How to Manage Money as a Couple

hey this is Jeff Burroughs looking to goodfinancialcents.com today I have a special guest my wife has agreed to join me to this video occasionally we get reader questions some are about blogging some about Pinterest in our home more to her than me but occasionally we’ll get a question in regards how to manage money so we thought or I thought it would be great to have my wife come on to kind of share some of her thoughts and opinions about some of the money issues and how we’ve handled them over the years but first let’s check out this reader question we have a question from Jennifer and Jennifer asks I’m wondering if you’d consider posting about how you manage your money with kids expenses are often high and making college retirement savings can often be difficult given your experience and knowledge I’d love to hear your tips and tricks great question Jennifer thanks for reading our blogs and things for asking us this question when I first started thinking how to answer this question I started going back to how we talked about money when we first got married before we’ve even had kids because I think that’s so important that a lot of newlyweds don’t do they don’t have the money talk they don’t understand what’s important to each other regarding money and I know what we me and my wife it was first trying to figure out one was our emergency fund and most importantly what was that number that she had to have what I had to have in our checking or savings account to make us feel comfortable yeah I think we both had very very different opinions on money and how to manage money when we first got married and so it was very difficult but as far as our emergency savings meant for me I needed a higher number I’m a planner and I like to think you know long term and just be prepared for things and for him he’s a spender and he just thinks in the moment and so we’re very different in that we had to kind of come together and kind of come to a compromise I think it’s really important that you do that because if not you can spiral out of control and so can your bank account really so for me the number when we first started getting me I think it was like I wanted our savings account to be at 4,000 which seems like nothing now it’s much higher now I mean it’s changed over the years but just starting out I was like if that number is not at least 4,000 I just did not feel comfortable yeah and actually and just to keep in mind perspective that number when we first got married I think we’re like 500 bucks seriously had like five hundred dollars in our savings and the way that we’re able to accumulate the four thousand that she felt comfortable was when I was deployed to Iraq you know so when I was deployed you know that was our main goal and you know funny enough that’s with a lot of the conversations we had when I was deployed was these money goals you know was to get this much in savings I say you know to fund our Roth IRAs and sounds kind of cheesy but it would gave us something to work towards but it was constantly having those money conversations as far as saving for retirement our savings for college for your children I think the most important thing for us is that we have it come directly out of our bank account before we even see it that is the easiest way for me because sometimes when the money goes in there I’m like oh and have all this money and then I have to write all these checks and I’m like oh I really don’t have a list of money so it’s different way easier if we just you know pay it first and it comes directly out of our account and we don’t have to think about it and then we’re left with you know whatever is left is what we have to spend and a question that maybe you didn’t ask maybe you’re getting at was you know how much do you save for college versus saving for retirement I know this is a common question that people have and what I always tell my clients is you got to take care of yourself first I know we love our kids and I love our kids to death but I’m under the belief that we need to take care of ourselves first because we don’t have enough say for retirement then we got rely on somebody else which most likely will be our children so if we’re trying to protect them from taking out student loan debt the reality is they’re gonna have parent debt because they’re gonna take care of us because we didn’t take care of ourselves when we should have so I always encourage my clients to save a little bit towards their kids college education but the main priority is safe for retirement I know when I used to work in health care I was the retirement manager and I would see people all the time who would and they would be 5055 and they’re like oh I’m ready to start saving for retirement and it’s a little bit late at that point so I think that was one of the motivating factors for me not only that he’s a financial adviser but that I was in that position early we both kind of had the same view on saving for retirement it was like okay we need to do it early and we need to do it now because I saw too many people come in that we’re just gonna have to either work til they die or they were gonna have to work till the age of 80 and I knew that our goals we’re gonna be you know we want to retire young and do fun things and travel and so I mean that was something that was important I think to both of us from the beginning yeah and don’t get us wrong like we like to have fun we like to take vacations we like to buy things I think it’s just having that fair balance you like to buy I wish she likes to buy things – trust me trust me go to her blog and see some of her fashion updates so anyway there is that fair balance of having fun you know living in the moment but also saving some towards a future goal which most common is retirement you know in doing so as she mentioned earlier it just automatically having come out it’s so easy you don’t think about it so that way you are saving towards that primary goal and you still have enough to spend have some fun travel do those things that you want to do well I hope you like this special edition of goodfinancialcents.com if you have any other reader questions regarding managing money especially with your spouse please feel free to hit us up if you have any fashion questions don’t ask me ask her if you have any pinterest questions you need to go to house of rose blog com not good financial sense but thanks to my wife for joining us and we’ll see you soon take care bye you three one I just send me sorry I was I went like a I was fixing my hair you’re not even talking how can you screw up are you sure you’re not blonde hold on he’s one 5-hour energy this is Mandy and the reason she’s bringing me on here is because I’m not bringing anything on cuz I’m bringing it cuz it’s brighton brighton like a bratwurst it’s over there there’s one there’s one right there I have a special guest joining me today banjo gay fetish bender the bathroom she’s very special things like hey ready I mean the question is are you ready