Couple Money Podcast: Build Your Marriage and Wealth Together

One of the first issues couple typically deal with is whether or not to combine their bank accounts. Besides the financial reasons, there are also emotional factors to consider when making this huge transition. For this week’s show my focus is on showing how the two of you can have joint accounts and how you can build a budget together. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_005_Joint_Bank_Accounts_and_Happier_Marriages.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.  Combining Finances and Making a Budget  I open up the show with the advantages of joint banking accounts. If your current bank or credit union isn’t working for you, here are some suggestions on others you should check out. Finding the right checking and saving account can make all the difference with your financial system. Back by special request, my husband Rob returns to the show. You remember a couple of weeks ago, we interviewed each other about our first money chat?  So fun to talk about the awkwardness of it (at least on my side). Naturally the conversation then turned to how we started our first budget, but because that wasn’t the topic of the show I edited some of it out. But now it’s coming back – you’ll get to hear how we came up with our initial budget system and what we learned from it. Smarter Budgets Want to start budgeting together efficiently and effectively? It’s thankfully easy to set up and maintain, so the two of you can spend time on things you love instead of counting pennies. It’s based on a few guidelines: * Every dollar has a purpose. When you create a budget, make sure you give a job for all of your money. Some of it will be needed to cover the essential bills, some of it will go towards savings, some of if for giving, and some of it for spending. * Make sure fun is in the budget. Speaking of spending, being a miser isn’t going to encourage your spouse to stay on track for very long. You should have room in your budget for some fun stuff. You can also dial it back as you two get better control over your money. Your long term goal is to get them on board with the spending plan, so be patient. * Save for rainy days and hiccups. Life happens – cars break down, appliance fail at the most inconvenient time, and bills can seemingly come out from nowhere. Prepare yourselves and stash away some money into an emergency fund. Love to Have Your Support If you enjoyed the podcast, could you please share this with your friend or leave a rating and review? Have any questions about this episode or ideas for future ones? Please let me know in the comments.

Learn how you can reduce college expenses for your kid while still teaching them self-sufficiency.  [smart_track_player url=”http://traffic.libsyn.com/couplemoney/QA_Session_4_Pay_for_College_with_No_Debt.mp3″ social=”true” social_twitter=”true” social_facebook=”true” social_gplus=”true” ] 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. Tips on Paying for College This past week Julie gave her story and tactics on how her family managed to help her oldest graduate with no student loans. It was something they wanted to do for their daughter and I know many parents feel like them, but worry that it’s out of their reach. Over at Dave Ramsey, there’s a fantastic post 5 Ways Parents Like You Cash-Flow College (Without Sacrificing Retirement), giving examples of how families were able to budget and help with their kids’ college bills while working on their other financial goals. I wanted to highlight a couple of ideas that may help your family this semester and beyond. Provide Free Room & Board Angela and her husband were paying down debt, so they didn’t have the means to contribute directly for son’s college. What they could do, however, was provide free and board. Combining that with his scholarship and work money has made a huge difference with college expenses. Start or Build an Income Stream Julie talk about how blogging gave her an additional source of income that help with Lindsey’s tuition. Is there something you or your child can do on the side that can earn you some cash? Besides helping out with college tuition, this can be a great way for one or more of you become an entrepreneur. Find the Right School for Your Family Help your kid choose their school wisely. Dig around to find a high quality school that doesn’t cost a ton of money. It’s more effort up front, but the value is well worth it. Budget by Semester Try not to get overwhelmed by the total costs. Break it down into more manageable steps. Look at the upcoming semester and budget that money into savings. Include your college kid in the plans and have them come up with ideas to save and earn money. Don’t feel discouraged if you can’t give like you want to. After all, paying for your child’s college is completely optional and a decision for the two of you to make together. The important thing you have to remember is that you do the best you can with what you have. So don’t compare yourself to another couple because no family has the exact same situation and circumstances. Love to Have Your Support If you enjoyed the podcast, could you please share this with your friend or leave a rating and review? My goal to make this podcast both motivating and practical for couples looking to building their marriage and finances. If you have any questions about this episode or ideas for future ones, please leave a comment. Photo Credit:

