Time To Grow Up

Katie is a newlywed and received some financial gifts due to life events. Does Dave have some guidance for how to use it? Dave thinks it’s time to clean up their lives.

QUESTION: Katie in Los Angeles is a newlywed, and they’ve received some financial gifts due to life events. They have an ongoing discussion about how to use the money when it comes in. Does Dave have some guidance for how to use it? Dave thinks it’s time to clean up their lives.

ANSWER: Unless the giver has been specific and will get their feelings hurt if you don’t use the money the way they intended, it’s time you guys realize that you’re not 10 years old and getting this money doesn’t mean it’s your birthday. It’s time to be grownups and realize that this is money that has come into your household. You’ve been broke college students for long enough, and it’s time to clean up your life and live like adults. As far as I’m concerned, this money should be counted as income.

If you guys choose to buy something, then choose to buy it as a couple. Just because it’s been given to you doesn’t mean you should just go and spend it. You’ve got some cleaning up to do in your financial situation.