Category

Money Management

Aug 11
Love0

Prepare to Become Financially Naked

By Love and Money, Money Management No Comments

Did you know that intimacy does not just apply to physical, emotional, or sexual contact with people in a relationship? Intimacy can apply to finances also, hence the term financial intimacy!

Possessing a joint account sounds like the ultimate climax of financial intimacy; however, it may be ideal for some relationships to practice financial abstinence. There might be secret details hindering someone from disclosing their finances.

Revealing your financial situation can present significant vulnerability. However, if you want to become intimate sexually, in the same way, this commitment should apply to being financially naked.

This entails disclosing the details of your present and previous financial situation. If someone is not ready to reveal this information, this does not offer the best kind of financial intimacy. Money issues should be dealt with on their own.

Combining your finances without sharing this data is similar to having unprotected sex without being aware of one another’s STD and HIV status…it is financial fornication!

Importance of Financial Disclosure in Relationships

It is an open secret that issues connected to money lead to more disagreements between couples compared to any other matter in the family. It has been recognized as being among the key contributing elements to the reason couples divorce.

The truth is that in most instances, couples are not offered awareness on the essential skills to control and talk about their finances before getting married.

In many homes, discussing money is still thought to be an extremely taboo topic. Many couples cannot tell whether they are compatible financially with their partners before entering a serious relationship.

People handle their money differently and have different behaviors, beliefs, and patterns that form financial separation and pressure in a relationship. Typically, opposites attract in regard to how finances are managed by a couple, making them compatible financially.

It can be hard to create financial intimacy initially in one’s marriage. However, after this has been implemented, couples can become compatible financially, making the relationship thrive.

Guidelines for Forming Financial Intimacy

  • Attain knowledge and transparency regarding your financial beliefs and patterns.
  • Make an effort to comprehend and respect variations in the way your partner regards money.
  • Implement objectives that are well defined and distinct.
  • Discover a method of combining your financial abilities for you to work jointly as one team.
  • Create a money management strategy that offers the two of you information always.
  • Try and find solutions as a team, to solve issues. Be ready to negotiate.
  • Concentrate on common objectives.
  • Practice listening without passing judgment.
  • Talk about how to solve issues that might arise.
  • Be ready to consult an expert for help, if required.

In any relationship, a healthy interaction with your finances is necessary. Truthfulness and open communication do not just raise physical and emotional intimacy, but also financial intimacy.

Originally appeared on BlackEnterprise.com.

Aug 09
Love0

How to Split the Tab Without Losing Friends

By Money Management No Comments

“Whether your friends are open about money or more private with their finances, splitting the bill at dinner can be tricky.” says Laura Sanicola of Money.CNN.com. Check out her tips on How to Split the Tab Without Losing Friends.

Do you have to pay for other people’s drinks if you didn’t order any? Do you chip in for an appetizer you didn’t eat? How do you split tax and tip?

The good news is that mobile payment systems like Venmo and Zelle have made splitting the bill quick and easier than ever.

But they haven’t completely removed all the awkwardness from eating out with friends.

Here are a few ways to avoid looking stingy, overpaying, or ticking anyone else off.

Make decisions beforehand

One of the best ways to avoid confusion (and later, resentment) among your friends is to definitively decide before the meal which way you’re splitting the check.

“Establish who is going to pay the bill up front,” says Jacqueline Whitmore, an etiquette expert. “Don’t whip out a calculator without warning after a meal, because you run the risk of looking cheap.”

Waiters are often more than willing to split the check, Whitmore says, so don’t be embarrassed to inquire before the meal to make things easier on your group and the waitstaff.

Talking about the check beforehand also prevents miscommunication. One friend may have meant to agree to pay the tab, with or without expectation that they will be paid back.

Alternatively, your group of friends be fine with splitting the tab evenly. But the fairest way to avoid conflict is to bring up the subject before the meal, even if it initially feels uncomfortable, she says.

Choose your app

Apps like Venmo and Square Cash make it easy for one person to pick up the tab and everyone else to send them electronic payments for their share. Instead of reminding your friends individually to pay you, you can request a specific amount from each person based on their order.

