One of the best things the husband and I did was set up a budget. We had only been dating for a couple months, but we have the same attitude about money - the "it's burning a hole in my pocket!" attitude. We both love to spend money and if we were out, there was no one to put a lid on it. We'd easily end up a few hundred in the hole over the course of an evening.
So we made the budget of pride and we're now doing so much better financially. We paid for our wedding out of pocket and have paid off nearly 18k in debt in the last year and a half. While we're looking forward to being able to not think about money so much, all of our hard work has definitely been worth it.
I think working through it together has made us a stronger couple. I guess neither of us sees money as power or a tool for control. If I was advising a friend, I'd tell them to work the money issue out early because it can be really divisive if you don't have a plan.
Even if both partners in a couple have the same attitude to money, things can still go horribly wrong, or so I learned from Arnold Bennett's Riceyman Steps.
My mom's a compulsive shopper and my dad's a miserly accountant. They live well below their means house-wise and car-wise but that also allows my mom plenty of money to spend without putting them in dire financial straits. I asked my dad about it once and he said he accepted the fact when he married mom that they would never be wealthy, and that's why it works.. For myself, though, I am attracted to people that have both short and long-term financial goals, which is what I have.
Timely! I just had a very embarrassing moment at the taqueria--I got the 2 taco dinner with rice, beans, chips, guac and a soda instead of one solo taco and a soda and felt very guilty about the extra $3. Mr. Kithkin just stared at me. So, I guess you can say I'm, uh, frugal. I hate spending money, but being with him has loosened me up. He used to be more careless with money before we got together, and I used to be (believe it or not) even stingier. Until we were married, I was very reluctant to let him spend money on me, or pay for our shared groceries, even though he has a good job and I've been a full-time student. We've drawn each other to the center, and it's been working out well for us. We spent more money our first year of marriage because we were still celebrating--drinking more, eating rich food--but we've toned it down a bit. We're happy together and we really do enjoy staying home and making inexpensive meals together. We don't need fancy things.
In general, we're on a pretty tight food budget and we try to keep our utilities and travel costs low. We don't go out much and when we do we rarely spend more than $30. We stayed in for our wedding anniversary and our big splurge was a $20 bottle of wine.
I realize that I say all this from a position of privilege, though. When I said Mr. Kithkin has a good job, I meant it. We're not struggling to get by, and it doesn't have a huge effect on our finances if we do go out even three times some week. We're not swimming in money, but we're both students now with no debt and enough in the bank for a medium-sized emergency. The fact that we have money helps keep things good. If we had less in the bank or less coming in every week, I can imagine that the differences we have in the way we spend money would be a much bigger deal.
It depends, I think, on whether the money is about money or about power. If a penny-pincher uses it to exert control over you or the family, it's a different problem from just being frugal (or cheap).
Our problem isn't so much that one of us is a spender and the other is a saver. We're both pretty bad at saving and we both have certain separate things on which we spend. I grew up in a family that was often stressed about money, and in my own, I didn't want to worry about money, and I married someone who assured me that I wouldn't have to. What I didn't understand is that he doesn't worry about money because he doesn't quite get how it works. It comes up in things like his not wanting me to put our kid in day care and work full-time, and then criticizing me for working part-time when we need more money. Or staying with a job situation where he was underpaid to begin with and hasn't had a raise in five years, even though he hates it there. He doesn't get that more money comes from leaving that job and doing something else, and from developing your skills to make you more valuable. Money is something for someone else to worry about. And in our marriage, that someone is me, and I hate hate hate that.
If I dated people with similar spending habits to my own, we'd be DOOMED. And I do mean absofuckinglutely DOOMED to a life of abject poverty, debt, and bad credit.
(whispers) But we would have a faboulous array of shoes for every occasion.
Thanks be for Fiance DivineLion whose fiscal responsibility has me (and thus, us) on track for the first time in my life. I now have a realistic budget for frocks which I can keep to, and less nightmares about bill collectors. Fun for all!
