Hey guys, this is a listener supported show and in order for us to stay on the air and keep it going we need help from you Our listeners so do your part and visit patreon.com forward slash cash talk to make a donation as little as $1 a month to help keep us on the air All right, thanks. Here's the show You're listening to cash talk now If you just started dating and you don't really want to let him know that you spent like you told him you're like Oh, I got this dress from my sister when you didn't you got to rain that in My name is Adrian and we are your host at the cash talk podcast You can find us on Facebook Twitter and Instagram at cash talk podcast. So I was approached the other day I'm someone who had a credit question this person had read it in the past car and a mortgage credit card several of those things But I guess through life, you know, you know, you go through it amores and the expos every finance is the house on their name You pay off your car. You don't use the credit card anymore.
So you're telling yourself. You know, okay Hey, I don't have those things. I don't really need credit right now So no need for me to apply for it So time passes and what happened to her was that she went to apply for a loan and they told her that she didn't have to Credit and she was very very confused because she did have credit She had all those things that I was just talking about and she had a mortgage in a car payment at one time Yes, so I mean, you know, you do you even though time passes you know that you've maintained your debt So what what happens that was really that many sad because a lot of people have been in the situation And so basically what that is is she hadn't been maintaining her credit So we're gonna be discussing here briefly how to maintain your credit and the importance of it. Yeah credit is one of those things like I empathize with her Sincerely do because it's very much a use it or lose it type thing in reality.
It's good that she doesn't own a home She doesn't own her car. She's not maxing out credit cards. Like technically she's being very well through money She's behaving responsibly. Yeah, but credit and credit score is specifically one of those things that's showing how well you can manage and pay debt on time And if you are not paying debt because you don't have any debt You're not showing that you can do that.
Exactly. Which is kind of counterproductive But yes in her situation like you mentioned she went to fly for a loan and then it's kind of like she's starting over It sounds like yes, basically she is And you know and Andrew's right here if you don't use it you will lose it when it comes to your score now Are we saying go out there and just get loans get them get them? No, please don't no, please don't I recommend having something that's revolving like a credit card If you or me you know maybe even a line of credit after your bank or credit union that way You know if you don't really need it right then, you know, that's fine But maybe just use it to get gas when they a month and pay it off if you don't really need it But it will keep your credit going and it'll keep it active because you know as you know when you get credit anywhere Your credit report is basically a It's almost like a letter saying yeah, I do pay my debts. Well, you know because it's the only way someone can really tell if you're applying for a car loan At a financial institution or maybe you saw the rates really great But it's like three or four states away you can do that But since three or four states away those people if they don't know you your credit report is gonna tell them how well you actually pay your debt Oh, yeah, that you keeping up your credit report is very is important because you never know when you'll need to use your credit It's more than just getting loans.
It's also, you know, it's we talked in previous podcasts It's also you get apartment get a house get a job all those different things They will you know, they'll pull your credit. So it this is an instance where you know She had credit, but because she didn't really need it. She lost it Yeah, she wasn't showing you why she can pay and that's it's always make a break sometimes if you If you're somewhere and they see that you have had previous credit and it's just been the time has passed They might be something they can do to work with you on it But for the most part you should try to be a zero sport So yeah, and that can affect your rates look favors prepared is a quote I kind of live by I like to do what I can to make sure that if something happens I know how to get through it one thing kind of like what Missy mentioned is I mean if you have a car like a credit card in the car payment whatnot you pay the car off That's great. You pay the credit card off.
That's great. Stay out of debt I agree But what I personally do myself is I have I think Netflix my gym membership and my internet bill I'll build to a credit card that I have that I don't use for anything else but that and Just as it builds to my credit card each month. It also automatically pays out of my checking account and pays the statement off So I'm not using the card. I'm not swiping the card I'm not being tempted like in reality I'm at a debt because I have the money somewhere else and that money is going to pay these things regardless But as far as my credit reports concerned it's showing hey look well He can still charge things and he can still pay it off each month.
