Nature has an interesting way of teaching and inspiring. Judy Lawrence of Wllness.com shares how nature’s lessons can inspire how you manage your household budget?
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Syndicated | Tayne Law Group
Are you in Financial Denial? If the answer is NO, then you probably are. Just kidding. However, Jimmy Ingrilli, from the Tayne Law Group Blog, shares 5 signs you may be in Financial Denial.
What separates the financially responsible from those in financial denial?
While the reasons may differ from person to person, one answer can be their willingness to correct money problems if and as they arise. A hallmark of being financially responsible is taking action to right your money ship, while someone in financial denial is not able to admit they are having financial problems. It can be hard to admit or even notice a money problem exists, so here are some signs you may be in financial denial.
You’re Not Honest About Your Finances
If you’re dishonest, look to avoid conversation, or even downplay financial issues, then there’s a good chance you are in financial denial. Avoiding financial problems will not only hurt you, but can also hurt your loved ones. Financial dishonesty can lead to further disaster as your family members may spend money based on how they believe they stand financially. Someone who is financially responsible should know their income, exact debt, credit score, what their budget is, how much they should save, and have long and short term financial goals.
You Borrow Money Often
While borrowing money may seem necessary at times, a person living in financial denial believes borrowing money is the norm. They may rely heavily on credit cards or borrow from friends and family in order to pay off debt and bills. In other words, they “rob Peter to pay Paul.” This will never get you on track as you are only taking on debt to pay other debts and will never teach you responsible financial habits.
You Think ALL Your Debt is Good Debt
These days, debt is a household word and is often used to help us purchase big-ticket items. Good debt can be any loan you take on with the ability to pay back or any debt that can generate future income such as a school loan, … (continue reading Signs you’re in Financial Denial)
Syndicated | Kasasa
Let’s be real: attending other people’s weddings can get pricey quick. The worst part is that it usually comes in waves. I remember a few years back wondering why I hadn’t gotten any invitations yet. Low and behold, this year I received three for the same month. Be careful what you wish for.
This week we’re featuring two bloggers who tackle this adulthood struggle in their own ways.
First up is Erin Lowry, otherwise known as the Broke Millennial. Her blog is jam-packed with real-talk about handling money as a “Millennial,” and her work has been featured on Forbes and Kiplinger.
The Price Tag of Attending Other People’s Weddings
“Hey – guess who got engaged today,” Peach asked.
My stomach dropped. Our combined dance card felt dangerously full already with seven weddings populating our calendars from May to November.
“Who?” I choked out.
Peach smirked, clearly messing with me.
“Not nice,” I retorted, while wishing I could cradle my travel savings account and whisper in soothing tones, “I won’t totally deplete you.”
Lately, weddings seem to dominate both conversations and my bank account. The onslaught started about four years ago when I’d just hit 23. That’s not to say I’d been wedding free for the first 23 years of my life, but I didn’t have to pick up the tab as card-carrying member of the Bank of Mom and Dad.
Planning for the inevitable
Suddenly, entering my mid-twenties ushered me into a phase of life in which everyone around me seemed ready to get legally yoked to another human being. I was also a big girl with big girl paychecks – not to be confused with big paychecks – who no longer had an active account at the Bank of Mom and Dad.
After a year of five wedding invitations, and no end in sight, I decided it was time to stop trying to squeeze variable line item into my budget and instead give “Other People’s Weddings” its own savings account. It’s part of the reason I routinely joke that I’m saving for a wedding, just not my own.
Previously, the “Other People’s Weddings” fund served as my travel savings account, but considering most of my vacation had been co-opted by true love, the logic followed to just transition the account too.
The account gets funded by 25% of each freelance paycheck I earn. To clarify, that means I’m exclusively using side hustle money to pay for travel and focus my daytime job salary on other financial goals. Part of the reason I freelance is to subsidize non-essentials (in the sense of survival) like travel. I aim to have $2,000 to $4,000 available at any given time (depending on how many flights, hotels, presents and bachelorette parties I’ve recently attended).
On a few occasions, Peach and I have leveraged a wedding destination into … (continue reading Help! My mailbox is filled with wedding invites, and I’m trying to budget)
When I lost my mother on 4/18/2016, it was an emotional and chaotic time. It was also a time when I was called upon to make a number of weighty…
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Are you (or someone you know) recently divorced? I’m not … but I’ve worked with several clients who are.
If are recently divorced, you may be feeling not just the loss of a partner, but also the absence of the second paycheck. Chances are, you have been living a lifestyle based on two incomes, and now that you are the sole provider there are some changes that will need to be made. First important thing is to determine what you can live on by compiling your household and other bills and adding them up, including your food and gas expenses. Then try these 5 Quick Financial Survival Tips for the Recently Divorced.
Downsize Housing or Seek Assistance
If your rent is more than you can handle, you can search for a smaller more affordable apartment. Or if you can’t afford your mortgage alone, you can try to refinance or put the home on the market for sale. Consult with a real estate professional to help you through the process in the event a Short Sale is necessary. There are also nonprofit organizations that provide assistance with foreclosure prevention.
Reduce Cable & Cell Phone Bills
There are some quick things you can do to help you through the first year, such as reducing your cable and cell phone bills. Many of us have more channels than we watch, and now would be a good time to check to see what you are paying for and remove any channels or extra cable boxes that you do not need. Change your cell phone plan to basic usage, if possible. However, if your cell phone is your primary telephone, have your cell phone usages evaluated to find a better or more affordable plan. Also, removing any extra features and also choosing a plan with fewer minutes. Cancel your landline telephone service, if it is rarely used.
