> Finance....?

Finance....?

Posted at: 2015-05-24 
my boyfriend lives with his family, so he doesn t need to worry about paying rent or food,and he works as well. what bothers me is that he spends almost 1,000 dollars a month on himself! he needs to manage his finance, and he agreed with me as well,but we don t know how to start. could you please give us any suggestions? thanks

Demand that he open a savings account in His Name ONLY, then have him show a deposit of 75% and 5% in a checking account, of his wages every pay period.

That should be a good simulation of expenses for a normal independent life. And will give him a good base for when he does leave the nest.

It is up to him but if he puts money in savings first he won't have it in his pocket to spend. He may need a good reason not to blow money on nothing, why shouldn't he?

Maybe you can help him set up a system like you are using to manage your money.

Help him think of some goals like paying for college or buying a home not just save for the sake of saving.

he needs a written budget that WILL include things such as rent, utilities and food and if he's not paying those, he needs to put that money into savings and not touch it - so when he's ready to go out on his own, he has teh cash and is used to paying rent, etc - fun money should not be more than 5-10% of a monthly budget

Right now, he's a bachelor. Unless you've set a definite wedding date, I don't see why he should conform his habits, even if it's a bit excessive. It is his money. When he's married, he'll have time to discipline himself and budget his money.