Friday, September 21, 2012

The money talk - Part two

I think we were both surprised and relieved at the information that came out.  When I analyzed our joint spending for the past 7 months, we saw that a huge chunk of the overspending was related to the new apartment (moving costs, furnishing the extra space etc.) and the kids (we set them up with clothes and pretty much everything they need at our place so that they don’t have to have luggage when they come and see us.)

The good news about that is that it was 95% one-time expenses.  The apartment is furnished and decorated, and neither of us are the type of people who are constantly repainting and redecorating.  My old apartment stayed pretty much exactly the same for 6 years.  As for the kids, thanks to some help from the people around us and some bargain hunting on my part, they are fully equipped for at least 2 more growth spurts.

The other main areas were food and hygiene products.  The funniest part of the conversation was when we realized that we had been buying a lot of stuff individually that we could have been buying the same.  We both thought the other was brand specific when it came to shower gel etc., and it turns out neither of us are, so right there we can start buying bigger sizes and common products.

As for food, we decided to make an effort to eat together more often, we would buy a lot of ready-made stuff, and different stuff, and we realized that it would be much cheaper if we would just plan a bit.

We also made a pact to rein in spending.  We decided that we would discuss all spending, and track all spending, it may seem extreme, but in just the past week I know I have reduced impulse spending a lot just by having the thought of having to justify it to someone.  We don’t plan to do this forever, just long enough that we can discipline ourselves a bit better and become more aware of our, and each other’s spending habits.

So that’s the plan, I think it’s a good one, here's hoping

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