He's being a good steward with his money Yes, exactly exactly So you'll always have if you do it that way even if you you sell your home even you pay off your vehicles if you do that everything A month you'll have a credit card that's keeping your Forgoing yeah keeping everything alive and I mean it's one of those things like Missy mentioned you don't truly grasp How many entities pull your credit? I know one that when we had actually hold who is insurance agent on the show a few weeks ago She mentioned that when it comes to getting insurance homeowners insurance auto insurance things like that Look at your credit because people who pay well on their bill statistically Also aren't as risky. Yeah, they're more careful and that's probably you I mean obviously you've paid off your bills you don't owe anybody so you kind of have things together But if you let your credit just kind of go the wayside because you're not keeping that port report going each month Then when it comes to reach you may be paying a lot more just because that and that's that's not fair But that's the world that ran true. That's true.
I think I get An applicant to You know we'll get upset for this reason because they they just didn't have a score because they've been you know They didn't even they just been paying cash for everything and I applaud that I think you you don't need credit You know you don't have to get it. It's just and you know and they'll say you know I pay cash for things, but right now I need this surgery or right now. I need this. It's a little that's more than I can Forward, you know out of pocket so you know I might be punished for paying cash for everything No, you're not you're not being punished as a matter of fact, you know as Adrian said You're not in you're not in a whole bunch of debt, which is great.
You don't have a credit report full of Different types of debt you're having to repay. Yeah, you don't have any but at the same time. That's how we can tell that you pay your debts back So lending was that really lending is a game of risk That's all they're weighing is how risky is this loan going to be how what's the chance that you're going to pass back on time? Or was the chance that you're not gonna pass at all to look at it from the lender side of the equation?
Not that this is you if you are in the shoes, but you have not had any loans in the last few years So that means in the last few years you haven't shown you compound anything So just like somebody who also maybe they've never had a loan before they turned 18 now they're 24 They want to get their first loan. They haven't paid anything either So that's that's kind of the lens people are looking through I mean granted you do have other things on your application that will weigh in your favor Such as maybe cash in the bank. Maybe you own your home outright. You have good job time things like that that will also count for something Yes, but so what would you suggest somebody if they are in the situation?
What should they do? Let's say they've like your the person you were talking to they went and they applied for a loan and got told Hey, you don't we have credit anymore? What should they do next? Well, I know I a lot of times I will recommend what is called a shared loan and shares are Basically like a savings account like a sub account or something that you have Let's say you have $800 in there and you want to use $500 for this purpose You will secure the loan and you're basically funding your own loan and every time you pay on this loan every single month You're paying yourself back.
So when you be done with this loan, you have your money back your money still in your things account It's just it will report to the credit to your credit every single month as a debit you're paying on so it's 100% secure because it's your money You know if you default on it, there's your money to take it because it's right there So it's it's a secured loan and I really recommend it it because it is you know, you're paying on the loan You're not losing anything you're getting your money back when you're done So, you know, I think it's an excellent way. It also shows that you know, hey look I'm really I know I don't have any credit, but I'd really like to show that I do so I'm using some of my own funds So you get that started that's actually I've been in lending for what almost seven years that was something I never fully understood Until my husband told me not that long ago. Honestly how he phrased it which just makes so much sense to me It's like that light bulb moment. He said it's sort of like let's say you need to buy new tires for your car $500 you have the 500 your account so it's kind of like you're taking your 500 and Buying the tires with it, but then you're making a payment to yourself every single month to put that 500 back into your account I know that's exactly what it is and I mean the reason you're using the lender Hey, you're sort of basically using them to report it to your credit But it's kind of like an accountability thing like he recommends it for a lot of people if maybe they don't quite think they will Actually save the money back up again that forces you to save and it's something that's gonna be approved I mean unless you I know we look at leans or things that might supersede that loan, but For the most part, that's approved.
That's that's a loan that you're gonna be able to apply for that's approved so yeah There's like no risk behind it. Yes. Yes, so um I would say go for it If that would if you're in the same situation where you know you try to get a loan and you want any credit because you haven't had anything recently Then let's want you try this out try the share secured and then get yourself started Especially if you are you've been at a credit union for a really long time. You've been in your job for a while You know you keep you know all your money there.
