My partner is a fabulous, wonderful man who is a talented writer, editor, and makes a mean steak.
But he sucks at managing money or understanding financial jargon.
Me taking over the money management for our new family has been quite the trip. In one week, I moved our money to a shared checking account and a money market emergency savings account. I increased my 403b contributions by 1%. And as of yesterday, we knocked out Debt #1 of 4 credit cards. All in all, I’m feeling like I can handle this responsibility a bit more as the weeks pass.
One of the hardest things I’ve had to do, however, is look at my new husband’s debts with an open mind.
Before we got engaged in late 2011, Husband and I lived together for a year and a half. Throughout this time, we split our financial responsibilities pretty evenly. I vaguely knew how much he was paying for his student loans and credit cards. But besides a random mention here and there about how much student loan debt sucked, we failed to really address it.
When we got engaged and started planning our 30k dream wedding (budget breakdown to come in later blog post), we had to get honest. We both laid out estimated amounts of what we owed. I was excited to hear that it was a pretty even playing field.
Monday was our first time sitting down and laying everything out on the table with exact numbers. So, for your consideration, I present my Husband’s debt. (You can read our plan to pay it off on my DEBT TRACKER page.)
Credit Cards: US Bank- $3,853
This card kept him afloat when he was unemployed previously for over a year. He has been good at paying more than the minimum off, but had emergencies and financial pitfalls that masked the larger monthly payments
Student Loans: $27,604
In all honesty, he has less student loan debt than I do and this is for both grad and undergraduate degrees.
Total debt: $31,457.
Wow. That’s hard for me to handle. Here, I thought that he brought the most debt to the table. But the numbers do not lie. He actually contributed 46% to my 54%. Mind blown. I guess I’m the one who should be concerned about my partner judging me for my high debt load. I should be at least 8% more guilty than him. Frack.
Time to hide in my debt hole and work on digging myself out!