I like your idea a lot. Thanks for sharing. I have always been against a joint account and in favor of having two seperate ones and each party paying an amount into the joint one to cover expenses. I never thought of the downside of that. Thanks again.
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Happy I could help, I've been in situations in previous relationships where i landed up paying for most things as i was earning more, it was automatic but it did give me some resentment, especially when i looked closer at my finances and realised just how much i was paying, i didnt feel like we both contributed in the same way. When my wife and i moved in together we sat down and had a discussion about the subject of finances, and we came up with this, haven't regretted it yet. :)
A question: maybe I misunderstood it in the essay! So you both pay your salary into one joint account and then each of you gets x% transfered to their own personal account? Doesnt Person A, that earns more think its unfair that Person B gets the same amount for their own personal leisure usage? How is it different from Person A paying for most things like in your example with your previous relationships, to the solution you suggest, since i suppose Person A ends up paying for more joint expenses and gets out as much into their leisure account as Person B? I hope you understand my questions :) Thanks again.
Good Question, and sure there is a risk that person A might feel like they contributing more as they are earning more but what u have in the joint account is managed money, so its a little different than person A having to pay the check each time and person B not realising that it adds up to alot as he/she has no visibility of your personal expenses. You working on a conmon goal and u can watch your net worth grow each month while u save for that house. Also the higher earner doesn't really feel like their salary belongs to them as its the disposable income that really counts. When u see the joint account balance grow each month from good budgeting i promise you that you'll both be smiling. I earn nearly double to what my wife earns and i let her balance the joint account each month to make sure that we've recorded all the joint expenses through the month. Of course she could take it all and run. Lol. But it was never about the money. Happy to answer any more questions.
Awesome. Thanks so much for clarifying. If i have more question, i will make sure to drop them here :) Thanks again. This post will help me and my partner a lot in the future :) Have a good day!