Hi folks:
I'm considering pitching the idea to my wife that we should split our finances up.
My reasoning for this is that I make 2 times what my wife does and am finding that her discretionary spending is getting completely out of control... so much so that it's affecting our joint finances as a whole. It's gotten to the point where I can't properly service my business debts (I have a rental property and a side business detailing cars). We have a lot of extra money coming in but the constant spending is blowing a huge hole in our finances.
According to my calculations we should have $1,800 a month left over to save after everything. And yet, we are in the red by about $400 a month. We cannot do this much longer. I realize that I am likely a part of the problem and was hoping that this would help to hold me accountable as well.
I have put together a budget where our joint debts and expenses are paid out of a joint account based on percentage of income. So, for the mortgage which is $1125 a month, I pay two thirds which is $743 and she pays $383, and so on. This also includes an allotment to a savings. I've worked it out where we each pay our own cars, student loans and own unsecured debts. On paper, we should both have money left over to save and stop fighting about money.
Has anyone else done this? How did it work out for you and what can you recommend for me?
Submitted May 11, 2018 at 07:23AM by hamburgerpantz https://ift.tt/2rBdrdL
