Dating Between Income Brackets

Dating Between Income Brackets

My partner and I have vastly different income levels. On average, he makes in 2 days what I make in a week.

He’s also extremely generous, both with presents and with paying for outings. The presents are more clear-cut. They tend to be…how do I say this…gifts we will enjoy simultaneously. If we broke up, I think they would walk with him to be enjoyed with others.

The more complicated part for me is the paying for experiences.

We both love to go out and do fun things—food and travel are both big ones for us. And he usually pays.

He might call me and say “Hey. Ya hungry? Wanna go out?” and I’ll go “Yeaaaah!” Then I’ll have this internal deer-in-the-headlights moment where
                                 a) I catch myself hoping he’s inviting me out to a restaurant, and then
                                 b) I feel a crushing wave of guilt, then
                                 c) That moves into a certainty that he can see my hope that he’s offering to treat me
                                     and is judging me as a gold digging princess.

The Resentment Volcano

Now do this awkward dance of “well yes if you’re offering, but if you’re not, I need to go home and have a can of soup.” I’m always scared he’s going to clutch his pearls and be like “were you just assuming I was offering to treat you?! Emily Nixon, you are a monster!” I get worried he feels pressured and then I imagine a future in which his frustration has been building up like a grade school volcano, which then explodes baking soda resentment everywhere.

Recently, I have been solving this problem by saying “Are you inviting me? Because if yes, I would love to, but if no, I need to eat groceries.” It’s working pretty well. Although I’m not sure if in English we actually use the word ‘invite’ in this way, or if I am just stealing it from the French.

Like most people in relationships, I want ours to feel equal, but I know that I’m not going to be able to reciprocate in the same dollar amounts. Instead, I have been trying to even out the number of times we each suggest and plan dates. I invite him to movies that I pay for with credit card points, or I suggest free/cheap activities. (Is going to a protest a fun date…? What if there’s a craft component beforehand?).

But of course we don’t always treat each other. Often we will go Dutch (do people still say that? I definitely learned that phrase from an Archie comic when I was eight.) Sometimes, like tonight, I just have to opt out of activities because they are just outside my budget.

Here’s what I worry about as the one that earns less…

I think sometimes what feels like quality couple time in his mind feels like a financial stress in mine. I worry that me opting out of the expensive event feels to him like I’m saying no to spending time together, and that “we could play board games instead” just feels like a cop-out.

I worry about saying that I can’t afford to attend an event because that money is earmarked in my budget for something else. I’m afraid he will hear “you are less important to me than x, y, or z.”

A year in, we’re still very much figuring all this stuff out. The only thing I think we can both agree on is that talking about it is important. I will continue to very loudly and clearly ask “Are you offering to pay for this or are you suggesting this as something we split?” and suggesting crossword puzzles in the park as a date idea.

Emily nixon

Emily nixon

Rags to Reasonable Community Outreach Coordinator

Emily Nixon is an actor/writer/director/filmmaking Swiss Army Knife. She is also a big money nerd and Community Outreach Coordinator for Rags to Reasonable.

She came to this work after becoming completely fed up with living paycheque-to-paycheque and being too afraid to look in her chequing account. She is passionate about empowering other artists and variable income earners to keep doing what they love and feel confident about their finances.

Email Emily at emily@ragstoreasonable.com

Talking to Your Parents About Money

Talking to Your Parents About Money

A few months ago, I listened to the Because Money podcast episode called “The One Where We Talk About our Aging Parents” (Season 4, Episode 10). It was a mini wake-up call for me…maybe not an alarm clock that beeps really loud in your face, but more like one that wakes you up with cool Jazz jams. I thought to myself “Damn, yeah. I guess my parents are going to die at some point.”

Obviously, that wasn’t a new thought to me, but I had never considered it from a financial perspective. It would be really stressful to have to scramble around the legal and financial components in that moment. It would be way easier to deal with their passing if we had already talked through an action plan. It’s likely to be enough of a shock in itself;I won’t need any extra stress. I realized by talking about it with them now, I can be even just a little bit more ready for the stress of that moment. Knowing what my mom’s wishes are if she ever needs to move out of her house, for example, would be very helpful to know in advance if that moment ever comes.

Both my parents are still working, so it’s helpful for me to know about potential retirement plans for them too. I definitely want to start saving now if my Stepdad is expecting me to support his living expenses, for example. The bigger head start I can get on that, the better.

Even though my parents are still so young, I want to broach all the things: retirement, illness, and death, since of course illness and death could happen at any time. I can check in with them in a few years to see if things change (my personal wish 10 years ago, was to have my body torn into small pieces and left in trees for animals to eat…sadly, I learned that’s not legal so I’ve had to replan). Maybe in 10 years, my parents’ wishes around death will change too.

After nerding out on the internet for a few hours and reading….*sigh* all right, scanning a ton of articles about this, here’s my plan of attack.

