Posts Tagged ‘Money’
Before Valentine’s Day, Use These 5 Tips for Financial Intimacy In Your Relationship
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Valentine’s Day is right around the corner and as much as the holiday is about romance, finances also play a big role in what happens on Feb. 14th.
Guys are often under pressure to come up with the “big” gift – like an expensive engagement ring – or to make some other dramatic show of their love and affection.
And even among couples that have already tied the knot, money matters can loom large. Surveys show that most U.S. couples argue about money, and half of all couples report having separate accounts.
If you want to achieve financial harmony in your relationship — especially ahead of Valentine’s Day – try these five tips: Continue reading “Before Valentine’s Day, Use These 5 Tips for Financial Intimacy In Your Relationship” »
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Feeding Your Children When Money is Tight
Rising food costs and higher costs of living in general make it very difficult for some families to feed their children adequately.
A recent report by the hunger relief charity Feeding America states that approximately 15 percent of American households didn’t have enough money for food at some time in 2009. And in 2011, 45.8 million Americans were receiving food aid from SNAP, the Supplemental Nutrition Assistance Program that replaced the Food Stamps program in 2008.
This situation is described as “food insecurity” and not only affects children physically, but also emotionally. Going to bed hungry is the last thing a parent wants for their child, but it’s the sad reality for many families across America.
What do you do if you can’t afford to feed your children? Here are some ways to ensure everyone in the household has enough to eat each and every day: Continue reading “Feeding Your Children When Money is Tight” »
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Embarrassing Money Issues Women Have
Some women are in charge of the household budget – and prefer to keep it that way – while other ladies delegate the responsibility of managing household finances to their significant other.
Regardless of whether you’re a single woman who’s steering your own finances, or are running an entire family budget, you might run into some embarrassing money issues at some point. There are awkward and embarrassing money issues that affect all of us – both women and men alike.
But certain personal financial challenges are more likely to strike females. Fortunately, there are several things you can do to solve common money issues women face.Here are some solutions to three common embarrassing money issues women often deal with:
Problem: Running out of money before a special event
You’ve been invited to a wedding, a girl’s night out or some other special event where you’ll need to purchase a gift or buy yourself a new outfit. The only problem is, you’re out of cash until the next paycheck arrives – and that’s not for a few weeks. If you already RSVP’d and there’s no way to back out, you still have options.
Solution: Thank the host for the invite, and let them know that their gift is being shipped to them after the event. Most hostesses will be more than grateful that you even thought of bringing a gift, so you can just make arrangements to have the item sent to their home or office at a later date.
Still need something fabulous to wear to the special occasion? Turn to close friends or a relative to borrow an outfit for the event. You might need to plan ahead to make this work, but at least you won’t have to miss out on the fun!
Problem: Maxing out your credit cards after an emotionally-fueled shopping spree
Retail therapy, admittedly, can give you that temporary mood boost (Wow! I scored such a great deal on these shoes!) and even relieve stress in the short run. But in the long run, maxing out your credit cards — and trying to pay off the resulting bills — can put you in a serious state of financial distress.
If you’re like most women on a shopping spree, you likely made a few impulsive buys and may not have even considered comparison-shopping.
Solution: Round up all your receipts from the shopping spree, and take a close look at the prices of each item. Was it really worth it? Probably not. Could you have waited for a better deal? Probably.
Now ask yourself this: How many of these items do I really need right now or this season? Prioritize your purchases, then return any items you don’t really need right now. Your charges will be refunded back to your credit cards, and the statement credit for those refunds will likely show up in the next credit-card billing cycle.
Also, to avoid emotional spending in the future, read these tips to learn how to create and stick to a budget; this advice on how to stop being a shopaholic; and this free online version of my book, Zero Debt, to help you eliminate credit card debt.
Problem: Your date can’t cover the bill
You’re out on a first date and having a great time. When the bill arrives, your date insists on taking care of the bill. However, his only credit card gets declined and he didn’t bring cash – at least not enough to cover the entire bill. There’s also no ATM machine in sight.
Solution: Be gracious and offer to pay the bill – or to take care of the portion of the bill that your date couldn’t cover. Keep any grumblings or negative feelings you may have about the matter to yourself, and avoid making a scene at the restaurant. Nothing good will come of that and your date is probably already feeling completely humiliated. Plus, if he’s half a gentleman he’ll definitely offer to repay you immediately. If he doesn’t, and you think he’s just financially irresponsible or a moocher, you always have the option of saying “no thanks” to a second date.
