Dh's Budget- what do U think

[crisi]

I'm assuming you don't have kids. Don't.

Then, since you've kept your finances seperate, stay out of his business.

If you had kids, or combined finances, my advice would be very different.

 

[The Iron Giant]

I'm assuming you don't have kids. Don't.

Then, since you've kept your finances seperate, stay out of his business.

Note to above - asking for financial advice is not the same as asking for the people on this board to pass judgment on her situation.

 

[jemgumby]

I'm assuming you don't have kids. Don't.

Then, since you've kept your finances seperate, stay out of his business.

If you had kids, or combined finances, my advice would be very different.

YIKES!!!! All the OP asked for was advice on finances not permission to procreate!!!! Stay on the subject peeps!!!!

 

[mistysue]

I would pay off those $300 and $500 cards, and then snowball paying down the ones in order of highest interest to lowest. It goes away faster if you pay down high interest amounts before worrying as much about accounts with lower interest. Remember that CC's calculate interest daily, so if you have the money send it in right away. I've talked to people who wait until the due date while they are being charged interest and all that does is cost you money.

FYI- if you haven't had this issue before- when you pay off a card you need to over pay it or you will get a statement the next month for the rest of the interest- with another finance charge added to that... So always overpay the last time- maybe $15 or so. Then you can either wait 3 months and they will mail you a refund check or go out a month later and spend exactly the overage on the card. (it will be random, like $4.38 or whatever)

The little ones could probably be gone in a couple months, and then you have more flexibility to put more towards what you are focusing on.

DH and I got married just under two years ago and at that time we combined our accounts and paid off all credit cards in a year. Our entertainment budget sucked, but if we hadn't done that it would still suck and we would still have a ton of debt.

 

[dzorn]

I would start with a pair of scissors.

Oh and it his her business if they were to end up getting a divorce she would inherit some of the debt. Budget has to be a joint effort.

Denise in MI

 

[jfoofj]

I just wanted to comment on this thread about a bank account strategy that really works for DH and I...

DH makes more money than I do, but he pays child support, and I receive child support from my ex, so we actually make almost the same amount a year when you take that into consideration. We each kept our checking accounts that we had before we got together, and opened a joint account. Into that account, by automatic deposit from our work, we each deposit a set amount (that we figured out when setting up our household) and this pays for our mortgage, utilities, and anything "house" related. We each pay our own vehicle payments out of our own checking accounts. We are trying to pay down some debt too, and we both contribute to that (usually alternating each month who sends in the payment). Our policy on credit cards right now is not too use them. I really hate them, debt makes me itchy, I think I'm allergic to it. For dining/entertainment stuff we swap off... his turn, my turn. He pays our boat payment, and I put money into a vacation/holdiay/gift account each week. It works for us.... but ultimately I think whatever you decided to do has to be agreed on by both people, and both have to be comfortable with it... it is a partnership!

 

[Tina]

What do I think? I think you have no right to post his financial details on the internet. That's what I think. You asked. There you go.

 

[neatokimmo]

I just want to clear something up first first for other posters, not the OP.

If the OP doesn't live in a community property state, and her DHs name is only on the cards, then there isn't martial anything.

OP, I would first check with another CC company like Citi and see if he qualifies for a card with a zero percent promo. You'd have to pay 3% to transfer balances but that is so much than what he has. If he can't get another card I'd pay these two off first. They have lower balances and killer interest rates.

Lowe's--------22.99-------$7.21 -----------$15.00------------$321.55
Kohl's---------21.90-------$18.18----------$29.00 ----------- $931.91

Good luck!

(and PS, if you are community property, you could set up accounts like my ex and I did. Blow money went into our personal accounts, bill money went into the house account.)

 

[jfoofj]

if my wife posted my debts on the internet, i would go ballistic. your husband appears to be a hardworking man who makes decent money. for you to post this for the world to see, behind his back is disloyal and betraying. shameful

With all due respect, and not trying to stir the pot at all... this is an anonymous internet message board. She didn't give any info that identifies herself or her husband. I don't see it as being disloyal, she is trying to help her husband get the bills paid (which doesn't seem to be his strong point, some people are financially minded, some are not... not saying it negatively, just making a point.)

 

[sk!mom]

Does your DH see a problem with his budget? Does he want to pay it down?

If the answer to both questions is yes, then sit down with him and come up with a plan. Cut your budget to the bare necessities and put every extra penny toward debt. I disagree with Dave Ramsey, I would pay down highest interest debts first. I would, also, try to lower the interst rates by calling the companies or transferring balances.

If the answer to the questions is no, then keep your finances seperate as they have been for many years. You only have to read these boards to see that many people do this. It wouldn't work for me but it seems to work for others. He's an employed adult and can spend his money as he wishes. Nagging him about it will only make you a nag and both of you unhappy.

 

[ceecee]

Sounds like they do have a DD and she pays for all of her neccessities. I would see if he's willing to combine accounts and let you pay down all of the charges. 12 years is long enough to gain trust that you can do it.
I just don't see how having two accounts work. My friend and co-worker and her husband had two accounts (he made 10X more than her) he did pay all of the bills except groceries and she felt like a child with an allowance. (her husband was also her boss!). My SIL and her husband also have seperate accounts, BIL makes 5 X more than her at least (she works two days a week) and she puts him on a budget. She had a large inheritance and seems to hold it over his head.

