Money Talk Matters – Bride and Groom Money Talk©

I have been busy over the last few weeks between the kids, my husband and I talking and evaluating our businesses over and over it has been lots of fun. Communciation is key when you are married. Talking with your loved one about the concerns you have, your dreams, your goals and even the things that you are afraid of. Yes, that’s right I said if there are things you are afraid of open up about them as well.

From day one, my husband and I have always been each other’s biggest supporter. Having said that it was fun talking about the growth we want to see in each of the businesses and stepping out of the box to make it happen. Believing in ourselves and what we have to offer was absolutely great. What would you do if your spouse was your biggest encourager? Where do you think your marriage and money would be if you were on the same page and had mutual financial goals?

I have watched different Court tv shows which some are my favorite, but when I watch these people I think what were they thinking when they say I Do. Clearly some people were not thinking. It is evident that they should not have been getting married because they were too young and not ready to be someone’s spouse.

Marriage and money means working together and not against each other. There will be issues come up that you do not even expect but believe this if you can work THROUGH them together, your marriage will be stronger for it.

The idea when you say “I Do” should be to be married for a lifetime. With marriage comes different challenges and issues. Your first thought should be how can we work it out instead of its your fault and I am out of here.  You didn’t get married to suddenly be divorced and single. Together you can accomplish much.

It has been very busy here for the last few weeks and continues to get even busier. However, over the last few days there have been some stories that I have seen that warrant my taking a minute or two to SPEAK UP.

Just last week I read a story about a parent of triplets and how she and her husband were very happy to discover that they would be having triplets when she was pregnant. However, once the babies were here the toll it began to take on their marriage. It took so much of a toll that the parents are now divorced and they attribute their divorce to being parents of triplets. You must read that story, it tore me apart.

The children did not ask to come into this world. I feel as if you as a married adult feel as if you are ready to become a parent, be wise and know what comes with that. Whether you have one child or several there will be financial expenses. That is where planning comes in and having a financial plan at that. Parenting is not something to be taken lightly.

I don’t know what the triplets were costing these parents, but I can imagine that they are spending more money because of a divorce, child support, health benefits and more. There are a lot of expenses when it comes to divorce and as a matter of fact usually ends up costing more than the cost of the marriage.  What do I recommend to the couples that are reading this: If you do not presently have any children, talk about it, talk about it some more and discuss what are the financial obligations that must be met on a monthly basis, how long would the wife work during the pregnancy, would she return to work after giving birth… those questions and a lot more should be discussed prior to your becoming a parent.

I am a parent of twins and we knew that I could have twins long before the doctors confirmed I was having twins. Several years before the twins were born, I had started a business on the side and had that income. So we were thinking long term and knew that there was the potential that I would have to come home early carrying twins. But that didn’t happen. I got to a point where I wanted to stop working because I was big and want to rest.

PLAN, TALK, Plan your finances and plan some more. It is crucial to have a game plan. Sure your finances might not be perfect, however, once you begin getting things in order, it is like a weight being lifted on the shoulders.

I tell you what readers, I was not ready for the clock change.  Mind you I had been dealing with the sneezing and coughing like so many others over the past weekend that I was not paying attention to the time. When I realized that the time had changed it was Sunday night at approximately 8pm when our daughter said she and her brother were going to do something in the Spring. I went OOOOH No. She of course said what Mom? I told her that the clocks changed and we were supposed to move them up an hour.

What have you done about your finances as you prepare for spring? Are your finances springing forward and on the path to removing financial obstacles or are staying in those same financial habits that is causing turmoil in your home, affecting your job and your health? The choice is yours. Why do I say that? Well, think about it like this as long as their is income of some sort coming into your hands, you can make better decisions today that affect your future.

You can remove financial mistakes and input sound financial principals that put you on the road to financial independence, becoming a saver and an investor. What are you waiting on? Why wouldn’t you want to be a save and an investor? It is high time to think big picture and for the future, not just short term. Please, please quit looking at your financial mistakes. Looking behind is causing so many to miss financial opportunities that are in front of them or they believe they deserve to be in debt and not out of debt. Either way, its a bleak picture.

Think about how much fun you could have this spring if you got your finances in order. Vacations! Picnics! Trips to the Beach and much more!  I tell you what I’ve already begun thinking about some extended weekend trips for the family. Why not! You can create memories like never before and have a lot of fun in the process.

Spring forward your finances are waiting on you.

Last week I went to the bank two days in a row and I was taking in everything that I saw. Let me ask the question: Who do banks serve? Are they there to help the consumer or to make more money off of the consumer? Let me recount what I saw.

