Sharing household expenses

Many people share their household expenses either with their significant other or their families. It is commonly thought that household expenses are mainly shared with your spouse or other people in the household who bring income into the household, but many overlook the fact that a household can also include children even though they might not be bringing any income into the household, but they’re part of the household expenses.

In this article we will look at situations that may affect different types of households. 

When there are for example two people in a household that has income and expenses can this be called a shared household. A shared household can look different and how you choose to share your household is very individual. 

The simplest way to share a household, though maybe not always the best, is that regardless of how much income you have you share all the household expenses with the person you share the household with.  

Another option is that you share all the fixed expenses equally regardless of how much you earn, and you keep what is left of your monthly income. 

The 3rd option is similar to the second option, but all fixed expenses are applied according to your income and each pays to the best of their abilities. There are of course many ways of planning how to split the expenses in the household, but these are some of the ways that household expenses are split.

The benefits of sharing your household can be as simple as buying things in bulk which in turn can be a cheaper option or for example you will be sharing the costs of subscriptions such as Netflix, Spotify or monthly costs of public transport. You don’t necessarily need two of each, so this way sharing the costs is beneficial in your household.

It's important to budget your expenses together to have a common ground when it comes to your household expenses so not only would you have control over your finances, but also you won’t be having unnecessary tension in your household when it comes to your shared expenses.

Children in the household

It’s commonly thought It’s not appropriate to think of the costs of having children in the household. It’s usually because it’s mixed up in thinking that one is measuring a value of the child instead of thinking of it in the practical sense. 

It is good to keep in mind that being a parent costs money. For example, many of the expenses can be from diapers, childcare or even their hobbies. Even if you may get some parental assistance, child care assistance or even child support it’s good to keep track of the children’s expenses in the household as well. 

When kids get older their needs change and expenses change. For example, when they get older, they might start after school part-time jobs, or go into summer jobs and they can either take care of some of their own expenses. It is good to keep an open line of communication with your older children about how they can be part of your household. It’s important especially with adult children that are studying or working full-time and living in the same household as you that you have clear communication as to how they could contribute financially to the household.

Summary

Regardless of how you decide to take care of your finances, it’s important to remember that in the end you’re responsible for your own finances one way or another. 

Keep in mind which methods work best for you and the people living in your household. Always remember to take advantage of shared household, such as sharing certain services like public transportation costs, streaming services, or other monthly subscriptions. And don’t forget to always cooperate with those whom you share your home and expenses with.