Welcome to No More Spending; how we manage our budget as we attempt to pay off our mortgage early, move abroad, and reach Financial Freedom by 2020. You can read more about this site here and subscribe to get all the latest updates sent to you by email or RSS feed here.  Thank you for visiting!

18 August 2009

A New Plan

My budgeting is all over the place at the moment, what with my son moving out and the added costs of helping him out, the food parcel I bought him and then my daughters 16th next month, I believe it will be October when I finally make big inroads into my debt again. December 31st 2009 looks highly unlikely to be my debt free day, it'll be more like December 2010.

I may have overstretched myself this year. I'm ok with this, I just need to work out a new debt repayment plan that works with my budget, instead of trying to stick to my original plan and keep failing. It would be so easy right now to contribute less to the joint account, but I'm not going to, it wouldn't feel right; I've never viewed that money as my money, it's our money for our future.

How do you and your partner divide up your money? Do you have separate accounts or joint or both?

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5 comments:

  1. Good for you --- sometimes it is just best to do what fits into your schedule of life & roll with it. I know that I have also been re-eval my circumstances & it is just not worth me being grumpy, irritated & somewhat worthless to my family. I feel that as long as we are just paying on our debt & not adding more, we are fine... Took us 8 years to obtain that much debt, it is fine if it takes us 8 to get out... now, I know that some people say that is the wrong way to look at it, but oh well... my favorite line "you just have to do what is best for your family" end of story....

    sorry for the ramble ;)

    I am a stay at home mom so we don't have separate accounts. Just one.
    ReplyDelete
  2. Hi Laura - DH and I have a joint account which we get our salaries paid into and we pay all the bills out of, we also have joint savings accounts in additions where we transfer our savings everymonth. It took me a while to convince DH that a joint account would work in our favour, but I am so glad it did, we seem to be more productive financially dividing up one pot of income and you can really see where you money goes, its just easier.
    ReplyDelete
  3. You sound a little discouraged. You have made wonderful progress over the past few years--86% paid is nothing to sneeze at!
    Take a deep breath. If you don't get back to great debt reduction until Oct., then you'll finish in Feb. instead of Dec. That's okay.
    Enjoy helping your son and your daughter's 16th. Your debt is still going down, not up!
    No advice on the joint account thing. What does your husband want to do? What do you want to do?
    ReplyDelete
  4. Hi jpk, thank you. I definitely need to re eval and get a new plan

    hi dreamer, thank you. its good to have a system that works for you.

    rtc, i am a little discouraged, it's only because i've been knocked off course a little. When i work out my new plan, with my laid out goals, it will be better.

    thank you :)
    ReplyDelete
  5. I would say enjoy your life now. Sounds like you've worked so hard to make it this far. I think congratulations are in order and the possibility of spending time with your kids. As for the joint account question, my boyfriend and I have been together for 15 months and we still have separate accounts. I am cautious about joining our accounts because of his high amount of debt (the debtors may try to take my money to pay off debt from his first marriage). So, separately we pay our own bills.
    ReplyDelete

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