Day 1:  There was a gentleman there and he was attempting to find out what was going on with his account. Clearly he did not know that his account had been overdrawn based on fees and was quite unhappy. Appears that deductions had not come out when they were supposed to and his account was in the negative. The gentleman was continuously shaking his head as in disbelief.

Lesson learned:  You must always always check your bank account and stay on top of what you have done when it comes to spending, deposits and deductions made.

Day 2:  The twins and I go into the bank there is one man at the window and he is vocal. What is happening with my accounts? The bank is making more money off of me than I am putting in. He has several accounts and I don’t mean 2 or 3, he had many. I heard them say money market account, checking account and savings account. Then they shared with him there is a fee for every time a transaction was made. He said, I am too busy for that to happen. Then he asked the question: Why don’t the bank protect the consumer and contact them and say you know we have a better account for you or something of that nature. Oh, you know that banker could not say anything. I took it in and the teller was clarifying what this customer wanted – ALL ACCOUNTS CLOSED.

Lesson in this one:  Know what the bank fees are for the different accounts, the number of transactions you can make prior to any fee being charged, is there a minimum balance required. Also if you are unhappy with your current bank – SHOP around and get what you DESERVE. I’m not for banks making money on their clients but providing inadequate customer service.

Today is the last day of America Saves Week – the national campaign and I must say I have had a lot of fun writing about saving money this week. Do you realize that if you can save your money, you can also save your marriage. Savings says that you are thinking long-term and not just about today. Whether that means thinking about an emergency fund, saving for a house or even starting a family, the great thing is that you have begun thinking about and soon will be taking action if you have not already.

America Saves says Start Small and Think BIG! I wholeheartedly agree because you will be able to achieve the small goals and then move up to the big ones. During America Saves Week, I shared how important it was to have a savings goal. I recommended short-term and long-term goals because as you reach the short-term goals it will encourage you to establish even longer goals. There is nothing like feeling a sense of accomplishment. It makes you feel as if you can take on the world. Let me share a secret – you can take on the world and WIN. Does not matter what area of life it is either.

Next I shared some quick ways to save money. It is fine to know information but unless you apply that information it does not mean a thing. One of the ways I mentioned to save money quickly was to brown bag your lunch. Sure people have heard this over and over but unless you do it, you will contine to spend that $6 – $10 for lunch everyday when you could be saving that money. The same applies for the vending machines. Buy your snacks at your local grocery store and get enough variety so that you do not become bored and tempted to spend your money in the vending machine because you do not like what you have.

Saving money can affect many areas of our lives and your vocation. I talked about saving as an entrepreneur. That is when it could literally turn into a game… how many ways can you save money as an entrepreneur. Remember America Saves is there to help you and encourage you as you proceed in your savings plan.  I know that it can be challenging in the beginning to save money but once you start and see that account grows, it will encourage you to save even more.

I know its the weekend and you thought surely I would be done writing on savings. Not so fast – money circulating is money working for you. That means whether you have invested your money or put it into a savings account it is working for you. So while you are reading this on a Saturday, what is your next move when it comes to savings?

What do you want to see different with your savings strategy within the next 3 months, the next 6 months? If you have children are you expressing the importance of saving money? Have you heard Pay yourself first. Well, you should be paying yourself first. Don’t think you are not worthy because you are.

If you make an effort to save repeatedly and create the habit, then you will do it regularly. Change your mindset when it comes to saving. Your mindset should be savings is a GREAT thing and my money is working FOR me. Mindset is really important when it comes to money. There are too many people living in a poverty mindset and it is time for CHANGE. REPROGRAMMING if you will when it comes to money.

It’s Day 6 and how has the savings been going? I tell you what it has been fabulous for me because I have taken a look at my business model and made some tweeks. One thing that you should not do is be so stringent in your money plans that you set yourself up for failure and frustration. Flexibility is key and will save you from the stress and headaches if you do not allow yourself some breathing room.

When I looked at the previous business model that I was using, I saw how it was not on point. Therefore money was being spent ineffectively. When it comes to personal, you better believe that my husband and I have talked and established a goal for this year. What we would like to see when it comes to savings personally as well as what is the savings plan for the business.

When there is a husband and wife in the picture, both must agree and work the plan together for the benefit of the marriage and long-term goals. When it comes to savings, it is absolutely acceptable to set short and long-term goals. Because if you set short-term goals and achieve them, this could encourage you to set an even longer-term goal the next time. You will know that you can do it because you accomplished the short term goal already and have that to be your focus.

A short term goal could be 30 days, 60 days or 90 days. Not to long and not to short but realistic so that you can see yourself making progress. Remember, it takes WILLPOWER. There will be times when you are tempted to not put the money away or take the money out of the account – don’t do it UNLESS it is an EXTREME Emergency. Sure that might seem relative however, you know an emergency is not they are having a sale at a department store and you HAVE to HAVE that item.

