Here are a few more fabulous questions from my “Ask Me Anything” account over at Formspring.
What do you refuse to pay a lot of money for? [assuming it’s not an emergency situation]
household products & cleaners
cell phone plan
I normally get the cheapest option of all of the above. 🙂 This is a small list, too. ha ha.
In your previous answers, you mentioned you had debt.. what kind of debt? Student loans, credit cards, car? What motivated you to pay it off?
I had credit card, car loan, and a small amount of student loan debt. What motivated me? Hmmm…being “owned” by other people. Not living paycheck to paycheck. Not having a savings account. I hated my financial situation and wanted control of my money. I worked hard for my money and wanted to keep it. So, I stopped spending money and got my butt in gear.
Will you and Lloyd be footing most of the bill for your wedding?
I have no idea. I don’t think so. I think my parents will help as much as they can, but I certainly won’t ask for much. If they need us to help, we most certainly will. In fact, if my parents’ can’t pay for a wedding, Lloyd and I will pay for everything…and if that’s the case, it probably won’t be quite as big as I was thinking.
What are some items you’re willing to splurge on, every time?
Bras. That’s really about it! Sometimes makeup and skincare because I have outrageously super sensitive skin. But usually I can find skincare products that are gentle and affordable. Bras, however, you just can’t go cheap on those bad boys. 😉
Are you and Lloyd talking about marriage yet? Do you have plans for the future?
Yes, we’ve been talking about it for awhile now. Yes, we have plans to get married in the future.
When (or if) you have children, would you teach them at a young age how to manage money? Did your parents teach you anything about money?
Yes – I will definitely be teaching my kids the arts of saving. I will also teach them that credit cards and debt are not necessities for life. I think that is really important to teach kids. Going into college, I knew credit cards were bad, but I always thought “I’ll never have a problem with them.” Yeah right!
My mom is super super frugal. She definitely taught me how to be a bargain shopper! Looking back, now I realize just how much though she put into our groceries and all our other expenses. Back then, my parents didn’t make much, so they had to make every dollar stretch. My mom did such a good job of manages the small family finances and also taught us a bit about how to be frugal.
How long were you and Lloyd together before you started discussing the details of your finances?
Wow – great question! I’ve never even thought about this.
Lloyd got into finances before I did. He put himself on a budget after we had been dating for about 6 months or so. I remember thinking “Ughh!! A budget? That’s no fun!”
I didn’t know it, but he had just become determined to pay off his student loans.
I was annoyed at his budget for a couple more months before I got serious about my debt. In May 2007 – about 8 months into our relationship – we really started discussing our finances. I was just getting pumped up about paying off my debt and he was in full-force “budget mode”.
We talked about our debt situations seperately for about another year or year and a half. I’d say somewhere around the 2 year mark is where we starting talking about “our” future finances and how we’d like to live our life by way of finances in the future.
Now, we discusses our finances quite often. Our finances are not merged, and won’t be until we get married. Now that we’re both debt-free, talking about finances is way more exciting!
We still have little disagreements about money though – his tipping is OUT OF CONTROL. He tips 30% almost always! This drives me crazy! But if that’s the biggest of our problems, I’m not too worried. 🙂
How many years has it been since you graduated from college?
About 5 years.
Will you and Lloyd join accounts/assets fully? Before, or after marriage?
We will join everything together and we’ll do it after we’re married. We have about the same amount of cash in the bank, so it’s not like one will be bringing much more than the other into the relationship. And even if that was the case, it wouldn’t be a problem.