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7 Money Mistakes That Can Mess Up Your Marriage

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“In life or in death, ‘til $$$ do us part….”

 

In life, at least, money is a huge factor in your marital bliss.

The correlation between financial arguments and divorce is strikingly high, according to this 2013 study from Kansas State University. Decreasing money arguments is an important step towards a lasting marriage.

Money Mistakes

[Read: Main Money Mistakes to Avoid in 2016]

Avoid these seven common money mistakes, and do your marriage good.

Shared Responsibility

1. Assuming your spouse’s debt is not your responsibility

While it is true that your spouse’s debt is not your sole responsibility, refusing to share the burden of debt is a bad way to begin a marriage. With men and women marrying later compared to earlier generations, new marriages often begin with more debt—from student loans, cars, homes, or credit cards.

It’s in your best interest, both financially and relationally, to reduce all debt as much as possible before your wedding day. If not before the big day, clear out your debts as quickly as possible, even if this means putting your hard-earned money towards your spouse’s old college loans. Your bank account and your marriage will be happier for it.

2. Maintaining Separate Finances

When you marry, you become a single household. This doesn’t mean you have to combine all your bank accounts, but you should have at least one shared account for combined expenses such as rent and utilities.

Make a budget that covers all the shared bills and then split the remaining money for individual expenses.

3. Not agreeing on rules for managing money

When you create your household budget, have a conversation about how you and your spouse plan to manage money. Lay out some ground rules.

You can use these questions to discuss these questions with your spouse how you are going to manage money:

  • How much money can we spend without consulting each other?
  • Do we need to confer with each other before taking out loans or opening credit cards?
  • Will we have money conversations regularly or only when needed?
  • How will we handle bonuses and large unexpected expenses?
  • Will we give allowance to kids (if we have them), and how will we do that?

After you agree on some ground rules, write them down so that you can refer to them when necessary. Abiding by these rules will help decrease the tension of financial conversations and avoid money mistakes in your marriage.

Communication: Honesty, Transparency, and Respect

4. Keeping secrets and hiding money from your spouse

When it comes to money and marriage, honesty is the best policy. A 2012 survey by Self.com and Today.com, revealed that financial dishonesty is as damaging as marital unfaithfulness. For 70 percent of women and 63 percent of men, financial fidelity is as important as sexual fidelity.

Unfortunately, dishonesty and secret-keeping are too common. According to the same survey, over 50 percent of women and over 30 percent of men reported lying to their spouse about money, often because they thought their spouse would disagree about how the money should be spent.

Hiding money and keeping secrets may be signs of deeper problems or disagreements that need to be worked out. Keep open communication about money matters.

5. Leaving one person in charge of the money

You and your spouse are in this together. Even if one of you handles all of the bills, both of you should be fully aware of your finances. (Sharing the responsibility and having a joint account also makes it harder to keep money secrets) Setting a biweekly or monthly time to discuss money is a good way to ensure that you are both on the same page.

Ideally, couples should evaluate their budget regularly, review account balances, adjust financial goals, and plan for upcoming expenses together. If your spouse really doesn’t want to get involved in money matters, find a way to keep him or her informed; you can show account information and a snapshot of the month’s income and expenses.

6. Not having a long term plan

College, retirement, and long-term care are important conversations to be had early on. Later, these needs might not end your marriage, but they will impact your golden years. Make a long term plan so that you are financially prepared for the years ahead.

7. Allowing emotions to control money decisions

Money is a sensitive issue, and it can easily be turned into an emotional weapon. Don’t use money to shame your spouse. If one of you makes a money mistake, don’t retaliate by making another money mistake.

[Read:A Detailed List of Common Money Mistakes]

Learn to respect each other and treat each other with dignity even if you have made a money mistake. Respond with grace and take advantage of the situation to have a constructive conversation about your finances. Review your ground rules and budget goals so that you can keep your finances in order and your marriage healthy.

How To Improve Your Money Game

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Money   can   be a very sensitive topic for   some people. It may even cause several sleepless nights   and general restlessness among many. This is why some people avoid the topic of money all together. To them ignorance is bliss and knowledge is hell. This has led to a growing culture of   ignoring financial problems until you absolutely have no other option but to face them. Sadly ignoring the problem does not make it go away but only leads to crippling debt and bankruptcy. Good management of your money   is therefore a very important endeavor     and can cause you less stress and anxiety in your life. There are several habits and skills that can help you improve your money game.