Other apps like Tab and Plates by Splitwise, which utilize Venmo, have features that allow you to keep track of who paid last, and some even have options for special occasions, like covering the cost of the birthday girl or boy.

“While gifting can be nice, sometimes you don’t want that sort of pressure on a relationship,” says Jonathan Bittner, the CEO of Splitwise. “Our app is designed to help make relationships about what they should be about, and less about money.”

Paying only for what you ordered — particularly down to the cent — used to feel stingy. But the apps help reduce the pressure to round up or kick in a little extra.

If all of your friends agree to use an app, the social stigma disappears. Gabe Savit, the CEO of Tab, says that he is getting requests to make features more granular to keep better track of how splits were done.

“The data is interesting and indicative of how there’s a real desire for people to be as specific as possible with the bill,” Savit says.

According to Plates and Tab, users of all ages and locations are becoming more accustomed to paying for meals with the aid of apps, although demographics tend to skew toward younger people and more urban areas.

Always be considerate

If you know one of your friends is on a limited income, try to avoid putting them in a position where they might have to pay for things they didn’t order. The tactful way to do this is to let that friend decide which way of paying works best before the meal, and sticking to it. They may be more comfortable paying the exact dollar amount they owe instead of splitting a tab evenly.

“I wouldn’t be quibbling with friends over a dollar or two dollars,” says Whitmore.

Conversely, if you’re the one that’s tight on cash, requesting a separate check for yourself at the beginning of the meal can give you an out without forcing you to explain.

This article was written by Laura Sanicola and originally appeared on Money.CNN.com. Follow her on Twitter at @LauraSanicola,

Aug 08
Love0

Dear Money … I Love You!

By Love and Money, Money Management No Comments

Dear Money,

I love you.

It took me over 40 years to finally be able to say it out loud without feeling guilty and having an ulterior motive. Literally, all of my life I have been told that loving you is a sin. The problem was that no one taught me how to love you the right way.

I thought I loved you; butm now I realize that I just loved what I could get from you. I never took the time to learn you. Yes, I abused you when I had you and PAID the price as well as endured the consequences when you left me.

I can’t really blame you for leaving me like you did. My arrogance in believing that you wouldn’t … couldn’t leave me made me disrespect and take you granted. It was when you left me, completely and abruptly, that I really realized what I had, could have had and lost in you.

I’m Sorry.

After taking the time to acknowledge and admit the errs of my ways, I promise to treat you with respect. You are a gift from God, so I will spend more time learning about you.

Thank You.

You were there when unexpected financial emergencies arose. God gave me you and you fed, clothed and provided shelter to my family.

So, now I am excited about our future together. I want more of you. I want to share you with my family, friends and those that need you the most.

It’s selfish of me to keep you all to myself; that’s why I give the first and best parts of you to the Creator that sent you to me. I also keep a special portion of you for myself before I share you with the world who tries take all of you from me.

Not sure if you noticed, but I am now extremely apprehensive to give you all away. I’ve just decided to manage our financial relationship better so I can keep more of you to myself.

I want more of you.

I deserve to enjoy you. I deserve the security that you offer. I deserve the lifestyle you can produce. I deserve the nice things you can get. But most importantly, I deserve the peace of mind of knowing that you are there when and where I need you.

“Like the air I breathe, Money comes to me … abundantly and effortlessly.” – Law of Attraction Affirmation

I have to do right by you.

You are very sensitive, Money. So I will be more mindful of what I think and say about you, and especially what I do for and with you.

“Money can’t save you if you won’t save it first.”

Money, I appreciate you giving me another chance. But, even though I am going to work harder to do better, please forgive me if I make more money mistakes in the future.

I’m so excited!

I get so excited when I share your complexities like compound interest, return on investment and credit. I love sharing the security of your long-term financial commitments like investing, college and retirement savings.

