Archive
You are currently browsing the archives for the Families & Money category.
By John Ingrisano
By John Ingrisano
Director, Family Finance Conference Center
[The following is taken from The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, by John Ingrisano. For more information, click on the title above.]
Couples who work together on their finances have a significantly higher success rate in achieving their goals than couples who do not work as a team.
How can you begin working as a team? Do the following habit-building project. Then continue it for the rest of your lives.
It involves three things:
- Blocking out several times a week to meet to discuss your finances.
- Learning and practicing how to work as a team on an ongoing basis.
- Obtaining a copy of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace book and workbook set. (See below how to order your copy.)
If you are married or have a significant other, we strongly recommend that you read The Back to Basics Book of Money out loud together, commenting and sharing your thoughts and opinions. If time is a challenge, one of you can read while the other cooks dinner or cleans
up the kitchen after a meal.
Or wait until the children are in bed and the dog is snoozing at your feet. Turn off the television and try to avoid interruptions. If possible, set aside some time (even just 30 to 60 minutes) every day several days each week. (One successful strategy is to block out an hour before a favorite television program. Devote that hour to building up your money management skills, followed by an opportunity to kick back and relax together in front of the television.) Remember, learning how to build financial peace and stability is not an afterthought. It is a significant and potentially challenging undertaking. Take it seriously.
If your partner is not interested in becoming deeply involved in this process, but is at least willing to listen and possibly make changes, provide im or her with summaries and discuss the ideas, steps and strategies and new skills you are learning each week.
The first step, if you haven’t already done so, is to meet with your other half and review the opening pages of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace. Go through the book together. Then sign the pledge below.
Financial Partnership Pledge
We promise to work together to learn the ten Money Skills in the book, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and we agree to devote no fewer than _________ hours a week to mastering these skills.
Partner:
___________________________
Date: _________________
Partner:
___________________________
Date: _________________ |
The bottom line: Work together. It takes practice, but the result is financial stability. Next week: Overcoming Marital Guerilla Warfare.
$ $ $
Want to learn more about how to bring your finances under control? Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace. The book contains 10 valuable Couple Money Skills. Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability. Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center ebsite for $27.99 total.
To order, send a check to John Ingrisano, 4279 Hunter Road, Gainesville, GA 30506.
The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.
For more information, contact me at the Family Finances Conference Center by email (john@jringrisano.com) or call my direct phone line (770-314-2649).
John Ingrisano
Director
Family Finances Conference Center
4279 Hunter Road
Gainesville, GA 30506
(770) 314-2649
john@b2bbookofmoney.com
John Ingrisano is a business journalist, public speaker, author of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and director of the Family Finances Conference Center. He can be contacted at (770) 314-2649.
By John Ingrisano
How to Become a Team
By John Ingrisano
Director, Family Finance Conference Center
[The following is taken from The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, by John Ingrisano. It is based on Wealth Builder # 2 from the Workbook. For more information, click on the title above.]
Working as a Team
Turning your partner into your financial partner is really very easy and simple. This project you are about to begin is a habit-building exercise that you can and should continue for the rest of your lives. It involves two things:
- Blocking out several times a week to meet to discuss your finances with your spouse.
- Learning how to work as a team on an ongoing basis.
If you are married or have a significant other, we strongly recommend that you read this book, The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, out loud together, commenting and sharing your thoughts and opinions. If time is a challenge, one of you can read while the other cooks dinner or cleans up the kitchen after a meal.
Or wait until the children are in bed and the dog is snoozing at your feet. Turn off the television and try to avoid interruptions. If possible, set aside some time (even just 30 to 60 minutes) every day several days each week. (One successful strategy is to block out an hour before a favorite television program. Devote that hour to building up your money management skills, followed by an opportunity to kick back and relax together in front of the television.) Remember, learning how to build financial peace and stability is not an afterthought. It is a significant and potentially challenging undertaking. Take it seriously.
If your partner is not interested in becoming deeply involved in this process, but is at least willing to listen and possibly make changes, provide him or her with summaries and discuss the ideas, steps and strategies and new skills you are learning each week.
The first step, if you haven’t already done so, is to meet with your other half and review the opening pages of The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, Go through the book together. Then print out and sign the pledge below.
Financial Partnership Pledge
We pledge to work together to learn the ten Money Skills in the book, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and we agree to devote no fewer than _________ hours a week to mastering these skills.
