Debt Reduction

The dreaded “b” word

I have been married to my husband for over a year, have been his roommate for nearly three years and have known the man since college (over 10 years), but the relevant portion of this article is the three years that we’ve lived together and have struggled and failed to create a budget.

Sure, I have a mental tally of where my money needs to go in my head, as does my husband – but have we ever sat down and really hashed out what each of us makes, what we have in savings and what our future financial goals are? No, not really. All I know is that we need to get a plumber to our house to check out the funky pipe in our basement, we need to get estimates for this summer’s roofing project and if we have enough green left over, we’re going to build ourselves a fence.

But where is this money coming from? Do we have enough in savings? (And when I saw “we,” I mean my husband’s savings. We haven’t merged our bank accounts together yet. And that’s a whole other thing we procrastinate over.)

On this week’s to-do list, I have “work on budget.” And this time I mean it. I’m gathering my information now – what I’ve spent over the last three months – and delivering it to my husband. We have another road trip scheduled for this weekend – plenty of time to hash out numbers and to set some goals.

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1 thought on “The dreaded “b” word

  1. If it makes you feel any better, we haven’t merged our bank accounts yet, either. It took us a few years just to get the other’s name on the accounts (which is essential if one of us dies). We don’t really have plans of merging them yet. Actually, our current plan is to open up an account for little G at a third bank. This time we’re going local so we can get a deposit box for his birth certificate, SS card, etc..

    Okay, so maybe after eight years of marriage, we should consider using just one bank. But this works very well for us. The plan is that he pays all the bills out of his account and I’m supposed to save all my income…other than the one bill I pay: my credit card. I rarely use cash, so I can keep track of my spending via my CC bill. I’m frugal by nature, so it’s fairly easy to keep my spending in check. Well, mostly.

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