Browse Category by Personal responsibility
Personal responsibility, Saving ideas

More about spending control

Does your husband come from a family where he learned these spending habits? I can relate, because I was like that myself and ended up in major credit card debt. What was worse is I was married at the time to a man who was nearly as bad as I was with spending and had horrible money management skills, and he was a CPA. It was a nightmare.

Needless to say that marriage did not last very long.

When I met my second husband, he opened my eyes and point blank told me that if I did not get my financial life in order and start right away, there was no reason for us to continue a relationship. I’ve learned a lot and worked my way out of debt all on my own. It seems to be this way in a lot of marriages, where one person is a financial disaster and the other is constantly trying to keep up with all the bills. It seems as if the other person, only cares about themselves.

In a way -it’s very selfish. Have you both considered possibly going to some kind of counseling about the problem, because I’m sure it causes other issues in your marriage. If you’re better with managing money, then maybe you can be the “banker and accountant” in the family. Your husband can still help with major financial decisions, but it would be a together plan, not just him spending whatever he wants.

Both of you should have some kind of personal spending allowance each month, that you stick too. That’s the way my husband and I do it and he’s the accountant.

Can a large portion of his paycheck be direct-deposited into an account strictly just for household needed expenses? I’m wondering if he thinks that filing bankruptcy last year wasn’t a big deal. If he continues to spend the way he does, your family is heading down the same road again.

Let me know if I can help in anyway. I used to be an impulsive spender myself. The thing is I always had very GREAT justifications for everything I “needed”, because I grew up that way. It’s SO much better to be free of that thinking. I know he can’t see it, but living a life with financial planning is so much more free and happy. It’s really not a trap or box to be squeezed into. I know him better than you think.

Personal responsibility

Can we agree that people have to take responsibility?

Can we agree that people have to take responsibility for the debt they accumulate AND our governments should have rules in place limiting term changes and interest rates and factor service charges into interest rate caps?

But the kicker is that if this is done then credit will dry up to those that are not well qualified or those that need short term cash.

Why?

Let say we get our wonderful people responsive government cap interest rates at 20% and factor in service charges to the interest rates. This is a very reasonable sum and for standard credit cards and loans is plenty to ensure profit. So the total service charges and interest could never exceed 20%. Service charges are processing fees, balance transfer fees, late charges, prepayment fees, collections fees, legal fees. anything you would pay to someone loaning you money. Just keeping it simple we know government won’t but let’s just pretend they are capable of doing so.

The most they could charge for a $400 loan is .22 a day both interest and service fees. This would make it hardly worth it to provide payday loans and other short term incremental credit or loans to those likely to default.

In other words the less profitable something is the more limited it will be.

Another conclusion considering how abundant easy credit is would lead one to believe that it is extremely profitable.

The practice, called universal default, started after a rash of bankruptcy filings in the mid-to-late 1990’s and has increasingly become standard in the industry.

You’re welcome… I like coming here for the info, but sharing the good is also nice. I still look and use this new lappy with awe. I got some chat thing called Skype yesterday and yakked with the ‘angel’ who sent this, and he’s a geniuinely nice dude in Texas… (I could listen to that drawl all day). My fella and I spent about an hour yakking about Macs, Dogs and all with him.

Poor guy’s wife was t-boned yesterday outside of Houston, she’ll be OK, some broken bones, but is staying a couple of days in the hospital, so he needd to just chat and yak for a while. Man, I know he works in insurance, so at least they’ll be one up on the other person who ran the red and hit her (More towards the back passenger side, so her injuries weren’t “Severe”). Dang it. He says she’s a firecracker and will be ‘juuuust Fah-n’… AWWW!

I actually got Quicken and have been using it here on the new lappy. I think keeping a watch on my spending (Online pays and ATM/Checks etc) here instead of relying on what online sites say will be better . So this brings to mind a question: What software, if any, do folks use to track their financial activity?