Money Game

[Read: These Money Losses Will Not Help You at Tax Time]

Face Your Reality

To   improve your   money   game   you   have  to stop   living  in  complete denial   about your financial situation. You   need   to face   your reality boldly and  believe you will be able to deal with whatever comes. After all how hard could it be , managing your  finances cannot be rocket science. You have to find out how bad the situation really is so that you can  come up with a game plan .it is impossible to solve a problem without knowing its severity . The sooner you know the better chance you have   of solving   any existing problem before it is too late. You need to figure out if you have any   debts   you may have forgotten   about ,check your credit statements   and find out   how much you spend monthly   on   bills   and   other activities. This can   give you an idea   of how much of the money you earn gets spent and how much gets   saved. This   goes a long   way in improving your money game. You   can even hire an expert to check your bank statements , credit statements and other financial documents   and give you and explain to you how bad the situation is and what solutions   can be   implemented.

Get Educated

In order   to get your money game right   it is paramount   you have   the necessary   financial education . You cannot   expect to keep living in ignorance and miraculously get better at managing   your   money. You can read   books   about money or you can visit websites that have insightful articles   about. The internet is a vast source of   information .An   example of a helpful website is Financial Highway.com .You can also get information from people who are experts in money for example your insurance provider can provide you more information   about the different insurance policies so that you can be able to make an informed   decision   about which policy to choose. No matter which source   of information you choose the   information   will help you greatly on your journey to getting your money game right.

Find A Starting Point

It is said a journey of a thousand miles   starts  with one   step. The   same   rule   applies to   money management .It may   be difficult to start but once you make the first   step it becomes   easier .This is why it   is very important to establish a starting point . You can   start by creating a budget .There are several applications which can help you do so or you   can do it manually using a spreadsheet or   a pen and paper. This   helps you to keep track of your spending   and   enables you to reduce your spending on non essential things like   unnecessary   vacations and book subscriptions . Creating a budget improves your money game in   several ways;

  • Since budgets track and regulate your spending they reduce the possibility of you acquiring debt.
  • Budgets   reduce the possibility of you being   caught off   guard   by unexpected costs
  • People with budgets tend to have higher credit rating since they can account for their money and pay their credit bills early

You   also need to pay   your   bills on time and if you keep forgetting the due date of certain bills it is advisable to create a bills calendar to help you remember. Also   pay your credit debts and   loans   or   develop a plan to do so. Credit debt leads to low credit ratings leading to lower chances of you getting credit at a better rate. As   for loans   the   longer you take in paying them , the more interest   they acquire leading you deeper and deeper into debt. Another way to improve your money game is to set a savings   goal. This helps you save   for a rainy day , for your retirement or for your   child’s education. This   provides   some financial security for the   future. Your money   game   can also be improved by choosing   an appropriate insurance policy. This is a policy which you can comfortably afford and provides you with appropriate level of protection. You must also ensure that you are using a legitimate financial institution to manage your   money and you should research on the fees of any given institution before  trusting it with the managing of your money.

[Read: Deal With The Stress Of Money]

You can learn more about getting your money game right from watching this video:

Five New 12 Months Resolutions You Wished You Would Have Made 10 Years Ago

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We all plan to come up with new 12 months resolutions however it turns tougher to set them up and follow them. After every 12 months you make your personal resolutions.

financial resolutions

[Read: 5 Smart Financial Resolutions to Keep]

How many resolutions have you made at the start of every New Year?

Many of you make many resolutions before the beginning of each year. And how many of these resolutions have rather been fulfilled? Where could you be now if you had completed the resolutions in the past 10 years? Many of you realize after 12 months have passed that you haven’t done what you wanted and then find yourself later on regretting. 365days are countable days which ends quicker than you could imagine. The abandoned resolutions that you didn’t achieve 10years ago make face difficulties in the present life or will in your future life. Most of these resolutions that people regret not doing counting 10 years back are:

  1. Quit Smoking

You may have made numerous resolutions 10 and more years back to absolutely quite smocking. Possibly you’ve attempted to quit. It’s quite sure you’re wrestling with a critical dependency. It’s understood, quitting smoking isn’t a smooth element to achieve. However, please don’t give up. Keep trying. Even the most addicted people can and do quit cigarettes. Normally, it takes many attempts and lots of failures to be successful on quitting correct. Smoking destroys nearly every organ in your body. It contributes to catalogs of illnesses, from atherosclerosis (hardening of the arteries) and blindness to persistent obstructive pulmonary ailment and diabetes, to a dozen types of most cancers. Quitting is the kindest thing you could do for yourself.

Fruits of quitting smoking!

  • Able to save lamp sum amounts of cash spent every day to buy cigarettes.
  • Be able to live a healthy life
  • have a smoke free decade
  • Hazard of getting stroke would be nearly similar to a nonsmoker.

