Joint Account Reflection

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Once I completed the worksheet comparing my income coming in to the expenses going out. The summarization of my findings showed that at the end of the month our income together usually exceed our expenses of roughly about $350.00 give or take another 100.00 due to expenses fluctuating with us having young children. Do I think this is enough of course “not” with the potential challenges we face on a daily basis having young kids and the majority of our expenses tied into debt payments one unfavorable incident could potentially put us in some unfortunate circumstances! I often wonder about the potential of a scenario like that playing out, not to mention in my younger days I experienced those troubles and learned some costly lessons behind …show more content…

We both get paid bi-weekly so therefor the joint account gets a deposit every week because our pay periods off set one another. My wife contributes $500.00 per pay period and I contribute $750.00 per pay period. One of the ways we’re able to stay afloat is by me working overtime. When I got promoted to my new position late last year, I was sent to a department that requires a lot of overtime whether you want it or not so sometime I may work 7 days a week or 10 hour days and that helps tremendously considering the promotion came with a three dollar raise. Also, I’m not a big spender so my personal account is kind of like a savings account for the family, I admit I would like to one day reopen a savings account but right now I’m just not sure if I could maintain making deposits like I would want to, on a bi-weekly basis considering there is so much unnecessary debt that being carried currently. So with that being said most of the money that I have leftover that goes into my personal account usually I’ll put towards credit card bills I ran up after purchasing my home, my daughter activities, my wife (sometimes) or use for my own personal expenses gas, lunch etc.. But now I’m beginning to take my own lunch more to try and save more

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