Couple Money Podcast: Build Your Marriage and Wealth Together

Last week I had a fantastic time discussing with financial coach and author Dorethia Connor about lending to family and how to help them without enabling them. Besides examining the possible ways couples can tackle this delicate and oftentimes sticky situation, we also spent a few minutes reviewing ways to prepare the next generation. I couldn’t include it with the last episode, so it’s getting it’s on segment today. Is Your Kid Ready to Handle Money? How can parents teach their children to be financially independent and confident? If you want to help you kids feel comfortable managing their own money, this episode is for you. Having taught her own children, Dorethia had some fantastic tips on how to introduce money to kids, instilling the values of entrepreneurship and generosity, and have them take control of their own finances. As a mom, I found her tips enlightening and I hope you do too. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/Raising_Money_Smart_Kids.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. If you’re like me and you’d like to hear more from Dorethia, please visit her at The Money Chat and sign up to be a part of the launch of her new book next month. What’s Your Giving Story? I just want to remind you there’s still time if you want to share your giving story on the next episode of the Couple Money Podcast. I want to know what charities and causes you support and why. Just send it through the site or you can call the show and leave a message on the hotline, the number is (919) 521-8770. Until next time, please take care!

While we’ve discussed tricky situations when it comes to marriage and money, I think today’s topic is one of the toughest – bailing out family. I think most people would do anything to help out a relative who’s hit a bump in the road. Part of it is because we love them and also because we’ve all been there. However there are times where certain family members seem to constantly struggle and it’s not always because of external circumstances. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_012_Loaning_Money_to_Family_without_Being_a_Sucker.mp3″ ] In this episode we talk about: * How to figure out if bailing your family out is helping them or enabling them * Defining your line as a couple with financial coach and author of the upcoming Money Chat book Dorethia Kelly * How you can support your family without harming your marriage or finances I want to make sure you have the tools and perspectives to help you find a system that works for both of you. 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. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth. Loaning Money to Family  I know it can be hard to not help your relatives, especially if its parents or siblings, but as a married couple the two of you both have a say in how your immediate family’s money is spent. When you’re approached by family to lend money, be upfront and tell them that you need to run it by your husband or wife first. Don’t let them pressure you, even if they say it’s an emergency. Let them know you will get back to them as soon as you can, but you need some time to run the numbers. Any reasonable person will understand and those who love you will not want to stress out your family. If they balk and try to make you feel guilty, then you’ll know what they are really interested in. Now let’s say that you want to help, but you don’t think a loan is the way to go. Perhaps you think the amount is too much or you think that bailing them out with money is going to make it worse. What do you do then? Here are some suggestions that may work for you: * Give a smaller gift instead of a loan. After you sit and come up with an amount that you’re both happy with, go to your relative and tell them you can offer a gift. Make sure the amount doesn’t damaged your family budget and don’t have any expectation of seeing that money again. * Address the problem directly. Perhaps just giving them cash will only mask the problem, so you may want to give a gift card for their specific need. * Offer to help them with budgeting. You don’t have to look at their numbers, perhaps you can share your budget spreadsheet. * Encourage them.

