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Thread: Money questions, partner involved

  1. #1
    Member jasminebg's Avatar
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    Default Money questions, partner involved

    Hey ladies this might be alittle off topic in doller den. I have a particular question
    And want to know your opinions on this. I basically live with my other half for 4 yrs now but eversince i started stripping at 19 my bf wanted to be my money manager. I know it sounds shady, but i agreed being trustful and naive. He never stole from me we practiclly pay bills together. Like i would put my earnings in his bank bcuz i was scared to put too much money in a bank and or a personal bank at home. But now im getting older and it doesnt feel right. Although we use his checkbook to pay bills, but im also putting money in his account instead of mine. We both use tha card whenever we want nd i mainly have a hold of the financial records. My problem is that whatever money he makes should be in his bank and vice versa for me. I just dont know how to get around and tell him. Have u guys ever been in this situation? And how does it work for u? Thanks
    pink lemonaid

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    Banned Melonie's Avatar
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    Default Re: Money questions, partner involved

    ^^^ your instincts are correct in that your earnings / deposits / bill payments are building HIS credit rating not yours.

  3. #3
    God/dess Zofia's Avatar
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    Default Re: Money questions, partner involved

    I don't know why everybody doesn't have a checking account or two. But, you need two at least. One checking account for your business, stripping. Another for your personal expenses. While you are at the bank, open a passbook savings account too.

    Once you have your two checking accounts, make sure you pay the business expenses from the business account and everything else from your personal account. Sit down with the boyfriend and divvy up the household bills. If he wants to pay them all and have you contribute, fine. Water, electric, cable and even landline phone don't really do much for your credit score. Loans and credit cards do. Cell phones are a mixed bag credit wise, they can hurt, but not help your credit score.

    HTH
    Z

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    Banned Melonie's Avatar
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    Default Re: Money questions, partner involved

    Agreed with Zofia that the 'co-mingling' of business funds and personal funds by the self-employed ( or other types of businesses ) can create a major handicap if you ever wind up attracting the attention of the IRS.

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    God/dess hockeybobby's Avatar
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    Default Re: Money questions, partner involved

    Having a joint account that you can pay joint expenses out of, and each contribute to according to your means is convenient. Then, each of you can have your own chequing and savings accounts for your own discretionary money. Set it all up online for maximum convenience.

    Just tell him you want to establish your own credit rating and banking in case anything should ever happen to him (knock on wood it doesn't). It makes sense. Listen very carefully to any objection he expresses, as he may reveal an ulterior motive if there is one.

  6. #6
    SpeakngEZ
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    Default Re: Money questions, partner involved

    By the way, don't feel guilty about telling him that you want your own bank accounts. There is nothing wrong with wanting total control of your own money. I hope you kept detailed track of how much of it is yours.

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    God/dess Kisca's Avatar
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    Default Re: Money questions, partner involved

    Sorry but that sounds wrong.. He doesnt seem to be JUST a "money manager" What if he runs off one day.. what if you two get in a fight and he takes your money.. what if he wants to buy something expensive and uses your money. Doesnt sound like a good idea, you should always have your own account. I think its best to open a joint account with him, and you two put equal amounts a month there for bills, hydro etc etc maybe a few 100 extra each as well. Then have your own account to put money in... that will be your own money to spent, save, and use when something comes out of nowhere.

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