Couple Money Podcast: Build Your Marriage and Wealth Together

Carl Richards, a Certified Financial Planner, has a knack for using sketches to break down money concepts into the fundamentals. They have helped readers gain a better understanding on how to not let their emotions cloud their investing decisions, figuring out their financial needs, and how to weigh the value of time and money. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_27_Carl_Richards_His_Sketch_Ideas.mp3″ ] Numbers Vs Emotions With his sketches Carl bypasses long posts about what people should be doing with their money and instead shines a light on the fears and questions we have about money. When we were talking about his new book The One Page Financial Plan, I asked him where he got his sketch ideas and how long it takes to go from idea to being posted in the NY Times. Some of my favorite sketches Carl has done are included with his money column in the NY Times. * The Trap of Too Many Choices * Talking Numbers With Your Children * Tracking Your Finances, One Number at a Time Thanks again to Carl Richards for chatting with me for the podcast. If you want to see more of his sketches, please visit Behavior Gap. I hope you have a wonderful weekend. Take care! Photo Credit: Behavior Gap

Want to get on the same page with your money? Carl Richards, NY Times money columnist and author, shares tips on to create a one page financial plan!  [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_027_One_Page_Financial_Plans_Carl_Richards.mp3″ ] Creating A One Page Financial Plan The tagline for this show and the site is centered around building up your marriage and your wealth. But just how do you do that? How can the two of you get on the same page and come up with a game plan that works for both you and your budget? We’re going to look into that today with Certified Financial Planner Carl Richards, author of the new book The One-Page Financial Plan. If you don’t know Carl by his name, you may know him by his sharpie sketches. He uses them to break down money matters on the back of napkins. In this episode Carl goes over his new book and shares: * what is the most important question you need to answer about money * how you can plan for retirement with three guesses * how a financial plan can uncover more about your marriage then just the numbers Hate the complex equations and almost undecipherable jargon thrown out by financial expert? This is your episode! If you want to hear interview another NY Times columnist, listen to my episode with Ron Lieber. We get into how to teach kids how to be smarter and more generous with money. Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook. Resources for Better Conversations About Money Want to learn more? Here are some resources to check out: * The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money * One Bed, One Bank Account: Better Conversations on Money and Marriage Thank You to Our Partners Support for this podcast comes from partners like Personal Capital. Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place. Did I mention it’s free? Why don’t you give Personal Capital a try today?

Learn from Dan Miller how you two can dump the car loan and start buying your next one with cash!  [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_26_Buying_Cars_with_Cash.mp3″ ] Getting Rid of a Car Loan Looks like many of you enjoyed Dan sharing his story and tips on how his family travels around the country. What impresses me is how he has done this without incurring credit card debt. It can be incredibly difficult to juggle credit cards for churning on top of family finances, but Dan and his wife try to live debt free and that includes their cars as well. After I spoke with Dan about his travel hacks, we discussed how they got out of a car loan and how they make their purchases now. Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook! Paying Off Your Car Loan Faster  If you want to pay off your car loan faster, go ahead and download episode 16, where we share our story about becoming debt free with cars. Paying off the car loan didn’t happen overnight, but with a plan we were able to get rid of it earlier. You can find out how we paid off the car loan early, but if you’re in a rush here are some areas that we changed: * Optimized our entertainment, phone, and internet bills. * Upgraded our cell phone plan. * Switched our auto insurance company. * Eating out intelligently. * Created a debt snowball plan( and use snowflakes to speed it up). I’d love to get your thoughts on cars and loans. How many of you have car loans? How many of you don’t? How do you plan on buying your next car? If you’ve bought your car with cash, how did you save up for it? Thank You to Our Partners Support for this podcast comes from partners like Personal Capital. Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place. Did I mention it’s free? Why don’t you give Personal Capital a try today?

  Looking to travel more, but find it tough with kids? Learn how travel hacking can score you great deals on your family trips!  [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_026_Travel_Hacks_for_Family_Vacations.mp3″ ] Travel Hacking with Kids Chatting with friends about goals for this year, many of them mention that they want to travel more. The major hold up for most? Their budget. Flying as a couple may be feasible, but when you add kids to the mix it can be a financial challenge. Today’s show will hopefully help you keep more money in your pocket and still have your family seeing the big world around. Dan Miller, from Points With a Crew, will share his travel hacks and recommendations. In today’s episode he shares: * how to choose the right reward cards * staying out of debt while staying on top of their credit cards * tips on getting kids ready for traveling Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook. Resources on Free Family Travel Even though Dan is still relatively new travel hacking he has snagged some wonderful trips for his family. He not only has managed to get his entire family plane tickets to Lake Tahoe, he and his wife have also planned a train ride this summer that will take them from Cincinnati, Ohio to Denver, Colorado. If you want to find out more about how Dan and his family travels, please check out Points With a Crew.  He has plenty of articles to help you get started with travel hacking. Here a few he mentioned in the podcast. * Which hotels give dinner for free * 3 reasons “budget” hotels DESTROY nice ones * Beginner’s Guide to Miles and Points * The Unconventional Guide to Luxury Travel on a Budget You can also chat with Dan; he’s on Facebook and Twitter.  

