Which Money Language Do You Speak?

Shark Tank star Robert Herjavec once said, “If you can’t speak money, you will be broke for the rest of your life”.   

So how exactly do you “speak money”? Money language is how you view money, and the understanding of how you use money to express yourself. Money is often cited as the number one reason couples argue. That’s because when it comes to financial matters, many people don’t speak the same language. Learning to  understand your partner’s money language, fears, and goals could help minimize this dilemma.

 

Having an open and honest discussion about your differing financial viewpoints might seem treacherous at first, but by doing so it can add depth and perspective to the relationship. Since both perspectives are integral pieces in the joint financial journey, the collective input encourages an equal collaboration in working towards the same goals. 

Summer fun on a budget

As the summer months approach, many may already be contemplating what to do with the little ones while school is out.

We know that being cooped up in the house all day every day probably isn't the best option, but what choices do you have while trying to stick to your budget? Consider these options:

Make a list, and check it twice

If you've waited until the last few days before Santa comes to town to finish your Christmas shopping, here are some ideas to get you through the holidays on a tight budget.

What do you need?

First, take a closer look at what you're dealing with. How much do you still have allocated in your budget for gift-giving? Who do you still need to buy a gift for? It's important to make a list to ensure you aren't forgetting someone. Having to make an unplanned purchase later may throw you over budget.

Check your list twice

Santa was on to something when he made his list and checked it twice. Maybe consider doing the same. Do you really need to buy a gift for everyone on your list, or did they make the cut simply because you're in the Christmas spirit? It's easy to get overzealous and want to give a gift to each friend, colleague, and teacher your child has. However, that can get super expensive. Review your list and narrow it down to only those that are truly necessary. This will give you a better idea of how much you can spend on each gift.

Don't overindulge

There will be plenty of cakes, pies, cookies, and other treats to overindulge with this season. Make sure you're checking account isn't included on that list. Consider purchasing your gifts using only cash or gift cards. It's easy to spend an extra few dollars here and there to upgrade a gift, but it's not necessary. Trust me, your friends and family would not want you in a financial bind over a Christmas ornament or candle box set. As Jim Carrey says, "No holiday should manipulate you to the point where you're going into debt just to show someone you love them."

Bust up the boxes

Speaking of box sets, consider splitting up a gift set. Yes, you heard me correctly. Bust the set apart to create multiple gifts. For example, I recently purchased a two-candle set, each with a different scent. Although it was boxed together, separating them could provide me with two gifts instead of one. This allows you to spread the joy to more recipients.

Boutique antique

Remember, it is "Tis the season to give", not "Tis the season to buy". Consider making something to give as a gift. Are you good at baking? How about crafts? Often times you can find clearance items at discount stores or even a thrift shop. Dust it off, spray it with some Windex, and slap an initial on it. Now, instead of something used or boring, you have a boutique style one-of-a-kind gift.

Consider donations

If you're the type that burns your cookie, or your finger on a hot glue gun, you can always take a different route. Consider making a donation to a favorite charity. Some shy away from this, out of embarrassment for the size of the donation they can afford. Believe me, the charity will be happy to receive any amount. You won't even have to let the recipient know how much was given. Simply give them a card that says "Merry Christmas! A donation to (fill in the blank) was made on your behalf."

If you would rather take a more hands-on approach when making a donation, you can always check with the charity and see if volunteer help is needed. Your card can then include something like "5 hours of work was donated on your behalf". 

Gifting it forward

It's also important to remember that gift-giving issues are truly a first world problem. Some would care less about the scent of a candle versus the warm that it can provide. Consider creating gift bags with socks, gloves, toiletries, and snacks to hand out to those less fortunate. For the amount of money you plan on spending for one gift, you could make multiple gift bags. I assure you, it will truly be appreciated.

If you're really short on cash, consider giving the gift of time. No, I'm not talking about a watch, but your actual time. Set up a meeting for now or in the future to get together simply to hang out. It may be over lunch or even a cup of coffee.

Whatever you choose to do, just make sure not to overdo it, with the cookies or the gift spending.

Merry Christmas! 

Michelle Kuehner is a Registered Investment Advisor Representative and President of Personal Money Planning. She is also a Certified Credit Counselor and Certified Financial Health Counselor, writes Fix Our Budget blog, and has over 25 years of experience in the financial industry.

Santa sprinkled with a bit of Scrooge

It's the holidays! Everywhere you look there are decorated trees, mesmerizing lights, and the smells of cinnamon and pine. For many individuals, this time of year is not as exciting as it is for others though... It also means buying gifts and spending money they may not have. While it may not seem like a large amount, an extra $20 here and there can add up quickly.

As the holidays approach you may find yourself in a bit of a bind: Consumers are in a spending mood this year, with plans to hand over 4.1% more than they did during the last holiday season. That puts the average of $1,000 per shopper, according to the National Retail Federation. Everyone wants to be a Santa, but it pays to throw in a bit of Scrooge. Here are some tips to help make sure your holiday spending doesn't go from "Ho, Ho, Ho" to "Ho, Ho, Holy cow I spent how much?"

