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Benedict Arnold

How can a young couple, starting out, best manage their finances?

Most of us, when young, are forced to buy things on credit in order to get a home and family started. By the time we get on our feet the kids are likely to have flown the nest. What's the best way to avoid being caught up in unnecessary interest payments?

Posted - February 23, 2017
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Responses


  • Hi Didge

    To have a talk with those of us who led the life of financial hell, and survived it. As the saying goes, I wish I knew then, what I know now.  
      February 23, 2017 3:27 PM MST
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  • Oh yea. We had a large family on a small wage. I often had to work two jobs but it was years before we got out of trouble. Clearly, it's something most young people have to work through. But, of course, there was no point talking to our kids about it -- they were determined to do it there way and, thankfully, they all made it. 
      February 23, 2017 3:31 PM MST
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  • 83
    Separate bank accounts. Avoid kids. Avoid weddings. Be self-sufficient and rely on no one but yourself. Make sure to never spend on credit what you can't already pay. Having separate finances can prevent so many problems for a couple down the road, especially since the leading cause of divorce is financially-related. Did I say avoid kids already?
      February 23, 2017 3:33 PM MST
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  • We had five kids before we found out what caused it. Too late by then. :(
      February 23, 2017 10:30 PM MST
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  • 5451
    My hubby and I both have jobs and we keep our finances separate.  My husband told me that if I ever fall short to just l.et him know and he would cover it for me.  We both have separate bank accounts and we take turns buying items of mutual need.  We've never had an argument about money that way.

    I'm not a big spender and he's responsible with his own money.
      February 23, 2017 3:37 PM MST
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  • You are the only other person I have met in which spouses have separate bank accounts. My wife and I do the same thing and we've never had a fight about money.
      February 23, 2017 4:12 PM MST
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  • We all do it differently but if we can avoid arguing over moneh it's a big plus. Not everybody finds a way around it. 
      February 23, 2017 10:32 PM MST
    0

  • For one, don't have kids, lol. Secondly, my wife and I would buy off brand food and clothing and go to stores that shaved prices by cutting out things like plastic or paper bags (you had to purchase the bags if you wanted them). That helped lower the store's prices so we were happy to use our own bags. We were able to coordinate our work schedules so we could save money on gas costs by only using one car instead of two. We also had a small apartment that wasn't very nice but the price was affordable. My wife eventually got a promotion and started making even better money so we don't have to worry about it anymore.
      February 23, 2017 4:18 PM MST
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  • 7280
    In the sixties, I bought a book that had a great number of practical suggestions and advice in it...The place that published it apparently is still around...

    This sounds very much like an updated version of the book...

    http://members.aier.org/ItemDetail?iProductCode=FL&Category=PUB&WebsiteKey=ecfd74c2-cefd-49b0-9ed0-3c355eaef1c2

    H    ere's the maiin link...

    https://www.aier.org/money-school
      February 23, 2017 5:38 PM MST
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  • Sounds like a great idea. We can all use that kind of information when we're starting out. And it's only $10.
      February 23, 2017 10:34 PM MST
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  • 5835
    Get a simple job and a cheap pad within walking distance. That is so you don't have to waste your money on transportation. Save half of everything you earn. Yes, half. To start, keep your savings in gold or silver coins which you do not store in anybody else's vault. (IOW hide them at home.) Spend your evenings studying investment books at the public library. When you are smart enough then you can make other investments. If you earn ten bux an hour and save half, in only ten years you will have A HUNDRED THOUSAND BUX not counting interest or capital gains or paper profits: only principle. There is no other plan that will give you a net worth above zero in only ten years. And there is no school that will teach you any such thing.

    Does this plan work? Andrew Carnegie worked five years, saved his wages, and then put it all into a tech stock: telegraph. You might have heard the name. His hobby was building concert halls and libraries.

    The hardest part for a married couple is that this is obviously no fun. A lifetime of debt is no fun either, but young women often refuse to be sensible about such things.
      February 23, 2017 5:40 PM MST
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  • Sounds like a plan. But why only young women? Can't young men be erratic too?
      February 23, 2017 10:37 PM MST
    1

  • 5835
    Yes, but my rant was composed for men because only men ever ask for such advice. I have all my answers in a file and when the same question is asked again, I copy and paste the same answer again.
      February 24, 2017 1:03 AM MST
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  • Love it! Very practical and very labour saving. :)
      February 24, 2017 2:37 AM MST
    0