How to manage finances quickly and efficiently?
My husband and I are recently married and he has always been the "I'll use my debit card" kind of guy. I don't mind that but it's even for little purhcases like $3 at Arby's. He doesn't keep reciepts and just checks the atm for his account balance. How can I get this in order, how do I know where we're beginning from to balance a check book and start keeping track of things when there's constantly old stuff finally coming through and new purchases showing on the balance? Also is there a software download to help keep track of checking and savings accounts? We have one joint checking and 3 savings in our names and 3 savings (one for each child). And how would you suggest keeping track of what bill is due and actualy remember to save the money for it? It was never a problem for me when I was single but now that we have more bills and TWO people to keep track of, it's much harder for me. He wants nothing to do with figuring it all out, he'll HELP me but won't DO it.
Public Comments
- First of all, if he's willing, get your name on his accounts so you have access to them. I am the financial advisor in my household, and we have excellent credit, despite having 3 small kids and a low income. He needs a reality check about how evil credit card debt really is. I would hide his card and give him a weekly "allowance" (like $50-$100 a week for spending money, outside of gas money and necessities). It depends on how much he trusts you, and your relationship. But this can get ugly fast, so you're wise to want to bring it under control now!!
- This article titled "Money Management For Couples" will help you:
- My answer will be an indirect one, but one that I feel can help you...it's called the 50/30/20 plan; 50% for necessities, 30% for fun spending, and 20% for saving/investing...of course these figures are for starters, not carved in stone!! if you lost your job tomorrow, what would you HAVE to spend money on? list those first; and those are the necessities; if it equals more than 50% of your take home pay, you can always 'tweak' the figures; say, take some of the 30% fun money and add to the necessities...I have been using this method now for over a year and really like it; it gives me peace of mind that I always have money to spend if I want to, and always have money to save/invest...please try it...you of course have to apply it to your own situation....ex; your hubby's spending money should be no more than 30% of his takehome pay per week...and just play with the figures!! but it's a heck of a good plan and if you can adapt it to both your needs, you will be a lot better off...please email me if you have any questions or comments!!!!!!!!1
- Hi, I personally look after my family budget and all spending items need to be accounted for so that at any point in time you know where you are. Requires discipline but that's the only way. To help you with budgeting I'd recommend a personal finance software by Australian business Parcus Group. Easy to use program with features including budgeting, financial planning, real estate analysis, shares valuation, life insurance... Costs US$24 so it's not a huge investment but absolutely great value for money. You can get it on http://www.parcusgroup.com/index.html Regards
