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Do you have a joint account where you both contribute and pay out shared expenses together? If so, how do you decide on the split? e.g. what if one of you earns significantly more than the other?
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Kent Toh
01 Sep 2022
Consultant at Sprinklr
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Whilst it seems to be unusal to do so in Singapore (neither of us are Singaporean) we have always shared our finances completely with no seperation between them. Since we got married everything just naturally became ours.
Regardless of who earns how much, salaries have always just gone into a joint bank account and never sperated from there, I handle all our investments but it is all just 'our' investments in joint accounts. (Well sometimes for account reasons a specific investment account may only be in my name but we still just consider it our money).
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Guy paid for most of the daily housing expenses, like electricity, S&CC, broadband, property taxes. ...
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Yes, having Joint account is the easiest. Be fair and square on what are the "shared expenses" eg. Loans, utility bills, childcare. For large amounts, discuss if this should come out of the joint account eg. Travel.
However, exercise some flexibility over other small amounts eg. food, it is absolutely fine to pay for the other party. regardless of earnings. get over it that your money is her money too.