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?
I was reading this article today about this couple who splits the husbands yearly work bonus. They call it a “Wife Bonus” where the husband will take half of his work bonus and hand it over to his wife who is a stay at home mom.
Polly Phillips feels she needs a financial incentive to care for their child. This financial incentive makes her a better parent.
I still need a financial incentive to care for her. And that I believe that it actually makes me a better parent.
It sounds like without her money incentive she may not be as motivated to be a mother even though she loves her daughter. If that’s what works for her then so be it.
I get an allowance as a father but that’s just part our budget. My wife who is a stay at home mom just uses money from our joint account when she needs it.
Some may find that odd but we don’t because the money has to come from somewhere and we’d rather control our expenses. When I bring home a work bonus the money goes into our budget as earnings and we calculate it as part of our net worth.
My wife has never had to ask for money because if she needs it, then she uses it because there are categories in our budget that will hold certain expenses. The good thing is that she doesn’t go overboard spending money and knows how much we can afford.
My interpretation of this story is that Polly feels she is entitled to half of his work bonus since she works equally as hard at home. She doesn’t however like using money from the joint bank account on herself even though her husband says that the money he earns is her money as well.
After having our first baby I don’t disagree being a parent is HARD WORK and when I come home my wife looks like she’s going to fall over.
I remember when our son was born my wife was hardly ever sleeping. I would have to force her to go to bed for an hour or two just to get some rest.
When I’m home I give my wife a break as much as possible but there are times I just want to tear my hair out too. It’s a non-stop job, around the clock being a parent and there’s no sugar-coating the difficulty.
Who doesn’t enjoy receiving praise or a prize for a job well done?
Her husband thought it was a great idea because now his wife can go out and buy all the purses her heart desires. Some of those purses cost a fortune so buyer beware unless you don’t mind carrying your bonus on your shoulder.
I earned a good salary and enjoyed the freedom that entailed, from enjoying expensive holidays to hitting the shops.
Would this income sharing type bonus work for us? No we don’t really need this because we are happy with our budget and if we need something we buy it.
In the event we needed more we spend the money we have and make up for it the next month. An example of that might be renovations. This doesn’t happen too often as we try to keep the budget even every month but it’s not the end of the world for us.
If you are smart with designing your budget you will be able to budget an allowance for both partners so that there is no need to ask for money or feel ashamed to ask and spend money as you see fit. You could take that end of year bonus and invest it back into your savings or retirement funds.
There is no wrong or right answer here.
If Polly and her husband are comfortable with splitting his bonus and it makes them happy then so be it.
Since more and more women are staying home from their careers sharing a work bonus with a spouse is a great way to stay on the same page with the relationship and finances as long as it works for the couple.
By sharing the spoils of his success with me equally, my husband is showing me how much he values my role as a mother and appreciates the sacrifice that the spouse who gets left at home holding the baby is making.
Not everyone will view their way of using his bonus as typical because I don’t think it is. Some may not agree with their mindset for the bonus split but to them it makes sense. It may make sense to other couples who want to adopt this method.
I feel the same about budgeting. It may be odd for someone to save all their receipts and account for the money they spend BUT it works for others.
I certainly don’t think I’m special or worth more than any other wife out there – I actually believe that anyone who puts their partner’s needs before their own deserves support and recognition for the role that they are playing.
Clearly, this is what keeps their relationship happy and it works so why fix what’s not broken just because other people don’t agree with it?
I love you mom and dad or hugs and kisses is payment enough for the both of us.
Should you get paid for parenting?
We do every time our son smiles at us.
If you want to come up with weird and wonderful ways to finance your relationship or parenting methods then go for it. Although not everyone will agree all that matters is what works for you.
My wife or I could care less about splitting any bonuses I get. What we care about is that our budget balances and that we are saving money for our retirement, family trips and other areas that require saving so we can live a better life together as a family.
- Would you want your husband to split his bonus with you if you are a stay at home mom?
- What would you do with your cut of the bonus?
- Should you both just invest the money and give each other a monthly allowance?
I want to hear your thoughts so please leave a comment below.
CBB Week At A Glance
This week has been non-stop travelling since my parents arrived last week. We spent a few days at the in-laws house then we came back to the GTA.
The next day we left bright and early to Tobermory and spent the day looking around and going to Flowerpot Island. We ate awesome food at a local pub where the pub burger was to die for.
I wish I could remember the name of the place but it all happened so fast. We ended up getting there late and after the tour there wasn’t much in the way of restaurants open to eat at so the local pub was where we ended up.
The funniest part of the entire trip was when we were all craving a snack so bad that we finally found a convenience story BUT it said that we had to call a number first to get served. Right…ok so I made the phone call.
The guy opened the door and in we all went and bought some chips and chocolate bars for my parents and away we went.
Since it was all last-minute we didn’t give ourselves time to plan much so we had to eat on the road. Next time we WILL be shopping before we go and stocking up on drinks and snacks like we normally do.
Next week we are off again for another full week then I MUST finish the gardening and get to the renovations. So much to do and so little time. It’s going to be a nutty summer, I can feel it already.
This week on the blog the numbers have held steady which is great especially since I’ve got such an amazing fan base. The numbers don’t lie so a big thanks to all of you who continually support CBB.
How was your week?
Published This Week
Just in case you’ve missed any of my blog posts this week I will share them all below.
If you have a question that you would like to ask Mr.CBB fill out the Contact Mr.CBB form on the Home Page and send in your questions.
