How Men and Women view Money Differently

From leaving the toilet seat up or down to household roles, men and women have always had a difference of opinion on many things and money is no different. This infographic compares men and women’s attitudes regarding money and how they choose to spend it. 

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Posted in: Couples , relationship

Couples: 10 Quick Tips for Planning Together

There's nothing more romantic than making plans for your future.  Set financial goals and vow to keep them.  Make sure that your goals are both specific and achievable.  Try to set goals that are equally rewarding so that you are both motivated to achieve them.  Depend on each other for support and encourage each other to stay focused.

"a couple will save much heartache down the road by learning to talk about money in the early stages of their committed relationship.  we say "learn to talk" because this isn't a one-time event where each of you asks a couple of questions and then you're done." Get Financially Naked, Manisha Thakor and Sharon Kedar

10 Tips for Planning Together

1.  Set priorities and specific goals.  Don't assume you both have the same goals without discussing them.

2.  Discuss values.  sometimes differing values make agreement on goals difficult.  When one person wants to spend now and one wants to save for later, it can be a source of friction.  The same is true when one spouse tends to be less risk oriented than the other about investments.  Do you know the key component of your mate's money history?

Image Credit- ONE: Extraordinary Marriage

3.  Plan in five year increments.  When planning for five year blocks, you can set both intermediate and long-range goals without feeling you're being deprived forever.

4.  Budget together.  Set up a manageable system for your cash flow together.

5.  Know where your money is going.  Keep records of your spending.

6.  Don't assume that because you're both working that you have a  lot more to spend.

7.  Save regularly so you aren't locked into that second income.

8.  Who handles the actual paperwork can be a matter of personal preference, although both of you should practice at it.

9.  Don't confuse the task of doing paperwork with the act of financial decision making.

10.  Sit down together and discuss finances at least once a month.

Get started today talking with your spouse or significant other about money matters. You'll find it very freeing. You will feel an enormous weight lifted from your shoulders and you will know where each other stand when it comes to money.


Sources: 
http://www.moneymanagement.org

Get Financially Naked: How to Talk Money with Your Honey by Manisha Thakor and Sharon Kedar

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Posted in: Couples , love and money , relationship

Couples and Money

Image Source: corriebradshaw.com

Congratulations!  You have found your perfect mate.  You are ready to embrace all of each other's outstanding qualities and unconditionally accept any less-than-ideal traits.  However, before you walk down the aisle and commit to spending the rest of your lives together, you need to discuss how you will be spending your money as husband and wife.

Money does matter when it comes to having a happy, healthy relationship so couples should try to devote time to improving their financial standing.  A little honest communication could keep your relationship from becoming a statistic.  

Share Your Feelings 

No matter how unromantic, having an open and honest discussion about your financial past and future is vital to your financial success.  Remember that everyone has their own money style, which has been shaped by their past experiences.  Talking about money issues honestly and openly gives you a much better chance of having a strong, healthy financial relationship.  

"If you are willing to take your clothes of in one way, you should be willing to Get Financially Naked." Get Financially Naked by Manisha Thakor and Sharon Kedar.

Commitment

No one will care more about your financial security more than the two of you.  Make a pledge to each other to take joint responsibility and steps to better your overall financial standing by paying down debt and establishing a savings cushion.

Establishing a savings cushion could keep a financial setback from becoming a financial disaster.  and reducing debt allows you to make smart financial choices in the future.

Make Plans 

There is nothing more romantic than making plans for your future.  Set financial goals and vow to keep them.  make sure that your goals are both specific and achievable.  Try to set goals that are equally rewarding so that you are both motivated to achieve them.  Depend on each other for support and encourage one another to stay focused.  

Spend some quality time.  Schedule a time to meet each month to discuss your financial goals and expectations.  Review your budget regularly in order to identify problem areas.  setbacks will happen, so try not to be discouraged.  Make adjustments as often as needed to ensure financial success.  You can either manage your financial life, or let it manage you and your relationship.

Know Your Individual Rights

State laws vary quite a bit regarding ownership of income and responsibility for debt.  Learning about your individual privileges and liabilities will only help your relationship and could provide future financial security in a time of need.  

Finally, the most important money move you can make for your relationship is to embrace your differences.  Understand that you cannot change feelings created by a lifetime of experience; instead, try to cultivate the positive aspects of each of your styles.  There is no one "right" way to handle your finance and marriage of your money styles may be the perfect solution.







Sources: 
www.moneymanagement.org
Get Financially Naked: How to Talk Money with Your Honey by Manisha Thakor

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Posted in: Couples , love , relationship

Free eBook: Building Wealth- A Beginner's Guide to Securing Your Financial Future

Building Wealth: A Beginner's Guide to Securing Your Financial Future offers introductory guidance to individuals and families seeking to help to develop a plan for building personal wealth.

It provides and overview of personal wealth-building strategies that includes setting financial goals, budgeting, saving and investing, managing debt, and understanding credit reports and credit scores.

This is a great 39 page ebook from the Federal Reserves Bank of Dallas.

Building Wealth is also available as an animated online interactive version and a mobile app, both versions can be accessed from their website dallasfedbuildingwealth.org.

The app is also available as a free download in the App store for Android, Apple and Blackberry mobile devices.

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Posted in: app , ebook , free

Why you Should Read your Bills

Bills, bills, bills… When they arrive, it can be hard enough to look at the bottom-line… never mind wading through the charges.

