{"id":1251,"date":"2020-03-26T11:47:25","date_gmt":"2020-03-26T15:47:25","guid":{"rendered":"https:\/\/www.chameleonjohn.com\/blog\/?p=1251"},"modified":"2020-03-26T11:47:25","modified_gmt":"2020-03-26T15:47:25","slug":"3-options-for-future-planning-budgeting-and-banking","status":"publish","type":"post","link":"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking","title":{"rendered":"3 Options for Future Planning: Budgeting and Banking"},"content":{"rendered":"\n
\"Budget<\/figure>\n\n\n\n

Let\u2019s face it: we\u2019re all getting older. We\nmay be young, but more than likely, it\u2019s not as young as you would like. There\nare many things going on in today\u2019s world, and people in their early to\nmid-twenties are constantly worrying about \u201cadulting.\u201d It\u2019s highly likely that\npeople even younger or older are in the same boat, but it\u2019s a reality we all\nneed to come to terms with. If you\u2019re in your early to mid-twenties, it\u2019s more\nthan likely that you aren\u2019t married yet and don\u2019t have a family, but again,\nthis could be wrong. Marriage and a family may seem to be in the distant future\nfor some of us, and we don\u2019t think about the budget that\u2019s going to go along\nwith it. If we think of this, it\u2019s possible that we may believe that it\u2019s an\neasy thing to manage and plan for.<\/p>\n\n\n\n

Twenty-somethings enjoy the \u201cpick up and go\u201d\nlifestyle: you want to travel? Go do it. You want to buy something expensive?\nYou\u2019ll blow an entire paycheck on something that\u2019s considered \u201chigh fashion.\u201d\nThis may be okay for now \u2013 when you don\u2019t have a mortgage payment or rent and\nbills and utilities; however, once you take that next step in your relationship\nor move forward into the next phase of life, you might be getting a wake-up\ncall. If you think about a relationship and compromising and working things out\nto make everything work, financial issues are common. Each person handles\nfinances differently, as does each family. A family is seen as one working organism.\nWith this being the case, separate funds may be seen as uncomfortable or unnecessary,\nbut it\u2019s all a personal opinion. This couple will differ from that one and so\non and so forth. On the flip-side, individual accounts are also very common\nbecause it eliminates any spats in regards to buying.<\/p>\n\n\n\n

So, what are\nthese two budgets pluses and minus? Well, there\u2019s pros and cons to both\nsituations, so follow along as we go through these ups and downs and allow yourself\nto make your own decision or form or your own opinion. After all, they don\u2019t\nsay \u201cto each his own\u201d for nothing.<\/p>\n\n\n\n

Joint Budget<\/strong><\/h1>\n\n\n\n

On a more\ntypical, classical view of a family\u2019s budget, we tend to think that this budget\nposes to be the most fair option. Why? Well that\u2019s simple: because in being\npart of a family, the priorities or utmost importance are love, trust, and\nrespect for each other. So, on one hand, the joint budget is great; however, it\ncan also raise a number of issues amongst the family. Some issues may arise in\nregards to different education, attitudes to life and worlds. <\/p>\n\n\n\n

We can deny it\nall we want, but without a doubt, there\u2019s an involuntary comparison on who \u201cpulls\nmore weight\u201d in this budget. People will say, \u201coh no, not me,\u201d but you have to\nadmit, there comes a point where this thought crosses your mind. When that\nhappens, a demonstration of \u201csupremacy\u201d develops and builds from there. This is\nespecially noticeable when two family members bring home vastly different\nsalaries and one of them is not entirely comfortable with the idea (Northwestern\nMutual<\/a>.)<\/p>\n\n\n\n

Until it\nhappens to you, I don\u2019t believe you can fully grasp it. It\u2019s evident for many\npeople, but for some it\u2019s something that they can get passed and move on from.\nIf your earnings are higher than that of your spouse or significant other, it can\nlead to possible uneasy feelings. If you\u2019re making twice or three times as much\nas what your significant other makes, but he or she is spending more than his\/her\nearnings, it can lead to uncomfortable grounds and conversations. <\/p>\n\n\n\n

If one half of\nthe couple has expensive taste or expensive hobbies, there will come a point\nwhen you have to talk things through and see if it\u2019s really worth what you\u2019re\nspending. It\u2019s a difficult conversation to have; however, with a joint account,\nit\u2019s a necessary one.<\/p>\n\n\n\n

