My husband sucks when it comes to money and budgeting. I'll make the budget and tell him what we can spend and it's as if I'm talking only to the air. He will go and buy something if he wants it and then later wonder how our savings account got depleted. Can anyone give me suggestions, please?!
2007-03-25 10:25:48 · 6 answers · asked by wishywashy 1 in Business & Finance ➔ Personal Finance
I have the same problem. I am looking for a good personal finance seminar or a good class for the both of us to go to.
2007-03-25 10:29:35 · answer #1 · answered by jennilaine777 4 · 0⤊ 1⤋
First, has this gotten you into financial trouble? Does his spending have the potential to get you into serious trouble? Can he dip into your "cushion" for these purchases? (Cushion being the savings you have for "just in case"..like if you lose work or have a major repair or replace that needs to be done)
If you can say that his spending habits have gotten you into trouble or have the potential to get you into trouble, then I would say cut him off. Put the household expense money and the cushion money into accounts that he has no access to. Explain to him that his spending can have drastic consequences. What would you live on if there was an accident and one of you were unable to work? Where would money come from to fix the furnace if it broke?
After you have the expense money and the savings in accounts he can't access, let him have what is left for his purchases. If what is left this month isn't enough, then he will have to save and budget.
I say this assuming that you have gone over the household expenses and income and that he is aware that he is spending money you cannot afford. I know it seems tough on him and a little emasculating, but necessary for the financial security of your family.
2007-03-25 10:52:28 · answer #2 · answered by Melanie J 5 · 0⤊ 0⤋
Marriages are like businesses. Bank accounts can either be static, and easily depleted; or, they can be dynamic, and contribute to your income.
A strong cash flow depends on building a hefty savings account, and then, investing your surplus money. Eventually, you'll see that you can afford to make fun purchases without interrupting your cash flow.
My brother and his partner had a great car stereo business, however, his partner took too much of the profits, and it killed their cash flow. I think my brothers partner could have eventually drew larger "paychecks" but he didn't wait until the business was stable like the model above.
Call your husband to the boardroom. Come up with a plan together that you both can live with. Agree to wait until you have dynamic savings, and then cut yourselves a paycheck.
Good luck.
2007-03-25 10:49:50 · answer #3 · answered by whatda 3 · 0⤊ 0⤋
Ultimately, what you're going to have to do is have an account that he can play with, so he knows how much money is spendable, and another account in your name only that's your long term savings account.
Make yourself a budget, blow it up in big text, and put it where you can both see it every day to remind yourselves.
2007-03-25 11:11:51 · answer #4 · answered by calliope320 4 · 0⤊ 0⤋
Can you make an agreement to discuss purchases before they are bought? My husband and I always discuss any purchases before we buy it. It does help us.
2007-03-25 10:31:38 · answer #5 · answered by flower 6 · 0⤊ 0⤋
according to my experience it is far easier to change the husband rather than changing the husband's financial habit
2007-03-25 10:29:53 · answer #6 · answered by sm bn 6 · 0⤊ 0⤋