Pregnant and Petrified
Dear Scott,
My husband and I have now split our finances because he wants more spending money for himself. The truth is, he has not been making enough to split the bills 50/50, and he always has an excuse to not work full time – headache, toothache, anxiety. I am six months pregnant and due to go on maternity leave, meaning my income will not cover our bills. We have a personal loan in my name for $11,000 and no other debt, but I have no idea what to do anymore to keep myself above water. I’m petrified! What do I do?
Steph
Hi Steph,
I can help you with this.
See, my wife is about to give birth too. However this isn’t our first rodeo … it’s actually our fourth.
And through trial and (many) errors we’ve worked out what we need to do ahead of the baby coming.
It’s actually not unlike preparing for fire season: we know there’s going to be many flare ups over the next 12-months, so it’s important to plan things out before the ‘heat’ of a crying baby, sleep deprivation, and a messy house, come to bear.
For you guys it’s focussing on financial preparation: I want you to sit down together and write out a 12-month budget. If he’s resistant to that, call 1 800 007 007 and get a referral to sit down with a free financial counsellor (they may in turn refer you to someone in the agency who is an expert in budgeting).
Factor in spending at least $3,000 or more setting things up for the baby (though you should get creative and see what you can get as hand-me-downs, or second hand). And work through all your expenses over the next year, and see what you can cut -- and what your partner can add to the equation.
Here’s the truth: When the baby comes out you’ll give it all your emotional energy. The last thing you want to do is add the additional stress of fighting with your partner about money.
So, get this sorted pronto, and buckle up for the ride of your life. You got this!
Scott