I won’t just nickel and dime our time together. Rather, I look forward to receiving you by all of your names: Washington ($1), Lincoln ($5), Hamilton ($10), Jackson ($20), Grant ($50), and of course your most famous name, Benjamin (Franklin – $100).

Let’s be clear…

Anything in excess is a sin. Therefore my love for you is no longer based on lust, greed, envy or laziness. My love for you is now and will always be based on Respect. Respect of your power and reverence of the One who gave you to me.

So, thank you Money for being patient with me and coming back to me. I look forward to a long, abundant, opulent and healthy relationship and life with you.

Love,

Tarra

Do you have a #FinancialLoveLetter to Money? Share it below.

Aug 07
Love0

How To Reduce Expenses In Every Budget Category

By Money Management No Comments

If you want to improve your personal finances, whether that means paying off your debts, saving for a house, or starting a retirement fund, the first step is always to get your personal budget under control. By examining and reevaluating your regular expenses, you can cut costs and save more money every month—and now that there are so many free, convenient budgeting apps out there, it’s easier than ever to track your expenditures and eliminate expenses.

The trouble is, too many first-time budgeters end up analyzing, but not changing, their spending habits, or focusing only on one area to improve. If you want to see the best results, you need to make improvements to every category in your personal budget.

These are some of the best ways to eliminate expenses and get your budget under control.

Housing Expenses

Experts recommend that no more than 25 percent of your salary be spent on your rent (or mortgage). If you’re currently paying 25 percent or more, you should consider slashing your costs in one or more of the following ways:

  • Move to a less expensive area. First, consider moving to a less expensive area. Moving may be a hassle, costing you a few hundred dollars in transportation expenses, and putting you further from work and your neighbors, but if the move saves you a few hundred dollars each month, it will be worth it in the long run. Consider downsizing your space as well; many people end up buying more house, or renting more apartment space, than they truly need.
  • Negotiate your rent. Have you considered negotiating with your landlord to lower your rent outright? If you’re a reliable tenant, with a history of on-time rent payments and few, if any, problems, chances are good your landlord will be willing to make some sacrifices to keep you around. Explain that you’re trying to save some money, request a reasonable discount, and you might get the price break you need.
  • Find a roommate. In many situations, it’s entirely legal for renting tenants to sublet their apartments to new tenants; however, you’ll need to secure permission with the landlord ahead of time. If you’re the homeowner, you don’t need to secure any additional permission; just make sure you have a good homeowner’s insurance policy in place to cover you in the event of an accident or injury. This move could instantly slash your housing expenses in half.

Transportation Expenses

The next biggest portion of your budget is likely transportation, including car payments, gas, insurance, and other expenses that get you from point A to point B. Here’s how to control your costs in this area:

  • Refinance your auto loan. First, if you drive a car and you plan on keeping it, consider refinancing your auto loan. You may be able to secure more favorable terms, or a better interest rate, which can instantly save you money in the long term (and might be able to cut your monthly payments drastically, if you choose to extend the loan period).
  • Take public transportation. The American Public Transport Association estimates that switching to public transportation could save the average commuter upwards of $10,000 a year. Imagine what you could do with that extra money. Assuming your city has a solid public transportation network in place, you’ll likely be able to purchase an annual pass for a reasonable amount, and use buses, subways, and other means of transport to get anywhere you need to go.
  • Carpool or bike. If you don’t like the idea of public transportation, or if you want to eliminate expenses even further, consider carpooling to your target destinations or riding your bike. Bicycles are dependent on good weather and reasonable city infrastructure, but they’ll save you thousands of dollars a year—and keep you in good shape at the same time.
  • Rethink your insurance. You’ll also want to rethink your car insurance policy. If you currently have a spouse with a separate policy, consider joining policies. No matter how long you’ve been with your current company, consider shopping around; you never know when a competitor might be willing to offer you a better rate.

