All Articles Tagged "money"
Every woman knows that having the money to pay for the things you want is one of the best feelings in the world. It may even rank higher than finding those designer shoes you want for 70 percent off.
If you’re looking for ways to get your finances on track or simply save more cash now, Tiffany “The Budgetnista” Aliche has got you covered. As author of The One Week Budget, The Live Richer Challenge and visionary behind the Live Richer Challenge Movement, Aliche has helped thousands of women take control of financial futures. Here are her top tips for helping women–especially moms–to start saving cash now.
Tip 1: Don’t feel Ashamed
When I ask women what was the number one lesson that you learned (from my book and course); nobody says anything about money. The answers they share are “don’t give up,” “you’re not alone,” and “you can do it.” The problems I really help people solve are really learning how to ask for help and getting over any shame.
Lesson: Don’t let your fear keep you from getting started on your financial goals. Everyone has to start from the beginning.
Tip 2: Visualize Your Goals
If you write down your goals or create some kind of physical representation you increase the chance of attaining those goals by about seventy percent. I have the women in my program do a vision board of what exactly do they want out of life and then how can we use money as a tool to get there. If I gave you a plane ticket to fly anywhere in the world, and you’re like “I don’t know where I want to go,” then the plane ticket doesn’t matter. Creating a vision for yourself and being clear about your goals is essential for success.
Lesson: Physically writing down your goals or creating a vision board drastically increases your chances of achieving them.
Tip 3: Create Money Buckets
A money bucket is just an online only savings account that allows you to easily save and measure your money, like rain in a bucket. The beauty of having an online only savings account is you can create as many categories or buckets as you want or need. I have one for my travel, one for my house and one for a car. You could have one for birthdays, vacations and if you are a mommy, you might have one labeled sports for your kids’ activities. You can open as many savings accounts as you would like and then name them so that you would know exactly what the money is earmarked for.
Lesson: Being specific about what you’re saving money for makes it easier to track your savings.
Tip 4: Remove Temptation
Another great thing about having an online only bank is that it helps if you get tempted to spend the money. Let’s just say, if you are at Target and you see something cute that might make you want to dip into your money bucket. Unless you are willing to sleep at Target for two to five business days, you can’t make an impulse purchase. Because it takes two to five business days to transfer money from your online only savings account back to your regular checking you don’t impulse buy. Since there are no physical banks it forces use your money only for the goals you were saving for.
Lesson: Eliminating the chance for making impulse purchases will allow you to ensure you only dip into your savings went absolutely necessary.
There is a great website, Magnifymoney.com that actually rates banks for savings and other financial products. What I love about them is, they do not take money (from banks to be rated). So Magnify Money will rate a bank A, B, C, D, and F, based upon what they really believe about the bank. So you can search for a bank that will give you the highest interest rate on your savings with no surprises.
Lesson: You’re bank shouldn’t be the only ones profiting from your money. Choose a bank with the best interest rate, so your savings grows even faster.
Tip 6: Be A Savings Ambassador
When it comes to the Live Richer Challenge, I encourage women to share (what they learn). My goal is to help the women who work with me know that they are an ambassador. You’re not just learning for yourself; you are learning for your sisters, your nieces, your nephews and your children. That it is your job to teach them what I have taught you.
Lesson: You should help prepare those around you for financial success by sharing what you’ve learned about saving and budgeting.
Tip 7: Seek Out Help
One of my goals is to always be a resource for women to get free help should they need it. To get started, I would encourage women to go to livericherchallenge.com, and sign up. Then the next thirty-six days, you’ll get one free easy financial task in your inbox. And at the end of thirty-six days, you’ll have a new money mindset, a new budget, a new savings plan, a credit plan, a debt plan, beginning insurance plan and an investment plan all for free. And even better, you will be invited to join my private forum, where there are 12,000 women, just like you who are helping each other towards their financial goals. With all of that available there is no excuse not to get on financial track right now.
