Question from Elizabeth:
I have been married for 20 years and my husband makes about $200,000. Are there any books you can recommend to help me with manage my finances? Jean Chatzky:
What I think I'm hearing you say is that you want to start playing a bigger role in the family finances. I think that's fantastic. and you should not just read a book (Make Money, Not Excuses is my book for women), you should go to meetings with the financial advisor if there is one and you should tell your husband that you want to do what he does with the money -- with him -- for the next month. You want to sit with him as he pays the bills, makes investment decisions, etc. Why? Because if something happens to him, it's important that you know this NOW rather than when you are in a pinch. Question from Sean:
I'm in my mid-20s and planning to get engaged soon, but the expenses are overwhelming! Especially the engagement ring. Do you have any advice on how to save money when buying and paying for the ring? Jean Chatzky:
Don't you dare blow all of your savings on an engagement ring. I am serious! And having been married twice, I also know what I am talking about. But I like that you are thinking of saving the money BEFORE you buy it rather than buying it and paying it off LATER. Open a separate savings account, decide how much you'll contribute to it every month, and then have the money transferred automatically out of checking and into savings right after you get paid. If you get any windfalls -- like a tax refund -- you can use it to supplement. And congratulations!!! Complete archive: