Discussing your money

If you're used to earning your own money, you might not have thought about what it will be like when you're off work. It can be difficult living off your partner's wage and lots of mums miss their financial independence. So it's a good idea to sit down together to discuss how you'll manage your finances once the baby arrives. For example, how will you pay for the day-to-day items, and for bigger expenses such as holidays. This can be a tricky conversation to have but you can use the information below to help set out your options.

There are various ways of doing this, including:

1. One person takes control
This is where one person is in charge of the family's spending. This is often the main breadwinner but doesn't have to be. They'd usually give money to the other person to cover their spending as and when it arises.

2. Personal allowance
In this instance the person earning the money gives the other their own personal allowance. The recipient can then manage their finances as they would if this were their salary and it helps them retain a sense of financial independence.

3. Pool your income and share decisions
You could set up a joint account for household bills and personal expenses. To help you work out a budget, take a look at our budget calculator. With this system, you need to work closely together to make each other aware of what you are spending.

4. Separate finances
You can choose to keep your money separate, and divide the responsibility of the household bills. For example, one person could pay food bills while the other person covers utility bills.