 

[pammypooh]

Hi to the OP and all,
Regarding the Kohl's CC - on the monthly statement in addition to showing what the monthy minimum payment is, it also shows the amount that you need to pay to avoid paying interest....that is exactly what I have done over the past year. My highest balance was over $1,500 and now my balance is 0 and I did not pay a penny in interest. It was very difficult those first couple of months, as I do not make tons of money, but it was my goal to get this card behind me.

Talk to you DH and create your own goals for the family!

Good luck!
Pam

 

[tar heel]

Hi to the OP and all,
Regarding the Kohl's CC - on the monthly statement in addition to showing what the monthy minimum payment is, it also shows the amount that you need to pay to avoid paying interest....that is exactly what I have done over the past year. My highest balance was over $1,500 and now my balance is 0 and I did not pay a penny in interest. It was very difficult those first couple of months, as I do not make tons of money, but it was my goal to get this card behind me.

Talk to you DH and create your own goals for the family!

Good luck!
Pam

Kohl's no longer does this. You either pay the entire balance due or you owe interest. When you only had to pay 1/3 to avoid interest, I bought more than I do now.

 

[DVCBELLE]

It really depends on how close your interest rates are and how low your balances are to pay them off on which payoff would be best - for us - the lowest balances was definitely the best route. But you should always run the numbers! Also remember that most people put their cars and houses in their payoff plan as well which affects how to pay them off!!!

Case in point:

I ran the numbers on her debt and the best is to go highest to lowest interest:

Assuming you can pay $100 extra a month

Boa2 Mar-11
lowes May-11
kohls Sep-11
chase May-12
Home depot Feb-13
boA 1 Aug-13
BB1 Oct-13
bb2 Oct-13


every $100 a month you can add takes about 6 months off the time it will take you to get out of debt!


I used the debt calculator I posted earlier and ran all the scenarios in less than 5 minutes!!

 

[Ka' eo]

if my wife posted my debts on the internet, i would go ballistic. your husband appears to be a hardworking man who makes decent money. for you to post this for the world to see, behind his back is disloyal and betraying. shameful

That's pretty harsh. This gal is trying to get a handle on her finances and looking for some insight. Their debt is problematic. I think being judgmental of her is unfair.

 

[mrsklamc]

For all we know, her DH told her she could post it.

I still think the separate accounts is a bigger issue, but it works for some people.

Personally, marriage for me is about being with someone I can trust 100% with our shared goals and money. Even if we don't always agree, we can come to some kind of understanding and each trusts the other to respect that. I've already trusted this person with my LIFE, the money seems kinda secondary. I couldn't live w/ separate accounts. (which I consider different than each person having their own 'mad money.')

 

[dreamin_disney]

I don't think it is. She is trying to help get them both out of debt. He obviously can't do it himself so she is trying to attack it the best way possible.

You are correct and thanks . I figured this MB might be able to help dh. Sometimes hearing the turth from others is a reality check.

 

[dreamin_disney]

How much extra money can you find now and with altering your budget.

Lowe's--------22.99-------$7.21 -----------$15.00------------$321.55
can be paid off in one or two months by putting more to it and get rid of the second highest interest rate.
Dh had been paying more than the monthly min each month and sometimes $100 on the acct. I told him he should put that toward the Lowes then Kohls. He agreed to pay off lowes first. I also told him once he needs to take out the cards from his wallet so he doesnt use them. It has been working for me and I do keep one card in my purse

Best Buy 10/08------------ $0-------------- $8.00------------ $505.69
can be paid off in 2-4 months. Since he is past the 10/08 date there interest rate must be more than $0.
oops 10/08 means the due date for this year. I went back and correct it. Best buy is due 10/08/10 so i figured that could wait. Wewill do the min monthly payment until then then tackle it a month before.
Doing them will now make a huge dent but will get your DH stated.


Then tackle them in the most expensive interest rate to the least. Starting with

BofA----------27.98--------$33.84----------$48.00 -----------$1,512.27

dh is really opening up to the advice he's been reading

 

[dreamin_disney]

Maybe you are right. All I know is that i'd be ticked if my spouce put my personal information out there, and asked strangers about it. Maybe her husband doesn't care.

lol! I don't think I put his name-lol! I'd think he'd be more embarrased as I would if we had a huge sign on our house saying "" first and last name" are in credit card debt.

Now if i was annoucing this to family, co-workers and so on friend then yes he would be upset but i would never do that.

 

[dreamin_disney]

if my wife posted my debts on the internet, i would go ballistic. your husband appears to be a hardworking man who makes decent money. for you to post this for the world to see, behind his back is disloyal and betraying. shameful

he said at first it upset him that i put all the figures on the mb. he knows what needs to be done. But now he's calm and says my reacts about debt this time is better and he appreciates it. He didnt like in the past that i would get mad about it. He also said seeing it all out makes him see it and look at it differently. He's no longer mad because he knows it's in our best interest.

I think it helped knowing i didnt put his name-lol!

Hubby is a hardworking man and I'm a hardworking woman. Letting our debts go out of control is disloyal, betraying and shameful to our lil one because it takes away from her. Like dh said he's over it and he's glad we are on a positve note toward taking care of debt

I reALLY think posting this and letting him read the response let him know I'm serious about helping him and not bashing him about his debt.