While there are some cons to this joint bank account, the plus sides are aplenty as well. For example, it\u2019s much more convenient to have everything in one place. You can see your income vs. expenses very easily and build from there on what needs to be changed, if anything. You can budget accordingly and plan out ways to save your money based on where it\u2019s all going. If you\u2019re spending too much on random, unnecessary items, you can set a budget for that. If you\u2019re really good at saving money, but could use even just an ounce more of savings, you can plan ways to save while still spending, like find coupons, discounts and promo codes from places like ChameleonJohn <\/a>to help you save on those necessities of life. \u00a0Keeping everything in one place also helps achieve familial goals you may have set for yourselves. By combining two incomes into one, that next big purchase becomes more attainable (Northwestern Mutual<\/a>.) <\/p>\n\n\n\n

All in all, join accounts have pros and cons,\nbut it is up to you as a couple to decide what is best for you and your\nsituation. Teamwork, equality and convenience are just a few of the pros to a\njoint account and working together as one unit. On the opposite viewpoint, it\ncan also possibly lead to disagreements about money and how it is spent.<\/p>\n\n\n\n

Individual<\/strong> <\/strong>Budgets<\/strong><\/h1>\n\n\n\n

An individual\nbudget comes about when spouses or significant others are trying to be independent.\nThe amount of freedom and independence is determined by the participants of the\nstory, no outside forces should have a say in how families or couples spend\ntheir money. At first, you might think that managing your own money is super convenient\nbecause you don\u2019t have to worry about someone watching over your shoulder;\nhowever, this isn\u2019t always the case. Some things are needed to be discussed and\nbe common knowledge, but not everything. As with joint accounts, there are pros\nand cons that way on having individual accounts. If you make more than your\nspouse or significant other, there\u2019s no worry of that being taken advantage of.\nOn top of this, if someone has more loans to pay off than the other, individual\naccounts let that be taken care of by the person who has the debt (Northwestern\nMutual<\/a>.)<\/p>\n\n\n\n

Negatively,\nthough, there are a few things that aren\u2019t so great when it comes to individual\nbudgets. When you have bills to pay, credit cards, mortgages, utilities, etc., individual\naccounts make everything more difficult because it\u2019s harder to track who\u2019s\npaying what and if this got paid or not. It\u2019s possible that you thought that\nyour spouse was paying that bill; however, he or she thought you were and in\nturn, it didn\u2019t get paid. Now, I\u2019m not saying this happens to you, but it\u2019s\npossible. When a bill goes unpaid, you acquire late fees that make it even more\ndifficult to pay (Money.com<\/a>.)<\/p>\n\n\n\n

On top of\nthat, thinking of the worst possible scenario: what if something happened to\nyour significant other and they were unable to access the account he or she has\non his or her own? That money is basically gone. You can\u2019t access what isn\u2019t \u201cyours,\u201d\neven though you shared everything else.<\/p>\n\n\n\n

If you\u2019ve discussed separate budgets, great;\nhowever, if you didn\u2019t, this could become a cause of an unnecessary conflict. There\ncould be feelings of distrust or hurt if you keep your accounts separated\nunless you\u2019ve previously discussed it. No matter the type of account you\nchoose, it needs to be mutually agreed upon and any qualms discussed. <\/p>\n\n\n\n

Why Not Both?<\/strong><\/strong><\/h1>\n\n\n\n

Now, maybe\nyou can\u2019t figure out a way to make one or the other work. You\u2019ve discussed it\nand you can\u2019t come to an agreement, but you don\u2019t want to stress about it or\nfight about it any longer: no problem! There\u2019s no rule that says you can\u2019t have\nboth. Sure, the balances wouldn\u2019t be as substantial as if you had one or the\nother, but it\u2019s something that works and you can\u2019t argue on. <\/p>\n\n\n\n

For the joint\naccount, any utilities, bills or family expenses, like kids\u2019 activities or\nvacations, doctor\u2019s visits, etc., can come out of this account because it\u2019s for\nthe betterment of your family and the life you\u2019re living. Anything that has to\ndo with your family should come out of this account because as one family unit,\nI feel as though the entire family should be behind it (U.S.\nNews<\/a>.) <\/p>\n\n\n\n