  1. Working out and exercise

Body exercise is one of the great things anyone can do for themselves, however the task and main challenge is being consistent. You may have thought of doing exercises 10years back and now you are regretting of not doing it. Many people analyze themselves of how they look and how unfit they are today, you wish if you had started exercising 10years back you would be looking much better now. You have many alternatives with no end in sight which include becoming a member of gymnasium, taking a class, downloading an exercising app or just following a fitness-primarily based Instagram account. All these can keep you from regretting on what you had planned to achieve in the past 10 years. You still have time.

  1. Mediate and travelling a church

There are a various approaches to meditate, which can make you clean. Be rest assured it’s a simply and smooth practice to do as you would have thought 10 years back. There are various Meditation apps like Headscape which will manually take you through short progressive training of how to show off your brain for your gain.

  1. Eat vegetables

Research indicates that nearly 1/2 of Americans don’t drink enough water, and don’t even take vegetables. So before you surrender carbs or chocolate, remember to dilute it with eight glasses of water and some spinach. Vegetables have vitamins which can keep you healthy all through your life. Imagine you had started taking vegetables 10years ago. Where would you be now in terms of health? This is one of the resolutions many of you wished you would have made years back but looking at your current present life you have never made any step towards introducing vegetables to your diet.

  1. Learn new language

Until you recall everything from your excessive faculty Spanish class, there are endless apps, web sites and other resources to get you commenced. In 2017 you can could praise yourself by journeying to the United States of America to learn something on the English language. You wish to keep those friends foreign countries that you’ve met before by maintaining a full hourly conversation but you can’t because of the language barrier. This year you have an opportunity. Please wake up and make a decision on this. It is a decision you wish you would have made 10years ago. With no more conversations with your foreign friends your attachment is getting weaker and weaker every day.

[Read: Simple Holiday Planning Tricks to Dodge Debt in the New Year]

  1. Start saving.

Saving would have seem uninteresting several years back when you thought of it but however that is the only habit that absolutely can pay for itself. You don’t need a lot to get started; some banks require even a minimum establishment of $25 deposit. From there, decide on an amount you can commit to set away every month. Many banks will assist you to set up an automatic month-to-month switch into your savings. Progressively you will not even realize you’re lacking money nor will you realize that you are saving a lot of cash.

Surprising Facts about Your Credit Score You May Not Know

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There is a lot of urgency when you think of your credit score and while you know it should be good there are a number of surprising facts about your credit score that you may not know. In order to have your best credit score you need to have an A-class credit report which means that having a good credit report is the key to having a good score. But how important is it to have a good score?

surprising facts about your credit score

[Read: How to Improve Your Credit Score]

With a high credit score which equals to above 750 you will reap a number of benefits. You can save money in mortgage interest, you can benefit from lowered car insurance premiums, you could get approved for that new rental in that upscale neighborhood or community and you could even get a better job. But we all knew that having a great score is a good thing, so what is it that a lot of us don’t know? Here are some surprising facts about your credit score that you may not be knowledgeable of.

Credit Bureaus

There are a number of credit bureaus; those that offer a FICO credit score are Experian, TransUnion and Equifax. These track information on how you use credit. This information is used to maintain a FICO credit score for each individual in their customer database. Hence you can have three different credit reports – one from each bureau and multiple credit scores. Your FICO credit score may vary from credit bureau to bureau because each bureau will have some information that may be slightly different from the other. Sometimes these differences cause significant differences in your credit score.

Credit Reports/Credit Scores – What’s the Difference?

Your credit report and your credit score is again – not the same thing. Your credit report is basically a database with your credit history. It includes what type of credit you may have, how you use credit, what accounts you have including open and closed accounts, amounts owed, your payment history and your credit limits. Your FICO credit score is then generated based on the information that will be found in your credit report. The credit score can range anywhere from 300 (low) to 850 (high).  And while we are on the topic of FICO credit scores let’s talk about those in detail.

FICO Credit Scores – Are they All the Same?

Among the not so surprising facts about your credit score is that not all credit scores are FICO credit scores. FICO refers to one type of credit scoring formula and stands for Fair Isaac Corporation which is the firm that created the score. It is one of the more recognized and highly used credit scoring formulas currently in use but there are still many other formulas that are used by different agencies. Sad to say those free scores that you get, aren’t FICO scores. But thanks to the Fair and Accurate Credit Transactions Act you can get a copy of your credit report for free from each of the agencies mentioned above. You can access this from the website annualcreditreport.com.

