Hi my partner has moved in to my council flat with me and my young son . I have just recently gone back to work part time since having my son and my boyfriend works full time , since my partner moving in and me starting work I only get a personal income of £300 from my job . My partner gets £1200 . How do we split
Hi my partner has moved in to my council flat with me and my young son . I have just recently gone back to work part time since having my son and my boyfriend works full time , since my partner moving in and me starting work I only get a personal income of £300 from my job . My partner gets £1200 . How do we split all the bills etc as if it was 50/50 I d have absolutely nothing left . We get £250 universal credit so this will help towards rent etc . But we are finding it hard to think of a way to sort our money. Has anyone got a similar experience do u manage everything through a joint account ? Or keep your separate accounts ?
Add up your monthly incomes and pay the bills by each earner's proportion. For example:
Earner One's Monthly Income: $1,200
Earner Two's Monthly Income: $300
Universal Credit: $250
Earner One's Proportion: = 1,200 / (1,200 + 300 + 200) = 68.57%
Earner Two's Proportion = 300 / (1,200 + 300 + 200) = 17.14%
Universal Credit Proportion: 250 / (1,200 + 300 + 200) = 14.29%
Internet Bill = $100
Earner One Pays: 100 * .6857 = $68.57
Earner Two Pays: 100 * .1714 = $17.14
Universal Credit Pays: 100 * .1429 = $14.29
Rent Bill = $800
Earner One Pays: 800 * .6857 = $548.56
Earner Two Pays: 800 * .1714 = $137.12
Universal Credit Pays: 800 * .14129 = $114.32
It's the fairest way. If the one what earns the most wants to move somewhere with a high rent, that's fine because they'll be feeling the burden of the rent increase as much as the one what earns less.
I updated this with your specific incomes.
The only way relationships work is if you talk it out and agree.
write down your ingoing's on one side then your partners on the other. on separate paper add up the outgoings split in half. however a joint account is best to put everything in one pot.
You can't split it 50/50 since you don't make enough to pay half. He's going to have to pay most of the bills.
How did you survive before your moved in? You do not say if your partner is the father. If he is he should pay most of the child's expenses. If your partner is not the father and he or she did not agree to have the child the partner should only pay 50%. Yes you should keep separate accounts.
Exactly. You split it. He pays half, you pay half. So, if the rent is 500 per month, he pays 250, you pay 250.
if the child is his split the expenses 50/50
if he is not, then you have 2/3 of the expenses since it is you and your child against just one of the partner
At the minimum it should be split 50/50. However you & son (2) should pay 2/3 and the single 1/3. Keep your accounts separate as should you or he decide to split you'll not have to argue who owns what. Of course marriage eliminates this whole problem and divorce solves the distribution should it become necessary.
You pay 25% and he pays 75%.