On Today’s Money 911 we talked about how to juggle paying for school, while saving for retirement. Plus, what to do when paying for a mortgage is part of your divorce decree. Check out the clip below to learn more.
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This week, my New York Daily News column – which is syndicated, so it may have ended up in your local paper, as well – was about recouping some of the cash that’s spent on weddings. Everything from the dress to the decorations is finding a place on the used market these days.
Of course, saving money upfront is an even better option. The column caught the eye of my friend Josh from college, who shot me an email this morning outlining the money-saving strategies he and his wife used when they got married in 2000. More…
This morning on Today we talked about why a good credit score could still result in a denied credit card, and how to negotiate debt in a divorce. Check out the video below for all of the details:
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We all know that shopping makes us feel good. It’s a scientific fact – when we see something we want, it triggers the release of feel-good endorphins and hormones that inspire us to make a purchase – something I talk about in my book, The Difference. But I know from reading many of your e-mails that, in some cases, this kind of feel-good shopping can become a real issue. When you shop compulsively – buying things you don’t need, and racking up debt – it can take a real toll on your life.
My good friend April Lane Benson, PhD, is an expert in overshopping – and how to stop. She authored a book – To Buy or Not to Buy: Why We Overshop and How to Stop – to help compulsive shoppers curb their behavior and live a financially responsible lifestyle. Recently, April let me know about a new study she’s working on to test her treatment for compulsive buyers. The treatment has been a success for more than 100 shopaholics – and it incorporates a series of steps that help to re-shape buying behavior, and keep you from falling back into a bad habit once you’ve fixed it. More…
New research shows that couples who fight about money more than once or twice a month are significantly more likely to head for divorce. This morning on TODAY, psychologist Gail Saltz and I talked about tips for how you can money-proof your marriage — like coming clean about your finances from the get-go, and making a plan to save and to pay down debt. To learn more, watch the clip below!
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What is a Uniform Gift to Minor Account, and how does it differ from a 529 Plan? How can I pay for my wedding and avoid building more credit card debt? How can I remove old accounts from my credit report to boost my score? I helped the Money 911 panel answer these questions (and more!) on the TODAY show this morning. Watch the clip below for our money advice.
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“I recently got engaged, and am looking to prepare financially for life after our wedding. I’m not sure what we should do about things like taxes and health insurance. We’re just a little confused about what we should be doing.” – Amanda, Arizona
Well, first of all – congratulations on your engagement! I’m glad that you are thinking ahead about how your life will change financially once you tie the knot. It’s important to have that money talk now, rather than let it slide until applying for a mortgage reveals credit card debt you didn’t know your spouse had.
So what should you do first? Ask – and answer – the following questions: What do you own? What do you earn? What do you owe? And what do you spend? Being open and honest about these things opens a platform for discussion, and allows you to plan for your future. You’ll be able to make the right decisions about opening joint bank accounts and credit cards (I, personally, prefer the yours, mine and ours system, in which each partner has his or her own bank account, and they share a joint account for household expenses). More…
I work full time and my husband is home raising the kids. It just ended up working out that way when he lost his job and then I got pregnant. I handle paying the bills – and I absolutely HATE it. I am also not great with it either and that frustrates him. When I tell him to take over, he won’t even consider it… and then when he sees some of the credit card bills come in, he jumps right on me. Help!
- Kim, Maryland
Kim, thanks for writing. Your email brought back memories. When I was growing up, neither one of my parents liked paying the bills. So my mother would do it for as many months as she could stand it, then when she got really, really cranky my father would take over. And months later, when he had all he could take, she would once again take over for him. I think the difference between your approach and theirs is the difference between the words “ask” and “tell.” More…
Women have — for generations — had the stigma of being bad with money. Lucy begged Ricky for her allowance. Carrie Bradshaw blew her retirement fund on shoes. Even now, many of us can name at least one girlfriend who splits a purchase between cash and credit so she doesn’t have to own up to the cost to her spouse.
Women are getting a bad wrap. These days, more and more of us are taking charge when it comes to our family’s money. At the end of last year, a study by FindLaw.com found that 37 percent of married women between the ages of 18 – 34 handle all of the household finances, compared to 30 percent of married men. In a 2006 study by Money magazine, 60 percent of women said they’re responsible for budgeting, bill paying, and day-to-day spending in their households. More…
“I recently discovered that my wife has hidden several thousands of dollars in debt from me. Beating me to the mailbox, sending statements to one of her friend’s homes. I have left the house and wanted some advice on where to start rebuilding if even possible after the deception.” - Jim, California
I hear this all the time, unfortunately. About 2 to 5% of the population can be categorized as compulsive shoppers, and it can have a devastating impact on a marriage. And when it’s done in secret, my friend the psychiatrist Gail Saltz often says, it’s particularly devastating. That’s because there are two betrayals: The hiding of the information and the disregard for the financial life you’ve built together. That said, if your wife is willing to work on the problem you can repair your finances and your marriage.
Financially, your first obligation — and it is a joint obligation since you’re married — is to face the debt and preserve your credit history. Sit down with your wife and More…
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