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Husband’s New Money Resolution for 2015

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The first time I ever set a money resolution was few years ago, after finding myself in some deep financial trouble – just lost my job and was also in debt. As you can imagine, it was the best moment for me to start thinking more about my future and how to make it work as a small business owner.

My husband has always made fun of me, with my lists and plans. He’s never bothered with this and all the personal finance theory I keep on reading and applying. He’s done well all his life, since his college degree and hard work allowed him to earn well. He’s also an experienced numismatist, so he’s made a side income from buying/selling coins.

Few days ago, as the new year just started, he had his first client and the first income for 2015. As soon as he got back home he put some money into our daughter’s ‘jar’ and told me: “I’m gonna deposit 25% of what I earn into her account“.

Now that’s a cool money resolution, his first ever.

We do have our own savings plans and we try to be responsible with our money, but he’s never ever had such a clear goal as now. It’s also good that he’s gonna deposit the money ‘before tax‘ into her account, since this will help us save even more for her future. We believe it’s important to save money for the kid’s future, so we’re doing this since the day she was born.

Without knowing, he’s been applying one of the most important ‘rules’ in the personal finance world: ‘pay yourself first‘.

His mother has successfully saved money for years by first depositing the money into her savings account and the dealing with her bills and other life related costs. She has a small pension and yet her savings put to shame those of some bigger income people in our country. She’s been saving relentlessly for years, not allowing for anything to come between her and the money goals she’s setting for herself.

Her strategy works well most of the time, even if there are instances when she’s having no more money left for the remainder of the month. Instead of taking some money off her savings, she’s just gonna eat what’s left in the pantry / fridge until she gets more pension money.

I personally find this a bit risky (even if you can always just save less and deal with what life’s dealing to you), but it has worked wonders for her.

Right now her son is applying something similar for his daughter: setting a quarter of his earnings for her and then paying bills, buying groceries and paying taxes.

His new money resolution has inspired me so much, that I’m gonna add it to my own list and help him save more money for our daughter.

Knowing how stubborn he is, I’m sure this won’t be something we ‘forget’ to do in 2-3 month’s time.

Anyway .. I’ll keep you posted.

Has any of your spouses come up with a new money resolution that just blew you away? Care to share?

9 COMMENTS

    • Oh, purchasing a house is really something to talk about. I’m happy for you both. We’re pretty far for something like this, maybe in 5-10 years we’ll be able to get a small house in the countryside to enjoy the peace and quiet. The apartment in the city is cool, but we’re getting to that age when we love to just hang around somewhere peaceful 😉

    • We’re transferring the money into her own account. In years, this should give her a good start in life. Knowing how stubborn my husband is, I actually think we should do OK

  1. Ramona, I find this very inspiring. It’s a great idea to stash 1/4 of your income and, investing in your kid’s future is always a good thing. Everything you do now, will help her a lot in the future.

    Looking forward to hearing how the savings worked at the end of the year, you should have a pretty nice number back then.

    • Hope to give you all some great news in the future to come.

      We do consider it’s important to help her out as much as we can, our folks have done the same for us, thus helping us not get in debt (husband) or get a small 4 year loan (my case).

  2. My husband and I never made any important resolutions regarding money, but we do try to be as responsible as possible with everything we earn! We do it backwards though… First we pay our rent and bills and THEN decide how much money we should put away in our savings account, based on what’s left. Worked well so far for us, but I’m 100% sure it’s because we are so very responsible with what we spend our money on! (I’ve literally been told I must be related to Scrooge McDuck! But I don’t care, saving money is important to me.)

    • He he, that’s really great. As long as you still find ways to enjoy your life, it doesn’t matter that others think you are cheap. We are also VERY frugal in areas others find important (clothing, gadgets, cars, jewelry, eating out etc.), but we do spend more when it comes to traveling or eating the best food we can.
      Ramona recently posted…The 11 Top Benefits of Having a Company BlogMy Profile

    • Well I would rather be related to someone who saves and has plenty than someone who spends and has nothing to show for it. I forgot about Scrooge McDuck until right now, too, so thanks for that. I like the “works for us” mentality, and I think it is an important point. Not every strategy works for everyone, so you need to look at your own situation and see what works best for you, and go with that. I am similar to you too in getting the rent and bills out of the way first before really budgeting.

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