I guess the saying ‘opposites attract’ is true, and I guess that it’s a big reason a lot of spenders end up with savers, or vice versa.
It is hard to stray from old habits, so it’s a good idea to sit down and agree to a some limits. How much of your income will go toward entertainment? How much will be spent on extras, like new clothes, and how much do you have to put aside for housing, transportation, savings and debt repayment? Make sure you are dividing up take-home pay, not salary, otherwise, you are setting yourselves up to fall short. Once you have agreed on a financial plan, stick with it.
When interest rates are low you might want to buy yourself a home. Maybe you already have a home and you could use a vacation. Or a year from now you want to be debt-free, or pay for your kids to go to school or go back to school yourself. Put together a budget plan so you know what is coming your way, and how you will pay the bill.
Don’t forget, that there are some unpredictable things such as, layoffs, major car repairs and medical bills. This is where an emergency fund comes becomes handy. Put about three to six months worth of living costs together so you can have it ready in either a savings or money market account if you ever need it.
You don’t want to have to micromanage each others finances. But making each other aware of any major expenditures can easily eliminate expensive issues such as bounced checks or over-the-limit credit card fees.
It is up to you to define major-it mainly depends on the amount of disposable income you have-but a lot of couples use $100, $300 or $500 as the threshold. In other words, if you want to purchase a coffee or even lunch, go ahead. If you want to buy a brand new television, you probably should discuss it first with your spouse.
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