The Maternity Spending Account

Aditi Shekar
October 4th, 2018 | 1 minute

Barry Choi, our guest on Episode 6 of the Money Date podcast, is a personal finance expert and blogger at The Money We Have.

The Hot Take: Barry is a wealth of information (pun intended) when it comes to managing personal finances. But our favorite tip from our conversation was about creating a maternity spending account.

Barry spoke about the decision that he and his wife Carla made to create a separate savings account, into which they each contributed a set amount of money every month before their baby arrived. The money in that account was exclusively for Carla to spend while she was out on maternity leave, so she could enjoy coffees, lunches, and other small expenses guilt-free. It was important to both Barry and Carla that this savings account was separate from their savings account for their baby (for things like diapers, baby food, etc), and that they both contributed to it — not just Carla. This was because they saw her role during the maternity leave as the primary care-taker for their newborn.

Extra Resources: Want to learn more about what Barry's up to? Check out his blog and say hello on Twitter: @barrychoi.

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