I’m so happy you’ve enjoyed the travel hacks episode. While weekly show focused on saving you a ton of money,today is all about making your trip less stressful. Find out how to pack smarter, reduce airport headaches, and keep the kids entertained without giving up your tablet. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_11_Traveling_with_Kids_Packing_Smarter_and_Airport_Hacks.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth. Packing Smarter Too many times we struggle with deciding how much to pack and keeping out clothes looking good for the trip. Here are some ways you can simplify the process: * Roll as many of your clothes as you can. Not sure how to properly roll and pack your suitcase? Real Simple has a video to help you do just that. * Look at the material of your clothes and pick pieces that will resist wrinkling. Cotton mixed with spandex, wool, or blends. * Want to minimize how much you pack? Try the 3:1 rule. have 3 tops for bottom. Go with neutral staples with your pants and skirts. That will help you pack less while still having plenty of dress options. * Heather Poole, author of Cruising Attitude, suggest that it’s better to pack layers of thinner tops like cashmere sweaters rather than your thick sweater or huge winter coat. * For dress shirts, use your belt to keep the collar in shape. * Store your phone and tablet chargers in an old sunglasses cases. It’ll make it much easier to find and keep them from getting all tangled. You may also want to check out Nomadic Matt for more travel hacks and tips. Zipping Past Airport Headaches While flying may be the quickest way to your destinations, it doesn’t always feel that way when you’re at the airport. Avoid some of the hassles with these tips: *  Check in online. Some carriers allow you to check in online even before you get to the airport. It’ll not only help you avoid lines, but sometimes you can snag seats at the same time. * Prepare your phone. Go ahead and add your airlines customer service number and install apps like TripIt to help you stay on top of things. Sometimes, it’s hard to get help at the front desk so having another way to reach the airline make help you cope with delays. * If you’re bringing gifts with you, save the wrapping for after you arrive. Besides having your boxes possibly bumped around, TSA may have to unwrap it anyways. Waiting until your at your destination will ensure that your present will look fabulous when it’s given. For those who fly often, which airports are your favorites and why? Helping Kids When Traveling From personal experience I’ve found that it’s hard to trave...

Going on a trip soon? Learn how you can save big with these travel hacks! Get the resources and tips you need to see the world on a budget.  Travel Hacks for Couples The theme for today is travel hacking. I know many of you may have recently gone out of town and some of you are planning a trip with loved ones soon. To get you where you going without draining your wallet, in today’s episodes we’ll find ways you can save with your next trip. * Discover how you get to your destinations cheaper. * Find out if you can really travel hack your way to free flights and vacations. * Finally, discover which sites can help you get the best deals on hotels, break and breakfasts, and more. Happy travels to you and your family! [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_011_Travel_Hacking_Your_Next_Trip.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth. Save Big on Travel: Trains, Planes, and Automobiles One of the first concerns with travel is getting to your destination. Flying can be the quickest option, but it can also be the most expensive. Trains can give you a scenic route, but deals a are a bit harder to come by. Going by car can be great, but if you’re renting you have to stay on top of things so you don’t get nickeled and dimed with fees. Being a family with a child we’ve tended to lean towards renting a car for regional trips and grabbing flights for the further destinations. Saving with Priceline and Bidding We tend to get some wonderful deals on flights and car rentals by bidding on Priceline. There are certain restrictions we have to follow, but it’s been well worth it for us. The big tip is to start early. That will give you time to find a deal within your budget. What we’ve done is start off with rock bottom prices (like 50% off the lowest advertised) and increase it slowly until our bid is accepted. Name Your Own Price requires that you have to be willing to go with any of the major carriers when you bid on flights. That’s fine. To us, most domestic airlines are the same. You can get even lower prices if you’re flexible with connecting flights and when you plan on leaving. We tend to play around with dates we leave, but having a small child, we’re a bit pickier when it comes to travel time. No need to add a ton of stress only to save a little bit of money. One final thing to consider with flights is the airport, while some location only have one major airport, others may have two or more in the area. You may find by expanding your destination location you can shave off enough money to cover a cab ride over to your hotel and still have some money leftover. Snagging Great Deals on Car Rentals Car rentals work the same, but we don’t need as big of a lead time with bidding. Again, I look at the lowest prices advertised and started around half. I notch our bid up bit by bit until one company takes a bite.