Enough said on that. You have almost made it through this week. Keep on hanging in there. You are making GREAT strides. Don’t forget to check out my partner, Americasaves.org

As a wife and entrepreneur as well as money and marriage advocate, I thought I should address saving money as an entrepreneur. Most business owners have experienced the ups and downs in business, the busy times and the slow times. Therefore, when you know that business is cyclical you have to be prepared and therefore saving money is crucial as a business owner.

Ways to look at saving money:

1) For the business owner regardless of start-up, been around a few years one of the first things that you should do is make sure you are marketing to the proper target. If you are marketing to the wrong target you are throwing money away. It is almost like the “shot gun” approach. Where you advertise to the masses and hope to hit a client or two. Whereas when you have done your research and market effectively to your target, your dollars are being spent wiser and should go longer.

2) Re-evaluate the different services that you are using for your business. Do you need cell phone, blackberry, pager, etc? I think we sometimes get off track because we become GADGET driven. Think about how much you could save if you only had what you needed not getting all the things that you want.

3) This one is huge. How many subscriptions to different memberships, e-courses and such do you belong to? How much are you spending per month on subscriptions? How much of it do you really use? I remember about three years ago, I cut every subscription off. I was spending almost $200 a month in subscriptions and the business was not paying for it. Take a look you might be surprised. As a personal finances person, we have to evaluate situations in our lives too.

Those are just a tip of the iceberg of ways to save as a business owner. Don’t take it lightly when you are an entrepreneur that you should not save because you should. That way when times are slow, you can fall back on money you have set aside and get really creative with marketing and institute a referral policy at that time.

Savings is not just for the individual, but also married couples, business owners, students and more.

This week we have been talking about saving money and it is only the beginning. There are people reading this that will say I want to save money but I have so much debt I don’t think I can. If I wanted to save, where would I start. I am soooo glad you asked that question.

Here are some quick ways that you can save money:

1) Not necessarily a new one but have you done it? Eliminate the latte’s in the morning or soft drinks at work. Put that money in an envelope every time you are about to go and purchase a soft drink or a latte. Make sure that you have either taken some bottled water with you in place of the soft drink, or purchased it at the local grocery store so that you are not spending that money in vending machines. As for the latte’s, make your own at home.

2) At the end of each day, empty out all the loose change in your pocket or purse into a jar and you will be surprised at how fast that money adds up. This is something that we have even done with our twins. They are on their second piggy bank. They are looking forward to the day when they can go and cash it in. No hurry just keep adding to it.

3) Re-evaluate every bill you have. What can you eliminate or reduce. Could you be paying less for a service or do you really need a service or is it more of a want? I have been of the mindset that if it is a service that you can turn back on such as cable, long-distance then you can do without them for a period of time. For example instead of long-distance service – use a calling card for a minute if necessary. 

4) One of my mom’s favorites is BROWN BAG your lunch. Alright that does mean you have to be creative with your lunches so that you do not get bored and fall into the trap of spending anywhere from $6 to $10 for lunch 5 days a week. On the low end if you work 5 or 6 days a week at $6 that is $30 to 36 and over 4 weeks that is $120 to $144.

5) Stick to your grocery list when going to the store. Don’t buy anything extra and do not go to the grocery store hungry! Hmmm, that will definitely get you in a lot of trouble.

Listen, I know to save money takes commitment and STRONG WILLPOWER. What will saving money mean to your life, your marriage and your family? What is the result? If you think about the result, it makes it all worth it.

Don’t forget to stop by www.AmericaSaves.org .

As in most things in life, you should have a goal. So when it comes to Saving Money, you should have a realistic goal for the year. You should be looking at your income, your expenses and what is the amount you would like to save by the end of the year. Sure it is the last full week end of February and March is right around the corner. You have 9 months left… what are you going to do?

Your goal could say for each month, I will save x amount of dollars and put it into this account. If you have not chosen a bank account yet that you want to put your money into.. do your research and see where you would get the best return. Whether it is a bank account, money market account or even a CD. Do your homework.

I remember many many years ago when I was teaching finances online to a specific group the different online accounts that we discussed were ING, FNBODirect and EmigrantDirect were the ones we talked about. Do your research and see what is the opening amount you need to have, how much has to be maintained and if there are any fees associated with the account. All of those factors make a difference. When it comes to money, you must pay attention. No pun intended.

Set your goal and go for it. I encourage you to go to www.AmericaSaves.org and see what resources they have available regarding goal setting as well. Until tomorrow…All it takes it a START!