Real Answers for Life’s Money Challenges
My husband is on Social Security Disability and I just recently retired.
I think thats a bad decision, but he says thats what home equity is for.
I just want to know what to do because Im at my boiling point now with this situation.
Listen to your gut, not your husband, on money matters.
Hes shown that he doesnt make wise financial decisions.
Your husband has already spent your money without your consent.
But Id also imagine that having a new mortgage payment would make it even harder to move forward.
Every month, youd get a bill that reminds you of your husbands boneheaded ways.
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But your husband also violated your trust.
He needs to earn it back.
Should you tap into it, youd pay a higher interest rate than you would with a mortgage.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
If you have extra money in your monthly budget, work on rebuilding your savings.
But your husband needs to bear as much of the brunt as possible.
If he makes discretionary purchases, he should scale back as much as possible to rebuild your coffers.
If he has any prized possessions that could generate extra cash, he should look into selling them.
This is a problem he created, and he needs to do whatever he can to reduce your burden.
Choose a date each month to go over each account together.
Its free and will only take a few minutes.
He should gladly be willing to do this if it buys you peace of mind.
Making a budget together that includes a category of replenishing your savings is key.
Its a lot easier to make bad financial decisions when you dont think your spouse is paying attention.
Hopefully, this is the first time your husband has kept money secrets from you.
But make it clear to him that this will be the last time.
Its time for him to do the work to earn back your trust.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
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