Think about who they are and how they want to be approached

My parents are not good at difficult conversations. The more personal a topic is, the less my Mom wants to talk about it (and the more I do!) You know that old saying (that I just made up): “the apple doesn’t fall far from the pineapple tree…” (get it? Because it does? Whatever. I think it’s hilarious.) Anyway, if you want to have a big conversation with them, you need to signal it as clearly as one of those neon-clad people on airplane runways holding orange sticks (“BIG. CONVERSATION. COMING. SEEEEEEEEEE??? HEEERE IT COMESSSSS!”)

My tactic is to write an email from me and my brother broaching the topic and asking if they want to have the big discussion through email or over Skype. We are all scattered across the country, so it can’t be in person.

My family copes with humour
For the most part, they like their serious conversations peppered with silliness, so I am making sure to include that in my initial approach. I also know that they like the morbid, so I’ll throw some of that in there as well.

So, my brother and I have decided to start with an email…a probe… Here’s my draft of it. I’ll write an update on how this whole thing goes. PS If they do suddenly mysteriously die, that post script assures my spot in the slammer forever, but hey, I’ll roll the dice…

Hey Mom and Jim,

I recently listened to a podcast episode in which they discussed how important it is to start talking with your parents about vital (but tough) things like retirement, aging, and the big D (no not dick, although if that’s something you want as a part of that process, I’m sure we can arrange something).

Ben and I have been talking about how we would like to open up that discussion with the two of you. I know you are both far away from retirement, and hopefully still really far away from the ageing and death part, but the sooner Ben and I can start to understand your wants, needs, and “hell no!s” around it all, the better.
We were thinking there are a couple of ways we can go about this discussion: we can do it over Skype, so we are all face-to-face, or we can do it as a series of emails. You guys decide. Here are some of the areas we would love to get a clearer understanding of:

Retirement:
I would specifically love to get an idea of what financial support (if any) you will need from us for your retirements, so that Ben and I can start saving for that (Ah, the magic of compound interest!).

Ageing/Illness:
I really want to get an understanding of what you would like your lives to look like if a) one of you is taking care of the other, who might be sick b) both of you are sick or c) only one of you is alive and that person is sick. Sorry, I know this stuff is rough to discuss! Ben and I just want to make sure we support you and love you in all these possible hard situations in the ways that you want.

The Big D
I would love a better understanding of how you want us to act when you guys bite the big one (I mean dick, obviously) in different potential circumstances:mental/physical deterioration, sudden attack by mutated giant ant puts you into a coma (because venom…obviously…whatever! It makes sense in my head!), etc. I could make an enormously fun list here of sudden ways to die, but I think you get my point. I also want to know things like what you would like assisted living to look like if we ever need to cross that bridge (would you prefer to live with one of us, in a nursing home–if so, what kind?). And then there is the technical shit like who is the executor of your will, if you get hit by an ice cream truck tomorrow, where do we find your insurance policies and financial information, etc.

I do have a list of questions I have drafted up that I could just email to you for your responses, but my thought is that a Skype call might be best.

Let us know what you think,

Love love love,
Em

PS We are not asking these questions because we are trying to murder you and take over your veterinary empires. I repeat NOT. Nope, nuh-uh, definitely not…

Three Couples Talking About How They Manage Their Money

Three Couples Talking About How They Manage Their Money

One thing that I’ve learned talking to lots of couples about money is that there isn’t one right way to manage your household finances.

Some people like things to be all together in one big pot, some have only a vague sense of what’s in the other persons bank account.

The one thing that the ones who are happy with their joint financial lives have in common is they talk about money a lot. It’s not a taboo topic of conversation, and it’s part of the regular discourse in the house.

This week I wanted to share with you three different couples taking about how they manage their money. These recordings are from the podcast Because Money which I host with a couple of friends.

We’re not a terrible diverse bunch. We’re all straight and white and half of every couple is a financial planner… but even in this sliver of the population there are lots of different ideas.

Mimi & Chris

We’ll start with this episode of my wife and I talking about how we manage our money. Things have changed a bit (they always do), but we definitely didn’t have joint finances. What we did have was a joint idea of what we were trying to do… and lots of conversation.

  • 3:15 – the long (and stupidly complicated story) of why Mimi pays more rent than Chris
  • 9:38 – Managing money with a partner who makes a bunch more money than you do
  • 14:24 – Why it bothers Chris to not be able contribute as much as Mimi…
  • 16:31 – Digging into how we grew up financially…
  • 20:02- How dating Chris helped Mimi become a better saver
  • 26:13 – Do we give each other advice?
  • 29:07 – Planning for career transition and what’s ‘retirement’ for a couple of opera singers?
  • 35:20 – The stuff that we don’t have to talk about
  • 37:09 – We talk about whether we’ll even change the system

Sandi & Seth

Next up is one of my co-hosts (and dear friends) Sandi and Seth talk about money a lot, and it’s interesting to hear about how they manage that. Of course Sandi lives in the world of personal finance and they spend a lot of time together, so we have to grade that one on a curve.

And just to underscore how much there is no single right answer, we’ll hear how their money systems have changed over the years to suit their lives (like having kids) and as technology evolves (like YNAB).

