One of my readers, Blair, asked:
I have a question – Do you and Lloyd have a joint budget, or do you keep them separate? How do you split bills… is it even, or is it based on salary?
Thanks for your question, Blair! I meant to write a post about this awhile back, but never got around to it…
As geeky as it is, Lloyd is even more obsessed with his finances then I am (we’re a match made in PF heaven!). Before we moved in together, we had several talks on how we would split the costs.
All Things Equal
In my humble opinion, I think each man and woman should pay the same amount for the same things and should not be penalized for making more money. Lloyd feels the same way. We actually do make about the same right now, so that makes things even easier.
We split everything – rent, utilties, cable, water – right down the middle. I think this is the right way to do things, but I know that some people split rent differently based on income, size of bedroom, etc. Splitting expenses down the middle works the best for us.
Bonus: I get some pretty nice credit card rewards, so all the utilties actually flow through my credit card. However, we take that into account when we pay rent. My actual rent check is always smaller than Lloyd’s since I’ve already paid for the utilties. When you add each of our total expenses up though, they come out to the same amount per month.
We Eat A Lot
The first month or so that we lived together, we attempted to grocery shop seperately. When you’re living together as a couple, this does not work. We quickly realized we need to start splitting the costs of dinners and other household essentials.
We go to the grocery store every Sunday and have three orders: joint order, his order, and my order. The person that foots the cost for the joint order switches from week to week. But, we still keep a spreadsheet of how much each weekly joint order is so one person doesn’t end up paying more than the other in the end.
Lloyd and I like to eat pretty healthy, so weekly grocery shopping is a must for us. We prepare breakfast, lunch, and almost all our weekly dinners at home (as much as it pains me since I’m not a fan of cooking). We have the joint grocery shopping down to a science now, but it’s still pretty annoying! But…that’s coming from a person that dislikes grocery shopping in general. 😉
At this time, Lloyd and I do not share a joint budget. There are many reasons for this, but mainly because our finances are not combined. We plan to combine our finances when we’re married, but I do not think we should until then.
How do you share the finances with your significant other?
In other news, I particpated in two carnivals this week! Please click on over and check out these carnivals!