Partner: ___________________________ Date: _________________
Partner: ___________________________ Date: _________________ |
So, work together, as partners. This is how financially stable couples build wealth. Start today.
$ $ $
By John Ingrisano
By John Ingrisano
Director, Family Finance Conference Center
[The following is based on ideas in The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, by John Ingrisano. For more information, click on the title above.]
Some people spend their lives on a financial treadmill. They work 40 hours a week, 50 weeks a year…yet they never seem to get ahead. Even many people earning six-figure incomes live from paycheck to paycheck.
It doesn’t have to be this way. The key is consciously to build up your net worth by taking specific steps.To get an idea of just how well you’re ma naging your money, complete the following self-quiz.
Print out this self-quiz: Then answer each question in terms of how it applies to you on a scale of 0 (for no or never) to 10 (for yes or always):
_____ Do I have financial objectives? You must know where you want to go before you can figure out the best way to get there. Give yourself 10 points if your objectives are in writing; zero if you just live from paycheck to paycheck, without any plan.
_______Do I know my net worth? This is the flip side of thefirst question: You must know where you are before you can figure out how to get where you want to go. Your net worth is the total of your assets minus your debts.
_______Do I actively manage my household spending? Give yourself an eight if you have a written budget; 10 if you actually follow it; zero if you just pay the bills and spend the money, without a clue where it all goes each month.
_______Do I save a portion of my income every month? Give yourself one point for each percent of your income you put aside each month in long-term savings.
_______Do I use cash for most purchases? Give yourself an automatic ten if you always use cash; zero if you write checks for everything (such as at the grocery store) or use debit cards as if they were cash. These are worse than credit cards; if you use credit cards often, give ourself a five.
_______Do I carry a debt load on my credit cards? If you insist on using credit cards, give yourself an eight if you ALWAYS pay off your credit card bills each month; ten if you do not use plastic at all.
_______Do I know how much money I need to save to retire comfortably? There is no simple, one-line answer. Go online and find a calculator or meet with a financial professional.
_______Do I take advantage of tax-advantaged accumulation vehicles? These include IRAs, 401(k) plans through work, annuities and the cash value element of life insurance. Give yourself one point for every percentage of your income you are saving each month.
_______Do I have adequate life insurance? Life insurance is the most cost effective way to protect your loved ones and make sure your objectives are met if you die prematurely. Owing life insurance is part of a smart financial strategy. Give yourself one point for how much life insurance you have based on your gross income. (Example: give yourself three points if you earn $50,000 and have $150,000 of coverage; even points if you have $350,000.)
_______Do I have a current will? Give yourself zero here if you have no will or if it hasn’t been revised within the last ten years. Give yourself ten points if it has been updated within the last 12 months; deduct one point for as many years as you have updated it.
_______ TOTAL
How did you do? If you scored 80 or above, you are probably doing what it takes to get ahead. You also realize that, while some sacrifice is necessary, it really isn’t that difficult. If you scored between 60 and 79, you are fairly typical of most people. However, you may find that you’ll never get off the financial treadmill and get ahead. If you scored 59 or below, you may be living on borrowed time, seriously mortgaging your future by overspending today.
Recommendation: Address the areas where you rated the lowest. Then take steps to raise your score. When to start? Immediately! When your finances stabilize and your standard of living climbs (and it will, if you work to bring up your score), you’ll find that the effort was worth the pain … and the gain.
$ $ $
By John Ingrisano
By John Ingrisano
Director, Family Finance Conference Center
[The following is taken from The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, by John Ingrisano. For more information, click on the title above.]
I have always found money interesting and challenging. I have written about and taught
money management skills for 35 years. Three major things I have learned about people
and money during those three decades:
# 1: Most People Struggle with Money
Many people struggle when it comes to using money as an effective tool to achieve their goals. This is mostly because they have not given much thought to money, except to spend it and then worry about it on a daily basis.
In fact, to be painfully blunt, there are those among us who are flat-out ignorant when it comes to money. I have met people over the years who see no connection between the income they earn and the lifestyle they live. That is not meant to be a blame or judgment
statement, just a fact. They do not have a clue how to use money, manage money, do much more than work like dogs 40 or more hours a week to earn money, and then turn around and spend it like drunken sailors on shore leave. They earn it and spend it and borrow it. The bank and the credit card companies — everyone else but them – are in control of their financial lives.