More Surprising Facts about Your Credit Score

  1. Everybody doesn’t have a credit history and hence won’t have a credit score. Persons who have never used credit or have never applied for any type of credit won’t have credit history and hence no FICO credit score
  2. It won’t hurt your score if you get a credit report. It is possible for your score to be lowered if creditors inquire about your score but when you check your own score it does not have a negative effect on your credit history and hence won’t affect the score.
  3. Maxing out your credit card will reduce your score. This is one of the more surprising facts about your credit score because many people think that as long as you make your minimum payments on time you are good. Data released by Fair Isaacs Corporation notes that maxing out your cc will cause your FICO credit score to go down anywhere between 10 and 45 points.
  4. The Federal Trade Commission notes that out of every 5 people, 1 individual is prone to having a mistake on one of their credit reports. So get that annual free report so you can take the necessary steps if you find an error on your credit report.
  5. Credit reports and scores will not warn you about identity theft at a fast enough rate. This is another of the surprising facts about your credit score that a lot of people don’t know.
  6. Your score can always be improved regardless of how low it currently is. This is true even if you have gone through foreclosure or even if you have filed for bankruptcy. These negative things will stay on your credit report forever so you can improve your credit score over time.

[Read: Debt-to-Credit Ratio and Your Credit Scores]

Our compilation here features some of the most surprising facts about your credit score that the average consumer may not know. Some of these you may have been aware of while others you may not have. But now armed with this information you no longer have to get anxious whenever your credit score or the need for a credit report comes up.

Simple Holiday Planning Tricks to Dodge Debt in the New Year

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With a few holiday planning tricks to dodge debt you could be feeling holiday cheer even after you open your credit card bills. You don’t have to ring in the New Year with debt if you plan properly and here we want to help you to do just that. You should ring in your New Year with as much excitement as you did the holidays and when your credit card bills arrive you shouldn’t be afraid to open them up.

holiday planning tricks to dodge debt

[Read: Saving Money during the Holidays]

We all know how excited we tend to be when the holiday comes around but this excitement often doesn’t follow us into the New Year and towards the time of the month when we get our credit card bills. But with the holiday planning tricks to dodge debt you will find right here you will no need to want to avoid January come next year. Here we will help you to plan expenditure so you don’t rack up a lot of debt on your credit cards for the big holiday.

Forbes estimates that Americans spent over $630 billion for holiday shopping in 2015.

Set a Budget

Set a budget for your next holiday. First make a list of all who you will be giving to and then create a budget for each person. Totaling this up will allow you to see your budget for the entire gift giving season. When setting a budget for each person on your list, be realistic and only choose a price point you know you are comfortable with. Once you have come up with your gifting budget you now need to create a budget for other holiday expenses. These may include;

  • Parties in the workplace – you may be asked to contribute a menu item.
  • Donations to charity – if you are one of those persons who would like to give to the less fortunate in the holiday season.
  • Family gatherings – this could be something you may want to put on or are invited to and either way you should make a budget. If you are invited to family events you may need to travel and will need to include those costs in your budget as well.
  • Social gatherings – a night out with friends, to toast to the end of another year and the New Year ahead. You may need money for clothes etc.

Having this budget set ahead of time helps you to even have the ability to put small amounts of cash away so that when the holiday comes around everything doesn’t end up being charged to your credit card.

Money Free Gift Giving

A large chunk of the money spent over the holidays is spent on gifts. So one of the best holiday planning tricks to dodge debt is to give a gift that will not cost you any money. This can be a gift of service or a gift of your time. This is ideal for both friends and family as well as for charitable donations. Some ways you can gift your time or service include:

  • Babysitting for a family member
  • Inviting nieces or nephews for a movie night/sleepover
  • Offer your time and labor on a project around the house such as painting, a little landscaping etc.
  • Helping to organize a party
  • Helping to de-clutter
  • Volunteering at your local homeless shelter or community center

The possibilities are endless for giving without spending any money.

More Holiday Planning Tricks to Dodge Debt in the New Year

  • Use the budget you created for your holiday expenses you can now create a “countdown fund”. A count down fund is another of the holiday planning tricks to dodge debt that works well. Add up all your expected holiday expenses and divide that number by the amount of months or weeks left before the holiday. Each week or month, you will now going forward put that dollar amount into a savings account so that you will have money ready for the holidays so you won’t have to use your credit card.

A countdown fund is one of the best holiday planning tricks to dodge debt for use for other things as well such as for insurance premiums, annual bills and even for your vacations.

  • Search for tips to help you cut down the amount of money you spend during the holiday. Another part about holiday planning tricks to dodge debt is that there are so many people out there with tips and ideas that they use. Search the internet for ways you can get the most out of your money for everything from using old clothes to prepping for a party.
  • Lastly, don’t wait until right before the holiday to do your shopping. Always have an eye out for deals and specials at your local stores and also check consignment stores and clearance sections in regular stores and online as well. If you spot a coupon for something you know you would want to gift, get it with the coupon and then put the money you saved from the coupon into your countdown fund.

