My own money resolutions this year include cutting out even more conventional items for green items which can cost more but not if you plan well. Also, I need to set aside more cash in savings. I’d like to have a total emergency fund set up, and don’t quite yet, so I need to work on it.

If you need help choosing some money resolutions for 2010 check out these resources…

• Setting Financial Goals for the New Year
• Money Goals 101 – setting priorities
• Tips for money goals from Dave Ramsey
• Some cool money goals to consider
• Got a goal to buy less stuff in 2010 – try these tips
• Practical Goals Toward House Buying
• Money goals for kiddos

What are your 2010 financial goals?

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Post from: Thrifty Mommy

In good news a recent study shows that a larger majority of women, not men, control the family budget – but only by a little bit and other research shows that while women do take over the family budget they’re leaving the investing issues i.e. decisions related to mutual fund, stocks and bonds up to men, which is not smart.

All women need to practice smart money management by doing the following…

Practice trust but not at your own risk. Trust in a marriage or partnership is swell, but believe it or not, even if you think your relationship is on solid ground, bad things can happen. Assuming you’ll always be in a two income family and not planning for survival as a one income family is a serious money trap that people fall into. Trust your partner sure, but make sure you have a backup plan in place.

Learn about all aspects of money. If you’re already one of those 62% of women who handle the family day-to-day budget, great. If not you need to learn how to manage and balance the household budget. If you’re investing, keeping up on your retirement fund issues, and your name is signed on as owner of a major item (say a house) then you also need to know how to manage all of those budget issues.Read Your Money or Your Life to get a general overview of money and how it affects your life and also read Make Money, Not Excuses: Wake Up, Take Charge, and Overcome Your Financial Fears Forever which offers easy tips about managing your finances.

Keep tabs on your credit report.

Put yourself first: In this day and age people gasp when women put themselves before their kids, but guess what; there are hundreds of ways to score cash for college and zero retirement loans out there. Your retirement funds comes before your child’s college fund. If you can afford to sock away for both super, but it’s more beneficial for your kids in the long run if you can take care of yourself when you’re old.

Have some money goals: Whether your goal is to make money like a man, save more, buy a house, or pay off your debt it’s healthy to always have a money goal or two going on. Money goals, even small ones allow you to stay focused on finances frequently and keeps you sharp.

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• Capital adequacy.
• Asset quality.
• Profitability.
• Liquidity.

Of course you shouldn’t rely on one system when choosing a bank. You should actually head into the nearest branch, look around, talk to some folks, and so on, but getting a basic overview of a bank’s financial health is a good kick-off point.

The site is easy to use and when I filled in the name of a bank it didn’t do anything lame like say, “After you give us your email you can see the rating” I saw it right away. Nice. Plus they make the ratings easy to understand, using a basic star system (shown above).

According to Bankrate, the ratings, “Are comparisons to both industry peer norms and standards. In a very small number of instances, operating strategies that differ from industry norms may lead to ratings that are not truly reflective of an institutions’ financial condition. A Safe & Sound rating of one or two stars does not suggest that we believe direct regulatory action is imminent or even likely but rather only indicates that certain below-average performance factors have been found during the applicable rating cycle. Quarterly updates of Safe & Sound ratings allow us to monitor changes that may occur, and ratings may fluctuate on a quarterly basis.”

So if your bank has lost one too many checks or the tellers have zapped the last of your strength and you’re looking for a new bank, head to the Safe & Sound rating service to see how other banks stack up.

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Having been with a gambler in the past I can honestly say that it’s JUST like cheating, only your partner’s not dating another woman they’re dating the casino or slots or what have you.

Karen’s list has some points that may mean your partner is cheating OR it could mean he’s gambling, such as…

• An unusual increase of ATM withdrawals and/or credit card cash advances.
• Failure to mention overtime, bonuses, or an increase in pay.
• A liquidation of assets such as IRAs, saving accounts, money market accounts, etc.
• Avoidance of discussing money issues, the family budget, and spending habits.
• A decrease in the amount deposited from his paycheck.
• Running out of money before the next payday.

What else points to gambling?

