Helping out overdrawn husband while teaching budgeting skills
Okay, so I'm the budgeter and my husband is a fan but doesn't get into the nitty gritty. He also isn't as good about saving up for possible expenses, so apparently got himself some sort of Paypal loan to buy something and now in order to avoid the fees he's paying more than he thought and it's more than his allowance category allows. We have the money to pay it off, but not in his allowance. I want to just pay it off but still have him make "payments" from his allowance. Any suggestions for making that happen? I thought about making a dummy credit card but that would just be an account transfer so it wouldn't pull from a budget category.
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What about agreeing on a reduced allowance for a set amount of time? So you just budget less to the allowance category from the get-go instead of trying to pull money from it afterwards. Kind of a debt repayment taken at the source directly instead of relying on repayments sent by the debtor.
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I would do what Ceeses suggested but make a secondary category for tracking. Split his allowance across the "saving category" and his. Add goal of total amount owed. He can see/track progress and add more too if he wants to pay off early. Keeps accountability of start and end dates as well as record of when stuff was paid back. Then when goal reached, move funds to final destination and delete the temp category.
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RIP_MSMoney Ceeses Thank you both for the ideas! Having a second category for tracking fills the purpose I was trying to get with an account.
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