[Read: It’s Vacation Time: Vacation Saving Tips!]

Just thinking about what the holiday is going to cost you can be stressful but with these few holiday planning tricks to dodge debt in the New Year you can have a happy holiday and a happy New Year too.

Damaging Your Credit Unintentionally

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Credit Scores and reports get mixed reviews when it comes to consumer opinion and the slew of sites available to ‘help’ consumers are not short of misinformation or untrue myths. Understanding your credit score and the information contained in your report can be the difference between credit wellness and unintentionally damaging your credit scores.

Some of the myths that are floating around are as old as the internet and likely to stick around without proper consumer education. What do you need to know to keep your credit scores healthy and your lending power high? Let’s explore.

Damaging Your Credit

[Read: Your Rights With Credit Reports]

Your Credit is a Reflection of your Spouse’s Credit and you only have one.

This is incorrect and untrue. This myth has been one of the most frequently listed misconceptions among the FAQ pages of lender sites and consumer awareness information sites. From the beginning of my career and the start of researching actual credit awareness, I found that the most common misconception is that married couples not only share their scores but they also only have one. It makes sense, one person one score but this is not the case and it is wise to know the way credit works, prior to applying for it.

Credit is not a one and done situation where all people have one score and when they combine their last names, they combine their credit. Thankfully for the credit savvy who marry the not so up to par on credit spouse, they don’t become a victim of their spouses credit scores. If that were the case more people would be held back from school loans, home loans, and car purchases. Luckily that is not the case and each person has three scores with the average score or mid-FICO being calculated as the average of these three.

The credit bureaus are separate entities that operate in a similar fashion though not all creditors receive the same information. This is because some companies may report to all three bureaus while others may report to one or two at most. The key items to remember when establishing and maintaining credit is;

  • There are three bureaus TransUnion, Experian, and Equifax.
  • Companies are not required to report to all three. They can choose one, two, or none.
  • Married couples do not share a single score
  • Consumers, in general, have three scores

Damaging your score by not having credit

Consumers also seem to believe that if they live a cash lifestyle and avoid debt all together it will look better on their credit report. However, lenders want to see a good mixture of debt and an understanding of how credit works based on payment history and account age. While there is nothing wrong with living life debt free, carrying some debt is not always a bad thing so long as it is the right kind of debt. Great examples of debt that is not counted against you are;

  • Car Loans
  • Mortgage Loans
  • Student Loans

However, having high credit card balances and debts may send up a red flag. Also understanding that student loans although not due initially until the end of your college career are counted as payments you need to make in the future. Having these will not adversely damage your credit score but it may unintentionally lower your score if not managed properly.

Lowering your Limit Could Lower Your Scores

It sounds like a great idea when you’re going over your credit report and notice you have a high account limit on one of your cards. To avoid overuse or misuse, you may think it a great idea to have the limit lowered and save yourself the heartache of potentially abusing the limit to a point that payment is difficult and you’re carrying a higher balance than you’re comfortable with. This is a mistake. Creditors look at your limits and usage and compare these to see if you can handle credit. If you lower your limit this could potentially be [and unintentionally] damaging your credit score since the lower limit now looks like you’re carrying a higher balance, even if you didn’t change the balance at all. Ultimately you want to

  • Increase limits
  • Keep or lower balances
  • Utilize less than 30% of debt
  • Make payments on time
  • Payoff full balance when possible

Reducing Accounts Could Lower Your Scores

Another instance that may seem like a smart move but is a source of damaging your credit score unintentionally is closing account especially older accounts in good standing. Creditors are looking at your history and credit usage and in order to determine this check the age of your accounts along with the balances and limits. If you’re closing your oldest account, this can drop your score drastically because now your report appears too immature and inexperienced with credit. Avoid a headache and keep those green accounts going.

Opening Retail Cards and Carrying Small Balances Can Cost You

It’s been said [incorrectly] that maintaining a small balance each month on your cards is a way to show you have great debt management skills but the truth is the less you carry the better off you look. Opening too many accounts is also another unintended hit against your score. Having four retail cards with a balance only alerts the lenders that you’re not in control of your credit and have insufficient skill to maintain your current debts. It’s always best to;

  • Maintain $0 balance on all accounts
  • Avoid opening too many new accounts
  • Pay balances in full whenever possible

Shopping Around can [accidentally] Bring Scores Down

Finally in solving the damage we do to our credit accidentally is bringing our scores down by shopping around. When applying for loans getting the best interest rates and pricing is the goal but what happens when all of the inquiries triggered are added to credit reports? Scores lower thanks to the dings that are created with every check. Keeping all inquiries for the same products (i.e. cars, home loans, etc.) within a two-week time period (or 14 business days) will lessen the blow but it can still bring your scores down. Shopping around may be the smartest way to shop to ensure you’re getting the best loan for your dollar but make sure you’re shopping smart when sending out those invitations to look at your credit history.