Shop Smaller Portions
Shopping for groceries may take some getting used to, especially if you have been in a relationship for a long time. You may want to buy smaller packages of things such as meat, or freeze the portion that you will not use immediately. Make a list and use coupons. Eating at home and bringing your lunch to work will reduce those extra expenses.
Increase Your Income
If you find that after doing everything humanly possible you still do not have enough to live on, then you may want to take on a part-time job to offset your expenses. This may be a challenge, especially if you have children. So, consider starting your own home based business or connecting with a network marketing organization that is right for you with a good compensation plan and reasonable independent business owner investment.
Update Your Beneficiaries & Tax Withholding
One of the most common things that recently divorced people neglect to do is update their beneficiaries on their insurance policies, bank and investment accounts. Make sure you update all financial documents that have or require a beneficiary. Also, don’t forget to update your tax withholding on your W-4 or W-9, if necessary. Consult with your personal financial team to make these changes completely and correctly. If you don’t have your own personal Financial Team, create one that consists of your favorite Banker, Insurance Agent, Investment Adviser, Tax Accountant and Financial Coach, like me, to help you through this process.
Changing your lifestyle is hard enough without having to go through a divorce. Now that it is just you, and your children if you have any, altering your budget and spending habits will help you sustain your lifestyle. Cutting back where possible and necessary will give you greater flexibility with your spending plan or budget.
[us_separator type=”default” icon=”fas|dollar-sign”]What are some additional Financial Survival Tips for the Recently Divorced?
There is nothing wrong with wanting to know how a potential partner handles their finances. And there’s nothing wrong with asking about it during the dating phase. But is it really okay to ask for a credit score on the first date? Many people are doing just that these days. There’s even an online dating site — CreditScoreDating.com — that incorporates credit scores into compatibility results.
With 30 percent of women and 20 percent of men saying they will not marry someone who has bad credit, it’s definitely best to get to the credit score sooner than later. But if you’re planning to ask about their credit score, do yourself (and your date) a favor and give yourself until the third date.
First Date: Avoid the Ask
Let’s face it. First dates are a dime a dozen. Whether you met online, a chance encounter, at work, or through a friend, you never know what the chemistry and communication between you will really be like until you’re in “date mode.” Why muddy the already murky waters with any extra pressure to perform?
The fact is, there are plenty of other reasons to weed out a first date mate besides their credit score. Fortunately, these are qualities you can assess through observation alone, and they need your full attention.
How’s your chemistry? Your conversation? Do they make you laugh? Do you have interests in common? Would you look forward to spending time with this person again?
Of course, these aren’t questions you need answered on the date itself. They’re things to reflect on after the fact when you’re not face-to-face trying to like them, but back on your own considering him or her from an objective, level-headed perspective.
In other words, you may not know whether you even want a second date until the first one is over, making the credit score ask on the first date most-assuredly premature and, in turn, unnecessarily uncomfortable.
Second Date: Be Open To It
You’ve already broken the ice and found yourselves on at least one of the same pages — you like each other enough to go on a second date. Granted, this is still a discovery period, but it does imply potential interest in pursuing other dates down the line. After all, the first date went well, and hopes are high the second date will go even better.
What you’ve reached at this point is a level of comfort that may include room for an exchange of your credit scores. But don’t force it, and don’t count on it. Instead, try focusing on things that should help give you a good idea of their financial life in general.
Do they rent or own their home?
If they’re renting that will tell you less about their finances than if they own. It’s possible they rent because they don’t have the credit to get a home loan, but they also may have stellar credit and just not be interested in owning a home right now. On the other hand, if they own their home, it’s probably safe to assume their credit is good.
Do they drive a brand new car or an old clunker?
This one should be considered within the context of other financial clues. Driving a brand new car probably means they have good credit, but it could also mean they live way above their means. You should know by now what they do for a living. Do the two add up? As for the old clunker, plenty of people with great credit drive their cars until they just won’t drive anymore, which could be a sign of a saver.
Does it seem like they’re spending money in a manner meant to impress you?
There’s nothing wrong with a date spending money on you. In fact, the nicer the places you go, the more likely their credit is good. But as with the brand new car, it’s always possible they’re spending (i.e., charging) beyond their means. You probably have no real way of knowing this yet, but when a date goes out of their way to show off how much they can spend, it could be a sign of spending habits that would mean trouble down the line. Again, it may be helpful to consider this within the context of what they do for a living.
Third Date: Bite the Bullet
If a bad credit score is a deal-breaker in your book, get it out of the way on the third date. By now you know mutual interest is high. To move to a fourth date is to move into pre-relationship territory. So before you let it get that far, cut to the chase.
There is no one right way to ask your date their credit score, but here’s one way to do it, which you can edit according to whatever feels appropriate and comfortable.
Somewhere in the middle of your third date, say something like, “I’ve been having so much fun with you and am really excited about getting to know you better. One thing that’s really important to me is financial compatibility, so I was wondering if we could talk about that for a little bit.” Then leave room for your date to talk, as they will hopefully share a similar interest. The conversation will likely unfold pretty naturally. If they don’t bring up their credit score first, share yours and they likely will too. If not, ask.
Note, if at any point in the conversation about finances your date becomes defensive or aggressive, and unwilling to talk about it, let it go. Whether they have shady finances they’d rather not share, or they simply aren’t comfortable discussing finances at this point, you’re both best-served continuing your search for someone with more similar sensibilities.
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