Lesson: The best day to start saving was yesterday. The next best day to start saving is today. Don’t wait any longer.
Being a mother is one of the greatest jobs and blessings you’ll ever have. Some households make the decision to have a parent stay-at-home so they can dedicate more personal time to both their child and home. As a result, there is a greater reliability on a single income and retirement account that might put a strain on things financially speaking.
Some folks think the concept of being a stay-at-home mom is archaic or obsolete. I know a few who made the choice with their husbands because it was cheaper for them to have mommy at home than to pay for daycare. When you have multiple children, those expenses can and will add up to a small fortune.
At the end of the day, you need to do what’s right for your family. There’s great value in being a mother — regardless if you remain in the home or work. No matter your choice, it’s important to do what you can to plan for your financial future, even if you aren’t the main breadwinner. Here are some money tips stay-at-home moms should consider as it’s always good to be a little financially independent.
Don’t rely on your spouse. No one is telling you to have an “I don’t need a man” attitude. It’s counterproductive. This however doesn’t mean you should rely on one person for all of your money needs. What happens if they two of you don’t work out, or your significant others experiences a long-term job loss? You need to have a plan of your own.
Learn about investing. You don’t have to subscribe to Forbes to know a thing or two about investing. In fact, there are tons of resources online — like this site — that can help direct you down the right path. Spend some time getting acquainted with different types of investments. It’s always good to be in the know and figure out what works best for your situation.
Research retirement accounts. Did you know there’s such a thing as an individual 401(K)? Oh yes, you don’t always have to work for a company to invest in a retirement outlet. In addition to learning about investing, you should also research different retirement accounts (e.g. traditional or ROTH IRA). Consider speaking to a financial adviser about how you can make saving for the future a reality.
No matter what you do always save what you can. I try not to get in other folks’ business but have heard some stay-at-home moms are getting an “expense account” (an allowance sounds a bit childish) for household and personal needs. Your goal should always be to save some of this money. Do everything in your power to put away whatever you can.
And let’s not forget about those part-time gigs and virtual hustles. There are quite a few options out there that offer nice pay and a flexible work schedule. Those mommies who might not be able to leave their homes can take advantage of modern technology to work for hire and collect a check.
Who knows, now might be the time to start the business you always wanted. Sometimes there’s no better starting point quite like the present. Being your own boss does take a certain amount of hard work and determination, but the end result could very well be a legacy you create for future generations.
I’ve found working with your spouse to set financial goals is also a good idea. After all, you two have an important role to play when it comes to building a stable future for your family. Take a look at your current financial picture and search for areas that need improvement.
As most of us already know, having a baby can put a serious dent in your wallet! Between healthcare costs, medical expenses and essentials for your baby, there can be little to no disposable income left over at the end of the month. So how do you manage to give your baby everything he or she needs without breaking the bank? Here are some tips we hope you find extremely helpful.
1. Accept and Ask For Hand-Me-Downs
As one of the last of my friends to have children, my mommy girlfriends were all too happy to part with baby clothes and gear they no longer needed. This mutually-beneficial arrangement allowed them to clear up some much-needed storage space while helping me avoid paying for a number of items, most of which the baby would only need for one to three months anyway (since a baby’s needs vary so much by their ever-changing stages and are most items are quickly outdated).
In addition to providing optimal nutrition for your baby, breastfeeding is also extremely cost-effective since it eliminates the need to constantly restock formula, bottles, disinfecting and warming devices, etc. Granted, not everyone might be lucky enough to produce enough milk, or for other reasons, the baby may not be able to breastfeed, but if you can, nursing is a great way to cut back on baby rearing expenses.
3. Invest in Fewer Baby Clothes
Most new moms especially are easily enticed into buying “adorable” outfits for their little ones. But before you break the bank setting out to doll up your baby from head to toe, consider how quickly they will outgrow those designer newborn onesies – most of which might only be worn a few times at most. When you start retiring outfits faster than it took to purchase them, you quickly realize the time and money wasted.