[Read: Your Rights With Credit Reports]

While all of the rumors and myths are unlikely to go away anytime soon being educated on how you effect your own score will give you the upper hand when it’s time to actually apply for that needed loan. Keep in mind the tips here and you’ll be a credit rock star.

Social Circle Impacts Your Budget: How to Deal with This

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There are several factors that can play into how well or how awful you are with your budget. One of these aspects are the people whom you hang around with. No one usually realizes that their social circle impacts your budget, but it is actually a huge contributing factor to how much you spend and how much you save.

Social Circle Impacts Your Budget

[Read: Get You Budget Right by Managing Your Personal Finances]

The Situations in Which Friends Impact your Budget

How many times have you been called and asked to go out with your friends? Probably countless times. However, what is it that your friends are wanting to do? For several people, this is when they spend the most money, even when they are trying to save money. This is when you want to consider just what type of people who are hanging around with:

  • If you have friends who are more carefree, it may be making you spend more
  • Consider spending your free nights with friends that are a bit more conscious of the money that they spend

The social circle impacts your budget and this is even more present on those nights that your friends want to have out. If you are trying to budget your money, then perhaps you would be spending more time with those who are trying to save money as well. There is nothing that states you cannot spend time with friends, but just do activities that are not going to set you back into more debt.

How to Get Your Friends on your Budget Level

Though your social circle impacts your budget, this does not mean that you have to find new friends. That is far from what anyone wants to do, after all, friends are often some of the strongest relationships that you have in your life. That is why you may want to consider ways in which you can get your friends to realize that you have a budget, while still having a good time with one another:

  • Suggest activities that you all can do that are more in your budget limit. You never know, there may be other friends in your group who are thinking the same way that you do.
  • Consider making your night out other than the weekend if possible. Activities tend to cost more on the weekends as businesses expect higher numbers of customers.

Make sure your Spouse is on Board with your Budget

Though your social circle impacts your budget, your spouse or significant other whom you share financial responsibilities with, is a huge part of your social circle. You are going to want to want make sure that he or she is on board with the budget you have planned. There are several things you can do:

  • Make sure that you both sit down and discuss the budget
  • Ensure that both of you are still able to do those extracurricular activities that you are interested in

When it comes to how your social circle impacts your budget, your spouse is going to be an integral part in deciding how to deal with this budget. You both must come to a decision, thus there may be some compromising that needs to take place in order to get the budget that you both want.

Additional Tips for Dealing with your Budget

Your budget is something that you need to stick to as much as possible. However, every professional out there is going to tell you that you should make time for fun activities or rewards for sticking to your budget. Though your social circle impacts your budget, this does not mean that you should cut these people completely out of your life. After all, what better way to celebrate how you stick to a budget than a night out with your friends? This simply means that be conservative with what you are doing. Instead of going to the bar and spending tons of money, have a movie night at your house.

Here are some additional tips that can help you in dealing with a social circle that may have no budget worries:

  • Let your close friends now that you are on a budget, however, do not make them feel as though they need to pay your way, simply let them know that you may not do as much as you once did
  • Look at other ways in which you can cut expenses so that you can spend as much time as you want with friends
  • Offer to plan a few outings for friends so that they know you care, especially if you are not showing up to other outings as much as possible, as you do not want to alienate these friendships

[Read: How To Use A Budget Plan In Your Debt Management Program]

Though your social circle impacts your budget, this does not have to mean that you have to be without social friends. You can take these tips to deal with a budget, while still getting to have fun and mingle with your social circle.

Ways to Save on Groceries

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Groceries are expensive, therefore everyone is looking for ways to save on groceries. This is an expense that you cannot get past, as everyone needs food to eat. However, there are methods that you can utilize in order to save money. And it is always a good idea to save as much money as possible. With this being said, if you are tired of spending a ton when you do the weekly shopping, then read on for the best ways to save money on these trips.

ways to save on groceries

[Read: Easy Ways to Save More on Groceries]

How you can save on your Grocery Bill

There are several methods that you can utilize in order to save money, and these methods are going to be fairly easy to put into your shopping trips. Here are just a few of the main ways to save on groceries:

Avoid buying already prepared items

It can be tempting to get those items that just require that you throw them into the microwave or oven for a few minutes before dinner is ready. However, these types of meals may save time, but they are also going to cost a lot of money. So instead of buying it pre-made, make it yourself and save money on your grocery bill.

