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Planning for the future is difficult. Just figuring out where you’ll be a year from now is hard, let alone five or ten years from now. This doesn’t mean you don’t try though. As you’ve heard over and over again, the earlier you start preparing financially for the future, the better off you will be. But how exactly do you prepare for your financial future when you can barely get a grasp on your financial present?
It’s definitely not an easy task and most likely something you’ll be working on for the majority of your life. The good news is that there are steps you can take now to help set yourself up for a better tomorrow. Let’s take a look at how you can build a better financial future: [ continue reading… ]
The concept of a “sinking fund” might be as foreign to you as it was to me when I came across it a while ago. Just looking up the definition can be confusing since there are at least two uses for the term:
A strategy for the repayment of a specific debt over a period of time
A strategy for funding a known future expense
Historically, the term originated in Great Britain as a game plan for paying off its national debt.
It was also used heavily in the U.S. railroad industry here in the past.
Investment companies define the sinking fund as a type of staggered repayment that adds safety to corporate bonds.
In the business world, a sinking fund might be created for the expected replacement or repair of assets such as equipment and buildings.
For you and me, the most practical application of a “sinking fund” is to set aside a monthly amount to fund a future expense. [ continue reading… ]
I’m an obsessive list maker. This obsession is usually an advantage because it helps me stay organized and remember things I need to do or buy. The sheer act of writing something down on a list helps me remember (since my memory is visually oriented) so that often I’m able to shop my list from memory – even if I’ve left my notes at home.
Now that my list resides on my phone, list-making is especially practical. I always have it with me, so I’m good to go as long as my list is digital.
And on a recent trip to the store, I learned why you always need to shop with a list. [ continue reading… ]
You work really hard to save money and get out of debt. Every year, when making your New Year’s resolutions, you vow that this will be the year you finally succeed and never look back.
You set your budget before December loses itself to January; you’ve planned how much you will put on each card, and you plan to say “no” to everything.
No more lattes from Starbuck’s drive-thru. No more eating out with the guys. No more weekly manicures.
At first, you’re so proud of yourself for doing well, but by now, you’re starting to regret and resent your plans. [ continue reading… ]
One of the things I’ve thought a lot about recently is what happens with your finances when you marry for a second (or third) time. Deciding whether to combine finances in a first marriage – and how you will do it – can be complicated enough. Money during a divorce can be a complex subject as well. But what happens if you get married again? You need to have the conversation about whether and how to combine finances all over again.
New Factors to Consider
Things can be a lot more complicated when you embark on a second marriage in many cases. There are often kids involved and other financial encumbrances to worry about. If there are spousal support or child support payments in the mix, it could change the way you manage your money even more.
That’s not all. You need to figure out how much you will pay for gifts and how often they will be sent. If your new partner has a different idea of how to manage money or how much help to give to children and possibly parents, you will need to work that out before combining finances.
Don’t forget that you also need to consider the beneficiaries of your various accounts. Will you change life insurance, retirement accounts, and other items to reflect the new partner? Or does it make more sense to list your children as the beneficiaries? While I’m not planning on remarrying anytime soon (or even ever, perhaps), I’ve still thought about this quite a bit and I’m inclined to just keep my son as the beneficiary of my accounts, no matter what happens. [ continue reading… ]
Money is one of the most divisive issues we deal with on a daily basis — even more than politics, parenting philosophies, or which sports teams you support.
No matter how carefully you try to keep money from damaging your relationships, you will encounter awkward situations that could have a negative effect on your family life and friendships.
Here are three common awkward money dilemmas, and ways to handle them gracefully: [ continue reading… ]
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