The IDEA Publishing
  • HOME
  • Popular IDEAS
    • IDEAS for Your Better Business Life >
      • The Business Idea
      • The Career IDEA
      • The Money Idea
    • IDEAS for Your Better Diversions >
      • The Tech IDEA
      • The Travel IDEA
      • The Auto IDEA
      • The Outdoors IDEA
    • IDEAS for a Better Table >
      • The Food IDEA
      • IDEAS de Cocina Espanola
    • IDEAS for a Better You >
      • The Health IDEA
      • Living Well IDEAS
      • The Fitness IDEA
      • The Beauty IDEA
    • IDEAS for a Happier Home >
      • The Home Idea
      • The Entertaining Idea
      • The Parenting Idea
      • The Senior Living IDEA
      • The Pet IDEA
  • The Video Domain
    • Video IDEAS for Your Better Business Life
  • About
  • Contact
  • ads.txt
The_Money_IDEAThe Money IDEA

The Money IDEA

Ideas on How to Save and Ideas for What to Do with Your Savings!

5 reasons why talking about money can enhance a relationship

2/16/2017

Comments

 
Picture


(BPT) - Thinking about combining finances with your significant other? Whether you're getting married or just thinking about getting serious, talking about money can help couples understand each other and avoid unhappy surprises down the road. Here are five reasons why talking about money can enhance a relationship.


It makes couples happier.


Talking about things like spending, saving and debt may sound business-like and unromantic, but financial experts agree that money is a frequent topic of arguments in many relationships. In fact, according to a survey by the American Psychological Association, almost a third of adults with partners reported that money is a major source of conflict in their relationship.


"What I see when talking with couples is that learning how to resolve money disagreements - and there will be disagreements - helps build important relationship skills," says Daniel Prebish, director of Life Event Services with Wells Fargo Advisors. "Those skills will be valuable both at the beginning of a relationship and likely for a couple's entire time together."


It helps couples connect by understanding what's going on.


Couples should discuss pros and cons of combining finances versus keeping finances separate. According to research by Wells Fargo & Company, about half of couples choose to combine accounts, while the other half prefers separate accounts. Regardless of where you and your significant other fall in this spectrum, both people in a relationship should understand how their financial habits impact - positively or negatively - the life they are building together.


It helps couples track their short and long term financial goals.


Be open with your significant other about your full financial picture. Questions that can help open the door to meaningful conversations include:

1. Are we paying ourselves first?
2. Do we have a safety net?
3. Are we paying all our bills on time, every time?
4. Have we reviewed our insurance needs in the last year?
5. Do we track our spending to know where our money is going every month?
6. Are we paying down high-interest-rate debt first?
7. Do we know where our credit stands?
8. Are we saving for retirement?


It helps couples afford the "extras" that make life fun.


Building a solid financial future shouldn't mean forsaking enjoying life. When couples have a common understanding of how they'll prioritize and manage their day-to-day finances like housing costs, grocery and utility bills, it's easier to figure out where splurges fit in.


It helps avoid financial surprises.


Hearing your friends shout, "happy birthday" is a welcome surprise. What's not welcome is suddenly discovering you can't afford to pay this month's bills or that retirement is farther away than a pot of gold at the end of the rainbow. Being up front about money issues and sharing complete financial information with your significant other helps avoid financial surprises that can add unnecessary stress to a relationship.


While discussing money may not feel romantic, it certainly is emotional. So how do you get started? Here are tips:

1. Admit the conversation can feel awkward, but commit to having it anyway.

2. Pick a mutually agreeable time. Your candle-lit Valentine's dinner may not be the right setting. Pre-arranging the conversation will help ensure both people are mentally prepared.

3. Be open with your significant other. Share your values and opinions about spending and savings habits and goals you would like to achieve together.

4. Work at it. Commit to an annual meeting to talk about money, credit and whether you're on track to achieve your financial goals.


By opening the lines of communication, you can get on the same financial page before joining financial forces.


(This article was written by Wells Fargo Advisors and Consumer Lending)


Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Wells Fargo Consumer Lending Group provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.


Findings were a part of the 2016 Wells Fargo & Company's "How American Buys and Borrows" survey. Over 2000 American adults ages 18 and older were surveyed. Survey results were not published in their entirety.



