Changing from My money to *OUR* money...

glittermonster

So we are having a baby and my OH and I have decided I will have control of all our money. Basically on his payday we work out what he needs to leave in his bank for D/D (car, mobile, insurance, bank account charge etc) and the rest comes to my bank account to control.

He is self confessed rubbish with money and 2 weeks before payday I'm having to bail him out to get fuel and food for work etc til the 12th.

SOOO I have a very complex spreadsheet with all my earnings and budgets (i.e. £120 for my fuel) and update totals as necessary.

I'm aiming to clear all but £1000 of my debts before bubba comes.

He owes £2k on my CC so I'm going to try and clear that, he will need allowances for petrol (50-70), smokes (100 - this will go as he's quitting) work food (80) so I guess from his spare money i just then allot that to his debts and maybe a little bit of savings if we can (for baby things)

Does this sound OK.

I was thinking of setting up another e-savings a/c and put HIS money in there and take it out as and when - which I can easily do online or at an atm.... to help me control his share... i.e. when we go shopping I pay and move his across....

Not sure how else to manage it without confusing myself!!!

Unless I try and see it as OUR money...

He has been told that I'm strict with myself and will be with him, if there's no money left and he wants some for something then sorry its all gone.

It also doesn't help that I have 6 paydays between 28th of the month and 6th of the next month.

He doesn't get paid til 12th.

Thank you for reading and I'm grateful for any insight....

the_insider

This is similar to how things work in our house, only we're definitely on the 'our' money side of the fence. I think you might find that after a while he'll start to resent you having control of all the finances. It took a while for OH to come round to the idea that anything he doesn't spend on 'him' can go toward our future but now he's got no qualms about coming to me for money toward the end of the month because he knows there will be some there and there wouldn't be if it had been sitting in his account all month!!

It won't take long before your fella starts thinking about all the things you can do as a family with the pennies you save together, and it's so satisfying deciding together to do something rather than you just telling him he's allowed to or that you're going to treat yourself.

All the best with the baby!!

ixia

perhaps it would be better to have a joint account that you pay all the wages into and then all the bills out of. take out money for the monthly amount you will spend on groceries and day to day living expenses.

Then to a separate account transfer money for OH's expenses and spends explaining that once it's gone that's it until the next payday. If you think he may spend the petrol money you keep it and give him it as and when.

Then if there's anything leftover you can transfer it to a savings account.

Good Luck and congratulations on your baby.

Mum-2-Be

Im hoping to clear most of my debts before my baby comes too (due 8th of June :eek:) so good luck! x