# 2: Money Problems Can Destroy Relationships
Second, while money cannot make people happy, the lack – or mismanagement – of money can make them miserable. Because of their financial situation, many couples find that their lives are out of balance, if not completely out of control, not just financially but in every respect.
Keep in mind that there is a close correlation between money problems and domestic problems. Look at most divorces. When we get beyond “He’s a jerk” and “She’s impossible to please,” the real reason www.order-westernunion.com behind most divorces and marital problems is MONEY.
On one hand, money is the most common reason for arguments, what couples fight about the most, and the number one reason divorcing couples say is the cause. On the other hand, money can be an amazing source of marital harmony and unity. When finances are in balance, when couples are in agreement and pulling together in unison, this common cause serves to strengthen the bonds of the relationship.
At the very least, it provides a stable platform upon which to build harmony and settle other differences. Perhaps that’s because being financially in control and secure makes people happier and more confident. Take away ongoing money concerns and most folks would walk through their days with heads held higher. They’d sleep a lot better, too.
I’m not a psychologist, but I do know that when I’m not worried about money, I enjoy every other aspect of life more fully, and I’m much more pleasant to be around. I suspect you are the same. If you doubt it, ask yourself how worrying about paying an overdue bill, using a credit card when you know you are already having trouble making payments, or finding that you have a 31-day month but only a 28-day paycheck — how all these distract you and reduce your ability to enjoy your life.
Money makes a difference in our attitudes and our confidence. It is a powerful tool.
# 3: Financial Health & Stability Can Start TODAY!
Finally, I learned that no matter how bad a person’s financial situation may be, it is NEVER hopeless. It can be turned around and fixed. Depending on how deep the hole, it may take some time to crawl out of it, but every day can show some improvement in standard of living.
No, the cure is not always easy and can rarely be completed in a flash, but if you are determined to improve the quality of your life and your relationship, you can start today, and you will be amazed at the positive changes that will begin almost immediately to flow into your life. Most of all, every day that your finances can be improved by a fraction, an inch, and then a foot (or perhaps better stated as a penny, a nickel, and then a dime), brings you that much closer to financial security, strength and peace.
What is the alternative? Ignoring financial problems is like speeding a hundred miles an hour down a highway with a brick wall around a bend. You may not know which bend, but that wall is there, and the crash will be a messy one. Guaranteed. So, the time is now to slow it down, turn it around and head in the opposite direction.
$ $ $
Want to learn more about how to bring your finances under control? Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace. The book contains 10 valuable Couple Money Skills. Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability. Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.
By John Ingrisano
|
By John Ingrisano
Director, Family Finance Conference Center
The surest way to screw up a marriage is to get deep in debt, spend more than you earn, and worry about how you will pay the bills each month. The “Quarrel Factor” goes up and up and up. If this sounds like you, why not look at some ways to bring it back down again?
I’ve seen it time and time again: A couple spends like drunken sailors, ignoring the simple concept of balancing income vs. outgo. They take advantage of “easy” credit to pile up debt and live the great life, deferring payments and gradually becoming unable to make even those minimum payments each month.
Then it gets really bad: An otherwise reasonably happy couple begins to snipe and quarrel. Part of the reason is that the relationship depended on spending money – buying unnecessary stuff, going on vacations they cannot afford, dining out three or four times a week. Now that they cannot afford to add one more dollar of borrowed money to their lifestyle, they are stuck … together … at home … with no money.
They get frustrated, begin hoarding money, sometimes lying to each other. They lose sleep over bills. Often, the one who begins to realize first that they are in financial trouble tries to watch the pennies, and then begins to resent the one who still seems oblivious. At the same time, the spender begins to resent the goody-two-shoes who is trying to fix the mess they’ve gotten themselves into. Again, they are stuck at home, together and irritable, with no money. That’s a formula for disaster.
They begin to fight, often about everything but the money issue. She’s a nag. He’s immature. Why do the kids open a can of soda and let it sit? You never want to go out for a movie anymore. And on it goes.
Ultimately — and way too often — the end is divorce.
Seriously. One of the major causes of marital disaster is wrangling over money. For many couples in over their heads, it is a small pebble in the shoe that has grown into a major rock, causing constant pain and irritation. They go from fight to flight and will do anything to get away from each other. They part, declare bankruptcy, lick their wounds, and try to build new lives … all because they let their money management (correction: lack of money management) get out of control.