  • advice
  • bills
  • borrowing
  • BPT
  • Brandpoint Content
  • budget
  • budgeting
  • communications ×
  • couples
  • credit
  • debt
  • families
  • financial planning
  • hacks
  • lifehacks
  • loans
  • marriage
  • money
  • money management
  • mortgage
  • personal finance
  • relationships
  • research
  • shopping
  • survey
  • tips

Comments

3 Steps to a Budget that Works

2/8/2017

Comments

 

You may think that creating a household budget is as simple as adding all your income and subtracting all your expenses, but there is (or should be) quite a bit more to the equation. When you only factor in your current earnings and current expenses, you’re not planning for the future. These three steps can help put you on the path toward better finances and a budget that works for your lifestyle.


3 Steps to a Budget that Works

(Family Features) You may think that creating a household budget is as simple as adding all your income and subtracting all your expenses, but there is (or should be) quite a bit more to the equation.

When you only factor in your current earnings and current expenses, you’re not planning for the future. That means any financial goals can be easily deferred, and you may be overlooking the opportunity to shift your spending habits. These three steps can help put you on the path toward better finances and a budget that works for your lifestyle.

  1. Take long-range goals and values into account. How you allocate your spending affects your ability to achieve goals months or years down the road. For example, if you’re planning to buy a house, your need to amass a sizable down payment puts greater emphasis on saving than if a major purchase isn’t on the horizon. Similarly, it’s important to understand whether the money you’re spending aligns with your personal values. In other words, it’s important to be sure that your expenses match the lifestyle you desire. If a substantial chunk of your income is going to lunch throughout the work week but you find yourself short on funds to enjoy more time with family or friends, it may be time to make adjustments.
  1. Set your priorities. While covering your current bills is an obvious priority, determining which expenses are most important can help keep non-essential spending under control. One approach is to segment your monthly budget into thirds. In the first category, list all of your recurring monthly debts, or the money you owe other people for things like rent or mortgage payments and utilities, as your top payment priorities. The second category should include payments you need to make every month but have some latitude to vary the amount, such as paying more than the minimum balance due on a credit card or loan. Some people also consider groceries as another area where you have some discretion, as to some degree you can shift your purchases to fit your budget. In the last category, account for non-essential spending like entertainment, clothing and personal care, such as haircuts, massages and manicures.
  1. Pay yourself. When you’re focused on the money leaving your bank account each month, it’s easy to overlook the importance of keeping some of that money for yourself. Whether you’re saving for a long-range goal, simply stockpiling reserves against unplanned events or working toward retirement (or even better, all three), setting aside money each month is an important step in creating a healthy budget. Having money set aside not only puts you in a better position to satisfy your goals, it can help you avoid unnecessary stress when life throws you a curveball. A healthy savings account also means you can recover more easily and keep your financial commitments on track when unexpected expenses arise.

Beyond simply adding and subtracting a list of income and expenses, taking into account your priorities and goals can help ensure you create a practical budget that works. Find more tips for creating an appropriate financial plan that fits your personal goals and lifestyle at eLivingToday.com.

Navigating a Financial Emergency
Your washing machine suddenly breaks down, a child requires a laptop for school or your car needs new tires. Sometimes surprise bills can be difficult to cover.

Life’s financial emergencies happen, but 6 in 10 Americans cannot cover an unexpected $500 bill without selling something or borrowing money, according to Bankrate.

“When you don’t have cash for something you need, there are many different financing options available. However, few realize that many of these options can lead to a debt spiral that can be difficult to pull out of,” said Richard Carrano, CEO of Purchasing Power, an employee purchase program offering consumer products and services through payroll deduction.

Understanding your financing options can help ensure you make the best choice to meet your short-term needs without compromising your long-term finances.

Credit cards: Chances are, even with a shaky financial history, you can find a creditor willing to offer you a line of credit, but you’ll likely have a steep annual percentage rate that accrues each month. Furthermore, if you’re unable to repay more than the monthly minimum, you could end up carrying that debt for years before it’s fully paid down.

Employee purchase programs: Research shows that financial stress at home regularly impacts employee productivity at work. This leads many employers to offer an employee purchase program such as Purchasing Power, which allows you to buy what you need through automatic paycheck deductions over a 12-month period. There’s no credit check, zero interest and no hidden fees. There’s also a free financial wellness platform to help with budgeting, credit reports and personal coaching. Learn more at PurchasingPower.com.

