Would you take half your spouses bonus as a stay at home parent? : The Saturday Weekend Review #123

YOU WORK HARD FOR YOUR MONEY   Here’s a mock scenario. You’ve worked at your career for the past 8 years and every year you get a yearly work bonus of nearly $5000. When you go to work you work full-time and sometimes you work over-time which means you earn more money after the government takes their cut. While you’re off at work your wife stays home with your new baby for the next 12 months on maternity leave then you both decide she will stay home to care for the baby full-time and give up her career. She misses working because she enjoys challenging herself but loves to be a mother. Without a career and earning now she can’t go out and spend money on herself like she used to. No more purses, shoes, new wardrobes, manicure, new hairstyles etc. Now your wife wants half of your yearly bonus to spend on whatever she likes because she works just as hard as you do at home. Does this sound like your family?   Wife Bonus   I was reading this article today about this couple who splits the husbands yearly work bonus. They call it a “Wife Bonus” where […]

Sneaky wife teaches husband a money lesson he won’t forget

MY MONEY YOUR MONEY OUR MONEY   It’s unfortunate in relationships when both partners aren’t on the same page financially and extreme measures are taken to teach a money lesson. It sounds a bit daft but to be honest when I read this fan question I felt sorry for her but I also applauded her for taking such a desperate step to teach her husband that money is a weighty issue. Although I am completely on board when it comes to telling all of you to talk about finances BEFORE you are married I also understand that for some people it never happens. In fact some couples assume the man is in charge of the money which seems a bit odd but that’s the way it goes. Most people I’ve ever chatted to it seems like the woman does all the money hugging and pays all the bills while the husband nods and takes it all in with a smile. Let’s be honest here money management isn’t a fun job for lots of people especially when there isn’t cash to splash around. I’m pretty sure when debt is deep or when money is on the brain because creditors will come […]

Why we budget an adult family allowance

CASH TO SPLASH GUILT-FREE   Sometimes it’s better to have a family allowance or splurge money for those times that you least expect to spend money but have to. Another reason you might want a family allowance category in your budget is when you really….really…. really want to buy something normally not on your spending radar that you just have to have. I can remember a time where I really wanted a new pair of sunglasses and I’ll let you guess where the money came to pay for them. That’s right the family allowance category in our budget. Although most times it’s myself who uses it the wife sometimes splurges on something she wants like a pedicure. No we don’t put that under health and beauty because it’s not products we are purchasing nor does she really need it where a haircut might be a different story. Having pretty feet is nice to have so she treats herself once in a while to a relaxing day at the spa. I know some of you might use your emergency savings for these times but for us they really aren’t emergencies nor are they part of our entertainment budget.   Family allowance […]

A Personal Story:Chores and Money Lessons Growing Up

Teaching children about money is one of the most important things a parent can do for their child. It has the potential to set them up for the rest of their lives as financially responsible adults, or if it is neglected, adults who just don’t understand why they can never get ahead financially. My parents taught me about money through household chores and this is how it unfolded. Parents, Chores and Money I didn’t realize it when I was younger, but my parents started teaching me about the value of money from a young age. It wasn’t your typical classroom style teaching experience where the teacher comes in and says – “Now Glen, you’re going to sit here and learn about the value of money. Pay close attention, because there will be an exam at the end of the week!”. No, it was a gradual learning exercise that started when I was a young boy. Each week my parents set out standard chores that I was expected to complete. Things like: Making my bed every day Doing the dishes and clearing the table after meals Getting the mail Taking the bins to the curb My remuneration for completing these chores was $5 a week allowance. […]

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