If this sounds like you, are you ready to make a change? I talk to couples all the time who are in financial stress. It always delights and amazes me how straightening out their finances reduces the “Quarrel Factor” by 50 percent in some, 75 percent in others, yes, even 100 percent in still others. Most of all, it is fairly easy to do. Though it may take several years to totally correct their financial mess, they can begin to take charge of their financial disaster within days.
Instantly, as I have seen time and time again, the relationship rebounds. One reason is that they feel back in control of their situation; another is that they are again working together as friends and partners toward a common goal.
Where do you start? For countless couples, the first step is the decision to fix the mess they are in. Then, it is a matter of getting on a program, a system, that helps them stop spending, whittle down debt, and gradually build assets. It doesn’t matter if your income is five figures or six figures or higher; nor does it matter is your debt load is several thousand dollars or several hundred thousand dollars. It’s time to start. It is doable.
That’s why I wrote the book and workbook, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace. They contain ten proven, step-by-step “Couples Money Skills.” Plus, the workbook (which closely dovetails with the text) offers 31 practical, hands-on Wealth Builder activities that can help you and your spouse build financial and domestic stability.
Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total. Or send a check to John Ingrisano, Family Finances Conference Center, 209 Church Street, Algoma, WI 54201.
This book set comes with a money back guarantee. Not happy with the results? Return them for a full refund.
Also, if you are looking for a good Christmas gift for a family member, consider a copy of this two-book set. It may be the best gift you can give your adult son or daughter.
Become a team again. Bring peace back into your home. Most of all, become the loving, caring couple you used to be and reduce the “Quarrel Factor” in your life to zero.
***
The Family Finances Conference Center also does seminars and money management workshops, tailoring programs to the unique and individual needs of businesses and nonprofit organizations, their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.
For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).
John Ingrisano
Director
Family Finances Conference Center
209 Church Street
Algoma, WI 54201
(920) 559-3722
john@b2bbookofmoney.com
John Ingrisano is a business journalist, public speaker, author of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and director of the Family Finances Conference Center. He can be contacted at (920) 559-3722.
|
| |
By John Ingrisano
KNOW YOUR CREDIT CARD RULES
By John Ingrisano
Director, Family Finance Conference Center
The devil is in the details when it comes to credit cards … and, no, it is not accident that you get notices in the mail every other month about “minor” changes to your credit terms. Does anyone really read those announcements?
Well, here is one update: The credit card rules have changed … again. Under the 2009 Credit Card Accountability, Responsibility and Disclosure (CARD) Act, which went into effect last year …
- If your card has several rates (such as through a promo or transfer offer), payments above the minimum must be applied to the highest interest rates. In the past, it was common for card issuers to credit payments to low rates first, keeping you paying interest on the higher rates. So, this rule can save you a ton of interest.
- Rate increases cannot be applied retroactively to existing balances unless you are delinquent on your bill.
- Your children under age 21 can no longer apply for a card alone. You must co-sign the application.
- The issuer cannot automatically charge a penalty if you exceed your limit (though your interest rate can be hiked).
Note: These are just some of the newest rules. There is always fine print. We recommend that you take some time to actually read it.
Also, note one big exception: The above rules only apply to consumer cards, NOT to business cards.
The best idea of all: Put away your credit cards completely. If you cannot afford to pay cash, then you cannot afford to buy it. Period.
$ $ $
Want to learn more about how to get the biggest bang for the money you save and spend? Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace. The book contains 10 valuable Couple Money Skills. Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability. Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.
The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.
For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).
John Ingrisano
Director
Family Finances Conference Center
209 Church Street
Algoma, WI 54201
(920) 559-3722
john@b2bbookofmoney.com
John Ingrisano is a business journalist, public speaker, author of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and director of the Family Finances Conference Center. He can be contacted at (920) 559-3722.
By John Ingrisano
By John Ingrisano
Director, Family Finance Conference Center
If you’ve ever hired a moving company to transport your life’s possessions from one house to your new home, you know that sinking, fearful when the movers show up at your door.
Will you ever see your stuff again? Will cherished items turn up broken … or not turn up at all? Also, will the price quoted be the same as the amount demanded once the truck is loaded, or will the movers attempt to hold your life and possessions hostage for a ransom
?
