subject: Couples and Debt [print this page] Couples and Debt Couples and Debt
Couples and Debt
Many couples think they live on a budget because they write down their checks and even balance their checking accounts. That is not a budget.
Nearly every young couple in America dreams of owning their own home. I use the term "owning" loosely here because what that means to most couples is to be paying a mortgage. So the common definition of owning is "as opposed to renting." Many couples try to bu a home too soon or a too much and end up in trouble.Unfortunately, quite often they don't realize that owning the home created their financial troubles because it took too large a portion of their spendable income. Just as with Paul and Julie, the first couple discussed in this article, they find themselves sinking further behind every month.
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The percentage of an average family's budget that should be spent on aTiouse payment is no more than 25 ercent spen a e incometer tithes and taxes).Add to the mortgage payments t e cost of utilities, insurance, maintenance, and incidentals, and the percentage climbs to around 35 or 36 percent. Unfortunately many couples commit more than 60 percent of their budget to housing. There is virtually no way to handle that kind of cost. If they plan out their spending as a whole for the year, the strain would be apparent. But because they usually look only at one month, they don't see it. The monthly budget couples typically work out informally lacks allocations for clothes, car repairs, and medical expenses. So it is unrealistic.
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