Undercover Spending

Allen asks how you handle Valentine's Day gifts or birthday gifts when you share an account and budget together. Dave says you have to learn to budget for gifts.

QUESTION: Allen on Twitter asks how you handle Valentine’s Day gifts or birthday gifts when you share an account and budget together. Dave says you have to learn to budget for gifts.

ANSWER: You budget for gifts and miscellaneous spending. I’ve got his and her miscellaneous spending. We also budget for gifts. It’s that simple. You just have a plan for it. How do you save up for a big gift? What’s a big gift? Everything’s relative, I guess. Most of the time, we make big decisions together. We’ve been married 30 years. I’m not buying this woman an expensive diamond ring or diamond earrings or something without her seeing them first. If I messed that up, that’s too expensive a mistake. I’m definitely not buying a car that she doesn’t know about. She’s involved in that stuff.

I know it sounds unromantic to some of you, but I’ll tell you what’s unromantic: being in debt and not having any clue what’s going on with your money. That’s unromantic.

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