Every month, my girlfriend pays me $450 for her portion of our rent and for insurance on her car (which I pay for in 6 month increments and she pays me back monthly). She makes just about enough to pay for everything of hers, with minimal savings (she budgets well, but does not take home lots).
I make enough where I can easily cover the bills for rent, insurance, bills etc. (yes, I already have an emergency fund, and pay into my 401k). I would like to take this $450/month and stick it in an account where in 1-2 years we can take this money and pay off her car ($8k) or a chunk of her student loans ($13k, and she is starting an online grad program, which over 2 years will add another $12k).
How can I set this money aside, to help her in the future? I fear that if I put it in my bank account, and give it to her in 18 months, she will have to pay taxes on it as income. Anyway to avoid this?
Submitted April 30, 2017 at 12:53PM by savemon http://ift.tt/2oMmppE
