Dear Helaine: I want to know what to do with my small but steadily increasing savings. I’m one year into a new career after staying home with a small child while grinding away at school. My husband supported us so we could (painfully) survive on just his income. He grew up middle class, so he graduated with no student loans and $200,000 from a trust he won’t touch. He works a union job that pays OK and has a good pension plan.
We owe $200,000 on our home (we live in a pricey area) and $60,000 in student loans for my education. I made big money mistakes before I married, so I came into the marriage with no savings, no marketable skills and $20,000 in debt. Since I’ve started working, I’ve paid off all our credit cards, splurged on a few items, visited family and made donations to my favorite charities. I’ve also put about 20 percent of my paycheck into our joint account monthly.
I largely subscribe to the “what’s his is ours and what’s mine is mine” philosophy because I think I am at high risk of falling back into poverty should anything bad happen to me/us. Is this fair or insane? What should I do with the $20,000 I’ve saved so far? And should I sign up for my workplace retirement account?
— Now Richer, Not Poorer
Dear Now Richer, Not Poorer: It sounds like you feel your spouse is more financially advantaged than you since he comes from a more monied family and enjoyed benefits from that. But you need to remember you got something from that, too. He supported your family when you went back to school, and he doesn’t seem all that concerned about how much money you are now putting into your joint accounts and how much you are reserving for your own use.