Honestly, after having such a bad experience with another person who gambled, I HATE any gambling, but technically, you can gamble and not be addicted to gambling. Gambling, real honest to goodness addictive gambling is considered to be gambling  that disrupts your normal life or someone else’s life – i.e. your finances, your relationships, your emotions, your health, and more. Basically if gambling causes problems it’s a problem.

Following are some more signs that your partner may have a gambling problem…

• They blame you for their money problems.
• They are extremely defensive about their gambling.
• They get angry when you ask them to stop gambling or even to cut down.
• They’re gone for long unexplained periods and don’t call – many gamblers who hang at casinos loose total track of time. I’ve personally seen someone lose literally days at a casino.
• They skip work to get to the casino.
• They steal money from you, their friends, the family budget, and even from their kids.
• They may have major personality changes that vary from depressed to angry to violent.
• You feel the need to hide money from your partner.

If you notice the signs above the best thing to do in my opinion is to try and talk to your partner and if they won’t get help willingly then you need to think about you and your kids and make plans to leave. Not one person I know who have been involved with a gambler has one of those happy ending stories. It usually ends badly and will leave you financially vulnerable.

Resources:

• More signs that your partner may be a problem gambler.
• Gam-Anon for the spouse, family or close friends of compulsive gamblers.
• Support for the gambler.

Also, because I’ve often seen relationships where gambling and domestic violence go hand in hand you may be interested in basic facts of domestic violence, what intimate partner violence is, how you can assess if your relationship is abusive, plus find resource for support if you need help.

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Be proactive: If money is ONLY something you discuss when you’ve got a problem, well, that right there is your problem. Couples who are open about their money style and discuss bills and finances when there’s no problem are better equipped to deal when a problem arises. The time to start talking about money issues is when you know that you’re sticking together – say before you move in together.

Use a normal tone: Many people use their stressed or angry tone when talking about money. Keep it chill. Yelling, talking down, and pouting is three-year-old behavior. You’re an adult, adults deal with money all the time, so staying friendly is the way to go.

Grant some credit before discussing the issue: Say you think your partner spends too much on clothing. A good way to start this conversation is with a compliment – i.e. it’s cool that you always choose brands of clothes that last forever, or you admire how he/she can buy things without having to over think the purchase. Compliments that are real actually go a long way in defusing an argument before it starts. Sarcastic compliments are not nice though and so if you can’t give a compliment and mean it, just don’t.

Explain the situation exactly: When you’re communicating the issue you should be clear, concise, and suggest a kick off point for fixing the issue. For example, if you live with a super tightwad, you might say, “It stresses me out when we never get to budget in any fun time at all like a movie or show – I’d like to spend more time with you so how can we budget for this?“  Using phrases like, “I feel” – “I need” – etc is better than saying stuff like “You always spend too much” or “Why don’t you fix the problem.” You’re a couple, so keep solutions couple based.

Stay in the now: DO NOT bring up past mistakes of any kind. Real problems are more easily solved when you stay on topic. Bringing up that $300 dress your partner bought five years ago is not how to fix a current problem and it sets up your partner to be defensive and/or bring up your past mistakes which can spiral out of control very quickly.

How do you manage money arguments in the home?

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Assuming you’ll always be a two income family and not planning for survival as a one income family:

SO many things can happen to a two income family. Couples break up – yes even when you don’t see it coming, people get sick and can’t work, people get pregnant and make a decision not to work, layoffs occur, and sadly sometimes the worst happens and one of a couple dies. The problem is that too few people plan for one income living, when they should be planning now.

You should ALWAYS have a good emergency plan in place that includes many months of expenses saved up, life insurance in place for both mothers and fathers, and a general idea of what you could do to make more money or cut expenses should the worst happen. It’s not fun to think about this stuff, but if something does happen you’ll be glad you did.

Not being prepared for a medical emergency or crisis:

In general, most families are luckily healthy and doctor visits involve basic care only. However, if someone in your family did get seriously sick or injured could you afford it? Research out of Harvard found that 62% of all personal bankruptcies in the U.S. in 2007 were caused by health problems—and 78% of those filers had insurance. This partially plays into the trap above, not planning for one income, but there are other issues at stake as well.