1. Have you made a holiday budget? 

Before hitting the checkout lanes, it's a good idea to create a list of people (and pets) you plan to buy gifts for, including a budget for each person. That will help keep the spending within reason. A list also helps wrap your head around how much you are actually spending overall. While $10-$20 gifts for your co-workers doesn't sound like much, it can add up quickly. Make sure to keep a line item for those last-minute gifts you may have forgotten about. Already have your shopping underway? It's not too late! Even doing this after the fact can be a helpful lesson to be mindful of gifts purchases in the future.

2. Have you started shopping? 

Shopping throughout the year is a great way to level out your spending and snag some great deals. If you see the perfect gift for a friend on sale in July, grab it now and stash it away until the right time. This doesn't just apply for Christmas shopping, but for birthdays, anniversaries, or any other gift-worthy mile-stone. I tend to buy things on clearance and stash them in a spare closet. When the time is right, they get a great gift, and I have saved a lot of money.

3. Do you have rewards points to cash in?

Many stores, or cards, have loyalty programs that you can cash in this time of year. For instance, I have an Amazon Visa, and throughout the year I use it for almost all of my purchases. Gas, groceries, household items, items for the office, travel, etc... I allow the points to accumulate, and when the holidays roll around, I have already built up a decent amount of points that convert into dollars on my Amazon purchases. This year I handled almost all of my shopping by cashing in my points. It's a great way to save throughout the year, while still purchasing those much-needed items.

4. Be cautious of the sites you shop on...

When it comes to sales, the old saying "you can go broke saving money" could not be truer. While a merchant can throw a sale sign on just about anything, make sure you can't get a better deal somewhere else. It's important to check bargains against the original site to see if the deal is really a steal. Sites like Ebates or Wikibuy are great resources to check for deals and coupon codes. The run all of the published coupon codes and let you know which apply to your purchase. Even though I'm pretty thorough in my frugal research, I have even been surprised with a better deal a few times. (Side note: By clicking the links above, I may benefit monetarily)

5. Want a fun gift idea?

I've never really understood the whole White Elephant holiday gifting game. I mean, you buy a random gift with no particular person in mind and pass it around a certain number of times until you wind up with something you may or may not like. Yes, there are some laughs to be had, but I think those would probably be had regardless if I were having a gift "stolen" from me. 

How about giving gifts that every recipient will truly appreciate and love? Grab multiple pairs of socks, gloves, toiletries, and snacks to create holiday gift bags to hand out to those less fortunate. You can have those same laughs watching your friends and family decorate the gift bags, or make it a game and divide into teams to see who can bag the most items.  It's a great way to enjoy that gift-giving feeling and helping out someone in a time of need. 

6. Bringing it home...(made)-

Instead of putting your finances in a bind for the next year, consider gifting items you've created on your own. Don't get me started on the number of ideas Pinterest has, and there are plenty that you can involve the kiddos with as well... 

Michelle Kuehner is a Registered Investment Advisor Representative and President of Personal Money Planning. She is also a Certified Credit Counselor and Certified Financial Health Counselor, writes Fix Our Budget blog, and has over 25 years of experience in the financial industry.

Harvesting Some Ripe Savings

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If you know me at all, you know I like saving money on just about  everything I buy. I’m always looking for a good deal, and if you run into me at the store, I’ll be happy to peruse your basket and let you know what you can price match for a cheaper overall grocery bill.

This year we decided to plant a garden. The reason wasn’t entirely to save money on produce. It was more of a thing I’ve always wanted to do, but never really got motivated enough until after the prime planting season had passed. I’d always promise myself that next year would be the year, until next year came around. I always found an excuse to not till the soil, dig up the old bush that was in the way, or purchase bricks to build the garden frame. Each year I would kick the proverbial can down the road, until the next. Well, until this year.

Budgeting Blunders 2

What are some of the biggest mistakes people make when trying to trim their budgets?

Where do I start…

One of the largest mistakes people make, by far, is creating a budget that is too complex.  In an attempt to allocate each penny, which is a good thing, they create a budget that has forty five or more line items, which is not a good thing.

Expenses That Kill Your Finances

What are some expenses you may not realize that can kill your finances? You know, ones that sneak up on you, and keep you living paycheck to paycheck? I was recently asked this question and my recommendations on how to correct the problems. Here’s what I suggested…

Don’t pack on debt with the holiday pounds

An unintended budget killer I come across when working with clients is holiday spending. Not the obvious ones like Christmas and birthday gifts, but things like Thanksgiving and the Fourth of July. Many tend to think of holiday budget expenses in terms of gift giving. You know, a tangible item. The additional food expense that is required at these festive family events is often overlooked.

The Hamburger Loan Shark

I have been in the finance industry, in some fashion, for the majority of my life. However, my passion for playing with money began at a much younger age.