Last week we had certified financial planners Brian Preston and Bo Hanson on the show sharing their thoughts about couples and finances. I thought that had some fantastic nuggets on what couples can do to strengthen their marriage and grow their wealth, but there was one point of theirs I’d like to highlight today. They both mentioned repeatedly was how important it was to them to have their wives well aware of their family’s financial situation. I’m a big believer that couples can’t afford to be in the dark. It’s too much of danger to their relationship and their money. In today’s episode I share how you two can get started with your own money reviews. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_10_Net_Worth_Reviews_as_a_Couple.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth. Love & Money It’s not the most romantic or exciting thing to do, but here are a few big reasons why it’s so important. * Keeps both of you in the loop with your money. * Helps you identify any changes you need or want to make. * Should something happen to one of you, your spouse will be better prepared to deal with it. With those benefits in mind, I want to help you two get ready for your own year end review. If you haven’t taken a financial snapshot or haven’t talked about it, now’s a great time. While you can certainly dig deep and wide with the numbers, I’m going to suggest that if this your first time doing a review, to keep it simple. Run the Numbers The first step of course is getting the balances on all of your accounts – assets, debts, and so on. The good news is that there are plenty of free tools you can use to quickly pull that data. Two of my favorites are Mint and Personal Capital. We love using Personal Capital as they have some free investing tools that help us manage our retirement accounts easily. It may take 30 minutes to an hour to get everything uploaded and compiled, but from now on, you’ll have easy access to those numbers and you can sign up to get regular updates sent to you. For the year end review, print out a copy for each one of you to mark it up any way you want. Talking About the Numbers Looking at the big picture and the numbers, you may notice a few things you’d like to talk about. Here are some ideas to start you off: * How has your bank been treating you? * How are your checking and savings doing? Have you met your goals? * How did your portfolio do this past year? Have you stuck with your long term plan and asset allocation or do you need to make adjustments? * With your family situation, are you comfortable with your insurance coverage? It’s fine if things aren’t exactly the way you want – you can just add them to your family to-...

Welcome to the 10th weekly episode of the Couple Money Podcast! I’m so happy that we’re here and I appreciate you joining me. This a very special episode – we have two guests over who give their financial expertise – Brian Preston and Bo Hanson. Besides being certified financial planners at Preston & Cleveland Wealth Management, LLC , Brian is also the founder of the Money Guy Show. Along with Bo, the financial duo use their show to take complex financial topics and make it simple. Finding the Best Financial Advisor for Your Family In today’s show they answer money questions so many couples have to deal with, including:  * How to find the right financial planner for your family * Avoiding sticky situations with marriage and money * Getting started with investing Download and listen to the podcast today! [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_010_Master_Your_Money_Tips_from_Financial_Pros.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth. Want More Advice from Brian and Bo? Brian or Bo, they are enthusiastic about helping others so if you need a financial professional to optimize your family’s finances, please reach out to them. If you haven’t caught their show yet, please do. One of the first things that popped out at me when I caught some episodes was how easy they break down finances. Here are a few of my favorites: * Knowing When to Go Pro: Brian and Bo cover what to look for in a financial advisor. * Love, Marriage… and Finances: Before getting married Brian gets Bo to share some of his expectations and thoughts about merging finances. * Marriage… An Education: As a follow up, Bo goes over money lessons learned since he got married. Please let me know if you have any money questions you’d like me to cover  or guests you’d like me to interview in future shows. Photo Credits: Money Guy Show 

Last week, I discussed about getting the best deals when you shop. Today I’ll be covering extended warranties and credit card perks you may already have that can save you money. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_9_Credit_Card_Perks_and_Extended_Warranties.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth. Should You Get the Extended Warranty? Next time you buy an expensive item like a laptop, cellphone, or TV, you may be offered to add a protection plan or extended warranty. You may be tempted. No one wants to be stuck with expensive repairs or a replacement on a big ticket item. However they usually aren’t as great of a deal as they are pitched. Consumer Reports found that items tend to break after the service plan window, so you may be lining up someone else’s pockets without gaining a real benefit. They also reported that you may already be covered and don’t need pay. First off, the manufacturer may have a warranty covering defective items and or repairs for a limited time. When you’re looking at buying some shoppers could save a lot of money upfront by seeing which manufacturer has the best deal and the best reliability. Second, you may want to be careful where you shop. Retailers want to have and keep your business and some have generous policies when it comes to returning and repairing purchases. Another layer of protection is your homeowner or rental insurance. You may be surprised to hear that your credit card may already offer an extended warranty on purchases a perk. Depending on who you use, your credit card may already double the manufacturer’s warranty. Why spend more if you already have the coverage? Does that mean that all extended warranties are a bad deal? No. You have to ask yourself, Will you pay more to have the warranty than what you can save if your item breaks or needs to be replaced? In fact, Damon Darlin had a thoughtful article in NY Times on how to analyze whether or not a warranty is a good deal looking at reliability and coverage costs. I’ll include it on the site so you can check it out before you head out to the store. Finally, I want to suggest that you consider self-insuring. Have a savings account to pay for repairs and replacements. You can either open a dedicated savings account or just have it separated on a spreadsheet. The advantage with this set up is that the money stays with you (growing interest) and if you don’t need it, you can reallocate as you see fit. Credit Card Perks  Getting back to credit cards, I want to highlight a few additional perks that may come in ha...