You got your extra father there You've got everything you've got a relationship with that particular credit union and you're also doing this loan It's a it's a really good step to you know to show that you show your stability and show your willingness to And get started on the right track or yourself back on track right back on track They'll look at all of those things and the likelihood of you getting it alone will be high Mm-hmm I mean basically once you get on track again Just do what you can to stay on make sure that you maybe you do that credit card thing or maybe you're doing shares secured loans every now And then just do something so that every so often something revolves on your credit shows hey look I'm still alive. I'm still paying bills on time. I'm just not owing thousands of dollars Yes, I'm not about that life. Yes, you know not racking up all that debt and everything That's kind of where it's difficult because it's kind of easy once you once you hear the word approved Maybe after your first share secure loan, maybe you go to every single department store that day and So when they asked you if you needed a credit card, you said you know what yes, I do yes I like your source.
I guess I do yeah, I'm trying to like get a score again a credit score. So yeah, I need a card Give me a card. Yes. Okay, so that that kind of reminds me of another topic that we wanted to discuss today Let's do it.
We also get a lot of questions especially Especially Adrian because he and his husband are you know have really been working towards being debt-free getting their house paid off And so the both of them have had to discuss finances and you know how how I handle finances with having kids that goes to Couples finances and learning how to navigate your you know what the spending you're spending your bills things like that You're already. Yeah with another person and that's actually very that could be very difficult. It is I mean, I think that's definitely a topic that I can ask about that a lot exactly Yeah, because it's because it is difficult You are two different people and you do two different things and even if you think alike you know financially that doesn't necessarily mean that you both Are savers or that you both you know, maybe use a different what you pay bills. So yeah I mean thinking and doing or two separate ways.
I had a look like when me and my husband J got together I had loans I had a savings account I had some things in tech so bringing somebody else into my life and bring them into my finances and trying to find our common ground was Tricky like for me. I know I I am not an impulse shopper I don't like to like I don't do the bargain bin movies. I don't pick stuff up at the checkout I don't do any of that stuff but when me and J got together that was that was his business was picking up that like pack a gum For you know two bucks or whatever the price is anything that all the time. I'm like what are you doing in reality?
It's like two and three dollars, but it's so easy to do that to be actually a lot of stores really target that Oh, they do okay like there's just one store I go into and it's kind of a big store And so they like to have you corralled around this whole like it like in a snake like all of those Oh, is it like this one of those stores like you have to get to the checkout and you're walking past this big Well, just stuff all the way down. Yeah, they're like well since you're standing here waiting Or gum or gum. Yeah, or calendar or exactly you're like I do I do need that but I do I do need that Guarantee they sell so much of the stuff there because it's so easy and they bright on that. Mm-hmm.
So I can see I Have to admit I'm kind of like that too. I'm like, oh, yeah, I didn't use another phone cord. Yeah, of course I have seven so why not so like that's exactly but I noticed too I worked retail when I was like fresh out of high school for a little while and I noticed in the toy section as They get you and you're young with that when you are walking down a toy I'll look for it next time think of you know yourself as a child what about four-foot tall or sitting in a shopping cart or something and look How many loud toys bright colored toys toys that make noise the ones that lie to all the interactive ones or ride at your eye level Making you stop and look making you want to touch it Make you want to keep pick it up and tell your parents to buy it for you That's what like that little corral up front with all the phone cords are that's what it is for an adult Same thing you're like oh look at this cute little design that was nowhere else in the store and it's only three dollars I love these are the real story because that's exactly so sparkly too. I mean I'm standing here.
Why not? Mm-hmm. Yep. I'm horrible with it.
I'm really horrible with office products. Oh, I do it all and so I'm just like Yeah, but when you were with somebody else and you're trying to figure out how to come together like you can't be doing that At least I personally myself I wasn't about that and Jay was except I was the person who's like why would you buy a three dollar phone charger? You already have a phone charger that silly and then two days later I'll go to like best buy or something and buy like a hundred dollar piece for my computer or something I'll think twice about it and I made him just as unhappy as it made me when he was buying the gum Yeah, he's like mine was only a few dollars. Yeah, I can see and see that's right there That's our first I guess below point or whatever you want to say is that you got the savers and you got the spenders and Between the two of those you both spend money, but the difference in that is I guess the tendencies which between the two That's a good word.
