Asked by Anonymous

How do married couples share your kids expenses? Share which method your are using here! I have put four ideas here but interested to know more?

1) 50-50 - Both parties contribute same amount every month 2) Go by % of income - Both parties contribute same % of their income every month 3) 100% from Man of the Household 4) Maintain individual savings account 5) Any others?

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  • Kenneth Lou
    Kenneth Lou, Co-founder at Seedly
    Level 8. Wizard
    Answered on 24 Sep 2018

    There is no right answer to this! But let me try to paint it clearer for the others to understand.

    1) 50-50 - Both parties contribute same amount every month

    I think while this sounds logical, may not be sustainable eg some couples sometimes may have different earning power, but the kids are both their responsibilities.

    2) Go by % of income - Both parties contribute same % of their income every month

    This one seems pretty modern and also the most utalitatian (fair) way to do it. But also need to have common understanding on both sides that by both increasing income, it helps the overall situation. In fact, I think this could work by creating a seperate savings account (eg CIMB Fastsaver at 1% p.a) joint account to withdraw from here.

    A shared expense - their kids.

    3) 100% from Man of the Household

    I think this way is not the modern way to do it, used to see other families and my mum sharing from some of her colleages that if the wife stays home, that is where she gets a allowance + family maintainence that she will have to budget for groceries and kids etc.

    4) Maintain individual savings account

    I think this may also result in miscommunications which is not so ideal in a long relationship. Money often is the core of most relationship problems.

    5) Paying for certain activities (or by respective kid). MY WAY

    This example is the one my parents used to raise us up. Both are working adults and worked hard to provide for my brother and I.

    • For tuition, enrichment classes, presents, gifts rewards (for me and my bro) - My Mum covered these
    • For groceries, petrol, ultilities, and bills - My dad will cover all these

    So far, we've grown up well, and my family has a strong sense of financial independence and know-how imparting good money values to us as well. So I guess this kinda worked?

    At the end of the day, find your own way and stick with it!

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    • HC Tang
      @Yixuan Hello.. haha. .there is .. just that we're not so lucky to bump into one :P hehe
      24 Sep 2018
    • Kenneth Lou
      LOL. Oops. @Yixuan
      26 Sep 2018
  • ET
    Eugene Tan Jia Rong
    Level 2. Rookie
    Answered on 25 Sep 2018

    My Wife and I earn roughly around the same. We have 2 kids, one is special needs requiring expensive therapy. as such, kids education alone takes up 40% of our income alone.

    For Shared expenses, here’s our split (Which is roughly 50-50 in our household):

    1) Kids education - as wife is the trustee of the kids‘ CDA, she handles all education payments including monthly CDA top-ups. She also handles the kids insurance.

    2) Utilities, conservancy & broadband - Wife

    3) Car loan, petrol & parking - Me

    4) Domestic helper - me

    5) Groceries - me

    6) Dining & entertainment - Me

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    • Leong Wen Fong
      Ooh actually is it better to split the bills in a way that someone is always in charge of something so that we wont miss anything out?
      26 Sep 2018
  • HC Tang
    HC Tang, Financial Enthusiast, Budgeting at The Society
    Level 8. Wizard
    Answered on 24 Sep 2018

    For my dad, it is : 3) 100% from Man of the Household since he earns more than mum

    Both has individual account, besides his own expenses for work & insurance, he just

    1) Pays for all the bills, utlities, groceries.

    2) Allocate a portion for investment for the family future

    3) Save a small amount for emergency funds in case of jobless / between jobs

    4) Save a small portion monthly for seasonale gifts such as CNY Ang Pow for Mum, kids, Parent in law, gifts of mum/kids birthday, children's day, mother's day, Christmas etc.

    5) Finally, balance all goes to mum to pay for everything else such as school fees, enrichment, tuitions and for mum to safe keep in case of any accident or mishap, mum and children will always be taken care off.

    => This is because mum is a very prudent woman who doesn't spend $ on clothings, branded goods etc and very sensible, practical with $ and living and absolutely hate wastage. Thus Dad trusted mum 100% with all that he earns and as the Finance Minister. After all, since he has chosen to married mum and have us as kids, all that he work for is towards the family well being and he kept hs own spending / entertainment cost minimum.

    Since Dad contributed all that he has, so whatever mum earns, she will pay for anything else that she think is good for the children with their shared pool of $ or her own earnings.