This week we’ve been discussing looking at credit unions if you’re not happy with your family’s current checking and savings system. I know some listeners have businesses and wonder if they can move over those accounts to a credit union. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_25_Credit_Unions_Better_Banking.mp3″ ] While more and more credit unions offer business checking and savings, you have to look at your business’ specific needs to know if they would be a suitable option for you. Some questions you need to answer include:  * What type of business do you have? Freelancers may simply need an account to handle their online deposits and payments. A big business may need invoice and payroll services. * Are there minimum daily or monthly balances required to avoid fees? You want to have an account where you avoid or minimize their fees. * What’s your average transaction amount? If you’re in the market for a business account and you want to see if a local credit union can provide what you need, you can use this tool from the National Credit Union Administration.  

Having the best checking and savings accounts for your family can be a huge boost to your finances. Every couple has their particular preferences on what they are looking for, but I think most – if not all – want their hard earned money in a safe place that treats them with respect and offers services that help reach their goals. However many are unhappy with where there money is and they are looking for a better bank. What if the best banking solution for the two you wasn’t even a bank? [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_025_Are_Credit_Unions_Offer_Better_Banking_For_You.mp3″ ] Today we’re going to look at credit unions. Joe Mecca from Coastal Federal Credit Union will be helping me out by explaining: * how credit unions are different from banks * financial services you can get through a credit union * some unique advantages of credit unions Plenty of people are making keeping their money at credit unions. Last June the Credit Union National Association announced that 100 million Americans are credit union members. According to Bankrate’s 2015 Credit Union Checking Survey, checking accounts at credit unions tended to be cheaper than banks. They usually had: * Lower overdraft fees — $26.78 versus $32.74 for banks. * Lower minimum amount to open an account — $9.84 versus $65.83 at banks. * Lower fees to use an out-of-network ATM — $1.50 is the most common fee, compared with $2.50 at banks. While I don’t believe everyone should completely skip out on banks, I do think that credit unions should be considered as a possible contender if they two of you aren’t satisfied with your current banking situation. Wherever you choose to bank with, make sure its an institution that respects you and your hard earned money. Special thanks to Joe and Coastal Federal Credit Union. I appreciate the time and attention he gave to my questions. If you’re interested in finding out more about Coastal please visit them online or, if you’re local to the Triangle area, at a local branch. They are also on Twitter and Facebook.

It’s been a wonderfully busy six months since I started the Couple Money Podcast. I’m so grateful for your support and could not have made it without you. Thank you. My main goal for the Couple Money Podcast is to make it practical and informative for couples looking to build up their marriage and their net worth. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_24_Podcast_Feedback.mp3″ ] As members of the community I need your insights to get a better idea of how to improve for the next series of shows. Tell me: * What financial topics matter most to you? * What goals do you want to achieve this year? * What money questions do you have? * Which guests would you like to have on this podcast? If you could take a minute or two to fill this survey and let me know what you want, I’d appreciate it. Thank you again for all your help and support!

Want your grocery money go further without sacrificing quality? Len Penzo shares his taste test results with store brands versus name brands!  [smart_track_player url=”http://traffic.libsyn.com/couplemoney/CM_024_Name_Brand_vs_Store_Brands.mp3″ ] Shop Smart, Save Big You can make your dollar go further by becoming a smarter, savvier shopper. One popular tip personal finance bloggers like to share going for the store brands when buying food and products. I’ve seen and read about various brands are made in same location, just given different labels. But there are some items that just can’t quite be replicated. While many families want to stretch their dollars by finding a great steal, no one I know wants to waste their money by getting sub-par products and food. So just how different or similar are store brands to their name brand counterparts?  Today we find out with Len Penzo. Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook. Taste Tests: Finding the Better Deal with Store Brand Vs Name Brands  Len Penzo has ran several blind taste tests looking at products like cola, potato chips, ketchup, and my favorite – cereal.  He’s going to share some of his biggest winners and surprises with both store brands and name brands. If you want to learn more, here are Len’s taste tests. You can also chat with him on Twitter and Facebook. While I hope you found Len’s test results informative and helpful, I do hope you try to run some blind taste tests yourselves. It can be fun and it can help you two decide which products you are the best fit for your family’s budget. Of course for most people, it can be cost-prohibitive to test every single item on their shopping list. What you can do is look at your list and divide it into two categories – items that you two are particular about and items you want, but aren’t that picky with. The two of you can then test out your favorites. You can also use resources like Consumer Reports to get an idea of whether or not it’s better to go store brand. For items like prescribed medications, talk it over with your doctor and see if switching to generic prescriptions would be feasible. Spend your money on what truly matters to you and where you see a notable difference in quality. Shop generic or store brand on the rest.

[smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_23_Home_Features_What_You_Need_Vs_Want.mp3″ ] When you’re house hunting or about to start you have to accept that in most cases you aren’t going to get everything that you want.  Whether it’s the house itself or your budget, the two of you have to decide which features are necessary for your family and which ones are bonuses. It’s not always as easy as you think. Organize Your Wants Vs Needs Today I’ll sharing more of our earlier conversation where we planned what we wanted to get out of the house buying process. Besides talking about our must-have features, we went off and imagined some nice to haves for our next home. You’ll see how easily the lines can blur. Not matter where we move to, there will have to be an office area since I work from home. The question is do we look for a dedicated room or can we utilize a space in the next place to suffice? Having a separate room can be wonderful, but more than likely that will mean paying more for that extra space. For us that means that an office is a must, but an extra bedroom is not. When we look at places we will keep an eye out on possible locations for the home office. The hard part will be remembering to tracking all the potential homes’ features. If you’re in a similar boat with trying to keep things straight, you may want to keep a home buying checklist with you. That way when you tour the houses, you can notate what features that have or don’t. At its core, you two will have to sit down and seriously consider how much space is enough for your family’s lifestyle. Don’t get hung up on square footage because layouts can vary greatly from home to home. You may find a smaller house feels bigger and better suited for you because it has a more open layout. It may seem obvious, but please don’t forget to make sure that the bones of your next house are in solid condition. The best layout can mean nothing if you two will be paying quite a bit of money to get it up to standard. Protect your family and finances by having a qualified home inspector do a through review of your home before you sign the papers. Thoughts on Buying a Home I’d love to hear from you – what features do you need from a house? What are some nice to haves you’d like to get? Photo Credit: Coley Christine

Today is the first in a string of episodes about one of the biggest purchases couples can make – a house. This mini-series will go through our process from talking and planning about what we want to hopefully us moving in to our new place. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_023_Buying_a_House_as_a_Couple_Talking_It_Out.mp3″ ] Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook. Why Sell and Buy a House? For those who haven’t follow the blog, we had bought a new build town-home a few years ago. It’s been a wonderful home for us and our expanded family, but now we’d like to sell it. We’ll get more into why later, but the gist to simplify by reducing our overall monthly expenses and be located closer to most of our family and professional activities. Before we find an agent or even list our current home, my husband and want to have a clear idea of what we are going for. This weekend we sat down and discussed what we want to get out of this process. Some topics we chatted about included: * The big reasons why we want to move * Which features we must have in the new place and which features would be a bonus * What homework we need to do when looking at older homes * Why square footage is only a piece of the puzzle My hope is that we’ll have an update in a few weeks, but I make no promises as this is real life and we don’t know how things we’ll turn out. If you want to keep up, please go ahead and subscribe, the links are posted above. For those who already caught the show, here’s a picture of our current fridge in its poorly planned location -> Thoughts on Buying a Home I’d love to hear from you and your experiences. How many of you are in the market to buy a house? What are some features you have to have? What would you like to have?