Yeah, because if you spend you know a few dollars here and there that That means that you think it's only a few dollars and so it's justifiable now I don't think either one of them, you know, it's right or wrong that they have different types of spending habits But if you if your goal is to save you both kind of have that, you know, maybe only get the hundred dollar thing once a month or something like that Yeah, only only spend the three You know one to three dollar items And so many times in a week or maybe maybe like what I do because I'm kind of bad with that Is I take a cash that way I can actually see what I'm spending and I see that I have 20 dollars And then in three days that that $20 is now down to $3.80 I can actually see that wow, I guess those little in three days that's managed to spend this whole 20 Yeah, you if you're If you find yourself in the kind of spender that might be that might be a good idea That makes sense too because it limits you to $20 which is fair So you know you're not gonna spend more than that. Yes I think when it comes to like saving saving versus spending that whole archetype of you know Who's who so many things always kind of make it sound like there's the one person out there who's just buying rounds for everybody when they go out And buying all the stuff impulsively and the things on tv and then there's the person who's sitting with their glasses on in front of like Their ledger writing down every transaction and saving thousands of dollars. I don't think that's really truly fair I don't know any couple like that, but I do know Some who just have different goals like for some they like to enjoy low impulsive things They like to enjoy something new something exciting something wow Other people like you know what? I don't want to Have something real small now if I can put something aside and make it much bigger later Yes And as you get together and as you grow I mean your priorities shift and change but you kind of want to make sure that If nothing else you guys have a conversation of goals.
Yes, what do you both want and what do you both not want? Yes, and what's it gonna take to get there? Yeah, if you you know if you guys have talked about doing a trip or if you you you know if you say, you know I hate that you know when it comes Christmas time We really can only afford a few things Maybe your goal could be instead of spending if maybe frivolously or whatever you consider it Saving so that you can go to that trip or saving so that you can't afford to buy more on Christmas So that's you know a goal is and the goal doesn't even really have to be that big It can just be something you both agree that you would like yeah Yeah, I think another thing too is accountability I mean goals are half the battle, but you have to stay on track speaking like if you listened to our last episode We are potentially looking at buying a different vehicle and I got to be honest jay checked me a couple weeks ago It was great. We were looking at cars and there was one that was a little bit more than we wanted to pay And I was like, you know what this kind of is what you're looking for right?
I mean, it's a little more than we want to pay, but it's not bad I mean so if this is what you really want you just you got to justify to me why you want it and he came back with Yeah, it's a nice car, but I don't want to spend that much money And I was like, you know what if it was me making that decision I would have went ahead and spent the extra couple thousand But the fact you said you won't spend that money made me realize that's right We agreed we weren't gonna spend that much so why am I being okay with it all of a sudden? Look at you that sounds like a successful relationship It's accountability. I mean, that's that's a big thing like five please say you have five Oh, no, it was over text. There was no high five.
No, but I mean I do that myself not even in the relationship I have on my Instagram and versus cash I post pretty obviously the steps I'm doing working on getting out of debt So that if I do something that backtracks it, it's obvious. I'd be like, look, I know two weeks ago I said I was gonna do this and I did something stupid I can't pretend that this didn't happen like that's just one little trick that works for me But I mean ultimately you have to have the same priorities you have to have that conversation Yes, okay, and I guess that lends us to the second I guess there's a second Well, here spending irresponsibly and I'm gonna tell you that's um, that's so easy to do And I think you know like you just said you have to check yourself. Um, yes Yes, I say that a lot and I feel like um to my own detriment because people don't really know what I'm saying It you know, it's it loses its effect. But anyways, um, I think rex and effects.
Yeah anyways, um So when you spend your responsibly it can be as small as Um buying a buying something out of the vending machine every single day Or it can be you know as big as you know having a goal of 12,000 dollars on a car and you end up spending 20 Yeah, that's there are levels of irresponsibility But when you are trying to um work with someone else on you know your finances and you decide what you need You need to be spending your money on you got to rain that in whether it be the whether it be as the smallest Eventing generous big of the car and I think to be fair there's no like you said there's different levels There's no right or wrong irresponsible. It's up to you What is what's the threshold for you like for me going out and buying you know buying something on lunch at work One day is not irresponsible, but if you do it four days that week, I'm gonna be like, well Did you not check our fridge any of those days? Yes? Yes, exactly.
