Quote:
Originally Posted by AlphaFrog
I don't get the whole "split 50/50 or 60/40"...I mean, I understand the concept, but for us, all of our money goes into a joint bank account, which I pay all the bills from. It's also what I use to go grocery shopping and buy things for the kids. I keep a list at all times of things coming up to pay, and know how much money we're going to need for the future 45 days or so (unless I know of a major purchase coming up farther down the line) and approx how much both of our checks are going to be. We have a safety net amount of money that we keep. Anything outside of that is our spending money, and we've hardly ever had a problem just sharing that, without putting limits on who can spend what. I buy shoes and he buys his silly wrestling gear and DVDs and it works out well. I put my foot down, however, at the Bowflex.
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Maybe that's the advice if you are not married and are "just" cohabitating? Splitting the bills 50/50 doesn't sound fair if one person makes significantly more than the other- especially if the house/apartment was selected based on the higher income earner.
And pooling money if are not married can get really tricky- what do you do if you break up? The higher income person might want a bigger piece of the pooled funds, even though they spent more of it.