Groceries Expense

Depending on the size of your family, you’re likely paying hundreds of dollars per month on groceries, but are you spending that money wisely? Here are some fast ways you can eliminate expenses with your grocery bills:

  • They’re popular for a reason. Some consumers have made entire careers out of “couponing” and teaching others to coupon effectively. The goal is to find the best places for coupons, and redeem those coupons to earn far cheaper groceries and other items than you’d ordinarily be able to find, sometimes scoring freebies or near-freebies in the process. The major downside to this strategy is the amount of time it takes, both in learning how to coupon effectively and to do it on a daily basis.
  • Comparison shop. Get to know your regular buys, and what they go for at your favorite store. Then, head to other stores in the area and get a feel for who offers which items for the least amount of money. It might add a stop or two to your routine, but you’ll end up saving lots of money in the process.
  • Check unit prices. Unit prices tell you how much you’re paying per ounce, or per other unit of food, and can help you make sense of different brands, which may offer very different prices for different sizes. Unit prices are usually listed on the price tag, along with the total price, and as a general rule, the lower unit price is the better bet.
  • Avoid food waste. It’s a simple strategy, but an effective one. When meat and other freezable items are on sale, buy up and keep them frozen until you’re ready to use them. Otherwise, only buy what you need, and make use of every bit of the food you buy. You’ll be amazed how much less food you’ll have to buy when you throw away less of it—cumulatively, Americans throw away more than $165 billion of food every year.

Utilities Category Expense

Most consumers see utilities as an unpreventable expense. While that may be, to some extent, true, that doesn’t mean you can’t take measures to lower your utility costs overall:

  • Make your space more energy efficient. There are some cost-intensive strategies that can make your home more energy efficient, reducing the amount of money you spend on heating and air conditioning, but you don’t have to invest in new windows or redo your entire home’s insulation to see benefits here. Instead, focus on solutions that cost you only a few dollars and a bit of time, such as applying weather stripping around your windows and doors, or applying plastic insulation around your windows in winter time.
  • Lower your utility use. You can also reduce your utility expenses by keeping your thermostat a bit higher in summer and a bit lower in winter, and carefully monitoring how much water you use for things like showering, laundry, and washing dishes. A few lifestyle tweaks here, which you probably won’t even notice, can shave several dollars off your monthly utility bills.

Debt Payments

If you’re working on paying off your debts, you can save money (and pay off your debts faster) with these strategies:

  • Stop the bleeding. First, refuse to take on any more debt. If you have credit cards, commit to reserving them only for emergencies. Avoid any major purchases, such as a home or a car, until your debts are paid off—or at least under control.
  • Renegotiate your interest rates. Most consumers don’t realize that you can renegotiate the interest rates on your credit cards. You won’t always be successful in the attempt, and you might only shave a point or two from your original interest rate, but even a slight improvement here can reduce your monthly payments and make you debt-free sooner.
  • Consolidate your loans. Finally, consider consolidating your loans and debts to one source (the one with the lowest interest rate). You’ll pay less, and you’ll have an easier time managing your payments since they’ll all be going to the same place.

Subscriptions and Entertainment Expenses

Most of your subscription and entertainment costs are wholly unnecessary, so your savings here will come down to how much you’re willing to sacrifice in order to achieve your financial goals. For items that you don’t want to cut out entirely, consider seeking a more budget-friendly alternative; for example, instead of paying a cable bill that costs you more than $60 every month, consider switching to a streaming service that costs $10 or less.

No area of your budget should go neglected; each area may add hundreds of dollars to your expenses every month, so if you manage to cut costs in each area, you’ll end up with far more money leftover at the end of each month. Once you have your introductory budget in place, you can work on other financial goals, including generating more income and putting all that extra money to good use.

This article was written by Serenity Gibbons and originally appeared on DUE.com.

 

Aug 04
Love0

Love And Money: 5 Ways to Talk Personal Finance on a First Date

By Love and Money, Money Management, Relationships No Comments

First dates are hard. You’re trying to be a funny, charismatic, and interesting version of yourself while asking insightful questions and listening to your date.

If you’re one of the few Americans who’s passionate about your personal finances and doesn’t want to waste time with someone not on the same page, you’ve got an even harder task. How can you find out your date’s views on money without being rude?

