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For couples here who have significantly different incomes how do you allocate discretionary spending? Does the person who makes 2X or 3X the income get to have a higher discretionary spending limit? Or do you keep the same limit for both of you?
For couples that are not married: If one of you are in a significantly better financial position - say no debts, high income, high savings and is able to spend more freely on wants and your partner has debts, lower income, low savings would you curtail your spending on wants so that you don't rub it in because your partner cannot spend as freely?
My income is infinitely higher than my wife's income (She doesn't have an income). Actually, we have no discretionary income. Every dime for the next 30 years is spent: mortgage, insurance, utilities, kids' educations, retirement, vehicles, kids' activities (cheer, swimming, soccer, etc), four daughters' weddings, etc.
I don't believe in comingling funds. My husband and I had one account we each contributed to for household expenses, we invested and spent the remainder as we saw fit. If he wanted to treat me to something he did, and visa versa.
Of coarse, if, as a couple it is decided to do the SAHM thing, then what I did is not doable.
For couples here who have significantly different incomes how do you allocate discretionary spending? Does the person who makes 2X or 3X the income get to have a higher discretionary spending limit?
Or do you keep the same limit for both of you?
How about sitting down and deciding what obligations you have/want and what your values are...
and then making a budget based on these?
Quote:
For couples that are not married:
..would you curtail your spending on wants so that you don't rub it in...
when my wife worked, id let her waste most of her money as long as she contributed somethign towards the household bills. now that she isnt employed, i give her a budget of money she can waste every month. her budget is much more than i spend on myself, since i spend almost nothing on myself.
when my wife worked, id let her waste most of her money as long as she contributed somethign towards the household bills. now that she isnt employed, i give her a budget of money she can waste every month. her budget is much more than i spend on myself, since i spend almost nothing on myself.
If you're married it doesn't matter who's making the most income...it's share and share alike...If an unmarried couple is dating or seeing each other, I would hope that the one making the most income would be paying for most things needed.(should be a given)...just makes sense, and if that's just too much for your sensabilities, you can easily keep it all, by keeping it small, and staying alone.
If an unmarried couple is dating or seeing each other, I would hope that the one making the most income would be paying for most things needed.(should be a given)..
we are not talking about needs, this is not what this thread is about...it's about discretionary items, i.e. wants.
Putting gas in your car is a NEED, buying an iPad is a WANT (in most cases). If both people want iPads but only 1 can afford it would the person who can afford it go ahead and buy the iPad for themselves anyway or would they NOT buy an iPad because it would make the other person feel bad. Assume that they can afford only 1 iPad. Extend this to other things. THAT is what I am trying to discern in this thread.
I earn more than my husband and we keep our finances seperate because he is a spender and I'm a saver. In the end, we both spend what we want from our incomes but I end up with much more savings because I prioritize it, where he doesn't. I also put money away in several accounts, where he does not.
There are times where I will pay more on certain outings because I know he's short on cash and we don't split household bills 50/50 but on a scale that is more comfortable for him.
Its not a perfect system but we're working on it.
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