My older brother got married on Friday, so to say the least, last week was nuts around my parts. I gave him a very generous gift, but to be honest it was the same exact generous gift he gave me 5 months ago. So I got to thinking – what personal finance advice could I offer him? and boom it came to me.
After we received all of our gifts, we partitioned those gifts that I KNEW I had to give back within 18 months. They were then placed in a separate ING account titled, “Wedding Gifts.” So, when this wedding came around I wrote a check from my main account – but had the money coming to it from my ING account.
Why did I do this?
As explained in my personal finance flaw post I need to separate my dollars (even if it is just artifically under ING titles) as not to spend it. If personal finance is 80% Mental (and 30% physical) then isn’t this idea amazing!?
Anyone else have any personal finance advice I can spread to my brother?
Evan
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[...] I always thought one of the smartest things the Wife and I did when we got our wedding presents (read: cash) was to separate those gifts which we had to pay back (read: have the donor’s upcoming wedding), I even wrote a post it titled, “The Simplest Personal Finance Advice for Newlyweds.” [...]
[...] Simplest Personal Finance Advice for Newlyweds [...]
[...] The Simplest Personal Finance Advice to Newlyweds [...]