You make a very logical case, however, when it comes to money, most people are very private. The uneasiness in asking for your partner's finances can make completely open communication difficult, but if you're planning on building a life together, eventually money is gonna come up--bills don't pay themselves, after all. Maintaining a realistic and accurate perspective on your household finances will allow a couple to budget more effectively and make the most of their money. For more money-saving and management tips that are easy to talk about and use, check out our blog at www.blog.mangomoney.com.
Julie, your article--by way of example--suggests that we all participate in a great exercise: determining what we need; not just to live, but also to be happy. Living frugally is a great way to budget your expenses so that you have a bit of money left over for the occasional gift to yourself. Everyone's priorities will be different, but the process of creating that top-ten list is the same. I work for Mango Financial, and at our blog we strive to deliver money-saving and budgeting tips to help our customers get the most out of their money so that they can build savings or splurge on the occasional treat. Check out our content and let us know what you think.
My toughest financial challenge right now is being unemployed since April 2009. I didn't have much in savings, which didn't help. I've managed to be temporarily employed most of the time, but it hasn't been easy. I do a lot of side jobs - house sitting, pet sitting, yard work, general unskilled laborer, clerical work. And I'm still looking for a job on top of all that. I remain hopeful, but that's a challenge too.
This is awesome stuff, but I have a request. One thing I tend to get hung up on is the actual process of starting the business, i.e. registering a name, setting up the tax information, insurance, etc. I'm not sure I know where to start, and that tends to stop my progress towards starting a business, though it's surely the easiest part of the whole ordeal. A simple checklist or to-do list with a basic walkthrough on the points for getting an idea off the ground would be invaluable.
I have very little willpower when it comes to cutting down certain costs - the big one being eating out and happy hours. My boyfriend and I live in the city and literally could go someone new every night if we wanted. Right now we average 3-4 times per week! If we cut back even one of those nights, it would save us at least a couple hundred a month!
I don't have any financial "problems" since I don't have any debt, have a good job, etc. But I have a financial goal, which is to buy a house entirely with cash and forgo the traditional mortgage.
My toughest financial challenge is the amount of time it takes to accumulate a decent amount of saved income. Because of (what I believe is) inflated cost of living in my state of residence and increased gas prices, it's become increasingly more difficult to set aside extra funds...especially since my income hasn't risen at all. It just means that I have to make more sacrifices in my personal life, but I don't really want to continue making those kinds of sacrifices forever.
@Guest - I think your suggestion is a great idea. In the article I suggest limiting the balance in your bank account and keeping the majority of your funds in a high-interest savings account (which earns you more money as well), but both strategies work. There's something to be said for not compromising your primary bank account by instead having a dedicated travel bank account/debit card.
@Megan - Great plan! I'm glad the gift calendar idea helped. It's so helpful to truly plan these expenses out in advance; the fewer financial surprises we face, the better we can manage them! :-)
Yours is also a great case for doing regular financial reviews (for example, semi-annually). It's a great barometer for how you're doing and making sure you're on track.
Planning a wedding that includes our many loved ones in a meaningful way, while also making sure that it doesn't drive us into debt. My fiance and I have made many adjustments to our variable expenses to ensure that we can pay cash for everything.
My toughest challenge is getting life insurance. My wife and I got 10-year term life policies shortly after our marriage. These policies just expired. I'm a 7-year cancer survivor and I also have two masses in my pancreas. (The masses appear to be benign after two biopsies and numerous CT, PET and MRI studies and are unchanged in size over the last 7 years. If it were pancreatic cancer, I'd be dead already.) The insurance agent assured me this wouldn't be a problem. Guess what? The insurance company turned me down for coverage because of it. So now I'm underinsured. Unlike health insurance, there's no credit for prior continuous coverage, no high risk pools, nothing.
No matter how frugal we are, our biggest challenge is saving enough for retirement. Discouragement is setting in as prices increase, and we feel like we're being sucked down as the timeline comes closer.
Our biggest financial challenge right now is an impending baby in 2 months! We have many important decisions to make. Will we choose $14,000/year excellent work daycare where I can walk across the street to visit or will we choose $8,000/year home daycare where a part of me will wonder if care giver is watching soaps all day? Should we eliminate emergency savings to help pay for daycare or should one of us pick up a job on the weekends? We've already cut our phone to $50/month for both cells, reduced cost of insurance by $50/month, are getting rid of satellite, started using coupons (saving us about $15/week, cut back on driving, are stocking up on diapers. Looks like we'll have to reduce credit card payments (pay $300/month with 0% APR for 15 months), student loan payment (now pay $1050/month w/ minimum of $500/month) car payment too. So hard to decide where to cut back, and how to balance paying of debt vs care of child!
Just trying to buy food, pay for my apartment and car loan, electric. Be sure you young earners put something away for later. I was not able to. Now, I live on a $620 Social Security check and work 20 hours a week for another $600. Anytime the cost of an item(s) goes up, I sink deeper.
In fact, research evidence from Harvard suggests US GDP is not as good as other parts of the world despite US work culture. There is also hard evidence to suggest that working long days -especially around eleven hours rapidly increases risks to health, likewise not having sufficient restoration time.
There are so many great beans out there, there's no need to spend much on coffee. I've now just set a limit to my own Starbucks addiction and am finding I can make coffee concoctions at home for much less.
You make a very logical case, however, when it comes to money, most people are very private. The uneasiness in asking for your partner's finances can make completely open communication difficult, but if you're planning on building a life together, eventually money is gonna come up--bills don't pay themselves, after all. Maintaining a realistic and accurate perspective on your household finances will allow a couple to budget more effectively and make the most of their money. For more money-saving and management tips that are easy to talk about and use, check out our blog at www.blog.mangomoney.com.