Whether you’re shopping for loved ones or yourself, today is all about helping you find the best deals! [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_009_How_to_Get_the_Best_Deals_When_You_Shop.mp3″ ] In this episode we cover: * How to find the perfect gift for your friends and family. Learn how to match up presents with personalities by following as I come up with the perfect gift for my husband. * Ray from Squirrelers is on the show today to share his story about getting discounts on big ticket items. You may be surprised at how easy it can be if you know what and how to ask. * How to score the best price when you shop, whether it’s in the stores or online. Big thanks to Jim from Scotch Addict for his post on the right scotch for special occasions! I’m very excited about this episode and I hope you will be too! * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth. Finding the Best Deal on Big Ticket Items Quickly and Easily Whether you love to explore the stores or stay at home when you shop, we’re all looking for a great deal. To find those treasures usually means we have to do some digging around, especially if you’re trying to pick up a big ticket item. You don’t want to have buyer’s remorse after paying with your hard earned money. But I know time is an issue for many people, so I’ll just cut to the chase and give you two sites help you quickly find what you’re looking for at a great price – Consumer Reports and Amazon. Consumer Reports – Reliable Reviews Consumerreports. org is the resource when you’re looking to buy. They are the best when it comes to testing the quality and reliability of products. It’s probably the easiest way for you to find a product that what will give you the biggest bang for your buck. You do have to be a subscriber to get access to all their information online, but for $30/year it really does pay for itself. We’ve used them when we were car shopping and were able to narrow down our choices to four models, allowing us to feel pretty confident when shopping because we knew which cars would be a good fit for us and had a reputation of being reliable. Besides that huge purchase, we used the site to shop for a digital camera and it was incredibly useful. Consumer Reports does a fantastic job on not just describing options, but explaining the pros and cons of different features. Advertisers love to throw different features and specs, hoping to entice you, but you can tell if they really matter or not. Consumer Reports made that easier for us. Amazon – Price Hunting Made Simple Amazon’s power from their huge amount of products and  reviews.You can quickly see from other customers if certain complaints or raves are deal breakers or makers for you. With some many sellers on the site,

Today’s Q&A and follow up is a bit different because this week I want to ask you some questions. I want your answers so I can give you a better show that helps the two of you reach your financial and personal goals. This is a fairly new podcast and the first show I’ve ever hosted so I’d love to get your honest feedback and thoughts. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_8_Whats_Your_Biggest_Money_Problem.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.  Coming Up on the Couple Money Podcast… In the next couple of weeks, I have some episodes scheduled that cover: * shopping smarter and negotiating better deals on big ticket items * finding the right financial adviser for your family * getting great travel deals What’s On Your Mind? (Win a $50 Amazon Giftcard) I’d like to hear from you for the next round of episodes -what money topics, questions, or problems do you want discussed on the show? I love interviewing others on how they reach their money goals. Is there anyone in particular you’d like to hear from? Please share you thoughts, questions, and suggestions on the podcast show note comments, on Twitter, or on Facebook. I know your time is valuable, so I’m giving away $50 Amazon gift card to one of you. I’ll contact the winner through email next Monday (November 24, 2014), so please message me (you can do it privately) so I have a way to reach you. Retiree Next Door TweetCast Just a reminder – from 2pm-3pm ET tomorrow I’ll be a panelist on @moneytipssocial #RetireeNextDoor Tweetcast. Get answers to your retirement questions from more than 2 dozen of the top voices in personal finance. Hope to see you there! Photo Credit: Open Source