Yes, that's my threshold But I know others were like basically I have a few friends They both kind of buy what they want as they want and I think one person's example is if they if they want to spend 100 Dollars, they have to go say hey, it's cool if I do this and most times I say yeah, but like if My husband asked me can you spend a hundred dollars randomly? I'm like, well better be a rain coming home with that or something Yeah Yeah, I agree and see That is something if you decide because it almost makes you think that they thought of it last minute and you're thinking you're thinking of spending a hundred Dollars on something that it what impulse or what is it that you're getting that you have to get right now that you weren't able to discuss with me Or we weren't able to decide hey, this is something we need that's a hundred dollars So that I mean and you know sometimes you know your responsibility can go you know can can be like that But it can also be sometimes it can be an impulse thing that doesn't happen that often But will happen if something happens in your life that causes that like if you you know, maybe you lose your job You know, you're you've been you've been balancing your budget every month based on the two of your incomes And so you know one of them lose a job. So you go and I go into a okay We need to make sure that we're still covering our bills. How do we tighten our belt and this other person is thinking This is really horrible.
I feel horrible. So let me go out and I'm gonna me and my friends are gonna go out and I'm gonna buy everybody a drink Yeah, I just feel horrible. So or I'll give you a different example I mean same thing like let's say you lose your job one person's like all right Let me see if we can tighten the belt kind of make some sacrifices some cuts the other person may be like well You know, I'll find another job. I'm confident.
I'll find another job, which might be true But there's intent and there's reality you intend to find a job quickly But are you spending all the money you have at the same time? Yeah, but if you don't find it in time, you thought you will like spending it as if hey I'm gonna get a job. I only need time now. Yeah, I'll probably get one next week So yes, exactly and that kind of thing, you know, if you I know sometimes people can be the most responsible spenders ever But if something happens it's almost like a trigger the response and you like where you where you need to self-sue there's something Yeah, you go shop or you go in my case I would be getting a purse And you just so great about yourself, but you know, it doesn't last very long And so and then here you are in the category of spending your responsibly Yeah, it kind of buys you some happy But you know if that's not what you all agreed is best for the unit, I mean, that's what that's where you are if it causes you to backtrack then you know If you do get it, you know, do find a job quickly you're having to Really tighten up to get back from that first that you bought or whatever So you're having to um build you guys and you know, believe your income or build your budget back up because you kind of wrecked it that month So this is something that I came across a while ago.
Um, there were two people They're married they're still married to this day And one of them had a credit card that the other person didn't know about and I don't mean, you know, just a credit card or something that They forgot to tell them about the intent with this card was they were working somewhere and they got a credit card through their employer They racked up a pretty hefty balance on it and they were taking money out of the family funds to pay it off each month without the other person knowing What do you think about that or what? When they wouldn't either person noticed that they were taking money out to pay it My guess is they were probably making minimum payments or something really low So instead of spending $20 a week at the impulse aisle you're spending $20 a month on a credit card I feel like uh I kind of would make you wonder what they were spending that um that credit card money on because it is a new outfit I think I would be like, um I've seen your whole closet and I know that is not in it So and I didn't say anything come out of the account To pay for it, you know, what's what's going on? Is this is on our credit card? I guess it's on the statement and then you're thinking Yeah, I opened a credit card and tell you about that.
Oh, I can only imagine the conversation That would happen later on that night. What would be I would imagine like I mean being honest you you lose track of stuff Even the best of us we may keep up with how much money we're spending But we might not remember what every single one of those purchases were at any given point We have to kind of think well is that $12 for oh, yeah, that was this So maybe that's what it was where they just bought a bunch of small little items So it didn't look any different. It was just on this credit card that they had no intent of paying off in full that month It kind of I mean like I don't know what they spent the money on I have no clue and I never asked because I don't care That much but what I do care about is how How do you work through that as a as a couple in your family hiding that hiding that probably something from someone else? Especially I mean you're kind of you're supposed to be open with each other.
It looks like there's a problem I mean that is a problem. What's the motive for not telling them? Yeah, exactly. Why do you why do you hide the things that you buy?