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    • Kenneth Lou
      This is a good one! An all-round complete answer haha
      26 Sep 2018
    • HC Tang
      Thanks. Haha :)
      26 Sep 2018
  • Lim Tian Shang
    Lim Tian Shang
    Level 3. Wonderkid
    Answered on 24 Sep 2018

    100 😄 We do not separate between wife or husband.

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  • Thanh Dat
    Thanh Dat
    Level 3. Wonderkid
    Answered 4w ago

    Hi members,

    As a married couples, as a husband and wife, communication is important. For my family is this way how we managed our family. I earn more than my wife. I'm the planner. I have a boy and gal.

    I copy from Members Eugene Tan Jia Rong template for easy viewing as point form.

    1) Kid education - I'm my son (5yo) trustee of the kid CDA, I will handles all my son education payments including CDA top-ups while my wife did it for my gal (16yo) Vietnamese secondary 3. I also handles all my family medical insurance. For my gal education later part we plan to use CPF to fund for her study depand on situation in another 2 years time.

    2) Utilities, conservancy & broadband - Me

    3) Passing weekly school allowance - Wife, but I may help at time.

    4) Groceries - me if we go together, I look after my son milk supply. :). If she go solo with my son n gal. She paid.

    5) Dining & entertainment - Me. Sometimes she would said treat me. ;)

    6) Saving raining day: Me

    7) Investment: Me, just last week spend $1000 on buying gold bracelet and pendants for my wife. (Before when we are in hard time, we will pawn the gold for cash for temporary support). Time are good now. Increase gold asset for my wife.

    8) Fixed deposit: Me (Coming June)

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  • Colin Lim
    Colin Lim
    Level 3. Wonderkid
    Answered on 24 Sep 2018

    there is no formula...u and your spouse have to discuss and conclude who have to contribute more..

    from experience.. husband always on household expenses...wife on kids... if wife not working den husband pay everything. if wife earns more den probably wife contributes more..

    ultimately discussion between couples is neccessarily.

    give a like if u find it beneficial.

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  • Kenichi Xi
    Kenichi Xi, nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham
    Level 6. Master
    Answered on 24 Sep 2018

    That depends whether the household income comes from one party or both.

    One party is str forward

    Both party will come with a decision based on 1. How they split the household expenses 2. How they are paying their ppty loan

    All before the baby arrived.

    The earning power for each party will usually be the deciding factor who pays more and which is the best strategy in contributing.

    Do think about it.

    Hope my reply helps.

    If you feel this reply have Quality, please upvote and check other Quality Reply.

    https://seedly.sg/profile/a-kenichi-xi

    Thank you.

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  • Nicholas Chan
    Nicholas Chan
    Level 5. Genius
    Answered on 24 Sep 2018

    If similar thoughts on personal finance & spending habits, easier to pool finances together, includes both assets & liabilities. Optimise as a couple.

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  • Kok Koon
    Kok Koon
    Level 4. Prodigy
    Answered 4w ago

    We are still figuring out (1.5years married nia) but so far, it goes by the bandwidth and strength of the spouse.

    I'm managing the investments, protection and retirement planning while le-wife takes care of the holidays, bills payment and automation. Her paying for our daily spending is more frequent using her miles card but I do the lump sum transfer like refunding the housing grant and helping her hit FRS fast.

    As far as it goes, my money is ours and her money is ours. It might seem the contribution is disproportionate but the circumstances may change with economy and career stability or health crisis. I always say I'll never know one day we may depend on her income.

    The spilt and management will be unique to individual couples. Kids will be another area of management but we work on getting a common approach that fits both our value systems.

    That's our fulfilment of vows made to each other - that all my worldy goods I endow to thee. :D

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  • Tan Chin Yu
    Tan Chin Yu
    Level 2. Rookie
    Answered on 24 Sep 2018

    Both contribute into a fixed pool, then work out all savings and expenses from there.

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  • Jason Sin
    Jason Sin
    Level 5. Genius
    Answered on 24 Sep 2018

    Both parties share the kids expenses equally. Both parties are responsible for each other and to the kids.

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  • Yong Kah Hwee
    Yong Kah Hwee
    Level 6. Master
    Answered on 24 Sep 2018

    I would vote for 2) Go by % of income.

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  • Png Cheng Xi Damien
    Png Cheng Xi Damien, BSc Finance at SUSS
    Level 4. Prodigy
    Answered on 24 Sep 2018

    % of total income is the modern way of settling this.

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