Real women answer: "How do you split your household expenses?"
How do you go about splitting your expenses if both parents are working?
If both you and your spouse are working, you might be wondering how to go about splitting the household expenses. One ParentTown discussion was all about household finances and how two breadwinners divide the financial responsibilities.
There isn't one clear-cut way to manage expenses within a marriage. What works for one couple might not work for others. But here's how real women in the ParentTown responded, sharing what has worked for them and their husbands.
Having a joint account
Plenty of moms said they keep joint accounts with their spouses, and just deduct from there. Some moms decided on keeping another personal account for their own expenses, while others just have the joint account.
“We have a joint account and contribute a predetermined amount to it on a monthly basis,” writes Lynn Y. “Household bills are deducted from the account via giro. So long as we continue to contribute to the joint account, we do not bother with what each other is spending on. That means I get to indulge in toys for my boy without nagging from hubby.”
Go to the next page to read what the rest of the ParentTown community had to say about splitting household expenses.
Some husbands entrust the budgeting and the spending to their wives, like in Sisleen S.’ case. “I am the finance controller,” she writes. “I pay all the bills and control our spending and budgeting, as my hubby gives 90% to me. He trusts me so much.”
(If you need tips on managing finances, read: 5 helpful tips that will help you better manage your finances.)
Take into account how much you both earn
If you earn less than your husband, it makes sense that he would pay for more of the household bills. “It depends on how much you and your hubby is earning,” Jolin L. says. “If the husband is earning more, of course he pays most of the bills. I will spend on the kids, like toys and books. As for groceries and baby essential items like diapers and formula milk, it'll be like 70% him, 30% me.”
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