It’s a new month! And that means a new topic. June will be focused on all of life’s transitions.
Relationships and Money
“Partnering = coming together to share a life. Partnering ≠ giving up financial responsibility.” — Gail Vaz-Oxlade
Gail emphasized the importance of having financial conversations this week. I learned this lesson the hard way in the past. Everyone will have a different history with money and that doesn’t mean it’s bad, but certainly is something worth talking through.
A couple points about joint accounts came up this week, including how the joint account reports on a credit score only for the first signee of the account.
The Cost of Having Kids
Some of the main points so far this month on having kids:
1. Kids are expensive
2. Don’t treat your kids like an accessory and go into debt keeping up appearances
3. You will have to give up certain spending habits to adjust to your new life with kids
Planning for Life With Kids
“Do NOT dip into your RRSP for the money. If you haven’t planned well for your present, that’s not an excuse to decimate your future.” — Gail Vaz-Oxlade
A couple of budgeting tools came up in conversation this week.
The first was Mint, which has been around for years. My hesitation to ever trying Mint was the personal information required. As Gail mentions, you may not be protected by your bank if Mint is hacked and your information is stolen.
The other tool suggested was the Goobudget app. I have no personal experience with this app, but I do like the concept of having virtual envelopes set up that can sync with others in your household. Here’s the link if you want to check it out: Goodbudget
Gail mentioned in a tweet this week that credit scores are based on your profitability than how well you pay your bill every month. She also let us know we’ll learn more later this year.
Have you been making any changes in how you talk about or use money with your partner or kids after starting the Money Master Class?
New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Check out Gail Vaz Oxlade’s books here:*