Post # 1
My boyfriend and I have been together for 3.5 years and we are going to be moving in together in January! Yay!
We’ve taked a little bit about how we might split expenses. He is making more money than me. Suze Orman suggests that you divide expenses by income. My Boyfriend or Best Friend suggested we do it this way because it makes sense, but I feel kind of guilty about this. I don’t want to feel like he is supporting us or I am not contributing as much.
Should I feel guilty? How do you split your expenses?
Did anyone open up a joint account and have all the money for monthly expenses go in there, and then keep the rest of the money for personal items in their own account?
I’m just curious to see how other people handle expenses since this is all new to me!
Post # 3
With ours, we split rent and utilities 50/50. Our furniture bills are in both our names. He picks up the phone bill, and I give him some money for that. He pays on our credit card and to even it up, I put a similar amount into savings account in both our names every month. I have one more card that I use solely for my gas back and forth to work, and I pay that.
I make a little bit more than him monthly, but it fluctuates some because he’s a waiter and it depends on how generous people feel.
Post # 4
autumnmountainbride thats how I’ve always envisioned splitting expenses. It makes a lot of sense to me. Thanks for your input!
Post # 5
- Wedding: November 2013 - St. Augustine Beach, FL
We don’t split 50/50 because I make significantly more than he does and I just don’t think it’s fair for him to end up with only a little spending money after paying bills. We split our bills by the percentage that we each make.
What it means is that we tally up our monthly bills such as rent and utilities (let’s say $1000 to make it an easy number to work with.) Then we calculate what each of us makes each month (let’s say I make $2000 a month and he makes $800 a month.) That would mean our household income is $2800 but my percentage is roughly 71% and his is 29% of the household income (each person’s monthly income divided by the household income equals the percentage.) That means he would contribute $290 to our joint account for bills and I would contribute $710; this money is used to pay the monthly bills. The leftover money is kept in our separate accounts and used for our personal expenses (car payment for me, cell phone payment for him, etc…)
Post # 6
My Fiance makes twice as much as me, we split the mortgage but he pays the utilities and puts alot more than I into our savings.
Post # 7
@beachbride1216: This is a great breakdown! Thank you, I always wondered about that.
Post # 8
My Fiance and I had a LOT of discussion around this when we joined fiances. He makes more than 4x what I make… We put both of our entire paychecks into one joint account. All joint expenses come out of that account, including gas money, groceries, bills, wedding expenses, dates out, bills, student loans, EVERYTHING. We each have our own credit card that we set to a $500 limit. Each month we each have our $500 personal spending money that we can use for whatever we’d like. I use mine a lot for coffees, shopping, nails, tanning etc. In the beginning we had a big discussion about what was considered “personal” spending and what came from the joint fund. For example: I negotiated to have my hair cuts and colors come from the joint account etc.from the joint account we have a linked savings acount to save for our down payment on our home. Just a side note: my fiance and I didn’t make this financial commitment to each other until we had made the commitment to marry each other. Breaking up and splitting finances would be impossible…. like a divorce.
I’d be happy to answer any questions you might have!
Post # 9
We were earning about the same for a few months after he moved in. Since then I’ve had two significant promotions this year. We split rent and bills. Sometimes I’ve paid for a bill without a worrying about his half. It’s our money. Doesn’t really matter where it comes from.
Post # 10
I make slightly more than he does by about $200-300 a month. We just alternate who pays. If it’s your month to pay rent the other pays the utilities and internet and buys groceries. though we’re really bad at remembering who paid groceries last so i’m not sure how even it ends up. It’s not like we really care though. We only need one of our incomes to make ends meet so we’re saving almost one of our paychecks a month, at least I am he’s not as good at saving even though he’s the accountant. We did just buy a car to replace his 23 year old car though so that’s going to change our finances.
Post # 11
We split rent but for the rest, we put into our joint account and pay them with that. I would hazard to guess that I pay slightly more bc I make more.
Post # 12
We recently opened up a joint checking account. We both use mint.com and determined what our expenses expenses were, which were our own and which were shared. We determined that we spend about $1800 a month on joint essentials like HOA fees, groceries, gas electrical, internet plus a little bit for entertainment. So we use the joint account for only that. Everything else is a personal expense that that person is responsible for. I think this works especially if you aren’t married because if anything were to go wrong (heaven forbid) splitting up the account would be easier rather than doing it percentage wise. Plus your significant other doesn’t have to worry about your expenses, like for me my student loans, and they aren’t monitoring your spending on other stuff for instance how espensive my hair appt’s are.
I would recommend the joint account but until you are married contribute to it equally. You can talk about what you are guys are going to pay for together vs seperately that way if he wants to take on more of the responsiblity he can it just wont be taken from the joint account. Good luck!
Post # 13
We are saving for a home….we take my entire paycheck and put it into savings than split his paycheck right down the middle, I get half, he gets half, and we each pay for half of the expenses from our distributed halves…whatever is left over we can each spend on whatever we want, this way if he wants to buy some big ridiculous toy for himself he will just save from whatever is leftover and I could care less!
Post # 14
We have a joint account. We share everything so our money goes into the joint account and we just pay for everything out of that, what is left over we put into an account that needs both of us to sign so we can save.
Post # 15
Don’t feel guilty! My fiancé supports me 🙂 if he makes more it makes sense he should contribute more.
Post # 16
My Fiance pays for almost everything and it’s been like this since we first met and started living together. Don’t get me wrong, I have a job and I pay my phone/car insurance and get groceries on occasion, but he takes care of everything else. It’s very traditional (although we like to think of ourselves as very liberal) but it works for us. I secretly think it makes him feel like more of a man because he takes care of that stuff. One thing we don’t do is have joint accounts, even after we’re married. I just don’t feel like it’s necessary.