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$800 a month on groceries and entertainment are most likely excessive for two people as in debt as you are. I am betting you could cut out some bad spending habits and lower this numbers pretty easily. Any idea on the type of spending that got you over 35k in credit card debt?
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Apr 8, 2014 22:16
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| # ¿ May 9, 2024 23:13 |
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Yeah you guys are in for a fun time! Getting married and working through a budget as a newlywed can be very difficult. My wife and I took a Dave Ramsey course while we were engaged and it was great. Helped us talk about shared goals and sacrifices we were willing to make. I would suggest it, but I believe the most productive part of the course is sitting down together to work out a budget. If your wife has a history of spending into debt and charges you to work out a budget, I guarantee sooner or later she will resent you for you telling her what she can or can't afford. It is a lot better to agree on a budget together so you both have a vested interest in your long term financial goals. In my personal experience, when my wife and I were both working we had all our combined income go into one account and treated it as "our" income and our debt. People have different ways of spending within a marriage, I guarantee talking about it (or taking a class) will save multiple fights in the long run. At the end of the day who cares if your fun money is $150 or $350 if it works into your overall financial plan that you both agree to. You shouldn't have to bear the full responsibility of setting a budget even if she wants no part of it.
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Apr 8, 2014 22:45
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I am super into asset pooling, but not necessarily for financial reasons. I am into asset pooling for marital communication issues. Not only does it force you to discuss finances, but it is also an accountability tool. For example, if we split finances I could easily spend 10 bucks a day on crappy fast food, but if I know my wife and I have to discuss discretionary spending, I prolly won't get the really tasty, but horrible for me Chinese place down the street three days a week. Saves me money, and lbs and creates transparency. I love it for my marriage, but I could see some couples that get married later in life liking their privacy and not wanting to defend the $60 video game or $80 shoes when that could be spent on azaleas for the back porch or a sawzall so you can finally fix that wonky floorboard in the study. I think the real benefit is in your communication, transparency, goal setting and marriage, not in necessarily in an increased net worth or reduction in spending. SpclKen fucked around with this message at 20:01 on Apr 10, 2014 |
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Apr 10, 2014 19:59
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