Budget/Money question?

Question

I'm engaged to be married to my fiance (I'm a man, she is a woman just to clarify things!). She has 2 kids, girl 17, boy 14. She owns her house. I moved in a few months ago with her and her 2 kids who are great and we get along just fine.

We both work, professional and make decent wages. How would you divide up the spending?

1- Mortgage she has on the house (I have no financial responsibilities for the house nor have the intention of becoming part owner)

2- Utilities (power, cable, etc.)

3- Food and groceries for us four and occasionally some of their Friends staying over.

4- Cost of renovations and upkeep of the house ( I'm very handy with tools, so I do what needs to be done)

5- dining out with her kids (and sometimes with their friends)

I already pay some things, but I would like to know if what I'm giving her is fair

your infinite wisdom will be appreciated.

Answer 1

give her half of what you earn. She can obviously look after herself so doesnt need your money. But you cant stay with her and contribute nothing. Half your wage to yourself to spend on whatever you want or save invest etc. (which is more than most married men i know lol) plus the benefit of knowing that you pay your way.

Answer 2

For what it's worth, what's worked with my wife and me is that all our money goes into one fund - there's no separation, as we are married and together for the rest of our lives, we think of the money as "our" money, not your money or my money.  This has been a tremdous help in getting through any financial issues we have.  To me, dividing up money is almost like saying the marriage isn't going to last.

Answer 3

To me I would say if she is paying the whole mortgage then you could pay all of the utilities. The food/groceries should be split along with the dining out. And if you are a handy man the you should have no problem doing the renovations. If the renovation calls for someone coming into the household to fix a problem then you both could look at the cost and decide at that time who would pay or if you would split the cost. Hope this helps you out!!! And best of luck in your marriage!

Answer 4

Divide everything right smack down the middle.  That just keeps the financials stress free and a lot more manageable.  It'll cause less confusion in the long run.

Answer 5

In my relationship, once we were married, the money was OURS. We pooled our money, paid the bills, and when either of us needed money, we took what we needed. big expenses (new car, motorcycle, guns, etc.) we talked about first. It works out well. I do all the banking and bill paying (even though I am the wife) and we both get an allowance, I suppose (whatever is left over after bills and savings for free spend money). I do all the grocery shopping, so I usually end up with more. but it all works out in the wash!