I think DH figured doing the finances would be simple and easy.
But I think even I needed the reality check. We had to make some tough choices to make up our deficit but in the end we came up with a joint plan to pay off his car and his credit card in 12 months and to stop being in the red starting in January with the pay raise information of what we know now.
The two things I wasn't willing to compromise on was our son's preschool and my school. If our son stopped preschool, our dilemma would be solved right now. But I see how important this is and its only till June.
I wasn't willing to sacrifice my school either. I don't know if DH is going to be stationed somewhere else in the next two years, otherwise I'd scale back on my school. If I stopped all together I'd have to start paying on my student loan again.
So we put $1700 into our savings account with the bonus. Going to put $50 towards our daughter's birthday, $200 towards neutering the dog, $1500 towards his car repairs and then there is just enough left for the baby's pictures. We do them every 3 months for the first year and then every 6 months till 2. I'd put that off too but I can't exactly shrink her back down to size when we do have money.
It goes without saying and I'm proud of DH for this... once he saw the finances, he got it real quick that a new truck or motorcycle is out of the question.
The main goal now is to stop being so dependent on my income.
Hopefully in 2 years or so, we will be back to just living on his income. Thats the way it should be and a definite way to ensure that our finances are recession proof.
But right now, if we can pay off his car and credit card in 12 months - that will be a huge step in itself.
Feeling much better
October 1st, 2008 at 11:53 am
October 1st, 2008 at 01:02 pm 1222866168
Glad your discussion went well and your DH's eyes were opened. Just make sure that he continues to be a willing partner in how the money goes. My DH looked at the finances and saw we couldn't "do it all at once" but then deferred to my decisions as what should be done in what order. It gets old trying to juggle it all, even though my partner has the clue that it will be done in "the future". Glad you were able to not budge on education and preschool!
October 1st, 2008 at 01:28 pm 1222867693
October 1st, 2008 at 02:25 pm 1222871103