Now, we are no experts in this field. In fact, I love the transparency we (PS Squared) share with one another about our meated financial decisions. It was easy to blame our lack of extra money on wedding planning, now that’s over—reality hit. “My” money is no longer “mine.” “My decisions” affect “us.” My $25 a week coffee addiction despite having free coffee at work, results in a $100 loss that, we as a couple, could be saving for our future. The "M" in Marriage doesn't stand for "my". Money is a sensitive subject. "My" money that I worked for? That I earned? That I clocked in & out for whilst finessing the bull? Yea "my" money is definitely mine. Share deez if you wanna share something. Hey, if that's how strongly you feel, I am not here to convince or persuade you otherwise. However, if you take a peek as we pull back the curtain, you might begin to see things differently. 1. Just because he's the man, he doesn't HAVE to take care of all the bills. It's 2017, forget the old-fashioned gender roles. I mean if you are not in support of your significant other making more money than you, go sit in a corner. I truly, sincerely believe if you want your spouse to make less than you, you're an idiot. Do you know how broke we would be if Maristela made less than me? If I make $75,000 and she stays at home. There is $75,000 in the home. If we both make $37,500, there is $75,000 in the home. If I make $25,000 and she makes $50,000, there is $75,000 in the home. 2. Allocate every dime you have. This is the key. Combine your overall income and break down your expenses. (This is Dave Ramsey's zero-based budget.) Start with your reoccurring bills, then your irregular bills and finally your other costs (groceries, clothes, health expenses, etc.). The rest will go to savings and your allowance. Make sure you equal to zero. This underlines your budgeting priorities. 3. God-willing, save. Let's be honest here, saving in our 20's is almost impossible. We have student loans, credit cards we got when we were in college, and car payments and house mortgages. HOWEVER, saving is important. Easier said than done, save before you give yourself an allowance. Prince and I save by teaming up with our family. We have a cash kitty. It's the next best thing since sliced bread. Monthly we pay Prince's sister $300 per kitty and 22 people participate. So, for 22 months, we pay $300 to eventually get our name pulled to get $6,600. It is amazing, because we have someone who holds us responsible for a savings "bill" basically. While 22 people is a LOT. Team up with 10 people you trust. Decide on January 1, the bucket will be $2,000 and every month have someone collect $200 from each person and draw a name for the next ten months. Thank me later! 4. Agree on an allowance: Who cares who makes more money? Remember the whole "my" is "we"; if you agree that you all can afford to spend $300 on discretionary items a month, each of you get $150 to do whatever with. Ladies, that means nails, hair, makeup, coffee, etc. Men, you can buy all the scratch-offs in the world, five haircuts, etc. But, when you've run out, you've run out. You also cannot criticize what the other uses their money on. This is an agreement on the first of every month. This eliminates disputes and allows for understanding and compromise. Do note, if you have a birthday party to attend to and you plan to spend $40 on Jamie's gift, $20 comes out of each of your allowance. The point is to be on level playing fields, no matter who brings in the most money. You are one! P.S. Be honest, be open and be loving. Prioritize necessity and split the rest evenly. That's fair and just.
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AuthorsJust four married friends here to discuss relationships, life-changing events, parent-hood, religion, race & trending topics. Archives
January 2018
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