Rent to own: With rent-to-own products, you pay a monthly principal amount plus service fees and taxes for a period of time, up to completing the rental agreement and owning the item outright. While the monthly rate makes items like appliances and furniture immediately accessible, renters can end up paying as much as three times the retail value of an item.

Payday/Title loans: Essentially, these loans function as a loan against a future paycheck or your vehicle. They often come with high percentage rates and fees, as well as short repayment schedules. Rely on these loans only if you can cover the entire loan and associated fees by the designated due date.

Whatever option you choose for emergency financing, understanding the repercussions can help you long-term.

Photos courtesy of Getty Images

SOURCE:
eLivingToday.com

  • budget
  • budgeting
  • couples
  • credit
  • credit cards
  • debt
  • family
  • Family Features
  • goals
  • investing
  • investments
  • money
  • payments
  • personal finance
  • priorities
  • rent
  • rental
  • renting

Comments

Budgeting basics for first-time home buyers

9/1/2016

Comments

 
budgeting-basics-for-first-time-home-buyers
Budgeting basics for first-time home buyers


(BPT) - Sponsored Ad content from Vanderbilt Mortgage and Finance, Inc.

You wouldn't dream of going somewhere you've never been before without first getting directions. So, why would you go through life without a plan to help meet your financial goals?

"An ongoing household budget is essential, whether it's helping you save for retirement or buy your first house," says Eric Hamilton, president of Vanderbilt Mortgage and Finance. "A budget can help you avoid common mistakes along the way by helping you live within your means while planning for the future."

If you've never had a budget before, you may be unsure how to begin. Building a budget can be easy as long as you follow a few simple steps:
* Establish your financial goals. Do you want to be debt free? Buy a new home? Build an emergency fund? Save for retirement? Setting financial goals can help guide the budgeting process.
* Determine your total monthly household income. This should include net income (the final amount of take-home pay after all taxes and deductions) for every working member of the household, including any government aid received, child support, alimony, pensions, etc. Knowing the total income gives you a starting point for your budget.
* Calculate your monthly expenses. It may be helpful to break expenses into categories, such as home, utilities, long term debt, medical, auto, groceries and personal. Personal can include items like clothing, entertainment, dining out, etc. It is helpful to review your cash spending, bank statements and receipts over the past few months to give you a better idea of your spending habits. Check with your bank for tools offered, such as online banking or a mobile app to track of spending on the go.
* Identify where you can reduce spending. After you've assessed your spending habits, you might be surprised to find areas where you can cut back. Small changes in your lifestyle can make a big difference to your budget. For example, instead of buying lunch every day, you could take your lunch to work or school.
* Less spending means saving more money. Be sure to set aside these new freed-up funds and allocate them toward your goals. If you're trying to save for a new home or down payment, view your personal savings as a must-pay fund that's as important as your rent or car payment.
* Periodically reassess your budget. Life is full of changes, such as fluctuations in income and shifting priorities. It's important to go back over your budget from time to time to help ensure you are on track to achieve your financial goals.

Determine if you are financially ready to support a new monthly mortgage payment with Vanderbilt Mortgage and Finance's budget worksheet. Download a copy at www.vmfhomeloan.com.

Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), Illinois Residential Mortgage Licensee, Licensed by the NH Banking Department, MT Lic. #1561, Licensed by PA Dept. of Banking.



KEYWORDS

  • BPT
  • Brandpoint Content
  • couples
  • credit
  • credit cards
  • credit history
  • Credit score
  • family
  • home
  • homebuyers
  • investments
  • mortgage
  • mortgage loan
  • personal finance
  • qualifications
  • home ownership
Comments



    Archives

    January 2021
    December 2020
    September 2020
    August 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    December 2017
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016


    Interested in Publishing on The Money Idea?
    Send your query to the Publisher today!

