My Wife and I Split
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The following is a contribution from my good friend Chris at This That And The MBA. If you’re interested in contributing to Frugal Rules, please consult our guidelines and contact us.
I bet that got your attention, we are doing just great. We are on our merry way on this journey we call life. This is our journey and we wouldn’t have it any other way. My wife and I married in our mid twenties; I was working while she was going to school for her masters. Life was great, living in an apartment out on our own. We had both lived with our parents up until we got married and then we spread our wings to go live together.
Separate Checking Accounts
“Sure,” you are thinking, “I thought they split, of course they have separate checking accounts.” Well, we’ve always had a combined checking account but in May of 2013 we are both moving to our own accounts. We are not having marital issues. It came to the point that we were having trouble controlling our spending. My wife was a spender and I was a saver, so this is our experiment to see if we can reign in spending. We tried the budgets, but it was too hard to do because we both thought of money differently. Now we will be each in control of our own income, we split out the bills in an equitable fashion that we could both live with.
Paying down debt is more about mindset I feel than anything else. We have tried to be in the mindset to pay down whenever we could, but the debt is just not going down as fast as we would like. Taking this additional step will help her control her spending when she does not have any additional funds in the account to purchase whatever she would like. I will continue to save and pay down our debt like I had been trying to do.
This solution may not be for everyone but being in the world of finance, I realize that the same shoe does not fit everyone. This is our journey and our money struggles. We got into this debt mess because it was more or less planned. “Right,” you’re thinking, “who plans debt?” Well, we did. It was our decision to maintain our lifestyle while my wife was not working as she had our 2 children. It was the best decision of our life and we can see the benefit in our children.
Paying down debt is not the only mission we are on, we have been saving for retirement as well, and we each take out 10% of our salaries for our 401k. So we are not bypassing other goals on our mission to pay down debt. We have paid down close to 5k in debt since February, but I want to speed this up as I see each month how much we are paying in interest and it is killing me.
How do you and your spouse manage your money? Ever go from a joint account to separate accounts? I would love to hear your thoughts on this.
This is our attempt to manage our money before it manages us, share your stories.
My name is Christopher and I am the resident financial blogger over at This That and the MBA. You can find me on twitter as well @thsthtandthemba I am a happily married guy with 2 little girls who are the world to me.
Editor’s note: I greatly appreciate Chris’ honesty here. Like he said, in regards to finance, “one shoe does not fit everyone”, thus you need to go with what works for you. I also agree that paying down debt is largely about your mindset above everything else. Kudos to Chris and his wife for paying down $5,000 in debt in such a short time.