Thanks for joining me on another episode of the Couple Money Podcast!  If you’ve been following us since the beginning you’ve probably picked up on a recurring theme – couples who have improve their marriage and money situations by reevaluating and changing how they talk to one another. Getting a budget ready or getting out of debt, investing for retirement definitely involves running the number. You can’t get around that. But it means that as a couple we find a way to work together. With commitment from both, you two can be an unstoppable team. Travis Pizel and his wife discovered this as they began a long journey and got rid of $109k of debt  together. Digging Out of Debt If you are having a really difficult time keeping up with your payments and debt and outside help is needed, please listen to all the segments on this show. In today’s episode we’ll cover: * What is debt management and consolidation and figuring out if it;s an option for your family’s situation. * Travis Pizel, from Enemy of Debt, is on the show and opens up about his family accumulated $109,000 in debt. Reaching a point they were unable to pay all of their monthly bill he had to admit to his wife how much in the hole they were in. Hear how they came up with a solution that drastically changed their finances and their marriage. (As a bonus, their daughter gives her perspective on getting out of debt as a family.) * Finally if you and your family are swamped with debt, we’ll go over some possible solutions to help you get back on track. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_008_Admitting_to_Your_Spouse_That_Youre_In_Debt.mp3″ ] I want the two of you to find the option for your family to become debt free. * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.  Debt Consolidation and Management There are so many scammy companies out there making bold claims that they can turn around anyone’s finances. To help you make an informed decision, I’m going to explain the basics of debt consolidation. At the heart of it, debt consolidation combining all of your high interest debts into one with a much lower rate. The idea is that you’ll be able to finally get out of debt by sticking to the plan. There are companies out there with programs to get you out of debt using consolidation, settling with your creditors, or negotiating a lower interest rate so you can actually pay off your loan. You send them your monthly payments that includes a fee so they handle this for you. Think of it as a third-party payment system. Be aware that companies charge you a fee for this service and they can vary lender to lender, so make sure you shop around and completely understand them before you consider signing up. Depending on your situation,

While it’s impossible to be absolutely prepared for everything, as parents we do want to have our bases covered. To help the two of you do just that, I want to share some tips that helped us when we were expecting our first one and how we’ve adjusted with our second daughter’s arrival in a few months. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_7_Preparing_and_Saving_for_Baby.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.  Make Saving for Your Baby Automatic I can not overemphasize how making automatic transfer was a big boost for us. When you have so much to think about, it is an entirely too easy to lose track of your time and forget to transfer the money over to savings. We use Capital One 360 and what I love about it is how scheduling transfers is a breeze. and we have a solid rate with our savings account. This time around, automating is a bigger plus because we also have an active toddler to keep up with on top of everything. If you’re not happy with your bank, visit the site. I have a few different options that may be a better fit. Let Your Network of Family and Friends Help Our oldest daughter was the first grandchild on both sides and so we were blessed with some many eager family members and friends who wanted to give us gifts and advice. It does take a village to raise a child, so welcome help whenever you can. Several friends contributed to preparing the nursery including painting, decorating, and even giving handmade art pieces. Besides new gifts, we also happily accepted gently used baby gear and clothes. That money saved we used for other necessary items for our daughter.  When our friends and family found out we were expecting another one, they again offered gifts and help. Work Life with Baby Last, but certainly not least, the two of you should sit down and talk about childcare. Whether both of you choose to work outside the home or if one of you decides to become a stay at home parent, you really need to count the costs. I wanted to work from home while watching my daughter, but we had to examine if that was going to be doable. That meant we left our savings untouched until we knew that it could be done. It can us some time to try out some schedules to see what would be the best fit for us. We’ll be doing the same this time too as having two kids means even less dedicated time for work projects. Having a buffer will allow us to juggle things around until a solution comes up. Thoughts on Preparing for a Baby I hope our experience helps the two you be better prepared for your own bundle of joy. If you’d like to get some more tips on getting ready for your baby’s arrival, please catch our interview on Daily Finance. I’d love to hear your stories about the adjustments you made as parents. How did you two prepare for your little one?