    Categories

    All
    1040
    1040a
    1040EZ
    1099
    401k
    401(k)
    Accident
    Accident Insurance
    Accidents
    Account Information
    Accounting
    Accounts
    Advertising
    Advice
    African-American
    African-Americans
    Age
    Aging
    Amazon
    Analysis
    Annual
    Annual Enrollment
    Annuities
    Annuity
    Antique
    Antiques
    Appraisal
    Apps
    April 15th
    Assets
    Assisted Living
    Attorney
    Auto Insurance
    Auto Loan
    Automatic Payments
    Automobile
    Autopay
    Baby
    Bank
    Banking
    Bankruptcy
    Banks
    Benefits
    Bills
    Birth
    Bonds
    Borrower
    Borrowing
    BPT
    Brandpoint
    Brandpoint Content
    Budget
    Budgeting
    Calculator
    Cancer
    Capital
    Capital Gains
    Car
    Car Accident
    Career
    Careers
    Car Insurance
    Car Loan
    Cars
    Cash
    Cash Flow
    Casinos
    CBS This Morning
    CD
    Center For Financial Services Innovation
    Certainty
    Charitable
    Charity
    Check
    Checking
    Checks
    Child
    Children
    Child Tax Credit
    Choices
    City
    Claim
    Claims
    Closing Costs
    Collateral
    Collectibles
    College
    College Loans
    Communications
    Community
    Companies
    Comparison
    Compensation
    Compound Interest
    Compunding
    Computer
    Computers
    Conflicts Of Interest
    Consumer
    Consumer Protection
    Consumers
    Consumption
    Contract
    Contributions
    Convenience
    Conversion
    Copayment
    Copayments
    Coronavirus
    Cost Of Living
    Costs
    Couples
    Court
    Coverage
    CPA
    Credit
    Credit Card
    Credit Cards
    Credit History
    Credit Report
    Credit Reports
    Credits
    Credit Score
    Credit Union
    Crime
    Criminal
    Crisis
    Critical Illness Insurance
    Cybercrime
    Cybersecurity
    Data
    Dates
    Death
    Debit Card
    Debt
    Debts
    Deductibles
    Deductions
    Deferred Compensation
    Defined Contribution
    Delivery
    Demographics
    Department Of Housing And Urban Development
    Design
    Destinations
    Diamond
    Digital
    Disability
    Disability Insurance
    Discount
    Discounts
    Distribution
    Distributions
    Diversification
    Doctor
    Doctors
    Documents
    Donations
    Down Payment
    Down-payment
    Earned Income Tax Credit
    Earnings
    EBay
    Ecommerce
    Economics
    Economy
    Education
    Educational
    EITC
    Eligibility
    Email
    Emergency
    Emergency Fund
    Emergency Plan
    Employee
    Employee Benefits
    Employer
    Energy
    Entertainment
    Environmental
    Equity
    Estate
    Estate Planning
    Estates
    Ethnic
    Ethnicity
    Exemptions
    Expenses
    Expert
    Expertise
    Experts
    Families
    Family
    Family Features
    Family Finances
    FASB
    Fashion
    Federal Government
    Federal Housing Administration
    Fees
    FHA
    Filing
    Finance
    Finances
    Financial
    Financial Advisor
    Financial Crisis
    Financial Institutions
    Financial Plan
    Financial Planning
    Financial Setbacks
    Financial Strategy
    Fixed Income
    Flood Insurance
    Fraud
    Future
    Gambling
    Gaming
    Generic Drugs
    Gifts
    Goals
    Gold
    Government
    Green
    Groceries
    Grocery
    Growth
    Guide
    Hacks
    Health
    Health Care
    Health Insurance
    Health Savings Account
    Heirs
    Higher Education
    Hobby
    Holiday
    Home
    Homebuyers
    Homebuying
    Home Equity
    Home Equity Conversion Mortgage
    Home Improvement
    Home Insurance
    Home Loan
    Homeowners
    Homeownership
    Home Ownership
    Homeowners Insurance
    Home Repairs
    Homes
    Home Security
    Home Warranty
    Hospital
    House
    Household
    Housing
    HSA
    HUD
    ID
    Identification
    Identity Theft
    Incentives
    Income
    Incomes
    Income Tax
    Income Taxes
    Individual Investor
    Information
    Injury
    Insurance
    Insurance Claim
    Insurance Company
    Insurance Policy
    Insurance Rates
    Interest
    Interest Rates
    Internal Revenue Service
