July, 2009

A Common Theme

I’ve had a lot to say about money and relationships lately, and keeping with that trend, tomorrow I’ll speak with Dr. Bonnie Eaker, about her book “Financial Infidelity: Seven Steps to Conquering the #1 Relationship Wrecker.” Tune in to Oprah Radio at 12pm EDT (on SIRIUS Channel 195 or XM Channel 156) to hear her take.

Money and Marriage, Part II

I was on Today this morning with some money advice for Nick and Leigh, the couple who got married on the Plaza today for the show’s annual Today Throws a Wedding series. Here’s the clip:

Money and Marriage

It’s that time of year again…wedding season. According to the Association of Bridal Consultants, nearly 22% of couples tie the knot in July and August. But after the rice is thrown and the cake is gone, couples are left to deal with one of the biggest causes of martial discord: managing their finances. Here are some tips to help you keep the peace:

Understand your differences. It’s not reasonable to assume that just because you tie the knot you all of a sudden become the same person. What you have to do, therefore, is understand HOW you are different, how those differences are going to worry or stress your partner, and keep lines of communications open so that you both understand what is happening with the family pie.

Joint or separate accounts? Try both. There is a school of thought that says the more you merge your money, the more you trust each other and the marriage. I am not completely of that school — quite possibly because I’ve been divorced. I am a big fan of joint AND separate accounts. The way this works best is if you come up with a household budget that the joint account will cover. It must include the amount you want to save for your joint goals (vacation, house, retirement, emergencies). Then figure out what equal percentage of both salaries will cover it, transfer that much in from the separate accounts, and leave the rest. And the bills covered by the joint accounts shouldn’t ALWAYS be paid by the same person. One will gravitate toward these tasks but make sure you switch it up at least once a year.

Financial autonomy is a must. When it comes to my marriage, I need to be able to buy a cup of coffee without checking with him. More…

Wallet-Friendly Wardrobe Tips

When it comes to your wardrobe, saving money is as easy as knowing what doesn’t need to be in your closet. Join Jean tomorrow (on Oprah Radio at 12pm EDT; SIRIUS Channel 195 or XM Channel 156) when she sits down with “What Not to Wear” co-host Stacy London to talk about how you can save money and still look fashionable.

July is National Retirement Planning Month

On Monday, retirement expert Bill Losey joins me to discuss National Retirement Planning Month. Later, we’ll talk with Money’s Craig Matters about the magazine’s 2009 Best Places to Live issue. Listen in on SIRIUS XM Channel 156 at 12:00pm EDT to see if your hometown made the list.

Co-hosting With Carlos Watson

I joined Carlos Watson on his MSNBC show this morning, and we talked about what everyone is talking about: Michael Jackson, of course. Watch the video below:

Is Debt Stressing You Out? Tune In Tomorrow.

Tomorrow, Jean chats with credit expert Gerri Detweiler about her new e-book “Reduce Debt, Reduce Stress.” Later, New York Times economics reporter Edmund Andrews stops by to discuss his new book Busted: Life Inside the Great Mortgage Meltdown.” Listen in on SIRIUS XM channel 156.

Ask Jean Thursday: To Modify or Not to Modify?

I saw you on the Today Show and you brought up a loan modification. I looked this up on the Internet and everything I read said that you had to write a “hardship” letter in order to qualify for this process. We are not experiencing a hardship at this time but did want to see about lowering our current interest rate. My question is what is required for a loan modification?

-B., Alabama

If you’re looking for a lower interest rate on your loan, you can refinance or go through the loan modification process-which I warn you, can be a long and complicated one. The route you take will ultimately depend on your financial circumstances.

To determine which option is right for you, visit the government’s Making Home Affordable website. There you’ll find two separate questionnaires that will show you if you qualify for either refinancing or loan modification.

Let’s take a look at refinancing first. More…

Recession-Inspired Deals

Consumers are more and more reluctant to spend money these days, as they should be. It’s hard to part with your cash when you’re worried about losing your job. This morning, I was on Today talking about the tactics retailers are using to lure you into stores. What deals are out there, and should you take the bait? Watch the video to find out:

Coming Up Tomorrow…

Coming up on Oprah Radio tomorrow, Jean chats with blogger J.D. Roth about his “Get Rich Slowly” philosophy. Later, she talks real estate with Zillow’s Amy Bohutinsky. To tune in, set your SIRIUS XM radio to channel 156 at 12pm EDT.