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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… ]
Buying a home is often seen as an important rite of passage to ‘adulthood’ and a major part of the American dream. Depending on your situation and where you live, it can also be cheaper than renting. But unless you have a large chunk of money just sitting around, the down payment it requires is a big obstacle. As higher costs of living continue to shrink our net income, it can be a real struggle to save that recommended 20%, especially if you’re a first-time homebuyer with few assets. Thankfully, there are plenty of assistance and low-down-payment options out there if you really need them. Here are some simple strategies for saving up for your first down payment. [ continue reading… ]
I was given a small weekly allowance as a child, but unlike most kids, I didn’t choose to spend it right away. Instead, I couldn’t wait to put it in my piggy bank. I wasn’t really saving up for anything at that age. It was just exciting to watch my bank get filled with coins.
Although I didn’t realize it at the time, I was slowly learning about saving and how to manage money. What people say is true. It’s never too early to start teaching kids good financial values. Kids soak in the most when they are young, so why not get a head start?
The concepts and lessons they learn about money will stick with them through adulthood. Here are four of the best lessons to teach kids about finances. [ continue reading… ]
One financial decision many people struggle with is whether to focus their energy and resources on paying off debt (which frees more of your income) or investing in retirement (which secures your financial future). With more than 43 million Americans responsible for $1.6 trillion dollars in student loan debt, getting free of debt burdens should be a high priority.
At the same time, the guarantee of Social Security benefits are questionable for many in my age bracket, making it imperative to invest in personal retirement accounts and other savings options. Both are equally important, so which should you tackle first? The answer depends largely on your unique situation.
Here are a few areas to examine as you consider which of these wise financial moves should be your first priority. [ continue reading… ]
It’s no secret that growing even a small vegetable and herb garden saves money on grocery bills through the spring and summer months (and, if you preserve them, you’ll save through the fall and winter as well). What’s not as well-known is the expense of putting one in. For me, gardening always seemed like an inexpensive hobby. After all, it’s just plants, dirt, water, and sunshine, right? I found out the truth when I got started. I didn’t realize how much all these ‘natural’ things can cost (except the sunshine… that’s still free unless you have to create your own). With that in mind, here are a few ways to save money while planting a spring garden.
1. Early Preparation: Start Your Own Seeds Indoor
Back in the days before you could just buy a packet of seeds or flat of seedlings from the garden center, gardeners saved their own seeds from the previous season and started them inside so they’d be ready to plant once the soil was ready. Anyone can do this. Seeds aren’t that expensive, but you’ll save plenty of money on plants. [ continue reading… ]
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