You know from your spouse and feel like you feel like maybe you have a shopping problem and that maybe you've you guys have had the discussion that hey You're spending too much money to come out of the account You know we need to we need to be saving and so You're you think it'll look better if you get a credit card and that way they don't see you know all the charges coming Yeah, and maybe maybe you don't get a credit card, but maybe you're hiding maybe still hiding purchases Like maybe you were buying things that are small enough to not go across the radar It's not like oh look somebody took a lot of money out. What is this? But you're just not telling them you did it ever and you're kind of walking around the issue that you bought this thing because you know If they found out you bought it, they might be less than happy. I mean, I know people like that.
Yes I can't say I'm sure I've been guilty myself. I'm positive I have been in these years, but that's one of those things I mean, that's a dangerous dangerous game. It is dangerous game. I think I think That definitely lends itself to Where you are financially when you're in a couple and at what time You're doing that kind of thing now if you just started dating and you don't really want to let him know that you spent like Because you told him you're like oh, uh, how about safer?
I got this dress from my sister when you didn't yeah, wait, you didn't get them a resistor You bought it, but in the beginning you really trust each other you do so, you know Maybe you decide to get a joint account and you're afraid that he's gonna see exactly how much you're spending So you do get a card and you know and you've hidden it from him because you don't really want him to know Exactly how much you spend yeah, I mean Happens when you're new when I guess when you're new in a relationship or whatever You knew when I'm considering joint finances right or speaking to new relationships This is something else that I've come across in my day is um, I'm known people who naturally they don't very they don't buy very much for themselves They just kind of do the essentials and move on with their lives But when it comes to somebody that they're seeing and I'm referring to more of like you've been seeing each other for a few months It's not like a first date status or anything And they're still bawling out like it was the first date Yes, like whatever the person that they're dating wants that they get of any price point doesn't matter Yes, that's every I mean it's They got the six dollar glass of wine, but instead they got the 20 The first couple days, you know, you're like, yeah, okay get the 20 Yeah, but if it's you know, it's been three months you should be comfortable enough to be like, okay Listen, this person's got a full-time job and you know, they don't own Microsoft. So how about how about six dollars? Yeah, like I don't know. I mean, maybe I'm a different person like one when I was in lending a consumer lending one application that I came across in my day was Somebody who earned like $900 a month.
They were working part-time somewhere and they were going to propose to their girlfriend And they asked for a loan for a $4,000 ring and I'm like Your girl knows where you work, right? I know I get that I get applications for the people who want to purchase a ring and they spend and they get a loan for turning my money I mean that that's fair. It's totally cool Some people, you know, they want to buy it nice things for people they love and they will finance it but that is What nearly half a year's wages the person you're with I mean they have to understand especially if you get serious with them and you're talking money and you're You're merging houses together. You're not just, you know Having extended slumber parties or whatever might be happening.
You are building a foundation I feel like that'd be one of those things you should probably address when you start talking about goals and priorities like look I want to get this for you, but you have to realize I'm earning $900 a month and that's not including all my bills Yeah, also summer party thing. Well, that's not you are Large citizens extended slumber party. That's okay. That's okay.
No party. No party. Go ahead. Go ahead.
Just be honest Just that's just got me right there. They're crushing me out Then there anyways, um, so I think I know I think you're right when it comes to them like that If you you know you do care about someone especially if you are you're planning to propose and if you maybe you get alone because you don't want them to see How much you're spending on the ring because that's you know, yeah, it takes the glamor out of it. Yes, it makes it really pragmatic Exactly. So if you you know, you get a loan to get a ring that's fine But you know, like you said if you're making nine-year-olds a month and you're buying a $400,000 ring If I knew you spent if you if you proposed and I saw this big huge ring I would be like, um, did your grandmother pass this down to you?
Yeah, like your grandmother's great taste. Yes So I would be like, I know you didn't spend money on this because if you did Take it back. We again So, I mean, you know, you know learn the limits, you know learn what you can do learning and spend when I was married This is how we this is kind of how we approached it. It was more so this than anything and it's basically who pays what?
Okay, so I um, so did you all have like separate accounts? You just kind of okay? Yes, we even before we really decided I don't think we really had Goals on what we wanted to put our money together. We did we did put our money together for some savings But with us, you know, we had you know, we had our kids pretty quick and then we got our house And so we really were just trying to figure out how to make it work financially and both of us kind of We're doing our own thing before we got together.
