Comments on: Couples With Different Levels of Income http://www.thefinancialblogger.com/couples-with-different-levels-of-income/ This is where your finance takes place Mon, 13 Oct 2008 04:06:32 +0000 http://wordpress.org/?v=abc By: Money issues underneath a seemingly peaceful marriage - The Simple Wealth http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2323 Money issues underneath a seemingly peaceful marriage - The Simple Wealth Mon, 21 Apr 2008 17:57:11 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2323 [...] •Couples with different levels of income at The Financial Blogger [...] [...] •Couples with different levels of income at The Financial Blogger [...]

]]> By: Slinky http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2312 Slinky Sat, 19 Apr 2008 20:03:37 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2312 Coming from the otherside of things, my significant other and I have always (and will continue) to have seperate finances. When we met, I was 19, and he was 29. HUGE difference in income. At first, we just kind of went with the flow. I started spending a lot of time at his place, so I started contributing grocery money. After I officially moved in, I put in half the rent. Things that apply to only one of us (we each have our own cell phone) was payed by that person. 6 years later, Things have evened out, although I'm not quite graduated from college. Beginning in June, I'll be making more than he does! The key to making this work, is agreeing on it and not keeping score. He had no problem 'supporting' me during college. Sometimes this was picking up my half of the rent, and for most of college it was paying all the utilities himself. Going out to eat will always be whoever wants to 'treat' unless we agree to split. When we buy a house in a few years, most of the downpayment will likely be mine. He has credit card debt he's still paying down (I'm a good influence) and I'm a bigger saver than he is. You can still be a team with separate finances, I just think it might be harder to not keep score. The easiest way for that is to just truly love the other. Then it just comes naturally. Coming from the otherside of things, my significant other and I have always (and will continue) to have seperate finances. When we met, I was 19, and he was 29. HUGE difference in income. At first, we just kind of went with the flow. I started spending a lot of time at his place, so I started contributing grocery money. After I officially moved in, I put in half the rent. Things that apply to only one of us (we each have our own cell phone) was payed by that person. 6 years later, Things have evened out, although I’m not quite graduated from college. Beginning in June, I’ll be making more than he does!

The key to making this work, is agreeing on it and not keeping score. He had no problem ’supporting’ me during college. Sometimes this was picking up my half of the rent, and for most of college it was paying all the utilities himself. Going out to eat will always be whoever wants to ‘treat’ unless we agree to split. When we buy a house in a few years, most of the downpayment will likely be mine. He has credit card debt he’s still paying down (I’m a good influence) and I’m a bigger saver than he is. You can still be a team with separate finances, I just think it might be harder to not keep score. The easiest way for that is to just truly love the other. Then it just comes naturally.

]]> By: Alex - My Trader's Journal http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2290 Alex - My Trader's Journal Wed, 16 Apr 2008 01:50:23 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2290 I think if you are married it MUST be a team or you shouldn't have married. Splitting is what dating around is for. I've been lucky, my wife and I have always been within 20k of each other, each taking our turns leading over the past 11 years of marriage. All that flipped when she took 10 mos off after our son was born. Still, it was OUR MONEY, not mine. It didn't seem odd at all for her to buy stuff she wanted/needed. Then again, we are both quite practical. I'll get to flip the burden back to her in a few years if she can make enough for me to invest full time. :) I think if you are married it MUST be a team or you shouldn’t have married. Splitting is what dating around is for. I’ve been lucky, my wife and I have always been within 20k of each other, each taking our turns leading over the past 11 years of marriage. All that flipped when she took 10 mos off after our son was born. Still, it was OUR MONEY, not mine. It didn’t seem odd at all for her to buy stuff she wanted/needed. Then again, we are both quite practical.
I’ll get to flip the burden back to her in a few years if she can make enough for me to invest full time. :)

]]> By: » MoneyBlogNetwork on Emergency Funds and Latest Carnival of Personal Finance on Consumerism Commentary: A Personal Finance Blog http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2278 » MoneyBlogNetwork on Emergency Funds and Latest Carnival of Personal Finance on Consumerism Commentary: A Personal Finance Blog Mon, 14 Apr 2008 23:22:53 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2278 [...] top picks, make sure you get a chance to read Presidential Candidates Have Bad Credit, Couples With Different Levels of Income, and Bought a New Lexus RX 350: My Adventure and Reasons. My recent article on considering a yearly [...] [...] top picks, make sure you get a chance to read Presidential Candidates Have Bad Credit, Couples With Different Levels of Income, and Bought a New Lexus RX 350: My Adventure and Reasons. My recent article on considering a yearly [...]