If selecting a mover creates high anxiety, you are not alone … and you have good reason for your concerns. While most movers are honest, the industry is rife with corruption.
If you or a loved one is moving, here are some ways to protect you against moving scams:
- Take a video of everything in your home, concentrating on items of unusual value or worth. If you have time to write up a list of your possessions, do so. That way, if something disappears, you have proof.
- Get several quotes from different companies.
- No quotes over the phone. Make sure a representative comes to your house. Some movers, in order to save time, as well as to give themselves wiggle room in terms of adding costs, may ask you how many rooms you have or how many boxes you think you might need. You are not a moving expert, and you have no way of providing a reliable estimate of your needs. If you guess too high, expect no refund; if you guess too low, don’t be surprised if additional charges are added. Instead, let the experts do their jobs and take the responsibility.
- Insist on a getting a Not-to-Exceed form. In the moving business, that is a binding estimate, sometimes called a “not to exceed” form. Get it in writing and signed before anyone touches anything. Then read it carefully before you sign it. This also provides you with the best legal recourse if something goes wrong.
- Never pay in advance. Reputable movers expect to be paid when the job is complete. (Remember, they have your possessions on their truck. That should be enough.)
- Don’t let your goods be held hostage. Disreputable movers have been known to provide low-ball estimates, load up the van, and then announce that there will be additional charges. That’s why you need that binding estimate, which spells out what is included and what is not. No surprises.
- Check the movers’ proof of insurance. Don’t take anyone’s word for it; get a copy.
- Lock in a delivery date, and get it in writing (with penalties for delays, if possible). Some movers pick up several shipments along the way to your destination. While this is usually legal, it can delay your delivery by days, even weeks.
- Oversee the unloading process, whether at your new home or at a storage facility.
- Move highly valued items personally. Movers work fast and can be rough on your goods. So if possible, either hand-carry special items or have them insured and sent to a safe place via a specialized shipping company, such as FedEx or UPS.
Moving can be a traumatic experience. Follow the above steps to reduce the odds of it becoming a serious disaster. Good luck. – JRI
By John Ingrisano
By John Ingrisano
Director, Family Finance Conference Center
It’s grown from a trend to a movement to a downright lifestyle: Thanks to a lousy economy and zero-opportunity job market, 85% of this year’s college grads are moving back home with Mom and Dad (TIME News Feed). But wait, there’s more: A recent Pew Research Center study shows that 40 percent of 18 to 29 year olds are either jobless or out of the workforce altogether. It’s a tough time for the younger generation.
The result can be an emotional challenge when junior moves back into the basement; it can also be a financial strain for everyone.
A few tips to help both generations survive and maybe even thrive:
- Lay down rules … and put them in writing. These should include everything from use of shared resources (“Who ate the last piece of pizza in the frig?”) to house guests (“Mom, meet Cindy. She’ll be staying for a few weeks.”) to pets (“Monster’s not like other Pit Bulls; he’ll get along just fine with your Fluffy.”) to the use of tobacco, alcohol and drugs (“Hon, what’s that smell?”). Need help setting up the rules? Consider a pre-move-in contract.
- Decide who pays for what? Yes, you want to help your children, but if your son or daughter gets a job, consider asking for rent. Decide such things as who fills up the gas tank on the car, as well as who drives the vehicle.
- Decide how much you should/can help with debt. Between college loans and possible credit card bills, your boomerang child may return home with some major financial liabilities … and no money to pay them. Yes, you may want to help. At the same time, be careful not to jeopardize your own financial security. It is not uncommon for parents to tap into their retirement nest eggs to help. Only do so if it will not undermine your own plans. Seriously. If you are in your 50s, you may have ten to 20 years to retirement. That gives you very little time to recover if you begin siphoning off assets. (Also, if you are not yet 59 ½, you could pay tax penalties if you take qualified money.) Your children, on the other hand, may have 40 to 50 years before retirement. That gives them decades to crash and burn and still recover financially. So, do not automatically pick up your child’s bills when they come in. Maybe free room and board is not just all you can afford, but more than enough.
- Have a move-out date. This gives everyone something to look forward to. It also provides an incentive to help motivate your child to be aggressive in his or her job search. You can always revise the date as needed. However, setting one initially helps define an eventual exit strategy.
