How do you manage your finances?
Hubby and I had a discussion last night on getting ourselves financially ready for a baby. At the moment we both put money in to a joint account each month for mortgage, bills and food. We are also saving jointly for a baby. What he wants to do now is pool our earnings so that our joint account is used for everything, so when baby comes along there will be no questioning which account to put baby purchases on, it will all go on the joint account.
I see the logic but I am fiercely independant and I would prefer to keep hold of my earnings and continue the way we are! I know that sounds silly as we are married and trying for a baby so we will be a proper little family, but I can't get my head around the idea of pooling our earnings.
Just being really nosy (don't say if you don't want to!) I just wondered how you and your OH manage your finances now that you are (or nearly are) a family and no longer two individuals?
Would love to hear your thoughts! xx
I see the logic but I am fiercely independant and I would prefer to keep hold of my earnings and continue the way we are! I know that sounds silly as we are married and trying for a baby so we will be a proper little family, but I can't get my head around the idea of pooling our earnings.
Just being really nosy (don't say if you don't want to!) I just wondered how you and your OH manage your finances now that you are (or nearly are) a family and no longer two individuals?
Would love to hear your thoughts! xx
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Replies
We've always done the same as you, all bills come out the joint account but we have our own accounts too, we've been together 10 years, and had a baby 5 weeks ago.
Now, though I want us to combine our finances a lot more as we're already arguing over who's buying what for Zach (me mostly, and I'm on the lower income!)
also, I'm on a good maternity package with my employer but only until the end of May when I drop down to SMP, so I'm planning by then to be all set up with the joint account as our main account.
Hubby has agreed that it's the most sensible option but is dragging his heels a little, as I think he's worried he's going to lose his independance.
Why don't you keep your account and put a small amount in there every month, for 'girly things' might help with the independance thing!
Cas
xxxxx
I actually earn double what hubbie does but after living on my own for 5 years when he came to live with me, his income made a huge difference so it has never bothered me having a joint account.
Weve saved for nearly 12 months to have a baby and will have ??4000 to cover my maternity leave for 12 months.
Good luck xx
Good luck finding the right solution for you both!
PS. Another idea is to pool what you have and split what's left over 50/50.
the same amount to each of our own current accs - that means we each have same amount to spend on cr*p each month...beer (well did!) ..clothes, haircuts etc...and we dont argue about who's gone out the most/spent the most....
the rest we transfer to savings (cover xmas/hols plus a diff acc for baby)...
what's left over we spend on general stuff (meals out / house/garden stuff)
works well for us as we know we have same amount each for ourselves plus all bills etc are covered! xx
When I returned to work after 9 months mat leave, I resumed my saving of ??100/month, but left my joint account contribution the same as was earning less part time.
Now however, our roles have reversed again, as hubby has had his working hours halved due to the "economic crisis", and I'm able to pick up more work as and when I want it. So now, I pay more than him, but still manage to save.
The benefits for my son go into my account, so anything he needs I buy. We also have a separate account for our son, in his name but with us named as trustees, as we were given a lot of money for him when he was born. If we need to buy "big" things, the money then comes out of that account, and if there's money left over from benefits after childcare, nappies, food etc, then that also goes into my sons account.
Good luck x