@drella: @divinelioness:
after my layoff, i would have found myself homeless and hounded by collectors if it wasn't for my uber-responsible fiance. he has helped unlearn years of bad habits taught to me by my credit-loving mom!
I read somewhere that the vast majority of fights among committed couples are about money, sex, balance of power and in-laws. I'd have to agree, and think it all comes in under the balance of power umbrella.
I'm good with money (now, not so much in my early 20's) I tend to be attracted to people who are also good with money. Mr. Chamalla and I are both cheapskates, but we tend to focus on different things. I buy cheap clothes and broker deals with utilities while splurging on good food; Spouse buys cheap food and splurges on gadgets. It took us a while to figure out how to work together without fighting about it, but we make it work at the moment.
My boyfriend and I are about the same. Some months we spend a lot, others we save. He makes WAY more than I do so we compromise. He pays the mortgage (its legally his house) I pay all the bills. So far so good.
@KellyKapowski: my fiance makes 4x what I do, so thankfully handles the "big bills" while I tend to take care of the smaller things. yay for generous partners!
Interesting. For me, financial upbringing and background situations have been more important. My boyfriend grew up quite well-off and is financially supported by his parents, but is quite careful with his money. I grew up dirt-poor and support myself with part-time jobs and financial aid, but I'm much more prone to (relatively small) silly expenditures when I'm bored or not feeling good. Neither of us is a big spender, so things generally work out okay, but the underlying fact that my frugality is by necessity rather than choice is always present. It's often necessary for me to remind him that I can't afford everything that he and his family can, and that he has the security of knowing that his family will back him up in a way that mine just can't. We started off our relationship each paying our own way on dates, but it's really difficult for me to have to turn down plans because I'm not comfortable spending the money- I prefer the person-who-plans-the-date-pays approach. The relationship is still strong, but it requires a lot of honest communication and thoughtfulness to keep it that way.
Even if I'm well-off in the future, I don't think I could ever be with someone who grew up extremely wealthy and/or spent money easily and without thinking. I love shopping, but spending money- even if I can afford to do it- will always be associated with a certain amount of stress and concern for me. Maybe it would work out if I could tell that they had put time and effort into thinking about their own privilege... but sometimes I think that that background influence is too strong to really change.
@Mon-Mon: I'm in a similar situation. That kind of security, never having to think about money, is the very definition of wealth to me. Mr. JB assured me that it would be like that for us, and he's not exactly lived like it, but he doesn't worry about the future in the same way that I do, and his career choices aren't driven by fear of penury. Meanwhile, I'm kind of flipping out over things like his parents helping us with large purchases and his failure to leave his job even though he hates it and hasn't had a raise in five years. Fear might not make you rich, but it'll usually make you hustle.
My other half is financially looser than I am, and it drives me insane. It's usually disagreements over the electric and gas bills, as he is NOT enegry conscience, meaning higher bills. But, our good times FAR outweigh the bad, so I'm willing to overlook a few bills, and make HIM pay them. :)
My husband is a spender. Brooks Brothers socks, handmade shirts, the barber who appeared on Letterman to shave Dave last year is the man my husband sees --
Me, I buy clothes at Target. On clearance.
So far, we balance we eachother. Good Cop/Bad Cop.
@NewsBunny: lol that's us too! I don't mind it- we do argue about money sometimes, but if it were up to me we'd be living in an empty space with bookshelves,a laptop on the floor, and nothing else, so it's best I'm not left to my own devices!
I have a history of dating wealthy banker types who don't read books or really care about art unless I goad them into it. This inevitably leads to my being frustrated with their lack of intellectual curiosity and disturbed by the fact that they end up paying for everything. I feel like I'm losing my creative mojo and my independence at the same time, and then internalize it and start acting mean to them, until they ask me what's wrong, and I say "I think we should break up."