Today episode of the Couple Money Podcast is about helping all of you who are expecting a little one become financially prepared  so you two can have fun your bundle of joy without stressing about money. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_007_How_Much_Do_You_Need_to_Save_for_Baby.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.  Are Kids Really That Expensive? When we found out I was pregnant, we knew we wanted to bump up our savings for the baby’s arrival. Being first time parents, though, we had no idea how much would be enough so we started researching and asking around to get a ballpark figure. One source often cited in different articles and on the news is the USDA’s Cost of Raising a Child Calculator. Based on how many kids you have and how old they are, you can get national and regional averages for the costs associated with children. * Housing ($4,375) * Food ($1,675) * Transportation ($1,863) * Clothing ($913) * Health Care ($963) * Childcare ($3,238) * Other Expenses ($950) The grand total is $13,975 for the Southeast and the national average for a child under the age of 1 is $14,938. Looking at the numbers above, it looks like having a kid is expensive, but that’s not necessarily the case. After our baby’s first year, we decided to go back and see how close the expenses were to our own experience. Housing According to the estimates that would mean that parents would spend an average of an extra $365/month for their baby’s first year. I can see that happening if parents changed spaces, but I don’t see it being that drastic an increase, especially for the Southeast area. Our friends had their first baby around the same time as we did. As they were renting they had to wait before changing apartments, but it wasn’t that huge of an increase. We had already bought a townhouse so mortgage stayed the same. You could argue our utilities went up, but with an infant they were negligible. Comparing it with the previous, we’re talking about a difference of less than $10/month. Food This looks about right for the average family. Our plan to breastfeed our first baby thankfully worked out which meant we didn’t have to add baby formula to the budget. However our groceries bill did go up about $100/month as I was eating more to accommodate the arrangement. When I looked at estimates for formula, the costs according to sites including Baby Center placed it around $105/month. Transportation The only way I would think a baby would cost the parents that much money is if they swapped out cars. We didn’t buy a car just because we became parents,

In today’s epsiode we’re mentioning how to eliminate three most toxic habits  so you can cut down on money fights and actually build some wealth. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_6_3_Toxic_Habits_to_Stop_with_Money_Talks.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.  Three Dangerous Habits of Bad Communication Every marriage – healthy or not – will speed bumps and finances are typically a part of them. How the two of you handle it can either help you build a stronger marriage and improve your finances or it can tear you apart. Attack the Person, Not Addressing the Problem There’s a fantastic post about communicating clearly and effectively on the Art of Manliness. If you have 10 minutes today, you should definitely give it a read.  McKay points out: There are two ways to criticize someone – you can critique their character or their behavior. In criticizing behavior, you’re calling out something specific and temporary – something the person can realistically change. But in assailing someone’s very identity, you’re issuing a global label – a blanket condemnation of who they are at the core; they don’t just do bad stuff, they are a bad person. When discussing sticking to a budget, it can come out as: “We’re always broke because you’re reckless with money.” The next time you’re talking about money, trying explain how their behavior makes you feel. You can also offer a solution. “When you spend more than what we agreed to in the budget, I feel like you’re ignoring our plans. Do we need to sit down and revise our budget to be more realistic?” Masking Our Message We think we’re getting our point across clearly, but instead we pick a part and nag on certain things. We keep dredging up all their past mistakes. All of this talking is less about solving a problem and just manages to push couples apart. Dr. Corey Allan, a Marriage & Family Therapist, suggests focusing on our intentions. What do you hope to accomplish with this chat? Speak plainly and openly with your spouse.  Be concise and focus on one maybe two concerns and then hear your partner out.  Make it a conversation and not a long-winded (passive-aggressive) lecture. Using Threats and Silent Treatments The last toxic habit that can destroy your marriage is using the silent treatment or making threats to get your way. Threats and silent treatments can cause resentment and that can slowly erode the trust you have with one another.  You should ask yourself, what’s my intention with this? We may justify it by saying it will make the other person think twice before doing that. It doesn’t work that way though. You do not control your spouses behavior. They do. If things get too tense or you just aren’t making...

