Love and money, the two things you can’t live without (well, that and pizza). Ameriprise Financial (AMP) just released a brand new survey about couples’ spending habits, how they jive when it comes to financials and what you and your significant other can do now to make the money situation a little greener.
“One surprising thing that we found is that couples talk about money a lot” Marcy Keckler, VP of Financial Planning and Advice Strategy at Ameriprise, told FOXBusiness.com.
Financial discussions take place “more than world events, more than politics!” she adds.
The study showed that 77% percent of couples feel that they are on the same page when it comes to finances and that the 33% who don’t, tend to argue at least once a month.
But it’s not all bad. Of those who tend to disagree, 82% say they can eventually work out their differences.
“Couples do agree on a spending limit; the average was $400 but that varied by generation” adds Keckler.
The spending limit of a Millennial shopper who made a purchase without talking to their partner was around $250-$300, whereas baby boomers spent roughly $500. Not to mention, 5% of respondents said they were hiding a secret bank account from their partner!
When it comes to retirement, the study showed 23% of the couples felt that they weren’t on the same page or just not sure if they were prepared to retire.
So what can couples do to sync up?
“One money strategy that can make sense for couples is a three-account approach,” says Keckler.
An “ours, yours and mine” arrangement allows couples to have a joint account for shared expenses as well as separate accounts to have some financial independence and still be able to surprise one another.
However, when you and your partner spend, be sure to invest responsibly and speak to an expert!
So, you have a copy of your credit reports. Now What? Meredith Simmons of Credit Info Center shares some easy tips about the Anatomy of a Credit Report.
I was so excited to meet you that I had to have you! But, I think we rushed into our commitment. Instead of being patient and learning more about you, I fell in love with what you I could acquire with you without realizing the cost of our relationship. So, our financial one-night stand turned into a long-term financially abusive relationship.
You didn’t change … I did.
I was surprised when your “giving” demeanor changed into “Debt,” the “Taker.” But, that is just a part of your personality.
Now that I am wiser, I realize that our relationship is financially and emotionally unhealthy. For example, when I started having financial problems, you were relentless in your demand of my money, time and emotions to satisfy you.
It’s not you … It’s me.
Credit, you are who you are. And because I was financially promiscuous and did not use financial contraception (a budget) with you, I wound up with Financial STDs (Substantially Tremendous Debt). That financial dis-ease not only infected and affected me, it infected and affected everyone around me, especially my family. I took time away from my family to work to make enough money to relieve the financial hardship I was in with you. I have just decided to make the changes required to have a better financial life for my family and me.
I’m in love with another.
I can’t go on treating the one I love like a financial side-piece. Even though you think that you are the center of my universe, I will no longer work and live my life enslaved by you. I’m actually in love with Money and he’s been helping me get a handle on stabilizing the financial roller-coaster I’ve been riding on with you.
You’re not bad.
Credit, you are not Bad. You are actually a good business partner and friend. I just got consumed with you and became overwhelmed when you turned into your alter ego, Debt.
Let’s just be friends.
Credit, I don’t want to lose you, but our current relationship is financially abusive. I do believe that there are some awesome opportunities for us to partner in the near future. But, this time, I am better prepared to handle this partnership.
Thank you for being there for me.
I do appreciate everything you helped me to acquire. It was indeed a learning experience. Now that I know better, I look forward to having a more productive and profitable relationship with you as “friends.”
When most people think of investing they think of stocks, bonds and real estate. Very few people know about a very new asset class that is changing the face of investing and introducing investment possibilities to new investors. CryptoCurrencies have only been around since 2009. Designed as a way to make peer to peer payments over the web, cryptocurrencies have made countless millionaires and offer an investment platform for regular people.
The first cryptocurrency, Bitcoin, was created in 2009. It was designed to allow people to pay for things over the internet without middlemen, like PayPal. Since it’s inception, the value has grown over 4000%. People use Bitcoin as a store of value and to buy things over the web from places like Overstock.com. As more people have gotten into the market, the value has grown exponentially.
As an investment, cryptocurrencies are very attractive to new investors. They are particularly appealing because of the very low entry costs. It’s possible to start buying cryptocurrencies like Bitcoin for as little as $10. People enjoy investing in cryptocurrencies because they have huge medium and long range growth potential. Investing $100 in 2010 would have made you a multi-millionaire today. There are lots of reasons why people invest in cryptocurrencies. A little research will help you to find the best reason for you.
