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What To Do...

I was never a good saver but since getting married 8 years ago it is a constant struggle. We both work full-time but there never seems to be any money left after we pay rent. I am sick and tired of being the one that worries about stuff. He spends money as soon as it hits his pocket. I want to save for emergencies or maybe getting a bigger apartment. Everytime I bring the subject up he gets mad and doesn't want to talk. He says there are people worst than us so I should be happy. I hate living paycheck to paycheck. Any advice?
lostinlove63 lostinlove63 46-50, F 2 Responses Sep 7, 2010

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I was in your shoes for 15 years. We were paycheck to paycheck. I managed the money and the bills got way out of control. I just figured there would always be an overtime shift to cover the shortages. But, the reality is you can't bank on overtime, and you MUST have a savings buffer. In the end, we had to file chapter 7 to get us back on our feet. It was the scariest most unsure time of my life, but it saved my sanity. Now, I bank 14% of my paycheck in my 401k, and I bank 25% of my paycheck in our savings account (which is in a different city to encourage self discipline - I have to actually drive to the bank 30 miles away to access the funds), 30% of our paycheck goes to our rent and the rest goes to monthly utilities, groceries and other necessities. There's not a lot of money left over for frivolous impulse buys, but it's okay, we don't need all of that junk we used to buy anyways. If you're swimming in mounds of credit card debt, you seriously need to think about getting credit counselling from a not for profit, reputable organization before you go spinning out of control. It's painful, but it may save you from years of being a slave to the debt sink hole. Good luck, lostinlove63. I hope this helps. :)

well, they say only 25% of ones salary is supposed to go to rent - but thats not very realistic where we live. It is very hard to save right now, especially with the cost of living at a sky high rate, and pay raises are few and far between due to the economy. If you have no money left after the rent, perhaps you are already living way past your means. You may have to try settling for something even smaller. If you have no kids, all you really need is a 1 bedroom or even a studio. if you have kids - thats a different story all together....Create a budget and live by it - Set savings goals - If he doesn't want to deal with it, take over all the bills and give him an allowance every month. Tell him you want to try to save for the two of you. Both of you need to be on board for anything real to happen financially, this is another one of those things you will need to talk to him about when it comes to choosing for real as a partner.