Julie, your article--by way of example--suggests that we all participate in a great exercise: determining what we need; not just to live, but also to be happy. Living frugally is a great way to budget your expenses so that you have a bit of money left over for the occasional gift to yourself. Everyone's priorities will be different, but the process of creating that top-ten list is the same. I work for Mango Financial, and at our blog we strive to deliver money-saving and budgeting tips to help our customers get the most out of their money so that they can build savings or splurge on the occasional treat. Check out our content and let us know what you think.
My toughest financial challenge right now is being unemployed since April 2009. I didn't have much in savings, which didn't help. I've managed to be temporarily employed most of the time, but it hasn't been easy. I do a lot of side jobs - house sitting, pet sitting, yard work, general unskilled laborer, clerical work. And I'm still looking for a job on top of all that. I remain hopeful, but that's a challenge too.
This is awesome stuff, but I have a request. One thing I tend to get hung up on is the actual process of starting the business, i.e. registering a name, setting up the tax information, insurance, etc. I'm not sure I know where to start, and that tends to stop my progress towards starting a business, though it's surely the easiest part of the whole ordeal. A simple checklist or to-do list with a basic walkthrough on the points for getting an idea off the ground would be invaluable.
-JC
I liked you on Facebook and tweeted my answer!
I have very little willpower when it comes to cutting down certain costs - the big one being eating out and happy hours. My boyfriend and I live in the city and literally could go someone new every night if we wanted. Right now we average 3-4 times per week! If we cut back even one of those nights, it would save us at least a couple hundred a month!
I "like" your FB-Elisabeth G
I always have a hard time staying within my "eating out" budget!
I don't have any financial "problems" since I don't have any debt, have a good job, etc. But I have a financial goal, which is to buy a house entirely with cash and forgo the traditional mortgage.
My toughest financial challenge is the amount of time it takes to accumulate a decent amount of saved income. Because of (what I believe is) inflated cost of living in my state of residence and increased gas prices, it's become increasingly more difficult to set aside extra funds...especially since my income hasn't risen at all. It just means that I have to make more sacrifices in my personal life, but I don't really want to continue making those kinds of sacrifices forever.
@Guest - I think your suggestion is a great idea. In the article I suggest limiting the balance in your bank account and keeping the majority of your funds in a high-interest savings account (which earns you more money as well), but both strategies work. There's something to be said for not compromising your primary bank account by instead having a dedicated travel bank account/debit card.
@Megan - Great plan! I'm glad the gift calendar idea helped. It's so helpful to truly plan these expenses out in advance; the fewer financial surprises we face, the better we can manage them! :-)
Yours is also a great case for doing regular financial reviews (for example, semi-annually). It's a great barometer for how you're doing and making sure you're on track.
Biggest financial challenge would have to be understanding the need to save for a future purchase or need. In other words, long term saving.
Planning a wedding that includes our many loved ones in a meaningful way, while also making sure that it doesn't drive us into debt. My fiance and I have made many adjustments to our variable expenses to ensure that we can pay cash for everything.
My toughest challenge is getting life insurance. My wife and I got 10-year term life policies shortly after our marriage. These policies just expired. I'm a 7-year cancer survivor and I also have two masses in my pancreas. (The masses appear to be benign after two biopsies and numerous CT, PET and MRI studies and are unchanged in size over the last 7 years. If it were pancreatic cancer, I'd be dead already.) The insurance agent assured me this wouldn't be a problem. Guess what? The insurance company turned me down for coverage because of it. So now I'm underinsured. Unlike health insurance, there's no credit for prior continuous coverage, no high risk pools, nothing.
dang credit card..had it since 1994..been passed around to different banks over the years..i would love it to be gone.
@zippy573
No matter how frugal we are, our biggest challenge is saving enough for retirement. Discouragement is setting in as prices increase, and we feel like we're being sucked down as the timeline comes closer.
tweeted: http://twitter.com/#!/drmomoftwo/status/73189187502866433
Biggest challenge is to pay off my mortgage
Our biggest financial challenge right now is an impending baby in 2 months! We have many important decisions to make. Will we choose $14,000/year excellent work daycare where I can walk across the street to visit or will we choose $8,000/year home daycare where a part of me will wonder if care giver is watching soaps all day? Should we eliminate emergency savings to help pay for daycare or should one of us pick up a job on the weekends? We've already cut our phone to $50/month for both cells, reduced cost of insurance by $50/month, are getting rid of satellite, started using coupons (saving us about $15/week, cut back on driving, are stocking up on diapers. Looks like we'll have to reduce credit card payments (pay $300/month with 0% APR for 15 months), student loan payment (now pay $1050/month w/ minimum of $500/month) car payment too. So hard to decide where to cut back, and how to balance paying of debt vs care of child!
Just trying to buy food, pay for my apartment and car loan, electric. Be sure you young earners put something away for later. I was not able to. Now, I live on a $620 Social Security check and work 20 hours a week for another $600. Anytime the cost of an item(s) goes up, I sink deeper.
In fact, research evidence from Harvard suggests US GDP is not as good as other parts of the world despite US work culture. There is also hard evidence to suggest that working long days -especially around eleven hours rapidly increases risks to health, likewise not having sufficient restoration time.
How do you think every other industrialised country in the world does this and even some of the poorer ones?
the question is how do you? Because it can be done
There are so many great beans out there, there's no need to spend much on coffee. I've now just set a limit to my own Starbucks addiction and am finding I can make coffee concoctions at home for much less.
I'm glad you caught my humor. It's usually very subtle and I don't think most people catch it. ;)