Hi, so just hoping there’s people out there with a similar financial set up as I don’t know how best to move forward.
Here’s the situation-
Me and DH (and primary age kids) both mid 40’s working in the Arts.
He’s a sole trader generally working either 1-3 days with anywhere between 5-10 different regular companies a month and also usually a fixed payment of about £1000 a month for something similar to a consultancy fee for about 8 months of the year. Earns between 30-50k a year. Pay goes into a business bank account.
I work on fixed term contracts PAYE for usually between 3-6 months at a time and in between jobs will work odd days here and there to fill in the gaps. Can occasionally have at worst 4 months between jobs but usually is predictable so I can save and prepare. My fixed term contracts pay £1900 per week.
With our family finances we both put a fixed sum into a joint bank account that covers essential bills ie, mortgage/utilities/insurance etc but not day to day spending food and so on. We spend from separate accounts for everything else.
it’s been about three years that this has been our set up and I’m really struggling with it. I earn well and put money aside to cover a slow work period and can usually pay for holidays etc. I have no idea how much my husband earns month to month.
I don’t know how to change things or how people with two freelance incomes structure their finances and plan ahead. I feel like we just get by month to month. I am responsible for all the budgeting and planning for the future but it’s only ever assumed to be done on my salary because I usually have fixed contract for a longer period of time. In an ideal world all money would go into a joint account and I would manage it from there but I don’t know how that works with sole traders and HMRC.
Any advice on what the best way forward is??