Here are five strategies you can use to stay charming and get the financial scoop.

Propose a cheap date

If you want to find a frugal romantic partner, don’t schedule your first date at a steakhouse. Suggest a picnic, scenic walk, or coffee shop. A date with expensive tastes might balk at these ideas, but it’s a quick way to find out how your romantic interest feels about money.

Consider your date’s attitude

You aren’t going to find someone who wants to discuss ETF allocations or tax-gain harvesting on the first date. Most people aren’t passionate about their personal finances. That doesn’t mean you should give up on dating. Consider looking for a partner who shares your frugal values but hasn’t figured out how to implement them. If you find a date interested in your long-term plans to live within your means and avoid debt, you’re off to a great start.

Use open-ended questions that get your date talking about their long-term lifestyle plans. Letting your date do most of the talking makes you seem like a good listener and gets you the answers you need. Many dating experts suggest asking about dreams and ambitions on the first date. It’s not just financially smart; it’s also romantic.

Ask about vacations

Ask your date about their dream vacation. If your date starts describing a first-class trip to Paris complete with five-star hotels and Michelin restaurants, that’s a good clue they aren’t frugal. Try mentioning your plans for camping at a state park or using credit card rewards for travel and see how they react.

Discuss career plans

You don’t need to pull out your 20-year blueprint for your career, but you can discuss generalities and gain insight into your date’s personal finance thoughts. Ask what job they’d do if money was no object or where they see themselves in five years. Are they planning on a career as an artist or part-time social worker? Those are admirable paths, but they might not mesh with your personal finance goals.

Talk about the perfect home

Asking your date questions about their dream home is a sneaky way to learn about their financial maturity. If they want a 10-bedroom McMansion, have they talked about career goals that make their ideal home realistic? Do they want to live in the suburbs and commute an hour each day into the city? Perhaps you’ll be surprised and have a date who dreams of a mortgage-free house.

Frugality is not the norm. Most Americans spend more than they earn and struggle under heavy debt loads. Money is the most frequent reason for arguing among married couples. Finding someone who shares your financial views is hard work, but a strong relationship will be your greatest long-term asset.

Originally appeared on Learn.StashInvest.com.  Click here to Sign up with STASH here.

Aug 03
Love0

4 Back To School Savings Tips

By Money Management, Saving, Shopping No Comments


It’s that time of the year again … Summer vacation is over and it is now BACK TO SCHOOL time!!! Even though parents are celebrating on the inside, what keeps them from doing the happy dance on the outside is the expense of Back To School Shopping!

So, to help all of the parents with school age children really celebrate, especially if you missed the Tax Free Shopping Day, here are 4 Back To School Savings Tips.

Think Outside of the Box

National office supply stores, national drug stores, Toys R Us, Best Buy, Khols, and Target are great places to get school supplies for super cheap or FREE. Yes, free. Check out their weekly ad in your Sunday newspaper; you may see great deals for items that happen to be on your supply list.

There’s an APP for That

Use money saving smartphone apps like ShopKick, Plink, and Valpak which offers savings right at your fingertips. Compare in-store prices, reveal the best deals, or find online coupons with these easy to use apps.

Get Social!

Facebook and Twitter are for more than just connecting – you can also discover exclusive deals. ‘LIKE’ and Follow office supply brands on Facebook and Twitter for exclusive deals. Use Twitter to search for #deal, #save, or #coupon and you’ll see a flood of thrifty tweets. If you don’t feel like searching yourself, you can tweet @ValpakCoupons or @Savings, include hashtag #HelpMeSave and mention what you’re trying to save on. You’ll receive a coupon in return to jumpstart your Back-to-School savings efforts.

Get Cash Back! 

If you shop online and aren’t using a cash back site like Ebates.com you are missing out on Free Cash!  It’s super easy to use!  Just log in to Ebates.com, find your favorite store, and start shopping.  With every purchase you will earn back a percentage of your total purchase amount (between one percent and 40 percent depending on the store).

Using these 4 simple steps can help you save big during your Back To School Shopping!