    Internet
    Investing
    Investments
    IRA
    IRS
    Itemize
    Jewelry
    Job
    Job Loss
    Jobs
    Kids
    Land
    Laptop
    Law
    Lawsuit
    Lawyer
    Legal
    Lender
    Lending
    Leukemia
    Liability
    Lifehacks
    Life Insurance
    Lifestyle
    Limits
    Line Of Credit
    Literacy
    Litigation
    Loan
    Loans
    Long-term
    Long-term Care
    Loss
    Losses
    Lost Wages
    Management
    Manufactured Home
    Manufactured Homes
    Marginal
    Marketing
    Markets
    Marriage
    Matching
    Medicaid
    Medical
    Medical Bills
    Medicare
    Medium
    Mental Health
    Metro Areas
    MI
    Millennials
    Modular Homes
    Money
    Money Management
    Monthly Budget
    Monthly Payments
    Mortgage
    Mortgage Insurance
    Mortgage Loan
    Motivation
    Move
    Moving
    Myth
    Myths
    Need To Know
    Nestegg
    New Home
    News
    Nursing Homes
    Online
    Online Auction
    Online Banking
    Online Filing
    Online Shopping
    Opportunities
    Opportunity
    Origination Cost
    Parents
    Patients
    Pay
    Paycheck
    Payment
    Payments
    Penalties
    Penalty
    Pension
    Personal Bankruptcy
    Personal Finance
    Personal Finances
    Personal Privacy
    Personal Wealth
    Pets
    Phone
    Plan
    Planning
    PMI
    Policy
    Portfolio
    Premiums
    Prescription Drugs
    Prevention
    Prices
    Pricing
    Priorities
    Privacy
    Property
    Protection
    Prudential
    Psychology
    Purchasing Power
    Qualifications
    Rate Of Return
    Rates
    Real Estate
    Realtor
    Refund
    Regulation
    Relationships
    Relocation
    Rent
    Rental
    Renters
    Renting
    Resale
    Research
    Restaurants
    Retire
    Retirees
    Retirement
    Retirement Account
    Retirement Planning
    Returns
    Reverse Mortgage
    Risk
    Risk Factors
    Risk Tolerance
    Robbery
    Rollover
    Roth IRA
    Safety
    Salary
    Save
    Saving
    Savings
    Scam
    Scams
    Scholarship
    School
    Security
    Senior Care
    Senior Citizens
    Seniors
    Settlement
    Settlements
    Shipping
    Shocks
    Shopping
    Silver
    Skimming
    Smartphone
    Socially Resposible Investing
    Social Security
    Spanish
    Spend
    Spending
    Spouse
    SSDI
    State Taxes
    Stock Market
    Stocks
    Strategy
    Stress
    Style
    Suggestions
    Supply Chain
    Survey
    Sustainability
    Tax
    Tax Consequences
    Tax Credits
    Tax Deadlines
    Tax Deductions
    Taxes
    Tax Filing
    Taxpayers
    Tax Planning
    Tax Preparation
    Tax Refund
    Tax Return
    Tech
    Technology
    Teens
    Terms
    Testing
    Texting
    Theft
    TIAA
    Time
    Tip
    Tips
    Title
    Tools
    Traditions
    Transaction
    Transactions
    TransUnion
    Trend
    Trends
    Tricks
    Trucking
    Trump
    Trusts
    Unemployment
    Unemployment Insurance
    Unexpected Expenses
    UPS
    Urban
    Vacation
    Valuables
    Value
    Veterans
    Volatility
    Voluntary Benefits
    Wages
    Wall Street
    Washington
    Wealth
    Web
    Wedding Rings
    Wife
    Will
    Wills
    Wisconsin
    Withdrawl
    Withholding
    Work
    Workplace
    Worry
    Wow
    Young Adults







    Get this money content for your website with our RSS Feed below!

    RSS Feed

Proudly powered by Weebly
  • HOME
  • Popular IDEAS
    • IDEAS for Your Better Business Life >
      • The Business Idea
      • The Career IDEA
      • The Money Idea
    • IDEAS for Your Better Diversions >
      • The Tech IDEA
      • The Travel IDEA
      • The Auto IDEA
      • The Outdoors IDEA
    • IDEAS for a Better Table >
      • The Food IDEA
      • IDEAS de Cocina Espanola
    • IDEAS for a Better You >
      • The Health IDEA
      • Living Well IDEAS
      • The Fitness IDEA
      • The Beauty IDEA
    • IDEAS for a Happier Home >
      • The Home Idea
      • The Entertaining Idea
      • The Parenting Idea
      • The Senior Living IDEA
      • The Pet IDEA
  • The Video Domain
    • Video IDEAS for Your Better Business Life
  • About
  • Contact
  • ads.txt