Hey Captain Awkward.
I read some of your responses to other writers who had concerns about their partners’ finances, and I feel like this is related but not quite the same.
I’m stressed about my boyfriend’s money management skills and how I can help him without getting myself into a bad financial situation. I also recognize that he’s probably embarrassed on top of being stressed, so I’m trying not to make him feel ashamed. He was raised below the poverty line and when he made it “big” in his industry, he was earning huge salaries, so I think he’s allowed himself to fully enjoy it. Now he’s unemployed but is still living a “huge salary” lifestyle.
About me: I’ve always lived pretty frugally. I’m kind of a prepper in some ways – I buy a lot of dried or bulk foods, and I park nearly a mile away from work and walk every day so I don’t have to buy a $400 annual parking pass, plus I get some exercise which is hard to come by in my 9-5 cubicle lifestyle. My mortgage is manageable, 90% of my furniture is thrifted (thank god eclectic/Boho decor is “in” right now), I pay my bills on time, I have a modest emergency savings, and I have excellent credit — with a little bit of revolving credit card debt. My house is my first home purchase, and in addition to receiving some assistance from my grandparents, I participated in a federally funded first-time home buyer program and saved for years to come up with the down payment. My house isn’t fancy, but I love it because it’s mine goddamnit, and after changing addresses every year for 18 years, I finally get to lay down some roots! I‘ll hit my one-year anniversary of homeownership next week. Yay.
I do not typically seek out partners with tons of money. In fact, I’ve been known to date transient wildlife biologist types who briefly stay in the area to work for six months out of the year, and then squirrel their earnings away to get by the other six months. I just happened to fall in love with my BF who – up until last summer – was successful in his career, made a lot of money as a senior level designer with some recognizable household brands, and was promptly relieved of his duties the same week we met. He felt it was a blessing in disguise because he’s burned out on doing design for a living and wants to pursue his passion of selling rare European cars.
BF was earning a gratuitous salary last year, and while he lived within his means, said means were extravagant and now unsustainable: he owns two houses and has 7 cars (or 8? I actually don’t know anymore). Again, cars are his hobby/passion, as well as his side business, so some of this is to be expected. Two of them are “investment” items that will continue to appreciate in value, two are for driving, and the rest are “projects” that he plans to sell… but as you might imagine, this ties up a lot of capital in non-liquid assets.
BF is hemorrhaging money, but not cash, and is putting a lot of charges onto credit cards. He justifies this by saying that most entrepreneurs fund their businesses through credit. BF also owes his best friend a sizable amount for a recent generous loan which seems to have strained their friendship a little.
Three months ago, BF put his second house, which is in a popular resort town a few hours away from where we both live, on the market. He’s received multiple offers on the second house, but due to complications beyond his control, they continue to fall through, and so it remains on the market. BF was relying on the sale of this second house to kick-start the car business.
His monthly expenses (e.g. mortgages, private school tuition for his two kids, and commercial space for his new business) are over $5k. Not included are utilities, groceries, gasoline, health insurance, pet expenses, or anything else fun/recreational like an occasional meal out or outing to the nearby large city. BF has very little income right now except for infrequent freelance design work which he loathes and the car side hustle. Currently, he sells a car every 4-8 weeks and each sale results in a few thousand dollars. I in believe he’s receiving unemployment, but I’m not sure that he’ll qualify for much longer.
I told him he could sell his primary house and move into mine if he wanted. My mortgage is literally half the size of his, and if he paid HALF of my mortgage he’d still save $2k/month. However, he doesn’t want to sell his primary residence for a lot of (legitimate) reasons, and he wants to keep trying to sell the vacation home that’s been on the market for four months. OK, I get that… But right now, it’s just him and his dog occupying a 3,000 square foot space. He wants me to rent out rooms in my house and move in with him (I would contribute to his mortgage, which would only cover 25% of his monthly payment). I am considering it, but I’m also so happy to finally have a home of my own… it would make me sad to move out of my first home so soon.
