What to do about finances

[Stellarbella]

I’m 35 weeks pregnant, and DH is going to be the SAHP for the first year of our son’s life. He has resigned from his job, his last day (and last salary payment) is in a few weeks’ time. I’m going to take a short period of mat leave, but will be back at work by the end of the year.

I’m just wondering what the best way is to make sure that DH has sufficient money whilst he’s a SAHP? We have a joint account, but only use that for the mortgage and food bills at the moment. Obviously I will put more money into that account to make sure those are covered. But what do you do about day to day spending? I’m not going to put all my earnings into the joint account, mostly because I’m self-employed and have complicated tax and vat saving arrangements. Would a cash back credit card be an idea, provided I settle it every month?

All ideas welcome!

Bump

A credit card would be ok for most things but he will need cash for some stuff such as toddler groups, general day to day expenditure. Also he should have access to all of the family money so putting your earnings (after setting whatever you need to sort out your tax etc)into a joint account would be easiest. I'm A SAHM and wouldn't be comfortable with anything less than totally shared money.

I’m a SAHM, but in charge of the finances. I worked out a budget, and we have x amount for all our Spends. We opened a second joint account for this. Could you open a second joint account and do something similar? That way your DH has access to cash and doesn’t have to ask for cash, or justify why - not saying that’ll be the case, but I’d absolutely hate having to ask for money, because in my eyes it’s joint family money regardless of how it got there!

Yes, I really don’t want him to have to ask for money. Equally, I don’t want all of my earnings to go into the joint account because I am strict with savings and divert money into my ISA / pension whenever I can. I think the thing to do is as lwantaunicorn says and have a household budget

Does your husband have his own account/debit card? Do you roughly earn the sake each month?

Put away from your wage whatever you need for pension/ISA. Then transfer the money needed for bills/food in the joint account. Whatever is left split in two and transfer half into your husbands account. I'd also let him claim child benefit in his name.

Everyone has outgoings from their salary though? So if all of your earnings went into a joint account he would know how much was needed for savings/power/council tax etc just as well as you would? So you would have out goings then you both have access to all other money.

Will the arrangement definitely be for just one year op? Or is it a year to see how it goes?