These are tough times for American families. If your child need to return to the nest, make sure everyone understands the pros and cons of the deal and is willing to work together. Good luck. – JRI
$ $ $
Want to learn more about how to get the biggest bang for
the money you save and spend?
Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace. The book contains 10 valuable Couple Money Skills. Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability. Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.
The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.
For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).
John Ingrisano
Director
Family Finances Conference Center
209 Church Street
Algoma, WI 54201
(920) 559-3722
john@b2bbookofmoney.com
John Ingrisano is a business journalist, public speaker, author of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and director of the Family Finances Conference Center. He can be contacted at (920) 559-3722.
By John Ingrisano
By John Ingrisano
Director, Family Finance Conference Center
The recession is taking its toll on families. If one of you gets laid off, finding a new job is almost impossible these days. Even when income is still coming in, however, there is a sense of financial doom just outside the campfire light. One wrong move and the wolf is through the door.
As a result, these days more than ever before, couples are tense over money, and it is taking its toll on relationships.
What to do:
- First and foremost, work together.
No secret, no games. Get on the same page. Your relationship, your marriage, your family, and your home depend on it.
- Talk about all money decisions on a regular basis. That means talk, not argue. Money issues are still the top reasons for domestic discord. The best way to begin working together and talking about money is to pay bills together. Discuss each bill as it comes up for payment.
- Put away the credit cards. Good advice at any time, this is crucial today. No plastic; cash only.
- Pay down your debt. That way, if one of you does lose his/her job, you will be in a better position to weather the storm. So, if you are making minimum payments on your credit cards, end that practice right now. Instead, figure out when you can be debt free, and work toward that goal.
- Do not skip payments. Your credit score will be downgraded so fast you won’t know what hit you.
- Defer big purchases. These are odd, strange, and dangerous times financially. Put off that new couch or cruise this winter. It won’t kill you … and, hopefully, this recession will end soon. In the meantime, watch your expenditures.
- Get on a budget. Calculate when, where and how you spend every penny. In no time at all, you will find that you are living better on less. Funny how that works.
Each of the above tips will help increase the probability that you will get through this recession financially intact. They will also help keep your relationship strong. Good luck. – JRI
By John Ingrisano
By John Ingrisano
Director, Family Finance Conference Center
If you can shave 10% off your $2,000 vacation travel plans this summer, that’s $200 back in your pocket. Do it a few dollars at a time. Best of all, it’s easy.
Here are some tips:
- Pack light and
gate-check airplane bags
. Most airlines are still charging $15 to $25 per bag each way. That alone can cost a couple $100 round trip … much, much more if you take the kids along.
Instead, pack lighter and use smaller bags. Or double up and use one bigger bag. (But watch the weight; there is usually a 50-pound limit.)
- Shop for the best rental care deal. Car rental companies sometimes play fast and loose, adding on extra charges like crazy. However, they are also in fierce competition with each other. Fortunately, in many airports, the counters are side-by-side. Do not be afraid to walk the line and ask for the best deal. (Even if you reserve a car, most rental companies do not take the credit card in advance, leaving you free to find a better deal on the spot.)
What else: Ask for the best rate and request a free upgrade. Especially with gas prices so high, the demand for big cars is way down. (I got a Hummer-size Dodge Nitro last month for the price of a compact.) Also, there should be no mileage charge (few companies do charge for miles driven anymore), no additional insurance costs (these can double your rental costs, but be sure to check with your insurance agent back home to make sure you are covered for driving a rental car on vacation), and always plan to return the car with a full tank of gas. (That convenient, we-fill-it-for-you offer means they will charge you for a full tank, even if you return it half full.) Finally, if you expect to need a GPS, bring your own; do not rent it from the car company. Depending on your needs, all this can save you $100 or more on your car rental.
- Look for the best hotel for the best price. Rates and amenities vary greatly. However, it is often the newest, mid-priced motels ($65-$85 per night) that not only offer quality rooms, but also the most no-cost amenities, even, in some cases, a hot-buffet breakfast (which can save you between $5 and $10 per person per day) and a pool.
Also, ask for every discount you can, from 10% off for Triple A to senior savings to an impromptu request for “the best rate you have.”
So, watch your dollars and your pennies while on vacation, just as you should be doing at home. That way you can have a fun vacation while saving a ton of money.
$ $ $
