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Original poster

How to manage finances being the lower earner and going back to work part time?

56 replies

taye1 · 04/10/2025 14:45

Mums who work part time how do you manage finances when you’re the lower earner?

We have been together 11 years, have a mortgage together and 2 kids age 4 and 7 months. He earns 60k and works away Monday- Friday (wage likely to increase soon) and I work 30 hours earning just under 22k. Plan was for me to cut down my hours, because it simply isn’t possible for me to work 4 days and manage every single thing to do with the kids and household while solo parenting all week. This will obviously come with a pay decrease and I will possibly have to go down a band in order to be able to work part time (nhs). Our total bills are around 1400. We have a joint account where we put bills money in and the bills come out of and Currently/in the past he puts in 1300 and I put in 600 (not always possible on mat leave). When I go back, what I earn will cover money to live on only for me and the kids. We won’t be saving anything in the joint account and I won’t be able to save much info my own account (I do currently have my own savings money around 14k) if anything at all while he is still able to and while his pay doesn’t change. We are clashing trying to come to an arrangement here’s and interested to know what others in this situation do and what others recommend.

OP posts:
Wethers121 · 04/10/2025 18:22

My DH warns £190k, I earn £26k part time 2.5 days plus some rental income. All our money goes into a joint pot, we each use this for bills, food and everyday spends. We also use around £250 personal spends each per month to cover hair appts, clothes, nights out etc. Our money is equally shared and accessible to us both.

Parker231 · 04/10/2025 18:27

taye1 · 04/10/2025 15:04

Yes I know, we had a big row about it. He suggested moving all our money into one accounts, I said no as my savings are mostly from inheritance and that’s all I have as a backup. And he suggested putting money into another joint account where I could access it I said no because I didn’t want him watching over what I was spending, I suggested he send to me instead. I just don’t really know how to manage this, im sure that we can come to an arrangement and we never clash about money usually but both unsure how to navigate

All money into a joint account and an equal amount of personal money transferred to each of your own accounts.

Original poster
taye1 · 04/10/2025 18:33

Cantseetreesforthewood · 04/10/2025 17:56

@taye1 individuals can each have a certain amount of interest on savings before the interest is taxed. Basic rate tax payers can get £1000 each year. Higher rate tax payers need to pay tax on interest on savings above £500.

So, say your £35000 is in a joint bank account with 4% interest. You get £1400 interest. That is assumed to be half yours and half his. So he has to pay interest on £200 of his £700 interest.

If you know you won't need all the money immediately, you could each open a cash ISA, and put, say £10,000 each in (these wouldn't be joint accounts, but ISAs are tax free). The remaining £15000 in a joint account shouldn't earn enough interest to cause issues.

Thanks for explaining 😊this sounds like a good idea, he is going to look into ISA’s as knows a bit more about them than me!

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General money
Dippythedino · 04/10/2025 18:55

taye1 · 04/10/2025 17:49

So we’ve spoken and agreed both our wages to go into joint account and also all savings into one account (as someone mentioned, we save for the same thing anyway, majority of our savings go on either doing work to the house or holidays. We also had joint savings aswell so altogether we have around 35k now in total savings. @Cantseetreesforthewood I know I’m being stupid but I’m really confused, would you mind explaining that Any easier if possible 🙈 what do you mean about the tax/interest? We he have to pay more tax just because of our savings? We are planning on opening a separate savings account to put all our savings in when we get the chance to look into it properly but for now they will just sit in our joint account. He’s only been a higher tax earner for the last 6 months so we both don’t really have much knowledge around it to be honest!

I'd separate the savings and keep it in your own individual savings accounts especially your inheritance. I'd put that in a premium bonds account as it's guaranteed by the government. Plus, you have a chance of winning cash prizes each month.

The reason why I'm advising you to ring fence your inheritance is in case of a divorce, it can't be used in the financial settlement. If it's in the main joint account then it can be split between you.

oldclock · 06/10/2025 07:01

it simply isn’t possible for me to work 4 days and manage every single thing to do with the kids and household while solo parenting all week

@taye1 Why are you doing everything with the kids and household.

Do not downsize your career for this man unless you're married. Doesn't sound like a relationship that will last if he won't lift a finger at home.

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