Where can I buy CryptoCurrency?
The only place I purchase my crypto-currency is Coinbase. A reputable exchange, Coinbase is one of the oldest exchanges for Bitcoin, Litecoin and Ethereum. It allows individuals to purchase all three of these currencies and store them in an online wallet. Through Coinbase, you can keep track of the value of your investments and also use it to make purchases. Our next blog will discuss digital wallets and where you can spend your new found wealth.
For more information, go to http://www.investnoir.com.
Imagine being able to save money without impacting your lifestyle by getting control over the items that you waste money on. Before you start to slash your budget and cut out the fun, re-evaluate the ways that you spend without thinking. Here are 12 ways that you waste money and how you can change this spending.
Overdraft Fees.
Overdraft fees can be as high as $35 per transaction, so if you have 3 overdrafts per month then you end up spending $105 in fees. What could you do with the extra money? You can prevent this by maintaining a cushion in your checking account to reduce the risk of over drafting the account.
ATM Fees.
ATM fees are really harsh because the bank servicing the ATM and your bank both charge you fees to access your money. Planning in advance will help to reduce ATM fees. If you know that you will need cash, then plan in advance to get cash from your bank. Search the web to find ATMs owned by the bank where you have your checking account. Use those ATMs only. If you are in a situation where there are no bank-owned ATMs nearby, then go to a place like CVS were you can get cash back.
Late fees.
Late fees add up quickly. Just imagine paying a bill late every month and each late payment included a fee of $15. Over the year you would have paid $180. What could you have done with the extra money? Reevaluate how you structure your bills to ensure that you have adequate cash flow to pay your expenses on time. Also, consider setting up automatic payment to minimize the likelihood of paying bills late.
Unused subscriptions.
Look at your bank statements to identify subscription services or automatic monthly expenses that you don’t use. For example, if you have a gym membership that goes unused, then cancel it. If you have multiple streaming services that you don’t use, then cancel it. Don’t pay for things that you don’t use or need.
Clothes that sit in the closet.
Shopping used to be one of my biggest budget busters. I would by clothes because they were on sale or because I thought that I needed to have it to be in style. Inevitability, those clothes went unworn and wasted space in my closet because I didn’t have a plan for when I would wear them and if I really needed them.
Buying things because they on sale.
If you find an item on sale, evaluate whether you would buy the item if it was full-price. If the answer is no, then put it back.
Grocery shopping without a list or while hungry.
Have you ever grocery shopped while hungry? If so then you probably ended up with a ton of extra food in your cart, and you walk out of the store with way more stuff than you planned to buy and may even go to waste. Before you walk into the store, survey your cabinets and determine your meals for the week. After you do this, then create the list and stick to it.
Food waste.
According to a study by the National Resource Defense Council, the average American family wastes on about $2,200 of food per year. That’s literally throwing money away. To reduce food waste use a grocery list, buy less, keep track of when items expire, and also get creative about using all of the food before it goes to waste.
Buying items for convenience.
A bottle of water at the gas station can cost $1.50 versus about $.10 if you buy a bottle of water in bulk. The cost of water can be even less if you fill up a refillable cup. Try to minimize convenience purchases by planning in advance.
Dining out daily.
You can dine out, but be aware of how often you dine out and how much you spend. If you buy dinner 5 times a week and pay $15 each time then you will spend $3,900 over the course of a year. Even if you scaled back to 2 times per week then you will save $2,340/year. To reduce the cost of dining out, plan meals more, look for dining discounts, and try to take half of your meal home to cut the cost in half.
Not maintaining your health.
Medical costs are expensive and according to a study by Harvard University, they are also the number 1 cause of bankruptcy in the United States. To avoid high medical costs, focus on prevention by maintaining a healthy lifestyle and going to the doctor and dentist for regular check ups.
Cable bill
With all of the streaming service options, it makes a lot of sense to cancel your cable. You still have to determine internet, but if you cut the cable then you can reduce your monthly costs and only pay for the services that you use. PC Mag has a great story about what your tv options are if you cut the cord.
Now that you know where you may be wasting money and how to fix it. Look at these ideas and determine which area is costing you the most money and then start there. Once you fix that area, then move on to another. Good luck!
Originally appeared on EverydayPowerBlog.com by Aisha Taylor, a financial freedom expert who brings a modern and fresh twist to wealth consciousness. Prior to becoming a full time entrepreneur, Aisha spent 6 years in Corporate America in a Fortune 100 as a Senior Financial Analyst. Aisha now works full time in her company Frugal-n-Phenomenal (FNPhenomenal), and she is on a mission of to help women break the vicious cycle of making money but not keeping it, and to help women live frugally yet phenomenally.