Growing up, my sister and I spent a lot of time at my grandparent’s house. We loved going there for a weekend sleepover, or even better, for weeks at a time throughout the summer. During our visits we were pampered, as grandchildren typically are, but my grandpa (“Papa”) also used the time to teach us some valuable lessons...how to get the best bang for your buck when shopping.

The Baby Boomer Boomeranger: Adult Children Returning Home

Jeopardizing Your Retirement By Financially Helping Adult Children

As parents, we want to give our children more than what we were given growing up. Whether it’s the latest technology, the newest clothing trends, or the most memorable vacations. That’s human nature, and there’s nothing wrong with that. But at what point is it time to cut the financial umbilical cord?

The Boomeranger

One-third of baby boomers are still helping their adult kids in their 20’s and 30’s financially. Actually it appears many of these baby boomers gave birth to boomerangers…adult children returning home to live with their parents. Not only are these parents stuck covering the cost of a roof overhead, but at times also a cell phone, car payment, car insurance, and health insurance.

At what cost do these extra expenses have on the parents? More often than not, a hit to their retirement savings. Whether it’s less being put back, or funds being borrowed or disbursed, not as much is getting holed away.

Which Debt Should You Pay Off First?

When it comes to the best techniques and ideas for paying off debt, there are about as many out there as there are chocolate chip cookie recipes. And while it may take a few recipes until you find the tastiest one, finding the best fit for you when it comes to debt payoff may also take a few tries.

When you break it down, there are really three basic ways to pay off debt:

Wait, you bought what? Where? Taking online shopping to the next level...

Death is an awkward topic for many people. Let’s face it, most of us don’t like to discuss the inevitability of our own demise. It seems like talking about it is avoided almost as much as gluten these days. Yet it is something we will all eventually have to face.  

Timing is key

Expressing your wishes ahead of time relieves a great amount of stress from the family. It goes without saying that discussing funeral plans with someone in good health is much easier than with someone knocking on death’s door.

I remember all too well having the painful conversation with my late husband after he was diagnosed with a terminal and aggressive form of brain cancer. 

As luck would have it, we had the talk just a few months prior when discussing his mother’s future desires. However, the desires one has when they believe they have another forty or fifty years may end up changing when that time-frame decreases to forty or fifty days. This is where some of the confusion, and stress, can begin for the family.

Detoxifying your budget

A few months ago I decided to do a body detoxifying cleanse. I’m sure you've heard about them and all the benefits they claim to produce.  They're suppose to remove toxins, increase energy and vitality, and help strengthen the body to fight off infection. In addition, you’ll get a flatter belly because it gets rid of the excess waste from your colon. Enticing, right?

The one I found required drinking a daily 64 ounce dose concoction of lemon juice, cayenne pepper, apple cider vinegar, maple syrup, and water for three days. Not this spicy-citrusy brew in combination with a sensible meal, but instead of anything else. Surely I can make it three days. Three days isn't that long, especially for a fully detoxed body, right? So I’m proud to announce my colon is now one-third cleaner than is was before starting this regimen. I guess- I’m not entirely sure how to gauge the results, so I’m just going to assume it worked. And yes, you read that correctly... one-third cleaner. I only made it one day-

Want to try a cleanse that you’ll actually have proof of the results, and is a little less bitter to swallow? How about giving your budget a 30-day detoxifying cleanse? I know just about all of us could benefit by a good purge from toxic spending…

Protecting your money and staying on budget with prepaid cards

Sometimes I like to pass the time by playing games on my iPad. I have downloaded various apps for puzzles, slots, and of course Angry Birds. A few months ago my friend, Keith, decided to hijack my iPad and partake in some of this frivolous entertainment as well. 

Now before I get too far in to how the events went down, let me start by saying this was his first time playing these games. Let me also preface that he is not very technologically savvy. At least not with the mobile devices.

While he was pretty content playing solitaire, I mentioned there were plenty of other games he could try. Being the kind person he is, he didn't want to "mess up" my high score. I insisted he give them a try, and said "let the games begin". 

A pig, a lizard, and a magical gun walk into a bar...

We've all seen the commercials... The flying pig, the dancing lizard, and Flo with her magical gun that allows you to name your price for insurance. But can these marketing products really claim as much savings in your budget as they have space in your memory? Maybe. Let's break it down and see...

In a perfect world, all insurance companies would offer the exact same coverage for the exact same super cheap rate to everyone. But we don't live in a perfect world. Accidents happen. Some people drive faster than the posted limit. Others need to attend a few sessions of road-rageaholics. So the only way to get the best rate is to shop around a bit.

Give Yourself A Raise, You Deserve It!

After watching a few episodes of Extreme Cheapskates I realized a few things:

•  You probably won't see me at the park picking weeds for a salad;
• I will opt for Quilted Northern in my bathrooms rather than cut up old pieces of cloth;
• I will not ask other diners if they are finished with their meals, and if I can have their leftovers;
• I will not boil a goat head for dinner simply because I could snag if for $1.17.