Managing Family Finances | How To Budget, Save Money & Pay Debt 🤑 |Aja Dang
ฝัง
- เผยแพร่เมื่อ 17 พ.ย. 2022
- Brian has given me access to his bank accounts MUAH MUAH MUAH MUAH!
I'm not too much of a nagger so I didn't push him to budget or anything while I was going through my financial journey but now that we're married and my financial health is tied to his financial health, IT'S TIME TO TAKE OVER HIS FINANCES AND GET HIM ON TRACK! Hello family finances!
This is going to be fun because we're back to talking about my favorite thing, financial basics. Fortunately, Brian is in a wayyyy better financial situation than I was (with only one small credit card) so I think setting him up with an Emergency Fund + debt payoff will be pretty quick and easy. Once those are in order, I'll focus on building up his retirement account and he can start helping me with the sinking funds for the family!
I'll go through all my sinking funds for us/him/me in a video next month.
•VIDEO MENTIONS•
MSTRPLN Planner: mstrpln.co/collections/the-ms...
•JOIN OUR FINANCIAL DISCORD•
/ discord
• END CARD/GRAPHICS •
Chrisline Raymundo: chrislineraymundo.com/
•STAY CONNECTED•
MSTRPLN: www.mstrpln.co
Website: www.ajadang.com
Instagram: ajadang
Twitter: ajadang
Hello Aja, I'm happy to see you radiant again in a video with some pretty important goals. I learnt my lesson. I was married for 5.5yrs with 1 combined account. I was earning 3x more and lost everything in divorce. The only lucky thing was that I was 30 only so now at 44 I rebuilt myself. I own my apartment, bought a brand new car last month, have a sweet doggy and good job. I love following you so sending you a lot of love and energy ❤️
way to bounce back! Congrats on your independence!
Say it louder for the people in the back. You can totally have separate bank accounts. Do what works for your relationship and family 💪🏽 Awesome video 🤗
Aja thank you so much for sharing this experience! My now-husband and I have been together for 12 years, eloped a few months ago, and the only thing that we've had to figure out since marrying is combining our finances. We've never fought over finances and are very transparent thankfully, so just trying to navigate this new aspect of our lives. I loved learning about how you're approaching it and what methods you're choosing to do!
It'll take some getting used to and you'll figure out a method that works out for your relationship. Congrats on the marriage!
Wow he is so fortunate to have a smart and gorgeous lady that will get him on the right track in terms of his finances.
My husband and I have a joint where all the bills come out of and we also have separate checking account.
I recently got married this year as well and my husband and I have a joint account and separate accounts - I also don’t see anything wrong with having separate accounts as long as you’re both happy with it :)
Thanks so much for sharing! I’d love to see more content on how you manage a partner’s finances. I also recently got married and started to take on more responsibility over finances for my partner who has never actively budgeted before. I’m glad I’m not alone!
So excited for you! My fiancé and I are getting married next year and can’t wait to combine our finances!
HI, Aja! My husband and I are planning on doing a joint bank account for our bills and separate checking accounts and sinking funds. I'm really excited to see you make this video, I've been a fan for a long time so I'm excited to see! Thanks!
I’ve always felt having separate accounts was the way to go and then one joint account for the joint expenses like food/bills/children. I’m engaged and my fiancé wants to combine it all. I make ~20% more than him so not drastic and I had the talk with my mom recently as well. My mom encouraged me to do a joint account as she said my dad and her had separate accounts and they had a lot of issues around it which contributed to one of the reasons why they divorced. My mom made more than my dad at the time too. I’m a bit unsure of what to do as I can see both ways
Hi! I make more than my husband too! We have separate checkings (personal bills/spending) and savings (emergency/sinking funds), but we have a joint checking account for bills like rent, gas, and going out to eat. We contribute to the joint account based on income ratio. For example, in your case, you would contribute 20% more to cover for joint things so it doesn't put a financial strain on your husband.
As long as you have open communication and trust and share your budgets, it's nice to have the separate checkings for instances like buying gifts for each other and spending money for things you want/need. For me, I like buying home decor and skincare. I'm not going to ask my husband if I can/cannot buy that lol. You shouldn't have to feel bad for spending your money! However, for big personal purchases like office equipment or items with what we consider high prices, we talk to each other and see if we're both okay with that or if that money can contribute to something else.
I hope that helps! Congratulations on the next big steps :)
Thank you! I got married in September also and my new husband and I are sorting merging now. We decided to completely combine, but i totally respect and understand the decision not too.
Feels like a lot of work we are doing, definitely overwhelming between getting a will, changing beneficiaries, merging accounts, changing bills, divvying up responsibilities.
Glad y'all are starting that process now! Once the dust settles, life will be easy again.
