- December 2, 2023
- Posted by: legaleseblogger
- Category: Related News
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## Challenges in Managing Finances and the Role of AI Legalese Decoder
Dear Community Members,
I wanted to share some concerns I have regarding my current financial situation, specifically my partner’s credit card spending habits. As it stands, we both have a joint bank account where our salaries are deposited: mine is around **$90K after tax**, and my partner’s is about **$60K in net income** annually. Our financial responsibilities include a mortgage, a line of credit, bills, credit card payments, and university expenses. Additionally, we reside in the **Greater Toronto Area with our two teenage children and two cars**.
For a long time, I have tried to encourage my partner to be more mindful of their credit card use. However, after much consideration, I have made the decision to move my salary into a personal checking account. My plan is to take responsibility for the majority of the non-credit card expenses such as the mortgage and bills, while my partner will handle expenses like groceries and shopping. We have also agreed that my partner will pay off half of the current credit card balance (approximately $15,000) while I will cover the other half. This change is necessary to distance myself from my partner’s spending habits and to encourage them to budget and manage our finances more effectively.
To further explain our financial situation, our monthly regular non-credit card expenses amount to approximately $6,750, while our monthly average credit card expenses add up to $6,587. These expenses primarily include groceries, shopping, clothes, dining out, fuel, entertainment, and other miscellaneous items.
I am seeking input on whether the credit card expenses are significantly higher than what is considered average. What should be the ideal average credit card expenses in your opinion? Additionally, I would appreciate feedback on whether my approach to handling the situation with my partner is reasonable.
Moreover, I am also curious to know if there are any potential legal issues that I may encounter by moving my salary into a different account. I believe that retaining legal clarity is crucial in this scenario.
To address these financial and legal concerns, I have recently come across a valuable tool called AI Legalese Decoder. This program is designed to assist individuals in deciphering complex legal jargon and understanding the legal implications of various financial decisions. With the help of AI Legalese Decoder, I hope to gain a comprehensive understanding of the legal ramifications associated with managing finances in a relationship and making conscientious financial decisions.
I am grateful for any advice or insight that can be provided on this matter, and I appreciate your understanding as I seek to remain as anonymous as possible on this platform. Thank you in advance for your contributions.
Sincerely,
[Anonymous]
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Honestly, how are you spending almost $300 on streaming services?
Looking at this,
What can I say,
Your overspending in everything
Not much else to really tell you.
>Do you agree that the CC expenses are higher than average?
Well, 2500 a month for groceries for 4 people seems high, that’s over $600 a month or so per person.
>Do you think my approach is reasonable?
Yes but you should post in a relationship advice subreddit and this whole thing can come crashing down and you cannot distance yourself from it.
>will I encounter any legal issue by moving my salary to another account?
No.
If you want to extricate yourself from this, there aren’t any legal repercussions┬áto having your salary go into a different account.
There might be relationship repercussions, with further legal repercussions of divorce┬áif the two of you can’t fix your spending and relationship issues. Separating money you earn away from a joint account is basically step one of preparing for a divorce.
Changing your direct deposit will protect any more of your income from going down the drain. But it won’t compel your partner to change their ways. You can’t force someone to change. You need to have many extensive┬ádiscussions about whether or not you have shared goals.┬á
Your groceries should be less than 1k. The food spending alone is outrageous. And pretty┬á much all your other spending could be cut down. But you already know this┬áand you don’t need random reddit strangers to tell you this. Telling your partner that “reddit says you’re wrong and bad and you should spend less” won’t fix the situation.┬á
No where on this budget is any savings or retirement plan or debt repayment. That should be a shared goal for both of you; having shared goals is key to relationship success. You need therapy/counseling to get on the same track.
More than $3k on food???
You know they’re not going to save anything on their end but very smart of yourself to prep for the eventual breakup by splitting costs.
Groceries are very high, especially when you add eating out and food delivery your spending $3000 a month.
> and my partner’s is about $60K in cash annually
Why cash?
> Do you agree that the CC expenses are higher than average?
Well the CC expenses are higher than the [the entire average after-tax income of Canadians families+individuals](https://www150.statcan.gc.ca/t1/tbl1/en/cv!recreate.action?pid=1110019001&selectedNodeIds=2D12&checkedLevels=0D1,2D1,2D2&refPeriods=20210101,20210101&dimensionLayouts=layout2,layout3,layout3,layout2&vectorDisplay=false) ($79k CC expenses vs. $68k after-tax income average), so I’d say yeah, lol.
I don’t know much about the legalities here, or how much you value your relationship with this person, but I would try to make them better appreciate how drastic their spending is, and if that fails, consider separating yourself from them financially, as they sound like the type that is going to destroy your wealth.
Have you sat down with your spouse and mapped out what retirement looks like? You havenÔÇÖt mentioned workplace pensions, do either of you have these?
The credit cards for sure need to go. Giving your spouse free reign to spend 60k on groceries and shopping sounds like a recipe for disaster and resentment. What has your spouse said about this? You mentioned all your efforts for budgeting as a team have failed over the years, you may need to compromise. Cutting the groceries by 1/3, shopping by 1/2, your entertainment by 1/3, streaming by 1/2, clothes by 1/3, and dining out by 1/3 would give you an extra 1800 a month in your budget, and it shouldnÔÇÖt be a drastic or difficult change.
You guys are obviously accustomed to spending a lot, so going cold turkey into majorly reduced spending can be challenging. My husband does not pay attention at all to what he spends and has a hard time tracking and budgeting, I opened up tangerine accounts for us and you can open up unlimited savings accounts that you can name. This has been so helpful for him (and me too actually) to budget for specific categories and transfer money out to chequing (which is visa debit, so no need for a credit card for her) for specific things. We have named accounts for house/car maintenance, groceries/gas, gifts/clothes etc and money is transferred into them each month from our paycheque.
Tracking and writing down each purchase or tallying them up can be very tedious. Your spouse might really like seeing what she has to spend each month for each category. My husband is so thankful I set this up this way, it was getting incredibly frustrating for me as well to be the only person budgeting and planning and putting things into savings. Everything is now set on automatic transfers and my resentment has decreased dramatically.
No legal issues. At least one person has to save.
The answer to your entire problem is for you to destroy and cancel all of your credit cards.
You will not do this.
But, it will solve your entire situation
If you destroy all credit cards the problems will go away.
Your impulse spending will go down.
You will stop purchasing luxury groceries
You guys need to review the spending, set a budget. Funnel an equitable amount into a joint account for the budgeted items. You are spending a ridiculous amount of money on almost everything though. Your food budget is 7-8x what my wife and I spend, I would expect it to be 2-3x based on your household size.
All money remaining in your personal accounts is your own and up to you to spend as you see fit.
One thing to make sure of is that you agree the budget and discuss what one of you sees as frivolous spending in case it is something reasonable that the other hasn’t considered (as an example is the one doing the spending buying the kids clothes as they grow out of things etc.)