  • 7:23 – How do you guys do money?
  • 10:57 – Who does what in the Sandi/Seth money system?
  • 16:09 – How often do you talk about money?
  • 18:01 – How do you talk about buying big stuff?
  • 24:57 – How do you talk about longterm financial planning?
  • 28:35 – When do you want to retire? If ever?
  • 30:29 – How do you guys invest?
  • 32:37 – How do you guys talk about money with your kids?
  • 40:35 – The Seth and Sandi dream vacation

Owen & Susan

Owen is another advice only financial planner and he graciously agreed to sit down with us to talk about he and his wife manage their cash.They’ve got young kids and have their money communication strategy down cold. It’s a beautiful thing to see.

You can find more about Owen’s financial planning startup PlanEasy here

 

  • 5:30 – Owen and Sue’s amazing, incredible, all powerful money meeting
  • 12:10 – What changed when they had kids?
  • 15:15 – Why Sue budgets in a Word Doc (and Owen DOES NOT)
  • 25:03 – What would Owen and Sue do with a surprise $3,000?
  • 26:10 – How do they figure out what’s ‘fairsies’?
  • 32:50 – What’s the advice you would give to other couples managing their money
Emily Nixon

Emily Nixon

Rags to Reasonable Community Outreach Coordinator

Emily Nixon is an actor/writer/director/filmmaking Swiss Army Knife. She is also a big money nerd and Community Outreach Coordinator for Rags to Reasonable.

She came to this work after becoming completely fed up with living paycheque-to-paycheque and being too afraid to look in her chequing account. She is passionate about empowering other artists and variable income earners to keep doing what they love and feel confident about their finances.

Email Emily at emily@ragstoreasonable.com

Want to start getting control of your money? How can I help?

BORROWING MONEY FROM FAMILY OR FRIENDS: 3 THINGS THAT MIGHT PREVENT DISASTER

BORROWING MONEY FROM FAMILY OR FRIENDS: 3 THINGS THAT MIGHT PREVENT DISASTER

Borrowing money from friends - From Rags to ReasonableBorrowing money from family or friends… generally the consensus is… don’t do it.

This has to be one of the most common pieces of advice out there, and there are plenty of horror stories to back it up. But there’s a reason why, when the chips were on the table, it was one of the first places I turned.

I talked a little while ago about how I got myself BACK INTO A PILE OF DEBT; But not the normal “I owe the bank” kind of debt… My debt came in the form of 10 grand worth of dental work that needed doing. But since the work is ongoing, it’s taken awhile for those cavities to travel from my mouth to my chequing account.

I’ve been spending a lot of time with my dentist so far in 2015. 3 root canals. 10 fillings. And we’re not even close to being done.

My money on the other hand… is all used up. Up to this point, I’ve been able to pay for all the work that needed to be done by cutting a little from here and there, but now… I need some help. Here were my options: (more…)

AFFORDING A LONG DISTANCE RELATIONSHIP: HOW WE FOUND THE MONEY TO INVEST IN US

AFFORDING A LONG DISTANCE RELATIONSHIP: HOW WE FOUND THE MONEY TO INVEST IN US


Long Distance Relationship - How to Afford itMy girlfriend and I spent more than half the year apart in 2014. This year we’re on pace to do at least that well.

In 2015, we have spent only 8 days together in the apartment that we share in snowy Toronto.

It’s been this way since day 1. Our first kiss was followed by her jumping on a plane the next morning.

Our relationship really started on Skype… and a big part of it continues through that magical service.

Living with that much long distance can sometimes be hard, but I’m not complaining. We’re both artists, and have to travel a lot for the work that we do. It’s a life that we want, and we knew when we started dating that long distance would be a big part of it. So after 3 years, we continue to live this crazy life and are constantly trying to find ways to make it work.

(more…)

Planning to be Spontaneous: How Budgeting freed me up to be in the moment

Planning to be Spontaneous: How Budgeting freed me up to be in the moment

Budgeting for Spontaneity

A few weeks ago I got an awesome question from a fellow singer. We were talking about budgets (as you do) and he expressed the concern: “One of the things that I love about the artistic lifestyle is the ability to be spontaneous. How do I budget and keep that a reality?”

Since our conversation was weeks ago, I have probably completely misquoted him.. but this is how I remember it, so we’ll roll with that.

I like it because it’s something I feel as well. I was never a big planner and one of the reasons I didn’t like to plan things was because I didn’t want to be locked in to something in the future that I didn’t want to do.

We’re artists. We’re supposed to live in the moment and go where the wind takes us.

And in a similar vein, practically speaking we also need to be really flexible. What happens if I get a call tomorrow from an opera director in Boise, Idaho, and he needs me on a plane stat? How do you budget for that?

So the question takes in both the freewheeling bohemian part, as well as the reality of an artistic life that’s constantly changing.

How do you plan when there’s so much that you can’t plan for? Won’t a plan just limit your options? (more…)

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