Life insurance. Get it now and keep it, for both of you. Look up Term and Whole Life. Speak with an expert and choose. Share that info for everyone. It is important. Enjoyed this video!
Looking forward for more family budget videos! My husband and I have been married for 5 years and our budgeting has been ok I guess lol. Some inspiration and more tips will be great! 😊
it'll take a while for us to get in the swing of things. expect a lot of learning experience over the next couple of months
I love you wisdom. I wish I knew someone like you when I was your age. Even in my 40's you deliver great advice I truly soak it up. I had an aunt when I was little tell me to put so much of every check away When I started working and I would be a millionaire by 30. Of course I didn't listen to her because this would have interfered with my fashion choices. I did teach it to my kids who are brilliant with their money so far and my 23 year old has a great Roth, huge savings and I do proud he took the advice I didn't. You are such a needed channel for everyone but especially people who didn't grow up learning about money and what to do with it and how to be responsible with it. I feel like they fail children in school with this topic. Thank you for all your great information.
I appreciate it! And we all learn at our own pace. I didn't know anything until my early 30's!
You are glowing throughout this video!! Drunk with this new power?!!?! 😏
We got engaged and purchased a house this year. To manage our new life/expenses we got a joint credit card and 2 joint chequings accounts. It’s been working really well! xx
hahaha totally drunk with power! I've been wanting this for 4 years lol
I started following you early this year. Watching this video now, I felt like I didn't retain anything because of life but looking back, I did pretty well: I paid off my car, went back to school, paid off a credit card (now it's back up again due to house renovations) and kept my credit up. I feel more confident with my finances going into '23. Will continue to follow you and educate myself. x
YESSSS!!! I LOVE THAT. it's easy to forget how much you actually do financially (I'm guilty of this all the time) which is why it's important to reflect so you remember!
Joint for house bills and separate accounts to buy whatever you want with your own money. It’s the best way. Have your own cc don’t do one together. Has worked for me and my wife and it’s been working amazing.
We do this too & it works great for us👏🏻
I would recommend the Ally bank HYSA for any joint savings needs! It has a bucketing feature and goal-setting feature, so my partner and I save for joint things like our combined emergency fund, vacations, and future house renovation projects all in one place!
yes love Ally
Ally is great. I'm also using them for a joint acct while keeping our individual accounts separate, just transfer funds monthly for shared expenses (furniture, house stuff, property tax, groceries, bigger purchases etc) it's been awesome
I’m excited for Brian’s Econ glow up ❤
me too lol
As long as it is all "our" money. I want the one account for my future wife, but 2 more accounts are a good way to have spending money around while hitting life goals together
Great video! As you grow together it will make sense to make things more simple to just track all expenses and savings together. You will see the journey become easier once you get there.
FYI: 2023 Max Rothe IRÁ limit is $6500
Thank you for sharing! This is great content!! Where do you do your SEP? Or was there a video you did on this?
I haven't done a video on it yet but my SEP is with UBS
I would love to hear more about how you keep up with budgeting throughout the month and how you keep track for him.
currently working on an excel spreadsheet for him to help him keep track.
Hi Aja, LOVE your budgeting videos! I am using Ally (per your videos) for my emergency fund and I love it! I'm wondering how you feel about their checking account program? I currently have one with a credit union but am wondering if having multiple checking accounts is useful/helpful to help keep spending money separate or if there are other ways to go about it. Thank you so much for all the information and tips about saving!! It's making me feel so empowered as a woman, especially as a newbie budgeter lol!
I have both checking and savings with Ally but that's bc I like to keep my money in separate accounts. You can open them for free so give it a try and if you don't like having multiple accounts, don't use it.
Lucky man
His only debt is credit card?! You’re telling me he paid off his Tesla already!? That’s crazy
After 39 years of marriage, we made a lot of mistakes. I finally feel like we have down. 1 credit card, (we have several but we only use one at a time) 1 bank account with over 6 sub accounts (his, hers, ours etc) and I do the budgeting. He’s happy, I’m happy. Finally peace.
which bank do you use for your multiple accounts?
@@AjaDang Hi, love your content even though I’m old. Congratulations on your wedding. Good bless. At first I used my credit Union which also afford sub accounts. Now I use Ally 😊
Hi Aja, Where do you put your money for a good high yield savings account?
Any thoughts on balancing taxes, income limits for Roth, and filing category for taxes? for the first couple years of my marriage, we filed separately in order to keep my income based payments lower, which provider greatly flexibility on how we tackled our debts.
you'll definitely want to do what's best for your particular situation but our taxes are so high that filing jointly + any SEP contributions will significantly help with our taxes.
