Exoverspender
Registered User
- Messages
- 9
Thanks for this, appreciate your response. Seems like joint account with separate savings ac is the way to go. TyWe both earn similar enough salaries but for a long time i was a decent bit more. Regardless of who earns more we have always had everything routed to our joint account. We have a set monthly savings amount that we transfer to a deposit account and a second set savings amount that we transfer to a holiday fund account. We spend as we please but obviously if making a big purchase we just tell each other beforehand.
We dont save anything in October and instead use the cash to purchase xmas presents. Works well for us but at the start there were a few arguments due to the fact im more of a saver and she is more of a spender. Compromise is generally the key
All the money gets aggregated, make a budget for each month of what needs to go out, mortgage, car loan, money for household, money for kids, savings whatever else.
whats left gets split evenly, what either of you choose to do with that amount thats left over is your own business, that way you maintain some financial discretion but the household gets looked after
I'd also go a bit further and put a cap on what you split, so if your expected income increases or planned outgoings reduce, the extra is further saved or targetted towards something instead of flitted away in the leftover split money
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