Comments on: Living Within Your Means and the Marital Allowance http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/ The Hard Truth about Money and Personal Finance Fri, 19 Mar 2010 02:03:20 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Paul http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/comment-page-1/#comment-5374 Paul Tue, 11 Aug 2009 17:39:37 +0000 http://toughmoneylove.com/?p=332#comment-5374 Yes, my wife and I have a marital allowance, $400 each a month for discretionary and personal spending (haircuts, clothes, cosmetics, eating out, beer, hobbies etc), and another $400 for joint stuff (like eating out and entertainment). Also for a total of $1200 a month. We make just under $200k a year combined. The only difference with us is that we have no debt to speak of, credit cards are paid at the end of each month and mortgage is paid off in eighteen months, no children (but one on the way). I think their allowance it too high based on their debt, but it also depends on what is defined as discretionary. Is it really dumb money, or does it include misc (but required) expenses such as clothing? Yes, my wife and I have a marital allowance, $400 each a month for discretionary and personal spending (haircuts, clothes, cosmetics, eating out, beer, hobbies etc), and another $400 for joint stuff (like eating out and entertainment). Also for a total of $1200 a month.

We make just under $200k a year combined. The only difference with us is that we have no debt to speak of, credit cards are paid at the end of each month and mortgage is paid off in eighteen months, no children (but one on the way).

I think their allowance it too high based on their debt, but it also depends on what is defined as discretionary. Is it really dumb money, or does it include misc (but required) expenses such as clothing?

]]> By: Kate Kashman http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/comment-page-1/#comment-5295 Kate Kashman Thu, 06 Aug 2009 14:28:11 +0000 http://toughmoneylove.com/?p=332#comment-5295 Thanks for highlighting this article. While it makes me crazy, your post and the lovely comments make me remember that it isn't actually me who is delusional. My husband and I got allowances for the first few years that we were married. It helped us develop good spending habits and we've now let them go, but sometimes I wonder if I shouldn't reinstitute an allowance (for me, he seems to be just fine.) Ah, the lure of Target.... Great post! Thanks for highlighting this article. While it makes me crazy, your post and the lovely comments make me remember that it isn’t actually me who is delusional.

My husband and I got allowances for the first few years that we were married. It helped us develop good spending habits and we’ve now let them go, but sometimes I wonder if I shouldn’t reinstitute an allowance (for me, he seems to be just fine.) Ah, the lure of Target….

Great post!

]]> By: Steve http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/comment-page-1/#comment-4943 Steve Fri, 03 Jul 2009 13:15:33 +0000 http://toughmoneylove.com/?p=332#comment-4943 Great blog! My wife and I have a setup where she gets $200/month "fun money". Well, it's not really fun, it's anything for which we haven't specifically planned. For example, this past month $50 of it went to "camp spending money" for our 12 year old daughter. When school comes around, it will buy backpacks, school supplies, etc. Our monthly net income is close to $7,000, and we are trying to pay the house off in the next three years (we are 42 and 41). We found that when we committed to paying off the house, everything else had to "fall in" around that. We are both 100% on the same page, so we never have any fights about one or the other feeling to restricted. Great blog!

My wife and I have a setup where she gets $200/month “fun money”. Well, it’s not really fun, it’s anything for which we haven’t specifically planned. For example, this past month $50 of it went to “camp spending money” for our 12 year old daughter. When school comes around, it will buy backpacks, school supplies, etc.

Our monthly net income is close to $7,000, and we are trying to pay the house off in the next three years (we are 42 and 41).

We found that when we committed to paying off the house, everything else had to “fall in” around that. We are both 100% on the same page, so we never have any fights about one or the other feeling to restricted.

]]> By: Meg http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/comment-page-1/#comment-4382 Meg Thu, 14 May 2009 20:08:45 +0000 http://toughmoneylove.com/?p=332#comment-4382 My partner and I each spend $20/week on extras, which is great for getting latte or a magazine without having to justify it. (But dinners out and other entertainment come from our joint finances, which is much more than $20/week) I can't imagine cutting back to $150/week! My partner and I each spend $20/week on extras, which is great for getting latte or a magazine without having to justify it. (But dinners out and other entertainment come from our joint finances, which is much more than $20/week) I can’t imagine cutting back to $150/week!

]]> By: Blaze http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/comment-page-1/#comment-1785 Blaze Wed, 17 Dec 2008 18:14:49 +0000 http://toughmoneylove.com/?p=332#comment-1785 Anyone who carries that much credit card debt has no business having an allowance. I'm reminded of a phrase my FIL used to use: 'More money than brains'. Anyone who carries that much credit card debt has no business having an allowance. I’m reminded of a phrase my FIL used to use: ‘More money than brains’.

]]> By: Mr. ToughMoneyLove http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/comment-page-1/#comment-1722 Mr. ToughMoneyLove Mon, 15 Dec 2008 02:52:13 +0000 http://toughmoneylove.com/?p=332#comment-1722 Happy Rock: You need to educate these young adults before they become emotionally attached to the idea of buying a home. It's too late then. Happy Rock: You need to educate these young adults before they become emotionally attached to the idea of buying a home. It’s too late then.

]]> By: The Happy Rock http://toughmoneylove.com/2008/12/05/living-within-your-means-and-the-marital-allowance/comment-page-1/#comment-1687 The Happy Rock Sat, 13 Dec 2008 04:47:19 +0000 http://toughmoneylove.com/?p=332#comment-1687 Life is a journey, hopefully this couple is at least starting theirs into real financial knowledge. Spending the $15 a buying My Total Money Makeover or something equivalent would probably change their lives wildly, but it doesn't sound like they are ready for that. Life is a journey, hopefully this couple is at least starting theirs into real financial knowledge.

Spending the $15 a buying My Total Money Makeover or something equivalent would probably change their lives wildly, but it doesn’t sound like they are ready for that.

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