No Debt Plan is about getting and staying out of debt with a plan. Kevin, the author, is passionate about budgeting, saving for the future, and using goals to reach financial freedom. You can subscribe to his blog by RSS or email.
This interview is part of a new feature he’s developed called Subscriber Swap Saturday. The basic idea is to get the subscribers of one blog to subscribe to the other blog for at least a week, just to try it out. After a week if you don’t find that blogger’s content enticing, drop it. The hope is that over time you will find several writers that you weren’t familiar with who provide meaningful content to you. You can read more about Subscriber Swap Saturday at his blog, and you can read his interview with me here.
I see that one of your pre-steps to your no debt plan is to have a “long term view”. Has your long term view changed under the current economic conditions? It has, but not as much as one might think. The keys are still getting out of debt, spending less than you earn, and saving for future costs (retirement, cars, whatever). In this economy I am recommending to my readers to store up just a little bit more on the savings side of things. Better to have money in the bank than equity on a loan if you lose your job.
When you take the holy vow of marriage you are promising to share everything until death removes one of you from the situation. Note that money is included in everything. I think major problems are more likely to crop up when spouses have separate bank accounts and then each pay a portion of shared costs (you pay 1/2 of the mortgage, I pay 1/2). One person can secretively rack up credit card debt or blow their savings without the other person really knowing. I really think separate accounts are a disaster waiting to happen although I’m sure there are exceptions to the rule.
We are believers in having money that each person can spend without any complaint from the other. But that money stays in the same shared account and is just accounted for separately on an Excel spreadsheet (which is how we keep our budget).