A Woman Is Not a Financial Plan

Dear Scott,

I am 22 and have independently bought my home ($207,000 owing), have $5,000 in Mojo, have $7,000 in other savings, and have no debt besides HECS and the mortgage. My (fairly new) boyfriend earns $53,000 and has a car loan of $25,000 and few savings. He is kind and generous but a spender, whereas I am a saver. As the relationship gets more serious, how can I protect my assets and encourage him to develop healthier financial habits? To reverse your saying, a woman is not a financial plan!

Natalie

Hi Natalie,

If you end up shacking up with him, you could protect yourself by having him sign a cohabitation agreement. Though that would be kind of weird -- don’t you think?

It’s a bit like buying a dog that you’re secretly worried will one day go feral and bite your hand off.

Better to just not sleep with dogs.

Still, let’s give the bloke a break. He could just be young, dumb, and full of credit. He wouldn’t be the first fella to fall into the trap of trying to impress a young filly by flashing his (borrowed) cash.

So, explain to him that this approach may work with girls -- but it doesn’t wash with a confident woman like you. If he really wants to impress you, tell him he can start by becoming debt free. And if it works out you can’t teach an old dog new tricks, drop him off at the pound.

Now, if you’ve got to the bottom of my answer, and you’re thinking to yourself, ‘you’re being a bit of a hard arse Barefoot’, read the next question.

Scott