Posted on February 6, 2009 at 2:45 pm So, finally at the end of the rope, I'm tired of being debt. I was able to save up $2k in a few months time to prepare for the wife to have some time off after our first born came. Well, we went through that like water while she was off, and are now in a world of hurt (or so it seems.) I'm a bit more of a pack rat than my wife, so I can store money away and not feel the need to spend it. So here's my plan (lemme know your guys' thoughts please.) Right now - our checked are direct deposited into a checking account at Bank A. I opened up a saving account at Bank B (was how I was able to horde some money away.) My plan is to take the money from "A" every paycheck and put it into "B". When a bill is coming up, take from "B" and put it into "A" to cover it. We'd also always have $100 padding just in case. In the meantime, take some extra out for an "allowance." (i.e. gas, quick trip to the fast food joint for lunch, etc.) My wife doesn't like this idea, but to me - since I feel I'm a bit better at managing money - I / we can monitor what actually is going out, and would be able to cut the non-essentials out easier - AND save at the same time. Anyway - thoughts?

Posted on February 8, 2009 at 6:45 pm Sounds like a good plan  - the only problem I can see is your wife not liking it. If I was you I'd work on finding ways to convince her of the wisdom of your plan - perhaps some spending money for her (budgetted for, of course).Congrats on being able to get 2k together previously!

Posted on February 9, 2009 at 5:15 am Your plan sounds well enough; however, you should always discuss financial arrangements with your spouse first.  The very fact that you went behind her back and set up this account was dishonest.  The one thing that couples fight about most is money.  You need to get her on board, and discuss your plan or come up with a plan together.

Posted on February 12, 2009 at 3:20 pm I really like how I do it and it makes it easy to manage bills.  You never have to stress having the money to pay bills.  I first went through and tallied up all of my bills for a month.  I then divided that number by two.  I have roughly that amount (a little more for fluctuating bills) go into what I call my "Bill" account.  This way when a bill is due, I know I have the money to pay it every time. No matter what bill it is.  The rest goes into my other account for everything else (i.e. gas, food, play money, whatever).

Posted on February 12, 2009 at 5:52 pm When I was working, I always paid my bills.  It was always one of the first things I did.  The night before my money was due to be deposited into my account, I would write the checks out...(never sent them out until I knew for sure the money was there) and after the bills were paid, the rest would be used for gas, household, etc....I didn't really follow a budget, but I did make sure my bills were paid.  The fact that I didn't follow a budget was a mistake, because when I no longer had a job...I couldn't pay my bills. 

Posted on March 20, 2009 at 10:01 am Thanks for all the advice guys (and gals!)I think we're both on board - but I'm taking an additional step of doing some extra work to pay off some debts quickly.Thanks again!

Posted on March 21, 2009 at 3:32 am Doesn't sound bad. Also, good job on saving two thousand dollars! Money isn't easy to save now a days. There are just so many products that are always seeming to get your attention.

Posted on March 21, 2009 at 9:23 am Sounds like a plan as long as both you and your wife feel this is your best option.  If both of you are not on board, it will fail.  Good luck!

Posted on March 21, 2009 at 7:14 pm This sounds like a good plan. The only problem is your wife may not be pleased, but you should convince her to let you try it out for a few months to see if it works

Posted on March 23, 2009 at 9:21 pm Sounds like the plan worked and the marriage stayed intact. Well done!