Want to help your child graduate college with little or no debt? Learn how you can pay for your kid’s college expenses without ruining your finances.  [smart_track_player url=”http://traffic.libsyn.com/couplemoney/CM_004_Paying_for_Your_Kids_College_Fund.mp3″ social=”true” social_twitter=”true” social_facebook=”true” social_pinterest=”true” ] 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 for Your Kid’s College Without Going into Debt Paying for your child’s college education is a personal matter that many couples struggle with. If the two of you are thinking about opening up a college fund, today’s episode is for you. We’ll start off with some costs to consider  so you have a better idea of how much to save in the college fund, how a 529 can help you, and finding the right one for your family. Julie from The Family CEO has personal experience as her family pulled together and paid for their daughter’s college education so Lindsey could graduate debt free. What’s more impressive is that did this will only limited savings in the 529. I interview Julie to see exactly how they did this. I wrap things up today with ways you can reduce college expenses without sacrificing quality education. 529s: Growing Your College Fund According to College Board, the average total costs for undergraduates can range from $18,391/year with an instate student at a public university to $40,917/year for private nonprofit university. For many families that’s a lot of money. The best way for them to get that ready is use a 529 to grow their savings. A 529 plan, also known as a Qualified Tuition Program (QTP) is a tax-advantaged savings plan. Contributions to 529 plans are not federally tax deductible, but qualified distributions are tax free.  You may get additional benefits if you invests with your state’s plan. Some offer deductions for your contributions which can be very handy for your family. Don’t be confused, your child isn’t require to attend a college in the state. 529 Plans can be used to pay costs of qualified expenses throughout the country. So if you’ve invested in North Carolina’’s 529 plan, you can still use that to pay for your child’s expenses in California or Texas. Another advantage of using a 529 for college savings is control. Even though your child is the beneficiary, you manage the account. To sign up for 529 for your child, you can go directly through a 529 plan manager (such as your state’s program) or you can use a financial adviser. Cutting College Expenses Just because the two of you decided to foot the bills doesn’t mean that your child can’t pull their weight and keep expenses reasonable. As Julie mentioned, Lindsey paid a huge role withe her education by applying for scholarships and keeping her grades up to maintain them. I have some ways on how you can work together and reduce college expenses. Not all of these ideas will work or appeal to you, but these have been incredibly helpful for other families.

Today we’re discussing how to invest in yourself. It’s one of the most power things you can do to advance your career – whether you’re employed or an entrepreneur. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/QA_Session_3_Invest_In_Yourself_and_Career.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. Having a competitive skill set can set you apart when it comes to looking for work. Even when you have stable 9-5 job, you are constantly learning new programs and systems. It’s the landscape of working today. You can certainly let your employer dictate what you learn which may help you with that particular company or you can be proactive and gain skills to get you a better job. How can you do it? The short answer- time and money. Before you jump in and mention why you can’t, please listen to the podcast where I share some practical and affordable options that may be around your area or even available at home. Community Colleges and Local Universities Community colleges and universities offer adult learners classes and certification programs to help you stay at the top of your game. Depending on your location, you may discover that your local community college offeres classes at a fraction of the cost of the university and use the same instructors. Online Training Courses Like Lynda.com If you’re not familiar with it, Lynda.com is an online education company that offers a huge library of video courses and tutorials taught by industry experts. Last time I checked, they have over 2,400 courses covering business, programming, CAD, audio, 3D animation, and more. I started using them years ago and it has been tremendously helpful to me as I learn skills such as audio editing for this podcast.Sign up to get a free 7 day trial at  Lynda.com. Thoughts on Investing in Your Career How many of you have taken the time and spent the money to keep yourself sharp? How has it paid off? Photo Credit: Open Source

