Personal finance guru Dave Ramsey had harsh words for a married couple about how they manage their ‘fun money’.
A woman, who called herself Val, wrote to Money Mentor about a financial issue she had encountered in her marriage.
“Dear Dave, My husband and I work outside the home and he came up with an idea for our fun money,” the woman wrote in an email shared with The Street.
“He wants us to set up an account where we both put 5 percent of our earnings toward discretionary spending,” the woman explained.
“The point in my mind is that he would have a lot more to spend because he makes a lot more money than I do.”
Personal finance guru Dave Ramsey had harsh words for a married couple about how they manage their ‘fun money’.
“He says he thinks he should be able to spend more since he earns more. I’m not a greedy person and I don’t spend money on a lot of frivolous things, but I think things would be equal.’
She added: “I think we should each put in the same dollar amount — one that’s fair to both of us — if we’re going to do this. What do you think?’
The Ramsey Show host offered the couple his own no-nonsense advice, quickly dismissing the husband’s calculations.
“This is not a good plan,” Ramsey wrote succinctly.
“I’m sure your husband has a good mind and he’s a really good guy overall, but it seems to me like he probably hasn’t thought this all through,” he wrote.
“As it stands, the details of his idea come off as pretty immature and self-serving. And something tells me you wouldn’t marry a man like that.
“Think about it this way, there are many families out there where only one person works outside the home and generates actual income,” the financial guru explained.
“Would it be fair to say that anyone who brings home a paycheck is the only one who can have fun spending now and then? Of course not!’
“In most cases, spouses who don’t work outside the home take on a lot of responsibilities and accomplish several things every day — especially if the couple has children,” Ramsey added.
“If you put a monetary amount on all of that, it would end up being a pretty good income in terms of dollars.”
Ramsey then explained his basic theory about money within a marriage.
‘Remember when you two got married?’ asked the woman who wrote.
“If it was anything close to a traditional ceremony, I’ll bet the preacher pronounced you two ‘as one’. As in everything and every way.’
“Marriage is not a proposal for me. It should always be a us thing,’ Ramsey told the questioner
“That means you have one income, one combined income, and it’s our income,” he added.
‘If you have a house, it is our house. It’s not his house anymore just because he makes more money than you. Our children, our marriage, our everything. Take the picture?’
“Marriage is not a proposal for me. It should always be a thing,” he continued.
Conclusion: ‘Your husband needs to remember this.’
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