I suppose I covet their having-their-shit-togetherness and their focus and drive and their having specific goals when I've always been more of a fly by the seat of my pants kind of person.
This is the main reason why my parents got divorced. My dad lets penny-pinching deteriorate the quality of his life, and my mom is financially irresponsible. I think they're both nuts. I save more than I spend, but I refuse to subsist entirely on oatmeal and tuna fish ;) I don't think I could date a guy who didn't have a similar value system. It would be too stressful.
08/16/09
So we made the budget of pride and we're now doing so much better financially. We paid for our wedding out of pocket and have paid off nearly 18k in debt in the last year and a half. While we're looking forward to being able to not think about money so much, all of our hard work has definitely been worth it.
I think working through it together has made us a stronger couple. I guess neither of us sees money as power or a tool for control. If I was advising a friend, I'd tell them to work the money issue out early because it can be really divisive if you don't have a plan.
08/16/09
08/16/09
08/16/09
In general, we're on a pretty tight food budget and we try to keep our utilities and travel costs low. We don't go out much and when we do we rarely spend more than $30. We stayed in for our wedding anniversary and our big splurge was a $20 bottle of wine.
I realize that I say all this from a position of privilege, though. When I said Mr. Kithkin has a good job, I meant it. We're not struggling to get by, and it doesn't have a huge effect on our finances if we do go out even three times some week. We're not swimming in money, but we're both students now with no debt and enough in the bank for a medium-sized emergency. The fact that we have money helps keep things good. If we had less in the bank or less coming in every week, I can imagine that the differences we have in the way we spend money would be a much bigger deal.
08/16/09
Our problem isn't so much that one of us is a spender and the other is a saver. We're both pretty bad at saving and we both have certain separate things on which we spend. I grew up in a family that was often stressed about money, and in my own, I didn't want to worry about money, and I married someone who assured me that I wouldn't have to. What I didn't understand is that he doesn't worry about money because he doesn't quite get how it works. It comes up in things like his not wanting me to put our kid in day care and work full-time, and then criticizing me for working part-time when we need more money. Or staying with a job situation where he was underpaid to begin with and hasn't had a raise in five years, even though he hates it there. He doesn't get that more money comes from leaving that job and doing something else, and from developing your skills to make you more valuable. Money is something for someone else to worry about. And in our marriage, that someone is me, and I hate hate hate that.
08/16/09
(whispers) But we would have a faboulous array of shoes for every occasion.
Thanks be for Fiance DivineLion whose fiscal responsibility has me (and thus, us) on track for the first time in my life. I now have a realistic budget for frocks which I can keep to, and less nightmares about bill collectors. Fun for all!
08/16/09
08/16/09
after my layoff, i would have found myself homeless and hounded by collectors if it wasn't for my uber-responsible fiance. he has helped unlearn years of bad habits taught to me by my credit-loving mom!
08/16/09
I'm good with money (now, not so much in my early 20's) I tend to be attracted to people who are also good with money. Mr. Chamalla and I are both cheapskates, but we tend to focus on different things. I buy cheap clothes and broker deals with utilities while splurging on good food; Spouse buys cheap food and splurges on gadgets. It took us a while to figure out how to work together without fighting about it, but we make it work at the moment.
08/16/09
08/16/09
08/16/09
Even if I'm well-off in the future, I don't think I could ever be with someone who grew up extremely wealthy and/or spent money easily and without thinking. I love shopping, but spending money- even if I can afford to do it- will always be associated with a certain amount of stress and concern for me. Maybe it would work out if I could tell that they had put time and effort into thinking about their own privilege... but sometimes I think that that background influence is too strong to really change.
08/16/09
08/16/09
08/16/09
Me, I buy clothes at Target. On clearance.
So far, we balance we eachother. Good Cop/Bad Cop.
08/16/09
08/16/09
I suppose I covet their having-their-shit-togetherness and their focus and drive and their having specific goals when I've always been more of a fly by the seat of my pants kind of person.
08/16/09