That expensive\nhobby I mentioned? Individual account. By using your own money for your own\nhobbies or interests, you have no reason to worry about an argument brewing\nbetween you and your significant other. Why? Because it\u2019s your money being\nspent on your purchase. Maybe you want to surprise your significant other with\na special gift that they\u2019ve just been dying to have, but you don\u2019t want him or\nher to know about it. You can dip into your individual account and he or she\nwill be none the wiser until the day said gift is received. By having both\naccounts set up, you can work out how much of your monthly salary goes into\neach budget. <\/p>\n\n\n\n

For me, the\nmajority of it would go into the joint account because family is the most\nimportant thing; however, some people may have it other ways. It\u2019s all personal\npreference, but by having both accounts available, you needn\u2019t worry about any\nfinancial spats. <\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

Overall, every person has a different opinion or viewpoint on what to do when it comes to the three \u201cFs,\u201d as I\u2019m going to call them: the future, family and finances. There\u2019s nothing wrong with feeling a certain type of way, but what is wrong is if you and your spouse or significant other don\u2019t work it out and come to an agreement. <\/p>\n\n\n\n

With all the\nstress and chaos of today\u2019s world, agreeing on something like this is the easiest\nway to survive and not stress the small stuff. Not everyone will agree with\nanything I said, but the words written above are words to ruminate on and think\nabout when you decide to launch yourself full-throttle into the real world of \u201cadulting.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Let\u2019s face it: we\u2019re all getting older. We may be young, but more than likely, it\u2019s not as young as you would like. There are many things going on in today\u2019s world, and people in their early to mid-twenties are constantly worrying about \u201cadulting.\u201d It\u2019s highly likely that people even …<\/p>\n","protected":false},"author":1,"featured_media":1252,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[264,150,148],"tags":[568,566,555,563,564,565,558,556,559,557,567,554,560,561,562],"yoast_head":"\n3 Options for Future Planning: Budgeting and Banking - ChameleonJohn Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Options for Future Planning: Budgeting and Banking - ChameleonJohn Blog\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s face it: we\u2019re all getting older. We may be young, but more than likely, it\u2019s not as young as you would like. There are many things going on in today\u2019s world, and people in their early to mid-twenties are constantly worrying about \u201cadulting.\u201d It\u2019s highly likely that people even ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking\" \/>\n<meta property=\"og:site_name\" content=\"ChameleonJohn Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-26T15:47:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.chameleonjohn.com\/blog\/wp-content\/uploads\/2020\/03\/black-calculator-near-ballpoint-pen-on-white-printed-paper-53621-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1508\" \/>\n<meta name=\"twitter:label1\" value=\"Written by\">\n\t<meta name=\"twitter:data1\" value=\"Katie K.\">\n\t<meta name=\"twitter:label2\" value=\"Est. reading time\">\n\t<meta name=\"twitter:data2\" value=\"7 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.chameleonjohn.com\/blog\/#website\",\"url\":\"https:\/\/www.chameleonjohn.com\/blog\/\",\"name\":\"ChameleonJohn Blog\",\"description\":\"Coupons, Savings, Deals & More\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/www.chameleonjohn.com\/blog\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.chameleonjohn.com\/blog\/wp-content\/uploads\/2020\/03\/black-calculator-near-ballpoint-pen-on-white-printed-paper-53621-scaled.jpg\",\"width\":2560,\"height\":1508},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking#webpage\",\"url\":\"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking\",\"name\":\"3 Options for Future Planning: Budgeting and Banking - ChameleonJohn Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.chameleonjohn.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking#primaryimage\"},\"datePublished\":\"2020-03-26T15:47:25+00:00\",\"dateModified\":\"2020-03-26T15:47:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.chameleonjohn.com\/blog\/#\/schema\/person\/5318270dfa0031794c8a8102350984e0\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.chameleonjohn.com\/blog\/3-options-for-future-planning-budgeting-and-banking\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.chameleonjohn.com\/blog\/#\/schema\/person\/5318270dfa0031794c8a8102350984e0\",\"name\":\"Katie K.\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/posts\/1251"}],"collection":[{"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/comments?post=1251"}],"version-history":[{"count":1,"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/posts\/1251\/revisions"}],"predecessor-version":[{"id":1253,"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/posts\/1251\/revisions\/1253"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/media\/1252"}],"wp:attachment":[{"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/media?parent=1251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/categories?post=1251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chameleonjohn.com\/blog\/wp-json\/wp\/v2\/tags?post=1251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}