, swings to and fro in outgoings on personal items now and then!. 

DullGreyGuy

Zanderman said:

DullGreyGuy said:

Married, no dependents, very asymmetrical income.

I cant say we do 50/50 in a strict sense... we are fortunate that we dont need to watch the pennies closely and so we both spend from the central pot. Whats leftover at the end of the month moves into savings.

In practice she spends a fair bit more than I do so probably more 60/40 but in principle its all ours and owned equally (and she'll always claim that new low cut top she bought herself is for my benefit) 

Depends on whether you judge the 50:50 on the income or the outgoings! 
Our income is shared 50:50 but there are, inevitably, swings to and fro in outgoings on personal items now and then!. 

If its incoming or outgoing it still gives a line that you can only spend up half be that half the total incoming or half the total outgoing whereas ours is more it just goes into one pot and we both own it in its entirety rather than half each... like joint tenants -v- tenants in common 

RG2015

Do you split the household chores and duties 50:50 or is that asymmetrical?

enthusiasticsaver

Peterbot said:

I've read a few threads on here about how people manage their household incomes, some preferring to keep separate accounts and paying into a bills account and some choosing joint accounts but there are only a couple of comments I can find on how to work out how to split income and was looking for some ideas.

I am married, happily and with no dependents, but I earn more than double that of my wife.

Currently we have one account where all of our bills are paid from, this is the same account where our salaries are paid. Our situation is very basic, money comes in, bills/savings go out and whatever is left over we split 50/50. I've been happy with this arrangement for the 10 years it has been in place but recently I'm starting to wonder whether this is the best solution and I am curious to know what others do.

We have joint incomes/outgoings and they all come out of one account.  We have  agreed on a personal spends amount for the month (in our case £300 each) and the rest is either left for spends, saved in pots allocated to various things or other savings accounts. So probably not a great deal different to you given you say you are saving and dividing the remainder.  What about grocery spends and fuel spends/entertainment etc? Does that get split between you too or do you have a household spends budget? 

MikeJXE

RG2015 said:

Do you split the household chores and duties 50:50 or is that asymmetrical?

Yes we did when we were both working and I did some when she stopped working.

Why not ? You're partners after all 

Rob5342

We both get paid into our joint Monzo account, and then split it into a bills pot and a pot for each weeks budget (actually a mixture of 7 and 8 days periods up to the next payday). The weekly budget just gets spent as we like, as long as there is enough money to cover food and petrol and we each get to buy things we want soetimes then we don't worry about exactly how much each of us has spent. In practice most of our money goes on joint things like eating out and going to the cinema.

My wife does most of the household chores but I think that;s fair as she works far less than I do. If she goes out at the weekend I'll do some of them and have dinner ready for when she gets home.

Everyone has a different view, just find something that works for you and change it if you beome unhappy.