4. Skip the Designer Stroller
As a new mom, I had no idea how pricey some strollers could be until a friend offered to sell me her $900 stroller for half the price. Can you say “sticker shock!” The fact that she only used it for barely a year and already needed to update to another style to accommodate her second baby on the way, made me realize that an expensive stroller might not be the best investment. Instead I opted for a budget-friendly ‘travel system.’ Considering I’ll already need to update the car seat portion in a few months, I’m glad I didn’t overspend on this purchase.
5. Don’t’ Be Afraid to Go Generic
Wanting the very best for your baby is only natural. However, as an aunt to three teenagers, I’m fully aware that there will eventually come a time when they will ask for and appreciate brand name items. Until then, your baby won’t mind if you’re not buying the premium diapers, wipes or other products, so enjoy that freedom to consciously budget while you still can.
Most parents will probably agree that raising a child isn’t cheap. There are so many basic necessities that add up each month like food, clothes, toiletries and school supplies. And what about the other things like extracurricular activities or unexpected medical costs for an ailment or a child that’s unwell?
In 2013 the U.S. Department of Agriculture proved just how costly it is to raise a child by releasing a report called “Cost of Raising a Child.” They found that for a middle-income family in the U.S. to raise a child up until 18 years old costs on average $245,340.
But is it more expensive to raise a boy or girl?
The financial site MoneyTips recently did a survey of almost 500 parents around the country asking “which gender is more expensive to raise?” 60 percent of parents all thought it was more expensive to raise a girl and it said that those parents spent more on their girls in clothing, toiletries, and school supplies.
However a UK study from Halifax bank says that parents thought boys were more expensive because they have more wear and tear on their things like clothing, shoes, furniture, and even toys. Halifax said: “Boys are more likely than girls to need items of uniform replacing more frequently due to wear and tear than girls, and with a greater number of extra curricular sports favoured by boys, the cost of buying and replacing the kit for these can add up.”
Regardless of how expensive some people feel it is to raise a boy or a girl, raising kids in general is still pricey. One way to cut back on costs is to budget and plan ahead. Here are some tips that may help.
Tip #1 Shop During Sales And Use coupons
This isn’t always easy to do but that extra amount of effort on your part could save you hundreds of dollars at the grocery store and for clothing and possibly toiletries for your entire household.
Tip #2-Keep Your Receipts For Each Month
When you have time go back and separate them into categories so you can see how much money you spent on groceries, eating out, and extra curricular activities. That way if you are in a bind it will show you where you can cut something for the next month. And if you want to go the extra step keep a budget going every month to help you stay on track and monitor your spending.
Tip #3 Don’t Be Afraid To Barter
Don’t be embarrassed or afraid to introduce bartering into your life. If you are low on cash one month and need a babysitter then ask a trusted friend if she can watch your kids and tell her you will watch hers next time for free when she goes out.
Tip #4 Vintage Is Your Friend
If you aren’t afraid of used or some slightly used things there are many low cost options or sometimes even free things at your disposal. You can make it a weekly routine on a Sunday evening for half an hour to check your local paper or a trusted mom site for people giving away free things like children’s furniture. Sometimes someone has to move to another city quickly and they don’t want the hassle of taking a lot with them. Also places like Good Will or other local vintage stores offer kids clothing at a very low cost.
I think we can all agree that lending money to friends and family is a no-no. There’s nothing worse than having to find a less than aggressive way to confront your aunt or your friend about that loan that they mistook for a gift. And while blasting “B—h Better Have My Money” by Rihanna would be a great way to do it in theory, that’s probably going to make a negative situation worse. So unless the person requesting coins is known for paying people back in a timely manner, tell them that all you can loan them is the lint in your pocket.
