Question

I was finally able to convince my husband to budget with me (yay! ). If we stick to my proposed budget and using the avalanche method, we can pay off over $60k in debt by January 2020 ! This includes all of our sinking funds and doesn’t include any raises/bonuses/extra income (which will allow us to save more). I’m so excited! For those who work well with a significant other about budgeting, do any of you have any tips to help us stay on track? Thanks in advance! ❤️

Answer 1

January 2020?  

Answer 2

WOW! Last month! What's your annual income? And are you hiring?!?!?  

Answer 3

sorry guys that’s a typo. I meant 2022 ‍♀️

Answer 4

Ul b surprised it may be quicker than jan 2022. ul never know, jst make sure u balance life and enjoy too from time to time. as u go through this journey u may find some profitable side hussles to increase pot in repaying debt. but goodluck! u got this!  

Answer 5

My best advice would be make sure both of you agree upon a set of « rules » (I like rules so I don’t mind calling them that but feel free to use a different word lol) about what comes from what category. My boyfriend and I have a joint account that we each put 15% of our income into each month for shared expenses (groceries, going out, eating out, our cat, etc. ) and we have a list of what is okay to take out of the account and what isn’t so there’s no ambiguity. I found that communicating from the start about what’s okay and what isn’t for either of us really helped. Good luck!  

Comments

@amoeba I really like that. What I did was get a list of his current budget and then added mine. The idea is each of us gets an amount that goes into our personal accounts for food, spending, etc. and the remainder goes into the joint account. At the end of each month, we plan to review all of our bills and the extra amounts we’ve saved (I also bring in income from a side hustle) and then apply that amount toward that debt.  

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Nice! That sounds like a great idea too!