One of the biggest fears people have is losing their job. It impacts families more than just with money. Depending on your situation, your job can also be a source of identity and security. Having that gone can create a huge source of stress. The good news is that it is possible to bounce back. It’s not going to be fixed with the snap of a finger, but you can find a better solution. It can be tough when you’re in middle of one, just trying to stay afloat. That’s why it’s best to prepare now when you don’t have to the additional pressure. This episode  I’m going to share how you two can prepare yourselves should that situation come up including tips on updating your resume, LinkedIn profile, and network.  I’m so happy to have Eric from Narrow Bridge Finance on the show today and share his story. A few years ago, he was faced with a layoff and instead of panicking, he came up with a game-plan that not only helped get him his next job, but a $6,000 raise. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_003_How_to_Survive_and_Thrive_From_a_Layoff.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. Polish and Target Your Resume It may seem frustrating to get a resume ready when it seems like recruiters and managers breeze by them, but having a resume can be the calling card to get you the job you want. According to Matt Tarpey, an adviser with CareerBuilder, it’s still essential. You just have to be smart about how you craft yours. * Go over your resume with a fine tooth comb to remove typos and grammatical errors. Sounds obvious, but it still happens far too often. Don’t disqualify yourself over an easy fix. * Think like the recruiter. When you’re designing the layout of your resume, stick to the essentials and the facts. You have about five seconds to make an impression, don’t clutter your resume with fluff. * Draw attention to your outstanding skills and be specific with your achievements. * Have an on-line copy of your resume. Should someone in your network think of you when a job comes it up, having a resume they can quickly print out and give to the decision make is invaluable. Maximizing LinkedIn Here are six steps you can do optimize your profile’s reach and value. * Tailor your profile. Don’t take the easy route and simply list your jobs. Make sure your profile fits your career aspirations. If you want to move up or laterally, review and update your profile to reflect that. Make it easy for people to see you in your next position. * Put your best face forward. Don’t just use photos for your profile, have them with your updates. Viewers are more likely to click on them than with a text only update. * Highlight your expertise. As you create or update your profile make sure you showcase your specific talents, using keywords that recruiters are likely to search for. * Show, just don’t tell. It’s not enough to tell people what you know. Establish yourself by writing relevant articles about your industry. * Take advantage of groups. Join groups that you can meaningfully participate and learn from. * Don’t just take, give. Make yourself available to help others with their career. Do you know a job opening at your company?

Welcome to another Q&A session of the Couple Money Podcast which is a follow-up on about money chats. Last show I talked about how to approach the topic of money with your spouse, but I didn’t cover some common pitfalls couples can make with them so I’ll mention them here. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/Having_the_Money_Chat_with_Your_Spouse_QA.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.  Letting Your Spouse Handle ALL the Finances I know that there is usually one person who seems more interested in the number crunching, budgeting, and investing portion of finances. We all have strengths and go ahead let someone do what they enjoy. However that does not mean that the other spouse is left in the dark or has no say. You may not like to budget, but you should have input with how you spend your money. You can not leave all the responsibility in one person’s hand, it’s not fair to either spouse. Should something happen to the one managing the money, then where will that leave the other? Both of you are responsible and both of you have a say. Financial Say is Based on Income Couples are unique and each family has their own financial situation. Sometimes both spouses work outside the home, perhaps one is self-employed, or maybe one spouse works for income while the other manages the home and children. Each couple has to decide what works best for them, but what should be an agreement in all these situations is that both spouses have a say. If one spouse earns less or is a stay at home parent, they still have input and it is not proportional to their income. If you grant financial say based on income earned, stop this right away. This harmful money habit can lead to resentment and that can erode your relationship. Not Keeping One Another in the Loop You don’t have to constantly talk about money, but both of you should be aware of what’s going on with your finances at all times. No one likes talking about problems, but avoiding it will only lead to bigger ones. Thank you again for the question. I hope my answers help. If you have anything else you’d like to ask me, please email me or leave a comment on here on Couple Money Podcast. Have a wonderful day!

In this week’s episode we’ll be discussing one of the biggest concerns couples have when it comes to love and finances – having the money talk. When I say the, I mean the exposing your finances to one another. This is a big step and for many it is a scary step, especially if there is some messiness like debt involved. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_002_Tips_for_Talking_About_Money_with_Your_Spouse.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. Talking About Money with Your Spouse For years, I shared monthly net worth updates on Couple Money, but I don’t think I really got into the first time we had an open and honest conversation about our finances. In the podcast, my husband joins me as we reminisce about our own money chat. We began our money chats when we got engaged and it has made all the difference. Did we do everything right? No, but we had a foundation that has helped us find a way to communicate and get a system started for handling our money that worked for both of us. I also share some tools and tips that you can use to prepare you for when you have to talk to your spouse about finances. Resources Mentioned in Today’s Episode  I want to share some wonderful personal finance podcasts, blogs, and books that I think can help you get excited and ready about money. Money Podcasts * Better Conversations on Money and Marriage: Derek and Carrie Olsen have fantastic show where the two of them talk about working together on their finances and life. * Stacking Benjamins: Average Joe and the Other Guy chat about earning, saving,and spending with a plan along with financial trends going around. * Listen Money Matters: Andrew and Matt share practical and actionable money tips to help you with finances in a fun and bold way. All of these podcasts also have blogs, so you can get notes and more information if you want. Personal Finance Blogs Too many to mention all of the ones I read, but here are five that you can bookmark. * Make Love, Not Debt: I’ve been following this blog since I started Couple Money years. Him and Her are a happy couple licing in Chicago who have written about their engagement, marriage, and domestic adventures. * Debt Discipline: Brian who share how his family paid $100,000 of debt last week, has a fantastic blog. You can see how far they have come and you can follow them as they start the next leg of their financial journey. * Our Freaking Budget: Joanna and Johnny write about budgeting in a way that they can enjoy living in the present and still save for the future. * Budgets Are Sexy: J Money blogs about growing your net worth by saving, hustling, and investing. Down to earth and funny,