With this week’s theme is starting a food garden, I thought I’d lend a hand to those having trouble getting their patch of land growing. Here are four common gardening problems and how you can fix them easily and naturally from Real Simple. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_22_Common_Gardening_Mistakes_and_How_to_Fix_Them.mp3″ ] Not Preparing Your Garden’s Soil Ideally you’d prepare your soil before planting, but if you notice your vegetables and fruits not growing as well as you hope for – grab a soil testing kit from your local garden or hardware store and use it. Kits are inexpensive and they usually have suggested remedies for the most common problems. Overwatering Your Plants I have been guilty of this when I first started. I had a hard time gauging how much was enough. Overwatering can rot the roots and ruin your harvest. One route you can take is using a plant like lettuce to be your guide for when it’s time to water. If you’re up for some messy fun, you can check the soil itself. if it is hard and very compact, then it’s time to water. Protecting Your Food from Pests I discovered the hard way that squirrels, rabbits, and deers love to nibble on your plants.I actually had some watermelons that I was looking forward to enjoying and when I went to pick, I noticed the back half had been chewed on. So what do you do? You can  protect your plants by making your own pest deterrent with homemade hot pepper sprays. Weeds Taking Over Nobody wants to see weeds in their garden. You also probably don’t want to spray a ton of chemicals. You can go low tech and easy by mixing 50 and 50 hot water and vinegar. Spray the weeds for the next few days. The vinegar will help you be able to pull it up by the roots.   Thoughts on Getting the Most Out of Your Garden Hopefully these tips will help your garden be the beautiful and productive patch of land you want it to be. Check out Real Simple for even more tips and tricks.

If you’re looking for a healthy way to enjoy the warmer weather coming up and save money when it comes to food, then you might want to try out starting a garden this year. Specifically food gardens. Have a black thumb or are you limited in space? No worries, in this episode I’ll go over: * the biggest benefits to having a home garden * what you need to start * the easiest vegetables an fruits to plant If someone like me (who kept a cactus as her plant) can have garden, so can you. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_022_How_to_Start_an_Easy_Vegetable_Garden.mp3″ ] Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook. Starting Your Own Food Garden Before you plant your first seed, take a few minutes to access your patch of land. It’ll help you decide what to plant so you’re not wasting time and energy on a high maintenance garden. Specifically, you’ll need to look at: * Size – Do you live in an apartment or have a very small yard like I do? You may want to try a container garden. * Sun/shade – Does your yard tend to get a lot of sun or is it shady? * Soil – With some soil prep, you can grow a lot. If your soil is extremely poor, I’d just do a container garden. Choosing Easy Vegetables to Grow Once you have your area set, it’s time to pick your plants. When I started gardening I basically grab whatever seed and nursery grown plant I could, thinking that have plenty of different vegetables. Quickly I found out that some vegetables are easier to grow and maintain than others. If you’re looking to keep your garden simple and have something to show for your hard work, here are some of the easiest picks: * Leafy greens – Good for the spring and fall. Plant the greens you want actually eat. arugula, spinach, lettuce. Trim what you need for your meal and you’ll be able to use your plants repeatedly. * Tomatoes – this sun loving plant is fun to grow. Choose a variety that suits you. I love roma and cherry. * Radishes – These fast growing veggies are ready in about a month. * Herbs- Step up your meals by growing your own herbs. Basil, thyme, and mint are tasty additions that need little effort to grow. * Peppers – Love them! Whether it’s bell, sweet, or hot, peppers have incredibly fun to watch and so easy to keep alive. * Squash and Zucchini – Since these hardly plants produce quite a bit, they give you the biggest bang for your buck. * Watermelons – smaller varieties are perfect for couples looking for a summer treat If you want more plants or tips on how to grow them, check out Sunset’s article on easy edible plants for your garden.

Find out how you two can stay on top of your money without stressing over every penny! [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_21_3_Minute_Guide_to_Automating_Your_Money.mp3″ ] Easy Guide to Automating Your Money Last show I talked about the pros and cons of money and automation. Some of you may have decided that it’s something you want to have and are ready to get started. Automating your finances can help you grow your finances with minimal maintenance, but If you’ve never done it before it can be seem intimidating. In today’s episode we get into: * Finding the right bank or credit union for your needs * Setting up accounts quickly and easily * Taking care of bills, contributions, and savings Hope you enjoy! Want to hear another episode about simplifying your money? — Listen to episode about budgets for couples who hate budgeting!  Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook! Choose Your Banks/ Credit Unions Wisely Before we begin on the nuts and bolts of this system, I want to emphasize the importance of having the right checking and savings accounts for the two of you. There are plenty of options out there so don’t settle for sub-par service, unnecessary fees, or paltry interest. When automating, you want to keep things flowing, so look for a bank or credit union that has quicker transfer times. Your money should be working for you rather than being tied up in between accounts. If your current credit union or bank does not, it may be time to make a switch. Link Accounts and Schedule Transfers for Saving and Investing Once you have the accounts set-up, it’s time to link them and set up the automatic transfers and payments. Usually it’s labeled transfers or external accounts. Have your paychecks directly deposited into your joint checking. This will be your clearing house. Go ahead and have your savings and investment contributions taken out sooner rather than later. You’ll be more likely to reach your goals AND once your bills are taken out, you know whatever is left over you can use for spending without feeling guilty. Setting Up Bill Payments Once your deposits, savings, and investment transfers are scheduled, you can go ahead and get your bills in. It took us less than hour to do and we only need about 15 minutes a month to review and tweak as needed. Enter the bill payers, addresses, due dates, account numbers, and bill amounts. You can set the bills up to be recurring, where it will pay it automatically for you. If a bill changes from month to month like your power bill, just enter the average amount. You can login and adjust as your bills come in through the mail. Tweak The System as Needed Keep an eye out on your accounts to make sure everything is running smoothly. You may have forgotten irregular bills like life insurance premiums or certain services such...