]]> By: 148th Edition of the Carnival of Personal Finance! http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2277 148th Edition of the Carnival of Personal Finance! Mon, 14 Apr 2008 17:12:10 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2277 [...] Financial Blogger presents Couples With Different Levels of Income - Money is difficult to manage when you’re on your own, but when you combine two incomes [...] [...] Financial Blogger presents Couples With Different Levels of Income - Money is difficult to manage when you’re on your own, but when you combine two incomes [...]

]]> By: Carnival of Personal Finance up at Gather Little By Little | Girls Just Wanna Have Funds http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2276 Carnival of Personal Finance up at Gather Little By Little | Girls Just Wanna Have Funds Mon, 14 Apr 2008 13:58:20 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2276 [...] Financial Blogger presents Couples With Different Levels of Income - Money is difficult to manage when you’re on your own, but when you combine two incomes together [...] [...] Financial Blogger presents Couples With Different Levels of Income - Money is difficult to manage when you’re on your own, but when you combine two incomes together [...]

]]> By: Weekend Reading: April 13, 2008 | Moolanomy http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2272 Weekend Reading: April 13, 2008 | Moolanomy Sun, 13 Apr 2008 13:01:06 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2272 [...] The Financial Blogger talks about couples with different levels of income. [...] [...] The Financial Blogger talks about couples with different levels of income. [...]

]]> By: Shannon Davis http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2264 Shannon Davis Fri, 11 Apr 2008 16:58:27 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2264 One thing that has worked in my marriage: We have two separate bank accounts and a joint account for mortgage, joint bills, etc. We calculated the budget for what we would need to put in that joint account to pay all those bills and some extra for joint savings. Essentially, our shared budget. Then we determined our total income and what percentage we would have to take from each account in order to put in the amount of money needed. For example, that might be 50% from each paycheck, but one person's 50% might be more than the others. In the end though, we both put in 50% and we both have the other 50% for spending money. If someone gets a raise, they raise their contribution in order to come up to the same percentage (otherwise after a few years, you'd only be putting in 30% or whatnot). It has been a great way to a) ensure the bills are paid before the spending money is spent and b) build up a joint savings account. Thanks to automatic paycheck delivery, we can have the contributions automatically forwarded to the joint account so I don't even feel like I am losing any money anymore. I just know that the bills get paid. We never fight over what we spent our money on. Of course, we discuss joint expenditures, like a new TV or something - but if we don't agree, then we're free to spend our separate spending money on such things. I don't care what she buys and she doesn't care what I buy. One thing that has worked in my marriage:
We have two separate bank accounts and a joint account for mortgage, joint bills, etc. We calculated the budget for what we would need to put in that joint account to pay all those bills and some extra for joint savings. Essentially, our shared budget. Then we determined our total income and what percentage we would have to take from each account in order to put in the amount of money needed. For example, that might be 50% from each paycheck, but one person’s 50% might be more than the others. In the end though, we both put in 50% and we both have the other 50% for spending money. If someone gets a raise, they raise their contribution in order to come up to the same percentage (otherwise after a few years, you’d only be putting in 30% or whatnot).

It has been a great way to a) ensure the bills are paid before the spending money is spent and b) build up a joint savings account. Thanks to automatic paycheck delivery, we can have the contributions automatically forwarded to the joint account so I don’t even feel like I am losing any money anymore. I just know that the bills get paid.

We never fight over what we spent our money on. Of course, we discuss joint expenditures, like a new TV or something - but if we don’t agree, then we’re free to spend our separate spending money on such things. I don’t care what she buys and she doesn’t care what I buy.

]]> By: Joshua http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2258 Joshua Thu, 10 Apr 2008 17:11:22 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2258 I think communication is most important, along with the realization that how much money you bring to a relationship does not give you more 'power, leverage, etc.'. I make twice as much money as my wife but seeing as my life would be pretty bankrupt without her, I say it all evens out! I think communication is most important, along with the realization that how much money you bring to a relationship does not give you more ‘power, leverage, etc.’. I make twice as much money as my wife but seeing as my life would be pretty bankrupt without her, I say it all evens out!

]]> By: The Financial Blogger http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2250 The Financial Blogger Wed, 09 Apr 2008 23:52:19 +0000 http://www.thefinancialblogger.com/couples-with-different-levels-of-income/#comment-2250 Hey Tim! I hope your wife makes 50K ;-D I strongly believe that working as a team is the only way to handle the family's money. Hey Tim!
I hope your wife makes 50K ;-D
I strongly believe that working as a team is the only way to handle the family’s money.

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