to ask for your help with finances and going part time

[bananaleafthief]

I work full time and earn £30,000 and my husband earns £32,000.

I'm considering going part time and I'm at a loss as to how we split bills etc. We currently split 50:50 but I'm thinking of dropping to 30 hours a week and will lose about £300 per month.

I'm a diligent saver and my DH has said he doesn't want to contribute more to the house if I'm still stashing the same amount away in savings (we have our own savings and shares etc)

Our bills are pretty low. We live in Scotland and our total household bills for the month mortgage, council tax etc is £540.

How do we split the bills??!

What is your reason for dropping hours?

What reason are you going part time for OP?

If it's to look after children, I really think your DH should be making up the higher proportion of the shortfall since the money would go away in childcare if you didn't. If it's health issues, split the loss 50:50 because it can't be helped and for better and worse and all that. If it's for another reason, you might need to cover the £300 loss.

That's my opinion on it anyway.

We don’t. All the money goes into one pot.

If it was in my house, and the pay cut was just affecting personal savings, then it would just affect the person who took the pay decrease.

It's for childcare after mat leave.

We can't have savings all in the same name because my DH contributes to shares through his employer and I have my own accounts on this basis

Surely you are a family unit ?
One might work more paid hours, but the other is doing more childcare - so both contributing equally.
All money (wages, child benefit, any other tax credits etc. all goes into the amily account. Then bills are paid. If money allows then savings for emergencies or for holidays or to replace the car or replace the boiler etc in a couple of years time. Then you each have an amount (the same amount obviously) for your personal spends.

I think as it's for childcare then he should contribute more as the child is both of your responsibility. Presumably your savings are for your and your families future, so your husband may well benefit in the one day from them? I was a stay at home mum bringing up three sons under 6 years old, as the childcare costs would have wiped out any earnings. I opted to become a childminder for many years and then a care worker to fit in with the school holidays. I have always earnt less than my husband but our money has always been pooled. We both considered my role bringing up our children was more important than my working and it was just not cost efficient to do so.

Surely if it's childcare related then you should have one virtual pot of money - even if it can't all be in both names you should both be theoretically able to access and use all the cash equally.

So you'll do 10 hours a week child care plus 30 hours a week working

Plus 50% of the housework

How many hours does your DH work?

You'll still be on a good salary even part time - will you need paid childcare in the week?

Can you agree X savings with the rest going on a joint pot?

Unless he is going to continue to contribute equally to the running of the household (childcare, laundry, cleaning, cooking, upkeep, etc - does he do that already?) then he up's his share of the household spend and you should have equal savings at the end of the month.

Just because you earn less, work less doesn’t mean you contribute less if your a parent.
This 50/50 stuff baffles me.

Why can't you just reduce the amount you save?

Do it as a percentage of income. 50% of each of your net earnings into family pot/joint account. The rest to do what you feel like.
I don't agree with all money on one account, it's far too messy. You need your own personal accounts, and a joint family one imo.

Percentage of income is the way forward in your case.

Childcare costs, in theory, is another bill. Are you splitting that 50/50?

I think you should pay proportionately.

I recommend that you set up a joint account in addition to your personal accounts. All family expenditure comes out of the joint account. You each contribute to the joint account in proportion to your salaries, so him two thirds, you a third. You will have to guesstimate the exact amount initially and then adjust up or down as necessary.

Anything left over is your personal spending money and if you choose to save while he chooses to spend, that's up to you.