Is automating your finances a smart move to keep you on track to reach your goals or a lazy way to get things done? Today’s show will explore whether or not automation is a help or a hindrance for building wealth. We’ll look at: * why people automate some of their finances * the pros and cons of it * and finally we’ll consider where to draw the line when it comes to automating your family’s finances [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_021_Automation_and_Your_Money.mp3″ ] Subscribe to Couple Money Podcast via iTunes, Stitcher, or copy this link to use with a podcatcher of your choice. You can also find me hanging out on Twitter and Facebook. Your Money and Automating For listeners who also subscribe to the blog, you’ve probably seen my post about trying out Digit to give me a saving boost. In case you’ve missed it, Digit helps you save money by connecting to your checking account and make small discreet transfers based on your spending patterns and upcoming expenses. According to an interview on The Verge beta customers saved an average of 5.5% of their income, which is better than the average of negative 2% for adults under 35. Digit’s tagline is ‘Save money, without thinking about it’ and for some, that’s a problem. Derek from Life and My Finances wrote an article last week about why he refuses to automate his finances. One of his main arguments against automation is that it causes people to think less and avoid making the necessary changes to grow. …Now, if you begin to let a software package put some money into your savings for you, what is going to happen? You’re probably going to smile in the mirror and say, “Oh good for me, I’m actually putting money in savings now. This is the first time I have seen $50 in my savings in the past five years. I am really doing great!” Your ego is lifted, your happiness level goes up, and you have a bounce in your step,but your brain is now turned off and your life really isn’t that radically different than it was just a few months ago. By automating your savings, you have done absolutely nothing to alter those bad habits or improve yourself through the good ones. Your small success is equivalent to a baby learning how to roll over. Sure, it’s a great thing, but wouldn’t you eventually want to see that baby walk?? By automating your savings, you are inadvertently keeping yourself from walking and kicking butt at personal finance. Instead, you have grown content to save $50 a year. And without changing any habits, you’ll likely blow that on one night at your favorite restaurant. I disagree – seeing a balance in their savings (maybe $50, maybe $300) that they wouldn’t have otherwise could be a turning point. It could be their motivation to try and do better the next month,

Should you tie your kids’ allowance to chores? Learn how allowances can help your child become money smart!  [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_20_Kids_Allowances_Whats_the_Best_Way_to_Teach_Them.mp3″ ] Kids’ Allowances & Chores Last week’s interview with Ron Lieber and his book The Opposite of Spoiled had some practical advice about helping kids to be comfortable with both how to handle money and teaching them to be thoughtful with their finances. One thing we didn’t go over about last week was allowance. Honestly I believe it deserves its own space, which I hope to cover today. Financial gurus and plenty of parents subscribe to the idea that tying allowance to chores teaches kids valuable lessons, one of the biggest being the connection between work and pay. With a regular schedule, kids learn to at least budget until their next allowance. However there is a drawback to attaching allowances with chores – kids can get the idea that they should be paid for all of their household responsibilities. Or some kids don’t really care about the money and just want to skip on chores. What do you do then? Ron Lieber suggests a different approach with allowances. Treat them as a teaching tool for money while leaving essential family chores as cleaning their room, meal preparation and clean-up as a part of their routine. Your kids can still learn about the value of hard work by offering extra pay for special projects and assignments around the house. What if kids shirk their responsibilities? Lieber proposes taking away a privilege – internet, phone, or screen time. Resources on Kids and Allowances Want to learn more? Here are some resources to check out: * How to Help Your Kid Become a Money Master, Not Monster * FamZoo * 4 Ways Parents Can Teach Their Kids About Money Thank You to Our Partners Support for this podcast comes from partners like Personal Capital. Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place. Did I mention it’s free? Why don’t you give Personal Capital a try today? Your Thoughts I’d really like to hear from you. What do you think about allowances? Do you have allowances? How do you handle them in your home and why? For those who have been doing it for some time, how has it been going?