I know he’s filed for bankruptcy once before, and he recently said he doesn’t want to do that again (he said it semi-jokingly, so I don’t know how much of a real possibility it is for him). He also told me early on that he thought I’d be a good influence on him as far as spending habits go. These were yellow-orange flags for me at the time. Now, he’s asking me to go with him to a cousin’s wedding on the absolute opposite side of the country in two months. We both have airline miles that will cover the trip, but it’s honestly not how I want to use those miles — the whole reason I got a credit card that gives airline miles is because he suggested I get one so we can travel overseas together this year. I wouldn’t have taken out a second line of credit if I didn’t think we weren’t going to use it for an *international* vacation. Plus, the wedding trip in two months becomes more expensive when you add up the other items that will not be covered: lodging, dining out for five days, hiring a pet sitter for our two dogs, rental car, etc. And I’m also just feeling less and less secure about out future together as the weeks roll by. Like what kind of message would I send to his family by attending this big family event if I’m not sure how into/secure I feel about the relationship by the time the wedding rolls around?
He has also half-joked about how I should have offered to pay for a recent ticket he got because he’s so broke. (He wouldn’t have received the ticket in the first place had he agreed for us to take my car that morning — which gets twice the MPGs — instead of his… but he insisted on taking his car. It apparently didn’t have a front license plate which resulted in a ticket.) The irony is that I almost offered to pay for it as a “sorry you’re broke, happy belated birthday” gift… but after he said that, I thought “NOPE. Nevermind; I don’t owe you shit.”
Let me preface that BF is the closest I’ve found to “my person”, if you get me — our connection, chemistry, and compatibility are mind bending. I’ve dated a lot of people in my day and never felt about them the way I do about him. I want to live with him at some point, get married, and maybe even have a child. How can I communicate my concerns to him without compounding his stress and sounding like a tightwad? (Also… Am I a tightwad? I’m starting to doubt myself and my saving habits…) And how do I support him without getting myself into a bad financial situation of my own? I don’t want to lose my savings, wreck my good credit, or be his cash cow, but I do want to be there for him in a way that empowers, not enables. I can see a future with him… so do I just sit tight through this rough spot and hope it all works out soon, or am I aboard a sinking ship and just don’t have the perspective to see it? Also, is there a way I can get out of attending this wedding?!
Thanks Captain Awkward!
Hello! I am so glad you wrote!
And congratulations on this month’s award for “burying the lede”! I retained the subject line of your email as the subject line of the post because I wanted readers to ride the same “oh, only 7 cars? Or is it 8?” roller coaster I did. 🙂
You have been so candid and such a good advocate for yourself that it makes my job very easy. My advice is:
- Do not jeopardize anything about your finances or housing to “help” or “support” a man with 2 houses and 7-8 cars.
- Re-examine the idea that it is your job to help him figure out his money & his relationship with money.
I’ll elaborate but here are some scripts:
- “I do not want to move out of my house.”
- “I do not want to move out of my house to make housing payments on a house I don’t own.”
- “I’d rather save my miles and money for a vacation than go to that wedding, and I can’t afford to do both, so you’ll have to fly solo on that one. I’ll have to meet your family some other time.”
- “We approach money really differently, and I do not think it will be good for either my credit score or our relationship if we combine money or housing, especially while you’re still getting your business off the ground.”
- “I want to help you through this, but ultimately it’s your money and your decision, so one way I can ‘help’ is by having really clear boundaries especially around financial decisions that affect me.”
Additionally, scriptwise, be very blunt and specific about money in your dating life. Do not let this flounder in expectations and hints, get in the habit of nailing stuff down like where are we going, what is the anticipated cost, who is paying. When you are offering to pay, make that offer up front: “Can I take you to ____ tonight? Dinner’s on me.” (This is a good thing to do anytime you are treating a known poor-er person, the anxiety of guessing and mentally running the budget numbers is just awful and fun-destroying). When you are splitting costs or expenses, settle up right away. “The bill is ______, do you want the waiter to split it for us or do you want to pay and I can Venmo (etc.) you my half?”
This may seem unromantic and tedious, and it might bring out some weird shame behaviors and avoidance in him, but do it anyway. If you can’t afford something, say so. “That sounds nice but pricier than I can handle right now, can we save it as a treat for next month and stay in tonight?” Make this shit matter-of-fact and normal. Make yourselves a couple who can talk frankly about money in mundane, routine ways that doesn’t require big negotiations or emotional processing.