But what do you do when your boyfriend needs to borrow some money to cover certain expenses and comes to you? You might want to cry broke in this situation too. In the case of one woman, she would probably encourage you to do so after her boyfriend of more than a year decided to take his sweet time to pay her back on a hefty loan. Things were going great in their relationship–until he decided to stick her for her paper.
“He paid me back a small amount of it but right now he owes me $330 because of other things that have been adding up,” the young woman wrote online. “Whenever I ask him about it he gets all irritated and upset…I’m tired of waiting and i’m worried that he is taking advantage of me because I have more money.”
I can’t imagine trying to make a relationship work when your boyfriend owes you money and has the nerve to be annoyed by your inquiries into when you’ll get that money back. If he doesn’t pay up soon, I’m pretty sure this young woman’s resentment will grow even stronger, and if it does, it will be time to question if this is a person she needs to be with. A few dollars here and there is one thing, but loaning out hundreds, maybe even thousands of dollars only to have your significant other drag their feet about paying up? Not a good look. The fact that he doesn’t see the importance of paying what he owes, as though ignoring it will kill all communication on the matter since she’s his girlfriend, shows that he has some less than admirable traits as a partner.
Not to add to the pettiness here, but if things seem to be going well aside from the money issue, I would probably go the route of avoiding picking up any tabs or helping with expenses and outings. If and when he asks why she isn’t helping out or paying him back for purchases he’s been making for her (maybe when she needs him to run certain errands), she can ever so graciously remind him about that debt.
But aside from that, I wouldn’t run to Judge Judy over this. Court costs are no joke and the time wasted? Well, it’s up to the wronged party to figure out if it’s really worth it. But sometimes you have to take a loss to learn an important lesson in life. In this situation, the lesson is that you don’t need to play Shylock to anybody, and you shouldn’t lend money that you can’t afford to lose. So for the young woman in this messy money situation, I would recommend confronting her boyfriend in a straightforward manner with an actual plan of how he can pay what he owes (instead of just asking, “When can you pay me back?”). Tell him she will take a certain amount per week or come knocking when he gets paid. If he can’t oblige then she can tell him that he won’t be hearing from her. Yes, it might be best for her to cut her losses and cut him off (and maybe cuss him out on the way out of the door)…
But as always, that’s just my opinion. What do you say? Is this a petty issue she should let go of or should she cut him off if he can’t chooses not to pay up? How would you handle things?
Check out our newest series Curls Run The World featuring YouTuber Yolanda Renee:
It’s been said that financial issues are one of the leading causes of divorce, yet many couples still take the marriage plunge completely oblivious to each other’s financial situations.
A recent survey conducted by Experian, revealed that an alarming 40 percent of newlyweds don’t even know their partner’s credit score.
“Newlyweds were surprisingly unaware of their spouse’s financial situation before walking down the aisle,” said Rod Griffin, Director of Public Education at Experian. “One in three newlyweds reported that their spouse’s spending habits are different than what they expected.”
Even worse, the majority of the 1,000 recently married participants who were surveyed said that they would spend $800 before telling their spouse and 16 percent of respondents admitted to committing financial infidelity by maintaining secret bank accounts.
Ironically, although many newlyweds don’t seem to be communicating about finances the way that they probably should, 80 percent of them said that they found credit scores to be important and 92 percent said that financial responsibility was an important trait for a spouse to possess. On top of that, 25 percent of newlyweds confessed that they did not know their partner’s annual income before tying the knot.
“Credit impacts many aspects of building a life together,” said Griffin. “Couples should check their credit reports and scores and discuss them. Knowing these scores will help couples better plan for a future together and give them the opportunity to take steps to better manage their credit.”
For couples who lack financial transparency in their relationships, Griffin recommends setting aside a specific time to discuss finances on a monthly basis.
“Checking your credit score is simple,” explained Griffin. “We recommend initiating ‘Finance Fridays’ with your spouse — setting aside time one Friday each month to check your bank accounts and credit cards – as well as your credit score and report – together. A useful resource for couples is Experian Credit Tracker(SM)*, which provides access to credit scores and reports, as well as credit monitoring services, so you can keep an eye on your joint finances.”