Buy some things in bulk, other things avoid in bulk

Buying in bulk has always been known as one of the ways to save on groceries. However, not everything is going to save you money when buying in bulk. For example, consider perishable items that you may not eat all of before they spoil or go past their expiration date. For these items, it is best to avoid bulk, unless you know that this food will be used. Otherwise, you are wasting your money.

Shop at home

This may sound odd, but one of the best ways to save on groceries, is to ensure that you shop through your own home. This makes looking in cabinets and pantries for items that may be nearing their expiration. Instead of throwing these away, use them before they expire so that you know you are getting your money worth out of these grocers.

Decrease the Amount of Meat

Meat is expensive, and if you truly want to save on groceries, then decreasing the amount of meat you want can help. For those who stop eating meat every day and only eat this on two days per week, will find that their grocery bill could decrease by as much as 40%. This is a huge savings when compared to how much you pay for groceries total over a month or year.

Buy in Season

Products that are in season, tend to be cheaper as there is a huge supply of these products. For example, during the summer, blueberries may be very inexpensive, however, by the time that winter rolls around, these blueberries can triple in price. If you are looking for ways to save on groceries, then buying what is in season, which does mean cooking meals that utilize these in seasons ingredients can help out tremendously.

Other Tips to Help Save on Your Grocery Bill

There are several other tips that can help you to save on your grocery bill. Consider also implanting these other ways to save on groceries:

  • Utilize coupons combined with sales items as this is going to give you the most savings that is possible.
  • Take advantage of the sales that your local grocers may be offering to maximize your savings.
  • Consider canning and freezing as alternative methods of ensuring that you get food at a low price and will always have it on hand. This is a great option for buying items that are considered in season for later.
  • Consider generic items to purchase, as they are often much lower in price than the brand name product.
  • Eat leftovers instead of throwing these away, as this is just like throwing money into the garbage. Here’s how you can eat leftovers from Thanksgiving.
  • Eat simple, as this can result in having to buy less ingredients, but will be just as fulfilling.
  • Try to avoid those impulse purchases
  • Utilize a meal planner for the week so that you can only buy what you need. Learn How to Plan Your Weekly Meals
  • Stock up on items that are not perishable when they are on sale to save money in the long run.
  • Always have a list when you go to the grocery, as this can help to cut down on impulse purchases
  • Try to only go to the store once per week to limit just how much you spend throughout the week
  • Don’t fall for the idea of 10 for $10 items or the like, as many times this is not cheaper by any means and results in spending more money.
  • Try to shop on your own, studies have shown that the more people you have with, the more that you will spend on groceries

[Read: Ways to Save Money for Black Friday]

There are several ways to save on groceries. Though these ideas may take a while to truly become part of your life, they can save you an amazing amount of money in the long run.

Ready for your Start Over, Financially?

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It is common for people to make some financial errors throughout their life. After all, those who are new to managing their own finances may find that they put themselves into a lot of debt, and there are others who simply do not have much information on how financial decisions affect their life. For those who are ready to start over, financially they have several options that is going to help them out in the future. Starting over is not hard, but it will require commitment in order to see this work for the individual.

start over, financially

[Read: Start Saving Money By Following These Simple Steps]

Look at your Financial Snapshot

To start over, financially you need to know what you are dealing with. This means looking at what your financial look like. The information that you need:

  • Your income statements
  • Your banking information
  • Any debt that you have
  • Reoccurring bills such as mortgage and the like

Through this information you can get a better idea of what you are spending, and what you need to start doing in order to get a better grips on your finances.

Look at Savings and Credit Scores

One of the most vital aspects to start over, financially, is to look at your savings and credit scores. The better you credit scores, the better you will find yourself able to get a line of credit for bigger purchases and the like. You will also find that the more savings have, the more you are going to feel as though you are financially prepared to handle what comes your way. Keep these tips in mind:

  • Start establishing  savings, even if it is only a few dollar per month
  • The goal for savings is to have 6 months of your net income in savings to live off of
  • Start paying down debt to help lower credit scores
  • Check your credit report regularly to ensure there is not something that you are missing or someone has not attacked your credit

Start Slow and Continue to Build

When people are looking to start over, financially, they often start to feel fear and anxiety due to all that needs to be done in order to get their financial portfolio to look good. However, this is why it is easier if you start slow, with small goals in mind. For example:

  • Start with the goal of paying down one debt at a time
  • Progress your goals to get more complex which will be easier once you start to see your smaller goals being realized
  • Even if you reach your goals, make new goals so that you are always growing financially

Stay Organized

In order to reach any goals that you have financially, you must ensure that you are staying organized. This may mean:

  • Sitting down with your statements once a month
  • Analyzing your bank account once a week or month, depending upon what you are comfortable with
  • This is also dealing with your home life. The more cluttered this is, the more likely you are going to stress over financials and goals that you have set.

