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๐๐ปโโ๏ธ Ever since we got married, we have always split our joint expenses 50:50 and maintain separate individual savings accounts.
I thought this was normal, until I read stories about couples who contribute to their joint expenses based on how much each person earns.. or even couples who transfer all their salaries into a joint account and donโt have savings of their own. Weโve even read stories where one partner pays for everything even though both parties work โ๏ธ
Makes me wonder - is splitting everything 50:50.. calculative? Are we petty people?! ๐ฌ๐ฎโ๐จ
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๐ญ There is no right or wrong in how a household manages money, but hereโs why keeping our finances separate works for us :
โก๏ธ We are a DINK couple with no plans for kids
We do not have shared responsibilities beyond our home expenses, so it does not make sense for us to pool our savings together. We also split chores evenly, so no one needs to be compensated more than the other for the domestic work at home. We are also both working adults who do not rely on each other for a living.
โก๏ธ We have variable income every month
I am self-employed and my income every month varies. Adjusting how much I contribute every month based on what I earn is troublesome, because it will always be different. I also donโt think itโs fair to expect my partner to pay for my share if I earn $0 on a specific month, and vice versa. On the other hand, knowing we both have to pull our weights in the relationship motivates us to work harder.
โก๏ธ We have different financial responsibilities
I am my parentsโ retirement plan, and I do not believe in transferring this responsibility to my partner. In the same vein, I expect my partner to be responsible for his financial obligations without looping me in. Some would say that being in a relationship means sharing each othersโ burdens, but personally I wouldnโt want my loved onesโ lives to be harder because of me and try my best to handle things on my own - and I expect the same in return.
โก๏ธ We want to maintain freedom in our money habits
Although we are both frugal people, there are a few things we spend on that the other doesnโt approve of. Keeping our finances separate ensures that we do not feel resentful when the other spends on things they love but we do not understand. Also *touch wood* having seen couples who were wrecked financially after a separation, I also think itโs important to keep your finances separate so both of you can thrive independently after.
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Do you split your finances 50:50 too? Or do you combine everything in a joint account? Share with us below.
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