My partner and I are looking at buying a house together. When you have moved in with your partner for the first time how did you work out finances? I have 1 child, he has none. He earns $2200/fortnight from work, I earn $950/fortnight from work. He has an expensive hobby, I have none. We have talked a little about money but he doesn't really worry about that stuff like I do. What have you done if in a similar situation? Do we join our bank accounts? Split everything 50/50? Have an allowance every week? With his being higher because he earns more?
3 Replies
I think everyone is different. My husband and I had a joint account as soon as we moved in together. Then we had no issue's of splitting money and who pays for what. I have quiet a few married friends who actually hate separate accounts and one pays rent/mortgage the other pays for groceries ect. You need to sit down and have this discussion with your partner. My personal opinion when you are in a committed relationship, everything should be equal and shared. But I totally respect women/men who want to be independent financially and keep things separate.
Depends on what works and U feel comfortable with, when I first moved in with my partner we paid bills/ house everything out of his pays and lived off mine, my mum and dad live off my dads pay for everything and my mum saves hers, means my dad never has access to any money tho, but my sister and her husband pay everything 50/50. Do a trial run of different things and see how it goes maybe?
Have a conversation and discuss various scenarios. Eg. Are you comfortable with his expensive hobby or potentially resentful? How does he feel about financially providing for your child? Does he see your child as your 'expensive hobby'? What happens if he contributes 50% as half the relationship, or only 30% as 1 of 3 people in the house (not suggesting this) and then he loses his job - you would then be paying 100% - would that be fair? Personally it needs to be what makes you both comfortable and you will only find that out by talking and trying. Maybe try 70% now as he earns 70% of your combined gross and then if things change and you get a raise you can recalculate. Would suggest if every $ goes into a joint account you have an allowance for totally frivolous things for each of you that neither can veto. Also, in my experience finances can change dramatically and you have to keep communicating to make it work. When I met my husband he was much wealthier then me but we went 50/50 and if something was out of my budget I would let him know and he could decide if he wanted it enough to pay the difference. Some time later his business went bankrupt and he was left with nothing (literally). For 12 months I paid for everything and now 3 years later all the credit is in my name (quite a risk carried against my assets). He has a job now and we have a joint account for everything - except for his self respect he has his own pocket money account I don't have access too that let's him have some independence, ... so as you can see things change and we talk a lot about money :)