So I'm here to do a sequel. Here's three money tips from us.
- Spending money. This was originally a Ross idea that I was not into, but as much as I hate to admit it, he was right. This works swell for us. If we're good friends, I've probably told you about this so I'll be brief. Basically we each get a little money every month for crap. For me "crap" is Starbucks and pedicures. For him "crap" is video games and maybe golfing. Frankly, I don't know a whole lot about what his "crap" is because it comes from his spending money and thus doesn't affect me. And that's the beauty of it. In general we define spending money as something that benefits you alone including happy hour (without the other one), pedicures, golf, Starbucks, alone-vacations and the like. (Note: it does not include gas which I've seen some couples do and I have to admit, I just disagree with. You can't help if your job is 30 miles away and his is 3. Or if you take his car everywhere because it gets better mileage. These things hardly seem fair so I recommended having gas as its own line item.)
- Invest. I knew this...kinda but this is actually borrowed from Erik, my new bff at UBS. Today he told me that we have to invest more. Apparently cold hard cash, while awesome, ain't gonna cover it for retirement. I'm taking Erik's advice and as soon as I can figure out the paperwork associated with my 401k will be increasing my contribution from 3% to 5% in hopes of ending my days in a South Texas beach condo. Confession: This is the tip I know the least about. Investments and I are still a relatively new friendship but I hope to become besties soon.