I can't get my mate to stop spending money! How can I put my foot down?
How serious is the situation? Is she a compulsive spender, or does she just overshop occasionally? If it's the former, she needs professional help. But if she simply spends frivolously, you can make changes together. Offer to be her shopping buddy and help her figure out ways to avoid unnecessary splurges -- whether she's drawn to the latest tech gadgets or new clothes. And do it nicely, not in a nagging tone but with a "Look, honey, we're spending time together, and I'm not spying on you. I'm just working with you to make smart choices."
Next, encourage your mate to get off any email lists that may tempt him into shopping online. And help him find a new weekend activity that doesn't include strolling the mall or window-shopping (which often leads to actual purchases). Another option is to track both of your spending, big and small, for a few weeks (also a sign of solidarity). Your spouse may not realize how hard he's hitting the family bank account until the numbers start adding up. Finally, if none of those things work (or work well enough to satisfy you) it may be time to divide and conquer. Open one bank account for your spouse, another for you, and a third that's joint. Put enough in the joint account to satisfy all of your household expenses and joint savings needs, then divvy up the rest. The idea is to give your wife or husband only as much discretionary cash as she or he can blow through without dragging your family finances into the gutter.
>> More Money Q&A with Jean Chatzky
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Jean Chatzky is a money coach and the financial editor for the Today show. She is the the author of of five books including the upcoming Make Money Not Excuses: Wake Up, Take Charge and Overcome Your Financial Fears Forever.
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>> Check out her website, jeanchatzky.com
-- The Nest Editors
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