You may want to get help in the area of getting organized. There are many self-help books out there that are dedicated to this, and can help you to start over, financially.

Ensure you are Maximizing your Paycheck

One of the best ways to start over, financially is to have more money coming in, as this can help to pay off debt faster, as well as build up savings. However, this cannot be done overnight. You have to have the expertise to go along with this higher paycheck. You can always ask for a raise if your skills match this price increase. Otherwise, you may want to utilize these tips to help maximize your paycheck:

List your Goals

One of the best ways to ensure that you are meeting your goals is to make a list. Your list can include all the information that you hope to achieve in order to gain the financial independence that you may desire. Your list can include:

  • Getting out of debt
  • Buying a house or a new car
  • Setting up a savings account
  • Eliminate the use of credit cards completely

[Read: 4 Ways You Can Pay Off Your Debt With A Low Income]

You can utilize any types of financial goals that you may desire, and you can add to these at any time. However, people have found that when they are wanting to start over, having a list of goals is one of the best ways to ensure that they have a plan and that they stick to this. To start over, financially, it can be difficult, but it is not impossible. With these tips, a person can start the process of getting their life back into the financial shape that they always envisioned.

Sneaky Credit Card Fees: They Are Out There

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Having a credit card in this day and age is almost a necessity. Not only do many companies require that you have one of these on file, but there are just as many people who utilize these credit cards as a way to get their credit ratings to go higher with proper credit techniques. With this being said, when shopping around for a credit card, you must be aware of the sneaky credit card fees that many companies place into the contract, but most people are not even aware of these.

Sneaky Credit Card Fees

[Read: Getting a Credit Card with No Annual Fees]

These sneaky credit card fees could mean that you are paying more for the credit that you have, while this is not benefitting you at all. What is worse is that these fees may be disguised in a way that makes it nearly impossible to realize that you are being charged for certain aspects of your credit card.

Fees to watch out for

Though there are several fees to watch out for, the following sneaky credit card fees are some of the most offensive fees that have been seen by people:

  • A fee for adding an authorized user that is charged to the account each month
  • Fees for asking for statements, even via the online profile you may have set up
  • A reopening fee for those who may close their account then decide to reopen it
  • Fees for when you make what they consider an alternative payment such as with a debit card or via the phone
  • A onetime processing fee for when you first use the card
  • Annual fees just for being a card holder with that company

In most cases, sneaky credit card fees are usually six fees per one card that most people are not aware that they are even paying.

How to Spot Sneak Fees

The main question that people ask is just how they can spot these fees that credit card companies are adding onto your bill. The sad part is that most of us when we open a bill, we simply look at the payment that is due and write out a check or pay this online. We are not looking at why the payment is what it is. Therefore, that is the first step in combating these fees, you must look at your bill. A few aspects to take notice of on your bill are:

  • Interest that is being charged
  • Additional fees that are being tacked on
  • Many times these fees may appear to be hidden behind other fees, so pay close attention

For those who find these fees, chances are your credit card company is not going to change these fees for you. These are fees that are put into the printed terms and conditions that you agreed to once you used the card. So it is nearly impossible to get these fees waived.

[Read: How Do I Consolidate My Credit Cards?]

Avoiding these Fees

Once you start paying on these sneaky credit card fees, it can be hard to get away from them. So that is why it is important to avoid these fees. The only way to do this is through shopping around for a credit card that is not going to tack on these fees. It can be difficult to find a card that does not charge any fees, so you must look at what is important to you in terms of what types of fees you are going to have to pay. Here are some tips to help you in your search:

  • Ask to read a complete terms and conditions before deciding to go with any company
  • Thoroughly read through all paperwork, as these fees may be listed in tiny print that is hard to see through just skimming the paper
  • Ask questions to customer service, and specifically ask about the fees that they charge. They will have to disclose this information to you.
  • Look at reviews of that credit card company from other people, did people complain about the fees that they charged? Were there fees that seemed to be ridiculous?

If you cannot find a company that you feel comfortable in doing business with, then do not just settle for whatever may come your way. With sneaky credit card fees it can be possible for a person to only pay a small percentage of their credit card with their minimum payment, while the rest goes to the fees that these companies are charging. There are several other card choices out there, thus you do not have to settle for the one that is going to charge you fees for accessing you own bill or adding on your spouse as an authorized user.

[Read: Credit Card Fees and Ways to Avoid Them]

The key is to do your homework, realize that these sneaky credit card fees do exist, and educate yourself so that you are not the person who ends up realizing that they paid several thousand dollars in fees that they did not know they were paying.