Discussing finances with your partner can be very uncomfortable at first, but these conversations are vital.
By Alicia McMullen
As an expectant, first-time mother, (T-minus 55 days and counting to life with baby) I have to be honest: I’m much more focused on working my regular doctor visits into my schedule, figuring out our birth plan, and making sure I’m having extra helpings of protein instead of pie (or ice cream or French fries…) than the cost of child care. But the more parents I talk to, the more I realize it’s a mistake to put off planning for the high cost of child care that we’re about to face.
The funny thing is, I know more about this than most. I work with a campaign fighting for better work-family policies called Make It Work. But when I think about caring for this baby immediately after he is born, the kind of child care on my mind isn’t related to nannies or day care. Instead, I’m worried about how my husband and I will keep this kid alive. I’m thinking about breastfeeding (will I be able to do it, will it hurt), SIDS, colic, and what life will be like without sleep. I’m worried about what kind of mother I’ll be, family dynamics, and hoping I don’t screw this poor kid up too much and that he’ll grow up to be a smart, kind, generous person.
The truth is, I wish I had thought about the high cost of child care sooner, but even more than that I wish there were policies in place to reduce the financial burden on me and my husband. So here’s a harsh reminder on why I, and all of us, should be thinking about child care, even if we don’t have kids yet.
In most states in the U.S., child care costs more than in-state college tuition, and support is hard to fine. Families earning anything above 200 percent of the poverty line did not even qualify for child care aid in 39 states in 2015. Even for middle class parents, the high cost of quality child care is unsustainable. Whether you make $7 an hour or $70, when child care expenses exceed the cost of rent or a mortgage (like it does for many parents), then as a nation we’ve got a serious problem.
I know from my work that it’s not just family budgets that are squeezed because of the high cost of care. Women are dropping out of the workforce for the first time in years; millennials are putting off having kids. Women, and especially women of color, are hit hardest by the lack of quality affordable child care. Although mothers are now the primary or co-breadwinners in nearly two-thirds of American households with children, women spend more than twice as much time as men providing primary care to children, making access to child care essential to women’s economic security.
So why is child care so expensive? Day care centers incur costs like licensing fees, insurance, rent, food and supplies. Basically all of the kinds of things parents want to be in place to assure us that our little ones are in a safe, healthy and enriching environment. Sadly, the money isn’t going to our nation’s child care teachers and caregivers. Currently, they (and “they” are primarily women, many of whom are women of color) are paid on average just more than $10/hour – and struggle to support their own families. Given the importance of their jobs—caring for the most precious people in our lives—the way child care providers are undervalued is as shocking as the cost of care itself is.
So why aren’t more of us thinking about and preparing for the costs of child care?
One reason may be because it feels like expensive child care is just a fact of life in the U.S. and something every family has to figure out and shoulder on their own. Because it seems so inevitable and so difficult, many of us just push it to that back part of our brains reserved for Hard Scary Adult Things like figuring out taxes or worrying about your parents health. But when millions of families are grappling with this, it warrants a collective solution—and they’re out there.
If we knew that, as a nation, we’re all in this together, and that together we could hold elected officials and policymakers accountable to the needs of working families, then maybe it would be easier to envision a future where all kids are in safe, nurturing environments when they’re away from their parents.
Think about that possibility for the future when you’re voting this November. Because when we elect leaders who support policies that put families first, we are all better off. The alternative means my future baby and all our kids better start filling their piggy banks now to save up for their own children’s child care.
Alicia McMullen is the Communications Director at Make It Work, a campaign to advance economic security for working women, men and families. The high cost of child care has been propelled into the forefront of the 2016 election with the announcement of Hillary Clinton’s major child care plan last week, but even being well-informed about these costs, Alicia realizes she’s not prepared to face them. And as a woman of color, Alicia personally understands the disproportionate impact of skyrocketing child care costs on families of color and women across the board—she argues that we need a national solution to what has really become a crisis for working families.
