Money To Live

July 6, 2012

The second paycheck

Filed under: career,family finances — by moneytolive @ 3:34 pm
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Since having a baby, I changed the way we handle our paychecks. Before, everything went into our joint account and was then siphoned off to a savings account or used to pay bills. Now, though, my paychecks go into a separate account, at a different bank.

I keep my paycheck separate to make sure that I earn enough money to cover the costs of working – childcare, house cleaner, prepared meals, …

A few weeks ago, I talked about this with a friend. Her family was in a financial transition (big boost in income), and she decided to set up their finances the same way. Her partner’s paycheck would cover all expenses, and hers would go into a separate account.

Despite being reassured on a Friday that her job was safe, on the following Monday she was unexpectedly laid off. Amidst the unpleasant aspects of a layoff, she was very appreciative that she had already set up their day-to-day finances without depending on her income.

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