Yulhee, former member of LABOUM, appeared on Happy Together 4 to talk about how her husband (FT ISLAND‘s Choi Minhwan) and she manage finances.
She revealed that Minhwan’s mother used to take care of all the finances before they got married.
Yulhee, never having managed money before, initially wanted to live the same lifestyle and only receive a set monthly allowance. But Minhwan suggested that it would be better for Yulhee to learn so that they can become an independent couple.
As [Minhwan] worked, his mother always took care of his finances. I initially told him, ‘I don’t know much about finances and I never earned money before so can you just give me a set allowance each month?’ And he replied, ‘Why don’t you try managing our finances?’
We recently separated our bank accounts [from my mother-in-law]. We live my in-laws, so I visit the bank with my mother-in-law to learn from her.
She also revealed that Minhwan used to spend an excessive amount of money before they got married and had their son, Choi Jae Yool.
But now that Yulhee’s in charge of the finances, she’s decided that they need to learn to save more for the future of their family. She drastically cut Minhwan’s monthly allowance to 1/10th!
[Minhwan] used to spend over 5 million won (~$4,500 USD) before we married, but I recently told him that we should try spending less so I now give him about 500,000 won (~$450 USD) a month.
She revealed that whenever someone starts a family, they can’t help but become more frugal about their spendings. That’s why Yulhee and Minhwan decided to drastically change their finances together!