If you want to manage medical emergencies you should splurge on health insurance above almost all else. Yes it can cost more on an on-going basis, but should something happen you’ll be super glad you did buy lots of insurance. However, it’s not enough to simply buy more health insurance, you also need to really read the fine print and choose plans that are right for your family.  You also should consider disability insurance so you’re protected ongoing should you be hurt and unable to work. Additionally prevention is one of the cheapest solution here. Stay healthy, exercise, eat well, and be smart – i.e. don’t drive drunk.

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• An unusual increase of ATM withdrawals and/or credit card cash advances.
• Failure to mention overtime, bonuses, or an increase in pay.
• Unusual purchases to places such as flower shops, jewelry stores, women’s clothing stores, etc.
• An increase in cell phone minutes used, possibly going over the monthly limit.
• A liquidation of assets such as IRAs, saving accounts, money market accounts, etc.
• Avoidance of discussing money issues, the family budget, and spending habits.
• An increase in spending for things such as gasoline, eating out, clothing, and hygiene products.
• A decrease in the amount deposited from his paycheck.
• Running out of money before the next payday.
• Salary discrepencies on the W-2.  This goes along with the issue of money earned versus the overtime he claimed he was working.  Also, look for unexplained business travel expenses.

Other helpful resources:
Infidelity Advice
Women’s Divorce: Signs of Cheating
Divorce Hq:  How to Tell if Your Spouse is Cheating

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That said, you don’t have to head to a bank. If you’re just curious – i.e. in the very early stages of home buying, Business Week just posted two excellent and easy online tools you can use to sort out how much home you can afford. If you don’t want to use online tools you can check out the following resources (best for folks who like making lists and budgets)…

How to buy a home with a low down payment – includes a tips section about how to figure out on paper what you can afford.

Home ownership worksheet.

What sort of money you’ll need lined up in order to buy a house – great if you’re not sure about all the costs involved.

Once you get past the initial stages of considering home buying, you can check out some handy tips that will save you money as you look for your perfect home.

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Post from: Thrifty Mommy

They say opposites attract and I guess that can be true of friendships as well.  I have had three close friendships.  I’m talking tight, share all secrets with girlfriends.  All three of these ladies had issues with spending.  After being friends with them for a while, I noticed that all of them began to tone down their spending, their impulsive shopping, their wild credit card spending, and they began to look for bargains on the things they purchased. 

Of course when you are close friends with someone, you talk about life.  You talk about the things you buy, the reasons you buy them, what your long term goals are, what you’re saving for, and if money is tight you talk about that too.  Here are some things I have mentioned to my friends that I feel has caused them to be more aware of their spending:

• My objection to car payments – Try to save for a vehicle, pay cash if possible, finance as little as possible, don’t go for a high dollar car, and also the crazy depreciation rates.
• Don’t charge it – Basically, if you can’t afford to pay cash for it, you don’t need it.
• Impulse shopping – Avoid making impulse purchases. Think about it.  Plan for it.  Decide if you can afford it.
• Comparison shop – Look around for the best bargain.  Shop the sales.
• Use coupons – Try to use coupons on groceries, dining out, and entertainment.
• Plan for the future – Leave within your means and save for the future.  Save for a rainy day so that you don’t have to use credit for emergencies.

Have your finances affected your friends?

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There are some ways to make sure you get your rebate money.

1)  Make copies of everything before you send it in. My husband and I always make a copy of all of the paperwork.  This includes the papers we filled out, the receipt, UPC, and any other information that we send in.  We also write the date mailed on top of the paperwork and file it away.

2)  Follow the instructions. Follow the exact instructions on the rebate, no matter how silly they sound.  Be sure to include the original receipt (if stated on the form), completed paperwork, any labels or UPC labels specified.

3)  Mail the paperwork immediately. This is one of the major causes of unclaimed rebates.  We get home, open up our new gadgets, and forget to send off the rebate before it expires.  Send it off immediately!

4)  Check your mail carefully. Many times rebates come in an envelope that looks a lot like junk mail.  I have almost thrown out some rebate checks.  Be careful.

5)  Put a reminder on your calendar. It’s easy to forget about the money that’s due to you.  If the rebate says to expect your money in 6-8 weeks, then be sure to mark it on your calendar around that time.  That way you’ll be sure to follow up if you haven’t received your rebate back in time.

Have you ever had any problems collecting money from rebates?

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