So we kind of assumed we were going to do our own thing But in the same house like as far as like I think, you know, he he pays more edge You know, I pay utilities that kind of thing it worked out as far as you know with our incomes So it was almost like this is your responsibility I want you need to make sure this is being taken care of type thing So and luckily we you know, I know some people will have these huge houses and maybe it'll take both of their incomes to be able to pay in the mortgage or the rent or whatever We were lucky enough where our separate incomes could cover what our bills were. Okay. That's good That's very good. That's you know, that's that's kind of what we did We didn't have I didn't know every dime that he spent in his account.
I wasn't I wasn't doing on it So that's kind of you know, that's kind of how we did it Yeah, that's how I did it I think for the first year of my relationship until we decided to join finances was kind of like that of We split the rent in half 5050 We just took money out of each of our out of our own accounts to pay rent And I paid for my own car We split the cell phone I want to say he paid for internet and I paid the water bill and that's just kind of how it was until we decided to merge everything together But it's just whatever works for you as a couple like you just need to have these conversations But that's actually that's actually a great ending point is if you're getting serious with somebody and you Know this is gonna be going somewhere and it's not just casually dating anymore You should be having these conversations. I like to say getting financially naked myself First of all, I'm already now getting financially naked Getting somewhere out there getting somewhere sit down across the table from each other and say all right Let's put out all on this table in front of us We need to talk about credit because I know my boo has a 422 credit score first off Paychecks how much do we make do we have our own health insurance? How are we doing things like that? What kind of debt do we have?
What goals what dreams do you want to achieve? What do we expect all of that? Yes? These are things like when you decide you're ready to cross this bridge cross it fully and cross it completely and cover everything I mean when you get across it doesn't mean that you have to then suddenly get joint accounts and Go back and forth about stuff.
I mean find what works for you There is no right or wrong way to do it. You just have to be on the same page You know, you know, I know you you know with boo with a 422 if that's the case if you are you know You are with someone who maybe does have a lower credit score because maybe their spending isn't the best Um don't let them go yet. I mean if there's discuss discuss what causing that. Yeah, they you know, maybe they don't pay their bills on time and they just aren't Maybe that's where you say hey look, okay, why don't we just you know, we put all our bills out here?
What we're supposed to be paying why don't we just when you get paid you give me the amount you know that for the bills that you're paying But in my account, I will make sure that you know that the bills are paid that way when you're asking for that money from them That money would have gone to pay their bills that are late or whatever So you're helping them with their score and you're also helping them To budget and yeah because they're having to give you them you the money So maybe you can work together to not only get your your bills paid and get your you know, joint Um your joint income your joint budget together. You're helping them Better themselves. You're using each other's strengths essentially. Yeah, exactly you're um and then you can make sure your like your bill gets paid So yeah, why it's important.
There you go. I think that that's a great idea Like use each other's strengths. What are you good at and what does the other person need help with what do you need help with whenever you have that conversation? These are things that will naturally kind of show themselves.
So say all right, look well, maybe i'm not the greatest about Making sure that I pack a lunch every day, but you also sometimes get to pay the cell phone bill So how about we exchange our strengths there? You help me kind of rein things in on getting groceries taken care of and I'll help you make sure that you don't have to worry about your phone getting cut off Yes, exactly. There you go. That's that's perfect Okay, so we are going to try something new here We are going to pose a question and just kind of get your feedback and see where you're at and also to give you something to think about Besides your car your house or maybe a big surgery.
Um, what is the single most expensive item you've ever bought and why did you buy that? To let us know yes, so yeah shoot us your your answer to the question on facebook twitter and instagram You can find us at cash talk podcast or you can email us at cash talk podcast at gmail.com and let us know What's the most expensive item you've ever bought besides a car or a house or something? We'll get you our answer to this too. We will and we'll share a few of yours and give you ours on a future show So go ahead and submit and let us know Although we are self-titled money experts everything you hear on the show is for general education and entertainment purposes only You shouldn't take advice from people you don't know so consult with an industry professional before you make any financial moves We're on the clock right now So neither of us are speaking as a representative of any company or organization