If you want to share a story via a Fan Question only please ensure that there is minimum 500-1000 words and details… we love details!
Right now CBB is posting Tuesday (Grocery Game Challenge) , Thursday (Personal Finance Post), Saturday (Personal Finance and Weekly Wrap-Up and a recipe on Sunday!
- The Stranger Way to Borrow Money Online
- How to Budget Groceries For Out of Town guests
- Traditional Buns or Baps
Submit your Deal or Brag:
Saving money while grocery shopping is essential in the CBB family and that’s why we share our grocery shops every week in The Grocery Game Challenge 2015.
What I love the most is when my fans share their amazing shops with me whether it be groceries or other deals they find at a garage sale, online or freebies!!!
If you have a brag that you want me to share email me at canadianbudgetbinder (@) [yahoo] [.ca] or fill out my contact form by Friday each week to have your brag considered for the Saturday post.
This week CBB fan Jen shares some goodies she found while at garage sales this past weekend.
- 2 pads construction paper, Playtex bottle, bike seat cover, garlic saver, bag clip, spatula $5
- Puddle jumper and bowl $.50
- Play-doh and shirt $1
- CD player $5 (they were asking $20)
- Cooler bag $.50
- Magazine holder $2 (they were asking $3)
- Car – free
- Car seat with seat protector (underneath) $1 (doesn’t expire until Dec 2018….great for a spare seat).
Making A Difference (MAD)
Note: If you are a personal finance blogger (anywhere around the world) and would like your blog to be MAD featured simply drop me an email and I’ll explain the process to you.
This is my way of giving back to the personal finance community through networking and sharing knowledge with my fans.
Today I’d like to welcome Neil and Kalie from Pretend to Be Poor!
Hi Mr.CBB and Fans,
We are Neil and Kalie from Pretend to Be Poor. Neil is an engineer who loves Excel and fixing broken things. Kalie is a thrifty stay-at-home mom and the main voice of the blog.
Our title comes from a proverb that says, “There is one who pretends to be rich, but has nothing; another pretends to be poor, but has great wealth.”
Many people pretend to be rich by living in debt, but research and experience show materialism doesn’t lead to fulfillment.
Instead of inflating our lifestyle, we want to inflate our usefulness by learning new skills through DIY, and helping others through friendship, volunteering, and charitable giving.
The alternative we write about is financial flexibility, or an ability to make life choices without being completely limited by expenses (and income).
“Pretending to be poor” is relative and a bit tongue-in-cheek. It’s really about simple, sensible solutions that anyone can live with.
Our goal is to help readers find the motivation and practical tips for living on less so they can pursue opportunities and causes they care about.
Whether that’s early retirement or a different purpose is for each reader to decide. We also write about the hidden benefits of frugality: the fun, resourcefulness, creativity, handiness, and adventure.
Food and grocery shopping is a BIG part of CBB because food is a large part of the budget which people struggle the most with.
If you are someone who would rather buy convenience meals or products consider cooking homemade meals or baking from scratch.
Not only will you save money but you will be proud of what you accomplished and you’ll see that from the smiles on those you feed.
If you don’t already know I have a second Facebook page called The Free Recipe Depot where I share recipes from other Food Bloggers from around the world.
I created this second Facebook page because I love food so much and I wanted to showcase only food 24/7 and this is where I do it.
I also share recipes on CBB once a week on Sundays either made by me or my in-house home blog cook Nicola Don!
This week our Top Recipe Pick goes to Amanda Rettke at I Am Baker for her Butter Cake. Just one look at it and I knew this was going to be a popular recipe!
Every week I will pick a blog post of the week from around the web that I found interesting and want to share with you and an Editor’s top blog post pick.
Editor’s blog post pick this week goes to Student Debt Survivor for their post titled, “My parents want to help with our wedding. Should I let them?
Personally I like to pay for everything we do by ourselves without any type of loans or monetary gifts however if it were our wedding and my parents wanted to pay for a portion of the wedding I wouldn’t say no.
Imagine your parents saving up money over the years. Sometimes the money you get to play with is your own money that your parents are saving for your special day. You might even offend them if you say no.
You know your parents better so you decide and check out what Student Debt Survivor has to say!
Google Search Terms
Every week I get thousands of people visit Canadian Budget Binder because they did a search online and found my blog. Keep in mind any spelling errors below are because I share with you the exact way they typed their search engine query to land on my blog.
- My house is listed for much lower than others- Well, you either list it for what it’s worth of list is for more so you get the best of both worlds when it comes to buying and selling a home.
- Wife constantly spending money- Well, then take it away from her until you both discuss what you need to in terms of family finances.
- Can a person resell samples?– Sure you can unless it says they can’t be resold for profit. Why would you anyways since you got them free? Just give them away.
- Freelancing while on maternity leave- This is a great idea for any stay at home parents who want to start earning extra income. It takes time to build a blog or website up but once you start posting and writing for others you can really start to earn some extra money.
- Is $30,000 enough for renovations?– How on earth would anyone be able to respond to that even online? It depends on many factors such as size of basement, Space, what you want to buy etc. You could spend over $50,000 just to renovate one floor of your home.
Thanks for dropping by and reading!
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- The Saturday Weekend Review #119: AirBnb is homeowners goldmine or potential nightmare
- The Saturday Weekend Review #120: Couple on the Debt Binge Train to rid of $40,000
- The Saturday Weekend Review #121: Is Reducing Homelessness by creating housing worth it?
- The Saturday Weekend Review #122: Will 24 hour Facebook Auction pages make you rich?