My husband and I also have separate accounts, a shared cc for points, etc
which credit card do you like?
This is really great, thanks for sharing, Aja! I’m currently in a new relationship (5 months) and my boyfriend is very financially fit while I have debt but earn a high income. It’s embarrassing thinking about having the finance chat with him b/c of my debt, but I hope he’s willing to understand since I am close to paying it off and my credit score is in the 700s.
Any tips on how to have that convo? I know you did a video about money & relationships where you and Brian answered the 20 money Qs, but I was wondering how did you tell him about your debt and did he judge you for having credit card debt when he didn’t? Thanks for answering if you can :)
I think for me, it was probably just a mention in passing so it wasn't a sit-down, I have a ton of debt kind of talk. As long as your partner supports you, I doubt that he would judge you
This is great! I love this, thank you for sharing your joint finances. I probably could do a couple of things you are doing too.
Can I ask, instead of Brian paying his own credit card debt slowly, couldn't you just loan him the money first and then he pays you back? Then you guys are saving money on the high cc interest rates. This is assuming you have lots of savings 😅
honestly, I just started working after three months so I don't have the funds to help him. But he'll be able to accomplish this in two months so I'm not worried about it.
Roth is after tax so you can contribute after filing taxes. The deadline is the tax year due date. 😊
we'll probably do a SEP for him instead
You can usually contribute until April of the next year
@@cutiepiemania45 Yes, the tax year due date is usually mid April of the following year.
Hey! I think I’m still confused on the different accounts. So is there 1 account for the monthly expenses, and then separate savings accts for each sinking, 1 for the emergency, etc?? Are there minimums required in each of these accts? I have chase so I’m wondering if I can just add on there or also thinking about credit unions.
we'll have one checking account each for regular spending, one account each for our individual emergency funds and all the sinking funds will just be added to my sinking fund accounts with Ally (you're able to open many accounts for free and use "buckets" to further divide your savings goals)
TLDR: I don't lie in the same place as you so I am not aware of the laws that apply, but checking the tax laws of your country both for filling and in the case of separation is important to make sure both people in the couple stay safe!
The laws are different by countries so you would need to confirm the rules in the US and your state, but I know in Canada some retirement/tax saving accounts count and other do not count as marital assets and in the event of a separation would or would not be separated equally so people need to make sure they don't contribute in a way that would advantage one partner over the over.
in American at least, that's where a prenup/postnup comes in handy
Where do you put your house down payment savings? In a high yield savings account or invest in the market? SOS
it's invested conservatively in the market.
Can you come do my finances 😂
I worry that he is not involved in the process (at least it didn't come out through the video that he was, it was more "I'm going to set him up with this, that, I don't think I want to buy a house next year, etc"). Perhaps you do plan together, and it just didn't come through in this vid, so in that case ignore me. I think separate finances is totally fine, but I'm hoping as a couple you guys are still discussing and making these decisions together. Could be he doesn't want to get involved, could be you took it on because you know best, but eventually as a couple you WILL have to get on the same page about this stuff, and starting early is usually best. For anyone reading this, highly recommend Ramit's channel, he talks about this a lot and the dangers and impact of not planning together. You could still have his, hers, but you definitely need a clear ours in there as well.
Congrats on your wedding! Looked so great. (side note, interesting that you followed DR and did your scream and when you got here you guys elected to keep things separate. But you're doing it all anyway tactically, why not just put it all together. Feels like a lot of extra work. Obviously do you, you've all done so great just thought it was interesting.)
I'd rather start seperately and merge if we want to later than merge first, realize it's not for sure and have to divvy things back up again.
@@AjaDang copy that. understood. You have been doing this together for a long time so I'm pretty hopeful that it's for sure. The biggest thing I noticed is that when we lived together I used to watch her buy things and feel some type of way about it. But now that we're merged and we talk about the budget every month etc I don't care at all what she spends the money on because we know what we have, where it's going and what goals we're trying to hit. The budget gives you permission to spend so I guess I just don't even think about it anymore.
oh wow where can I find a wife like you ( single BTW )
I haven’t heard it out yet but I can’t NOT ALLOW ANYONE TO HOLD MY MONEY WIFE OR NOT I don’t trust anyone
U could get divorce at anytime
The man should run everything in my opinion but that’s just me
She mentioned prenup/postnup somewhere, so I guess they have accounted for that. What worries me is not necessarily who manages it, but rather that one person is in charge of the finances. Whether accounts are combined or not, I would want my partner to be involved in the process of planning, because in the end, we will be sharing some of the financial burden, and I wouldn't want her to be surprised by some future event that impacted both of us financially.
Thank you for always making it so much easier to understand how to manage my finances 😭🫶🏽
you're welcome!