But who knows? If the guy turns out to be “Mr. Right,” what started out as an embarrassing money issue could make you both red-faced with laughter years later as you tell friends, family — or even your kids — what happened on your memorable first date. Lynnette’s article originally appeared on DailyFinance.
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Embarrassing Money Issues Men Have
Embarrassing money issues can rear their ugly heads at any time, putting any of us in situations that can be downright cringe-worthy.
But unlike embarrassing money issues that women have, the red-faced financial moments that men experience can often feel more personal.
After all, men frequently have their self-esteem, identity or feelings of self-worth wrapped up in financial matters – all of which makes dealing with awkward money incidents particularly unsettling.
If you’re a single guy running your own finances or a married man responsible for maintaining a household budget, you need to be well prepared for some common money calamities that could threaten your wallet – as well as your ego.Knowing how to handle an awkward money situation can make it easier to get through an otherwise difficult dilemma and just move on.
Here are some embarrassing money issues men often face and the solutions for overcoming them:
Problem: You can’t afford the engagement ring
You’re ready to pop the question – or maybe your girlfriend is ready and has been dropping heavy hints by loudly singing Beyonce’s “Put a Ring on It” on a daily basis – but you don’t have anywhere near the two months’ salary that wedding “experts” say you should spend to buy your beautiful bride-to-be a flashy engagement ring.
And in case you’re wondering, the average cost of a diamond engagement ring in 2010 was just over $5,390. If that’s too rich for your budget, fortunately, there are ways you can tie the knot without breaking the bank.
Solution: If you really do want to get married, you basically have three options when it comes to getting a ring:
Option #1
First, you could buy a modest, inexpensively priced ring that’s within your budget – but only if you’re sure your girlfriend would be fine with that. To gauge her thoughts on this approach, be direct in explaining to your girlfriend that while your love for her is beyond measure, your bank account happens to be finite. Therefore, you can’t currently afford a big, expensive ring.
She may be OK with accepting a less pricey ring, or even a simple gold band. If so, problem solved.
Option #2
A second option – if she really has her heart set on a fancy, blingy engagement ring that she can show off to her girlfriends – is to figure out how long it will take you to save and buy a ring of her desired size and caliber. Then tell her how long it will take and stick to your word.
But be prepared, if you say you need to save for a year, that may seem somewhat long to many women; two years will seem like an eternity. Some women might even suggest you go into debt and just use a credit card to buy a ring. But this is a bad move, because it will start you off in debt in your marriage. And that’s not a good thing.
Option #3
Finally, if a parent, grandparent or another relative has a special ring that’s been in the family, you might inquire about obtaining it and surprising your girlfriend with a family heirloom that holds special significance. Many women would be absolutely thrilled to get a family ring and could care less that it didn’t come from a store.
Any of these scenarios may or may not be ideal solutions to the engagement/wedding ring dilemma. But they at least offer you viable options to get by this difficult financial issue with a lot of class and a lot less stress.
Problem: Your credit card gets declined at a business meeting
You’re taking clients out to dinner and insist on footing the bill. Unfortunately, your credit card is declined and the server brings the check back to request an alternative method of payment.
Solution: Avoid looking too embarrassed in front of your clients and simply provide another form of payment. Don’t argue that you do have credit available on that particular card or that there must be some mistake. Your protests may make an already-awkward situation worse.
Just quickly review the bill again, take back your card and hand a new credit card or cash to your server. You can always contest the issue over the phone later with your credit card company. But that’s best done when clients, vendors or co-workers are nowhere in sight.
Problem: Your significant other sees a collections letter
So you missed a few payments on your credit card or auto loan, or perhaps you racked up big medical bills that went to collections. While you’re stressing about how this will affect your credit reports, a few letters get sent to your home and your live-in girlfriend, wife or partner happens to come across them.
Solution: It’s time to face the issue and have a frank conversation about the matter. (For couples, I recommend the Economic CPR method as a way to communicate about money.)
While it may be tempting to hide the fact that you have some unresolved financial issues, a better strategy is to simply state what happened and explain how you’re handling the matter. Don’t get defensive about the subject, accuse your significant other of “snooping” or brush off her questions with a curt “It’s nothing” or “It’s none of your business.” That will only cause your economic problems to spill over and become relationship problems, too.
Although credit and collection problems can make you feel embarrassed or angry, you really are better off talking about the issues. Your mate may even be able to help you create a better budget and effectively work through your financial setback. Lynnette’s article originally appeared on DailyFinance.
