AboutJaynee Sasso Expertise I can answer questions about how to develop an effective budgeting strategy, rebuild & repair your credit, getting out of debt, developing a financial plan beyond paying bills, money & relationships and positioning yourself to experience a lifetime of financial success.
Experience Jaynee Sasso is founder and president of Faithful Assistants Inc, which is an online financial empowerment center. Sasso has been a licensed real estate agent for ten years and a broker for five years. As a foreclosure specialist, she helped families understand their options and helps them survive foreclosure and financial ruin.
Prior to founding Faithful Assistants Inc. Sasso worked as a licensed registered representative (Series 6 & 63 securities license) and life insurance representative for three years. It was during this time, as well as, her continuation in real estate that lead to the creation of her company. With all the financial difficulties facing Americans today she feels compelled to help them uncover the root of their financial problems and teach them the financial principles that would change their mindset first and ultimately their behavior.
Publications I currently have a financial column in the Urban Views Weekly newspaper. Please visit www.urbanviewsweekly.com You can also get more financial tips by visiting my blog at www.commonsensewaytowealth.blogspot.com
Education/Credentials Sasso recently accepted the position of Chief Financial Officer of Mt Gilead Baptist Church in Newport News, VA. She attended Clark University in Worcester, MA and is an alumnus of the Congressional Youth Leadership Council & A Better Chance Inc., 1995. She also served as a member of the Short Hills BNI chapter and speaker for the Somerset County Coalition On Affordable Housing SCCOAH - Step by Step 1st time homebuyers program. She is the former host of the "Protect Your American Dream" radio broadcast featured on the WMCA 970 AM.
Question My girlfriend and I are moving in together after we graduate from college. She
got a great job, I'm still looking for one. She wants to have a shared checking
account just for rent and groceries and little things like that. It's not like we
would be putting our entire paychecks in there; It would just make paying pills
and everything a lot easier. Do you think this is a good idea?
Answer Hi Glenn,
Congratulations on completing such a great milestone in your life. I pray for the best for you and your girlfriend. This is a big step that you guys have decided to take together. Managing the finances within a relationship is very challenging. I am under the assumption that marriage may be in your future. However, you must realize that if things don't go as planned a lot of emotions will be involved.
I suggest that you guys put together a budget that allows you to plan what portion of your paychecks will need to be made available to pay bills that are coming due. Basically, you want to establish what is to be expected from both parties (financial contributions). Especially, if you have yet to be employed and may earn less than your girlfriend. Generally the 50/50 rule doesn't work because of life's circumstances (job loss, illness, car repairs etc). Things will happen that can put either party in a position where they can not hold up their end of the bargain. Are you prepared to carry each others financial weight in times of trouble? How committed are you to taking care of each other? I know this sounds like you guys are married but in fact you will be just without the official paperwork.
Many relationships fail because people often commit their physical body to a relationship before they will commit their money. The reality is that the two go hand in hand. There must be trust and commitment between you two. If not, when the difficult times come you will not be able to weather the storm.
I suggest doing the following:
1. Designate one of you guys to be responsible for overseeing that all the bills get paid. In other words, determine who will physically pay the bills. This does not excuse the other person from making an effort to be aware of what's going on with the money but prevents the "I thought you were going to pay that" situations.
2. Open a joint account to pay bills only. No other transactions should be made from this account and determine what bills will be paid from this account. I suggest maybe writing down a list of all the bills and misc expenses such as groceries and the budgeted amount for these items. And then you need to determine how much each person will deposit into that account every pay day?
3. Discuss how you guys will handle things in the event that things don't work out. You need an exit strategy even though right now it may seem like things are going great.
4. Communicate, communicate. Always discuss major purchases with each other before you decide to spend. Remember everything you do or your girlfriend does affects the both of you directly or indirectly. This includes debt, low credit scores etc.
There is so much more to this topic but I can't tell you everything in one e-mail. I suggest visiting my site www.commonsensewaytowealth.com and deciding to join our community. Please tell your friends and family to check it out. Successful money management is a lifestyle and often very difficult to deal with if you don't have the tools and resources you need.
