So spoke with my DH yesterday about the food bill (he pays the out to eat). Find out he hasn't checked it very thoroughly and its been running over by a decent amount as a result. While I have learned alot of finance by controlling our finances, he's dealt with it so little that he really doesn't have that sense of budget and need for restraint. All he sees is rent, savings and out to eat.
We talked about what we could do and we decided a couple of things would help.
1. We are going to close his checking account (we are joint on both accounts) because it doesn't have any autopays out of it and just use mine.
2. We are going to add him as a joint user on my credit card that I use for the household budget so everything is going on one card. That way we have the complete picture of our spending.
3. We are going to take turns paying all of the bills at once. Instead of a partial picture, we both will be able to see everything that is happening at any given point. So once we have everything settled, he gets to take over paying for everything. Every couple of months we will swap who controls the finances.
Over the past 8 years together, we have been gradually heading this way but its only recently that our finances have simplified sufficiently to do this. He had no objections really to doing this sooner but I was the hold out. Well I am fine with merging now.
The weird part is I think I am only okay with this because we have almost all the debt gone. I don't feel like I am burdening him with my mistakes. That and the effort of saving up money and paying off debts as a team has shown me that we can operate our finances as one pot.
Its still going to be about 6 months before we can do this since things get really messy come Jan-April due to last minute Roth IRA's, the paying off of the last debt and building a new budget for the house BUT I will have him help me through all of that and then will turn the reigns over to him.
Planning our Finances after the house
September 18th, 2008 at 02:23 pm
September 18th, 2008 at 07:32 pm 1221766340
If you work in unity you guys will be able to accomplish your goals. Determine what your financial vision is both short and long-term. Then together work out a strategic plan to accomplish each one.
Most importantly, try to establish your lifestyle on "one" income now, not later. It can be done. We have two properties now, still live on one income, only use cash not credit, and together live a very enjoyable life. My husband was 27 when we paid off all our debt and mortgage. You're young, so whatever your goals you can do it. He's 38 and I'm now in my 40's.
September 18th, 2008 at 11:51 pm 1221781879
September 19th, 2008 at 03:46 pm 1221839166