Welcome to another episode of the Couple Money Podcast where we talk about building up your marriage and your net worth. Today’s topic addresses one of the biggest obstacles to that – having disagreements about money. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_006_How_to_Stop_Fighting_About_Money_and_Build_Wealth_Instead.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.  Avoiding Money Fights For the vast majority of couples,  coming up with a budget, paying down debt, or saving for a goal takes time. Not just to follow through on a plan, but to come to an agreement. Focus for this episode is to find solutions to help couples communicate better and more honestly with each other. We’ll open up by discussing why do we argue about money and how we can diffuse the tension. Today we have Toni from Debt Free Divas share her family’s story about digging out of more than $100k out of debt. What makes her family’s story even more impressive is that when her husband and her began, they weren’t on the same page as how to reach that goal. Finally we’ll go over some tips to effectively compromise so both of you are happy with whatever plan you come up with. Like I mentioned on the show, I believe that having examples from other couples can be a huge help with having more productive money talks. One of my favorite podcasts on that topic is Derek and Carrie’s Better Conversations on Money and Marriage. They’re a fun couple to listen to as they discuss real issues they’ve faced as a team. Thoughts on Avoiding Money Fights How do the two of you talk about money without it becoming a fight? What money crisis did you face together and how have you grown from it? Do you have any podcasts, blogs, or resource you mention and share that does a great job tackling couples and money?

One of the best ways to keep your money working for the two of you is to make sure it is stashed in the best bank. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_5_Finding_the_Best_Joint_Checking_Account_for_You.mp3″ ] * Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe. * Subscribe on Stitcher: Please click here so you can catch all episodes. Why Your Joint Checking Matters Getting the right checking account can make a huge difference. Too many people settle for bad or minimum customer service because they think that all banks are the same. In fact, over the last few years more and more attractive options are popping up for those willing to move their money. After being fed up with our old bank, we started looking around to see what options were available. We were on the lookout for a FDIC insured checking account that would offer: * No monthly maintenance fee: I understand banks have the right to charge what they want, but I expect something in return. with most banks the fees offered no extra service or benefits, so we wanted no fees for our checking account. * $0 required minimum balance: If the interest rate is pathetic, why would we want to keep a larger balance with our checking account? * Free online BillPay service: This is a must as we prefer to handle our bills online due to its convienence and control. * Conveniently located ATMs: Whether we went with a bank or credit union we needed a way to access our money after bank hours. Having ATMs nearby is important as we’re trying to avoid fees from out of network ATMs. * Earn some interest rate if possible: Not necessary, but a bonus. Wonderful Banks for Your Joint Accounts If you shopping around for a better bank option, here are some fantastic, low hassles ones to consider when you have some time. Nerd Wallet has also compiled a list of online checking accounts. Capital 360 It has been a few years since we made the switch to Capital 360 and we have been very happy with the level of service they have given. While they do not have the highest interest rate now compared to some other online banks, the customer service has been great. You can open a checking account with Capital 360, simply click here to get started and get a $50 bonus! Ally Bank You’ve probably seen the Ally commercials and how they are different. While we haven’t used them for checking, we do have a joint savings account with them. Again, their customer service has been better than what we received at our old bank. They tend to be towards the top with interest rates, so if you have a savings goal, they can be your solution. You can open a checking account with Ally Bank, simply click here to get started. USAA If you or a family member have served in the military, see if you can qualify to become a USAA member. I’ve heard some great things about them from others and how they go above and beyond with their customer service. You can open a checking account with USAA, simply click here to get started. Regional Banks and Credit Unions What if you’re not comfortable with online banking? I know some people prefer to have a place they can go into a...