I just finished up a Q&A session today.  It’s a more informal and much shorter than the usual weekly episode (I recorded this in the home office while my little one playing in her room). The first episode of Couple Money was released this week and I’ve gotten some wonderful feedback from you. I’m using your suggestions for this week’s episode. * 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. Thank you so much for the words of encouragement and the questions you’ve sent my way. Speaking of questions, I thought having a Q&A would be a wonderful way to interact with you (besides the regular episodes and these posts). This session covers two questions about paying debt faster. How did you decide on those 5 steps for paying debt off faster? Just a reminder, the five steps I mentioned last week were: * Know How Deep Your Debt Is * Review Debt Methods as a Couple * Choose the Method that is Easiest to Keep * Build Up Your Debt Payments * Make It Automatic When I was choosing the steps I was considering a few things. I wanted to get the essentials done and I wanted to make each step a manageable bite. When changing habits, I want to make it as easy for you to succeed.  (If you’re familiar with Tim Ferriss’ book, The Four Hour Chef, you may remember him discussing deconstruction and selection in the meta-learning section.) It’s my hope that cutting it down to only what is absolutely vital will get you over the hurdle and out of debt. The second question: Looking at the numbers, the debt avalanche the faster method of paying off debt. Why would you put the debt snowball as an equal option to it? I love this because it gets into the purpose and intentions of this podcast. My goal for Couple Money is to help you two develop an effective financial system that fits within your personalities. Going back to the Four Hour Chef for a second, Tim shared how he worked through analyzing different methods of learning a new language and eventual new skills. It boiled down to two questions: * Is this method effective? * Is this method sustainable? Effective Method Both the debt snowball and the debt avalanche/stack have helped people become debt free. Dave Ramsey has been hosting a highly popular personal finance radio show and one of the highlights is when people call in to announce they are debt free. Sustainable Method Put simply – how likely you are you going to keep at using the method? Dave Ramsey likes to say that ‘Personal finance is 20% head knowledge and 80% behavior.’ I agree  – most people get into financial trouble, not because they don’t understand numbers, but they’ve developed habits that have made it easy for them to slip into debt. If that’s you, then one of the major hurdles you have to overcome is to change your behavior. Easier said than done. How many times have we said you’re going to get better with the budget, get in shape, or pick up a new hobby? One of  the best motivations to help you change a habit is to have quick and real wins. That’s how the debt snowball works – you get rid of your smaller debts upfront and the momentum works in your favor as you keep going until your debts are paid off. And that’s really the goal – paying off your debt.

After all the prep, sweat, and tears, the first episode of the Couple Money Podcast is up! For the premiere show it’s all about debt, specifically getting out of debt faster and getting rid of massive amounts of debt. Paying Off Your Debt Faster The guest on today’s episode is Brian from Debt Discipline. He and his wife have managed to pay off $100,000 in debt while raising their three kids. [smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_001_Paying_Off_Debt_Faster.mp3″ artist=”Elle Martinez: Personal Finance Blogger” ] 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 Mentioned in Today’s Episode For listeners looking to get more information and resources to get rid of their debt, here are the links to what we mentioned on the episode. * Couple Money: My personal finance site focusing on building net worth together by living on one income and having fun with the second. * 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? * Mint: You can track your budget and your debt pay off progress with them for free. If you want more information you can review our monthly net worth posts  or  you can sign up and open an account. * Debt Snowball Template: If you prefer to use a spreadsheet for your plans, here’s a free and handy debt snowball template. I also wanted to mention that Brian and his wife have JUST finished paying off their debt! Congrats to the whole family! Love to Have Your Support If you enjoyed the podcast, could you please share this with your friend or leave a positive review? I  read every review. It’s my goal to make this podcast both motivating and practical for couples looking to building their marriage and finances. Please feel free to reach out me on email with any topics you’d like to have discussed on the podcast.