Love is supposed to conquer all, even money issues. But while you’re able to get away with refraining from having those tough conversations early on, relationships that have reached a more serious level require earnest money talk.
Money matters break up more serious relationships than almost any other issue. Luckily, there’s a way to save what you have and still and work together on monetary concerns.
Talk about problems before they pop up or get really bad and they’ll soon be a non-issue in your relationship. Already arguing about money? Learn how to make those discussions productive and you can put that energy into saving more and fighting less.
How do you handle money issues in your relationship? If you have tricks to keep money as a non-issue, share it in the comment section so we can add it to the list.
People love to give advice. It’s just a part of human nature. Your grandmother thinks she knows what’s best for your relationship, your boss has opinions on your stock portfolio, and even the stranger in the produce section has tips on picking out plums. But it’s not a good idea to listen to every piece of advice that comes your way.
Even when its well-intentioned, not all advice is good advice. There are some pieces of homespun wisdom that you should never follow. From relationship tips that will wreck your marriage to money advice that will leave you in the poor house, this advice is almost always bad.
The next time someone rolls one of these helpful hints your way, it’s probably best to simply say “Thank you” and keep it moving right along. If someone has given you a disastrous piece of advice, let us know in the comment section so we can be sure not to follow it either.
It’s free to walk up to someone, to slide in a person’s direct messages, or to slide your number in their hand (or their phone) at a social event, but to actually make a real effort to date them? Now that’s expensive.
In the early stages of dating, the impression you make is important, so you have to choose date venues, activities, and ideas wisely. There’s the pressure of keeping the other party interested, excited, and happy because you don’t want to bore them to death in the process of getting to know them. In the age of $200 date debates, are you ready for this new age of dating standards and expectations? More importantly, can you afford them?
According to Cosmopolitan, the average person will spend between $80-$100 on a single date night. Doing simple math, if you plan about two dates a week, you could find yourself spending upwards of $800 a month. A recent study by Match.com showed that American singles spend about $60 a month on dating, and if you live in a large city, that number basically doubles. It’s not uncommon to splurge in the beginning of the relationship, especially on the first date when you want to make a good impression and show the other party how serious you are about getting to know them, but as time goes on in the relationship, you’re quick to realize that your pockets can’t handle it anymore. Don’t get me wrong, there’s nothing wrong with staying in some nights, ordering food, and watching a movie together, but when that becomes your go-to “date,” things can get a bit boring pretty fast.
After surveying a few social media followers on whether finances determined their dating patterns, most admitted to being single because they couldn’t afford to pay their own expenses while also attempting to “wine and dine” someone “every other night.” There were a few followers who said they try to be creative with date ideas in order to save money. Some still resided with their parents and expressed that while they could afford to date someone, it usually didn’t go far because of their living situation. But the consensus was that yes, dating is expensive. It’s something you have to budget for as an entertainment expense. And with prices going up rapidly for many date night activities (remember when movie tickets used to be around $7?), sometimes it feels like you can’t get to know someone without spending a pretty penny.
If you find yourself in the position where you have to say a prayer every time you hand the waiter or cashier your credit card hoping that your payment is processed, chances are, dating is a financial burden for you. If you find yourself constantly bringing up splitting expenses on a sneak tip because you don’t want to just come out and say you don’t have enough and would like for your date to help, you can’t afford to date. When you find yourself constantly swiping when you’re already near the red and hoping you have enough funds in your savings to cover overdraft fees, dating shouldn’t be a priority for you right now. And when the reason you can’t go out on dates is because you’re struggling to pay bills, get groceries, and barely function, you have to ask yourself, are you financially in a place to build with someone towards a relationship or do you need to focus on getting your life together?