It’s the lunar event of the century — and some companies are cashing in.
August 21 marks the first total solar eclipse that will be visible coast-to-coast from the mainland United States since 1918.
As people prepare for the main event, U.S. businesses — from national chains to mom-and-pop shops — are starting to hawk special eclipse-themed merchandise.
Here are some of the commemorative eclipse products and promotions out there now.
Krispy Kreme’s Chocolate Glazer
Krispy Kreme will sell its first-ever chocolate glazeddoughnut during the eclipse.
The donut shop lists participating stores on its website. It will also sell the treats on August 19 and 20 during special hours.
“The solar eclipse is a rare occasion — providing a total sensory experience for viewers across the continental U.S.,” Jackie Woodward, Krispy Kreme’s marketing chief, said in a statement. “Chocolate will have the same effect as we introduce a first-time chocolate glazing of our iconic Original Glazed Doughnut.”
Jackson Hole’s Eclipse-themed booze and coffee
The eclipse will be in perfect view for anyone in the Jackson Hole valley area of western Wyoming.
One local brewery there has come up with a fun concoction dubbed “Eclipse” beer, and it’s is also hosting a party at its Jackson Hole venue.
Snake River Roasting Co. also has a special product on the market: eclipse coffee.
Ruth Ann, a spokesperson for the coffee house, told CNNMoney that the coffee has been “selling like mad.”
Portland’s pot tribute
Cannabis dispensaries in Oregon are not shying away from eclipse promotions.
A pot shop in Portland called Oregon’s Finest has started selling a strain of weed it’s named “moon puppies.”
The state is one of only seven (plus D.C.) that has legalized recreational marijuana use. And it’s the only state in the path of totality that that allows legal weed.
Viewing glasses made in Knoxville
Tennessee-based Paper Optics usually sells 3D glasses.
But the company has been making some special eyewear in preparation for the eclipse.
Special ultra-dark sunglasses are needed to safely view the event. And Paper Optics has been producing millions of pairs over the past couple of years to prepare for the demand, according to the Associated Press.
In the wake of the demand, there have been some reports of unsafe bogus eclipse glasses that may not be dark enough to protect your eyes.
You won’t even have to be on land to watch this eclipse. One cruise liner is advertising the chance to see the sky show by sea.
Royal Caribbean is offering a “Total Eclipse Cruise” that it calls an “out-of-this-world” weeklong trip. The cruise will sail to “the optimal spot at sea for guests to witness the total solar eclipse,” the company said in a press release.
On Wednesday, the cruise line also announced that Bonnie Tyler would be a special guest aboard the trip — and she would perform her smash hit song, “Total Eclipse of the Heart” during the celestial event.
The the ship will set sail on August 20 from Orlando, Florida and stop by several other destinations — including Phillipsburg, St. Maarten; Charlotte Amalie, St. Thomas; and Nassau, Bahamas — on the week long adventure. Just days away from departure, the only tickets left on sale cost thousands of dollars.
Oregon’s solar eclipse shoes
The small town of Philomath, Oregon isn’t usually a tourism hot spot. But because it lies in the path of totality, Philomath is expecting a flood of visitors August 21.
A local handcrafted shoe company, Softstar Shoes, is trying to capitalize on the attention with a special edition eclipse slipper.
“These moccasins are handcrafted in-house and are made of smooth, buttery soft leather and luxurious sheepskin,” the company said in a statement.
“The Banana Sun”
Chiquita — yes, the banana company — has claimed to have created the “ultimate eclipse-themed (marketing) phenomenon.”
The company has cheekily claimed for weeks that they will be responsible for the eclipse. But Chiquita claims the special moment to watch for is just before and after totality.
For “two glorious moments” before and after the the moon fully blocks the sun, it will “turn the burning ball of gas in the center of our solar system into a giant banana,” the company said.
If it sounds crazy, Chiquita is owning that fact. It named its new marketing strategy “We Are Bananas.”
Chiquita is partnering with the comedy team at Funny or Die for a live stream event the morning of the eclipse. It kicks off at 9:15 am PT.
Tarra “Madam Money” Jackson is a financial educator, international speaker, author, and wealth empowerment strategist helping you heal, build, and grow your wealth.
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