SRS: How do you manage your finances...
01-09-2012, 11:12 AM
#41
My bills are my bills and her bills are hers. The bills we have together we split right down the middle (groceries, oil, rent, utilities, etc). We have some stocks that are in a joint account, as well as our own separate accounts. No joint bank accounts though.
Whenever she needs cash I give it to her, but she doesn't ask much cause she has her own money. She has a good steady income but has some debt, while I'm up and down income wise but have no debt. For now the way we're doing it works for the both of us.
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01-09-2012, 11:24 AM
#44
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when she borrows more and more because she's a little short. then you find out when you buy nothing extra but maybe some food and she spends it all on clothes and doesnt have any savings or enough to pay her share...
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01-09-2012, 01:42 PM
#48
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I already pretty much posted what I do: don't spend money.
Ever single penny we take in is accounted for and budgeted; nothing extra is ever bought that isn't budgeted for/justified. (i.e., the same amount of money must always go into savings each week/month)
Since we know what our weekly take is, what our bills/gas always cost, and since we have a grocery budget and weekly food/cash budget--if anything extra is required, it comes out of that food, gas, petty cash budget.
We make special trips to walmart/bed bath and beyond for cheaper toiletries, we shop at multiple grocery stores for sale items, we make one night's dinner stretch for two nights. We are very careful with what we do spend...
Without looking, we probably have a 60-70% savings rate. But our goal is to save for a big garage (with a house attached), so my lifestyle might not work for you.
Ever single penny we take in is accounted for and budgeted; nothing extra is ever bought that isn't budgeted for/justified. (i.e., the same amount of money must always go into savings each week/month)
Since we know what our weekly take is, what our bills/gas always cost, and since we have a grocery budget and weekly food/cash budget--if anything extra is required, it comes out of that food, gas, petty cash budget.
We make special trips to walmart/bed bath and beyond for cheaper toiletries, we shop at multiple grocery stores for sale items, we make one night's dinner stretch for two nights. We are very careful with what we do spend...
Without looking, we probably have a 60-70% savings rate. But our goal is to save for a big garage (with a house attached), so my lifestyle might not work for you.
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01-09-2012, 02:46 PM
#49
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I meant how do you and your wife/fiance manage spending between the two of you?
I mean more basic things like how you share living costs. I understand that not spending on optional things is doable and thats what I have commenced doing.
I mean more basic things like how you share living costs. I understand that not spending on optional things is doable and thats what I have commenced doing.
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01-09-2012, 02:57 PM
#50
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our paychecks go into one account. Most, less budgeted bills/food, is transfered then to a savings accout that we "cannot" draw against.
then we move cash into an account our debit cards are linked to, this is purely for food/gas.
There's really no extra money to buy anything. I never buy anything on a whim, the other day I bought shoes, made sure to use a 20% coupon with free shipping, and I cleared it with the wife--I put it on my CC and we allocated the funds for it this pay period so that extra $30 went to the CC bill instead of our savings account.
Honestly, we live like simple people...
this was after like a 3 month campaign of petitioning her to buy new shoes...
then we move cash into an account our debit cards are linked to, this is purely for food/gas.
There's really no extra money to buy anything. I never buy anything on a whim, the other day I bought shoes, made sure to use a 20% coupon with free shipping, and I cleared it with the wife--I put it on my CC and we allocated the funds for it this pay period so that extra $30 went to the CC bill instead of our savings account.
Honestly, we live like simple people...
this was after like a 3 month campaign of petitioning her to buy new shoes...
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01-09-2012, 07:12 PM
#51
^ It's much easier when you're both on the same page about spending. My dad was always bad about having to have fancy everything, case in point he drives a 5 yr old Caddy STS and has a loaded Goldwing the same age and my mom drives a 14yr old Protege (which she got new).
You should be accountable to each other, like business partners, but like business partners it often works best that one is primarily 'in charge' of finances, for various reasons.
You should be accountable to each other, like business partners, but like business partners it often works best that one is primarily 'in charge' of finances, for various reasons.
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01-09-2012, 11:02 PM
#52
This is the key to an enjoyable life.
Going into debt to buy a Porsche 911 is not enjoyable. Driving a Geo Metro and not owing a single dime to anyone is. I don't make much money and my wife hasn't worked for years (1989?). We max out both our Roths, a 401K and still invest more in another acct. House, cars, everything is paid for. Getting ready to pay cash to build a 20'x26' "workshop" because we enjoy building stuff. We paid off our house at 43 years old and will retire at 55 years old if I want to (vs working until 65 because I need to). I wear jeans, t-shirt, and tennis shoes I bought on the discount rack (bought 8 pairs of them about 5 years ago) every single day and don't try to impress anyone. I very much enjoy being "the millionaire next door" that no one notices.
BTW, I'll pay for my 911 with cash when I retire because I spent decades NOT buying DVDs, IPhones, TVs, new cars, etc. Like Dave Ramsey says, "Live like no one else so later in life you can live like no one else".
Going into debt to buy a Porsche 911 is not enjoyable. Driving a Geo Metro and not owing a single dime to anyone is. I don't make much money and my wife hasn't worked for years (1989?). We max out both our Roths, a 401K and still invest more in another acct. House, cars, everything is paid for. Getting ready to pay cash to build a 20'x26' "workshop" because we enjoy building stuff. We paid off our house at 43 years old and will retire at 55 years old if I want to (vs working until 65 because I need to). I wear jeans, t-shirt, and tennis shoes I bought on the discount rack (bought 8 pairs of them about 5 years ago) every single day and don't try to impress anyone. I very much enjoy being "the millionaire next door" that no one notices.
BTW, I'll pay for my 911 with cash when I retire because I spent decades NOT buying DVDs, IPhones, TVs, new cars, etc. Like Dave Ramsey says, "Live like no one else so later in life you can live like no one else".
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01-10-2012, 10:23 AM
#56
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That's the key. If someone is content with the more "spartan" lifestyle today and the extra freedom later in life will be a nice bonus: that's great. For someone who sacrifices all their life hoping to reap the reward later, dieing early would be a bit unfortunate.
It's all about opportunity cost and balance. "Save a little more than you think you comfortably can" is generally good advice for most people.
Brainy, rmcelwee and others like them would be exceptional.
It's all about opportunity cost and balance. "Save a little more than you think you comfortably can" is generally good advice for most people.
Brainy, rmcelwee and others like them would be exceptional.
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01-11-2012, 01:16 PM
#59
It really puzzles me to think that people are not happy unless they are spending money they do not have. Perhaps this is why the country is so screwed up and people are so desperate. There was a clerical error with our paychecks the other day at work (first check of the year). I must have had 10 people call me asking me if I had gotten my check and complaining about how screwed up they were that they didn't get paid. I think I could probably go 6 months or so without getting paid and wouldn't even break a sweat. Yep, I'm really missing out - not enjoying life at all...
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