BUT… if you don’t check your charges, you could end up paying for things you never bought. That could be the result of a thief stealing your information, or a merchant making an honest mistake.

Thieves don’t need your actual credit card in order to use it – just your card number and expiration date.

And other times, a store might accidentally charge your card several times. It’s a slip-up that’s easy to fix… IF you spot it.

So read your bill and be on the lookout for unexpected charges on your statement. And if your card is ever lost or stolen, call your credit card company immediately to report it.

Comment back- do you read your bills, or do you just pay the balance?

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Posted in: Bills , Save

Are you a Victim of Identity Theft?

Have you ever found unexpected withdrawals on your bank statement — or a strange new account on your credit report? You could be a victim of identity theft. Keep an eye out for unexpected activity on your financial records, medical bills or IRS statements. 

Received phones calls from debt collectors about debts that aren’t yours? Ever get an unexpected bill – or even stopped getting your bills?
If any of these happens to you, you could be – a victim of identity theft.

Identity theft is when someone steals your personal information. Then they take money out of your accounts, apply for credit cards, or go on a spending spree – all using your name.

Wreaking havoc with your money, your credit, and your personal sense of security. You might even be questioned for crimes you didn’t commit.

Identity theft happens. It's an unfortunate fact of modern life. But there are certain steps you can take to help keep your personal information from falling into the wrong hands.

Every day, you do things to protect what's most important to you. And you know what? You do them almost automatically. Routine things like looking both ways before you cross, brushing your teeth, and buckling your seat belt.

Another routine to get into is keeping tabs on your identity and personal information. Here are seven  easy ways you can do it.

1. Read your credit card and bank statements carefully and often.

2. Know your payment due dates.

3. If a bill doesn't show up when you expect it, look into it.

4. Read the statements from your health insurance plan.

5. Make sure the claims paid match the care you got.

6. Shred any documents with personal and financial information.

7. Review each of your three credit reports at least once a year. It's easy, and it's free.

And before you know it, protecting your personal information can be as routine as locking your doors at night.

What to do if you are a victim of identity theft. 

First, call one of the nationwide credit reporting companies. Ask them to put a fraud alert on your credit report. This means businesses must confirm that you are you before they extend credit in your name. The alert is a roadblock in the path of an identity thief. And it's just one phone call away.

Second, order free copies of your credit report from each of the nationwide credit reporting companies.
Third, complete the complaint form at ftc.gov/complaint. This creates an identity theft affidavit, which helps you file a police report. Keep records of your calls and copies of your documents. You'll use them later on.

So keep an eye out for unexpected activity on your financial records, medical bills or IRS statements and be proactive when you find errors.

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Posted in: Fruad , Identity Theft

Free eBook: New Beginnings in the New Year - Money Management

Free eBook: New Beginnings in the New Year - Money Management

Whether deterred by uncontrollable forces (like the economy and job loss) or just fear of lacking the self-discipline to follow through, the New Beginnings eBook  from Monemanagement.org aims at helping consumers start the new year off right by setting and keeping financial resolutions that not only improve their finances, but also improve their life.  

New Beginnings covers:  

• Ten financial resolutions worth keeping
• Steps to get a grip on financial clutter
• How to set realistic financial goals and resolutions
• How to personalize goals to make them more achievable

New Beginnings offers a step-by-step guide to turning resolutions into action-oriented steps that make achieving financial success in a reality. 

The New Beginnings eBook can be downloaded for free by visiting:

 Free eBook: New Beginnings in the New Year - Money Management

Source: 

moneymanagment.org

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Posted in: ebook , free , New Year's Resolution , resolution

10 Money Saving Tips

1. Consider your needs vs. your wants. Think about items you purchase on a regular basis. These add up. Where can you save?

• Do you eat out at restaurants a lot?
• Can you cut back on daily expenses, such as coffee, candy, soda, or cigarettes?
• Do you have services you do not really need, such as cable television or a cell phone?

2. Set up a direct deposit and an automatic transfer to your savings account.

• When you get paid, put a portion in savings through direct deposit or automatic transfer.
• If you have a checking account, you can sign up to have money moved into your savings account every month. What you don’t see, you don’t miss!
• U.S. Savings Bonds can be purchased through payroll deduction.

3. Pay your bills on time. This saves the added expense of:

• Late fees
• Extra finance charges
• Disconnection fees for phone, electricity, or other services
• Fees to reestablish connection if your service is disconnected
• The cost of eviction
• Repossession
• Bill collectors

4. If you use check-cashing stores regularly, you might be paying $3 - $5 for each check you cash. This can easily add up to several hundred dollars in fees every year. Consider opening a checking account at a bank or credit union.

5. If you get a raise or bonus from your employer, save that extra money.

6. If you have paid off a loan, keep making the monthly payments to yourself. You can save or invest the money for your future goals.

7. If you receive cash as a gift, save at least part of it.

8. Avoid debt that does not help build long-term financial security. For example, avoid borrowing money for things that do not provide financial benefits or that do not last as long as the loan. Examples include: a vacation, clothing, and dinners out in restaurants. 

Examples of debt that helps build long-term financial security include:

• Paying for a college education (for you or your child)
• Buying or remodeling a house
• Buying a car to get to work

9. Save your change at the end of the day. Take that change and deposit it into the bank (every week or month).

10. When you get a tax refund, save as much of it as possible.

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