Money Management by Scott Wright

Author:Scott Wright
Language: eng
Format: epub
Tags: Money Management, Investment management mutual funds budet savings, Personal Finances Investing tips budgeting make, Achieving Financial Independence personal finance, Start Building Finance Wealth Ways to save money, Essential Guide book for beginners cash flow save, Paying off debt Financial Management capital cost
Publisher: Scott Wright
Published: 2019-12-26T00:00:00+00:00

First, you must decide the costs that you want to share in the house. In general, you may have to split the rent, basic groceries, and utilities. If there are pets in the house, include pet care in the budget.

As a couple, you need to agree on what should and shouldn’t be part of the household budget. Have a small household emergency kit that has about $1,000 in it to handle unexpected expenses.

Define your contribution amount

Some people would recommend that each of you has to contribute an equal amount to the household expenses because you are living together. However, splitting costs isn’t the right way to do it.

In general, one person usually earns more than the other, and 50% of the costs could freeze up all the money of the person earning little income. Contributing to the budget based on your income percentage is a great way to handle it. Also, it will provide you with the opportunity to save some cash for your retirement plan.

Estimate your amount of contribution

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