Finances??

Question

I’m living with my fiancé and my toddler from a previous marriage and we have another baby on the way and I would like to know how people in similar situations do about finances. Currently we live in my house and he gives me money every month to pay like 50% of the bills. He also owns an apartment that we are hopping to sell soon. When we started our relationship and he moved in I said to him that the day that we were married I expected that all what we have is both of us and he agreed and I also mentioned that since I’m pregnant I’m not expecting to pay the Pampers half ways either. He seemed to agree to everything but he never actually says “let’s go and open a joint bank account”.
He makes in 4 days what I make in the entire month working but I really don’t care if it was the other way around. How do you do finances in your house?

Answer

I think speak to him and ask him what he’s comfortable with. What some of my friends do is split the expenses based on income...
Ie. Total expenses for the month $5000.
He earns $10 000 a month 
She earns $5 000 a month.
Since she earns half of what he does, she would pay half of what he does. 
Therefore he’d pay $3 333 and she’d pay $1 667 and effectively both he and she would be able to save 66% of their respective incomes. 
If he’s not supporting your kid from a previous relationship, then of course you would use your remaining 66% towards those expenses.

Answer

Seems like if you share a house, bills, and a kid, that a joint account would be the best situation for you. Sit down and discuss it with him

Answer

I think it’s a bad idea all around. You guys aren’t married.

Answer

I wouldn’t do this until your married. 
We do a joint and our own personal accounts. This is what was recommended to us by several mortgage lenders, they all had horror stories about couples that didn’t work out. Nobody goes into marriage thinking it wouldn’t work out, but you really don’t know. Then in the joint you contribute what amount you two set, doesn’t have to be 50/50, maybe he’s 2/3 and you’re a third. 
We are expecting our first baby next month and will get a joint credit card for the baby’s expenses and evaluate what to contribute towards that bill from there. I make decent $$ but my husband makes more, we are under his health insurance, so that’s extra he pays.

Answer

My husband got paid more than me when I worked full time anyway but now I work part time and take care of our child the rest of the week.
We essentially both get paid into a joint account and then from that account, we each have the same amount of spending money for the month. It’s a set amount every month that I just transfer over to our personal accounts and it’s disposable income. All our bills and food shopping and joint savings come out of the joint account.

Finances??

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