Last night Mrs Lakendary and I finally had a serious talk about finances after a month and a half of marriage.
Before we got married we sort of agreed that each will do with his/her money as they please. She knows I like to budget and track my money. She on the other hand has a budget but not as specific and she doesn’t follow it as strictly.
She doesn’t like the idea of having to consult me for every purchase she makes. That’s why we are married out of community of property just because she doesn’t want to ask for my permission if she has to open another bank account. I would have to sign for everything she has to sign for and vice versa if we were married in community of property.
There are other benefits of the ANC (Anti Nuptial Contract) like if I had to start a business and it goes belly up, the business’ creditors can’t come knocking on my wife’s door demanding money. Also I fully believe that we will never get a divorce.
Anyway, I’m going off topic here. The finances. We are kinda broke this month because Christmas and the honeymoon just burnt a big fat hole in our wallets. So she asked if it was okay for her to dip into our savings to help us out until the next paycheck.
Our savings is mainly made up of her bonus and our wedding gift from her employers, so I kinda feel like its her money more than its our money. I said yes, she can go for it. That’s when I told her we should seriously talk about an emergency fund.
I told her about “The Total Money Makeover” book I read by Dave Ramsey and how he says we should first start an emergency fund because you don’t want an emergency to derail your efforts to pay off your debts and ideally this fund should be at least our one month’s salary.
I also explained that the fund will need to grow to 6 months worth of our salary because one of us could lose our jobs and we might need that money to keep us a float till the unemployed spouse gets back on their feet.
Mrs Lakendary seemed like she was down for it but I could see the doubts in her eyes. She went on to explain that she doesn’t want to struggle for months on end trying to build this fund and then at the end not got benefits.
I told her it’s fine if we reward ourselves every now and then just to keep us motivated. Every time we hit a milestone, it would be a reason to celebrate. We can’t change overnight from spenders to savers. It’s a long process.
So we agreed to give it a try. We aren’t going to touch our savings again…well we still need to service the car. But after that we are done. Promise. Lol.
I must say I enjoyed our conversation. It gave me some insight into my wife’s financial mind and I am happy with what I see.
Until next time. Thanks for reading.