finances

How to Handle Money Matters to Keep a Marriage Going

Money is already a tricky issue of itself but it multiplies a hundredfold when you are married. You’ll have to merge your outlook on finance management, approach to spending, needs and wants with another person who grew up under different circumstances and teachings. That’s why it’s important to learn how to handle money matters jointly with your spouse if you want to have one less strain in the marriage. [Read more…] about How to Handle Money Matters to Keep a Marriage Going

Originally posted on August 23, 2016 @ 1:16 am

10 Ways to Save Money Fast When Facing a Financial Crisis

No one likes facing money problems, but they’re part of life. They come and go as the seasons do, and the best way to deal with them is to prepare. Always have a rainy day fund.

There are times, though, when the rainy day fund runs out; when there’s just no escaping the fact that you have a serious financial crisis; when you need to take drastic measures to make sure all the bills are paid and you have enough to tide you over.

Financial Quotient: What It Is and Why It Matters

These are the times when you need save money as if your life depended on it. I’m no stranger to this situation, and you probably aren’t, too. In case we find ourselves having to deal with such a problem here are tried and tested ways to save money fast. [Read more…] about 10 Ways to Save Money Fast When Facing a Financial Crisis

Originally posted on March 10, 2016 @ 9:00 am

Save Money by Being a Mindful Shopper

Shopping is the downfall of one person too many. In these times where commercialism is not exactly an unknown concept to most people, it is easy to fall into the trap of buying things left and right, without really paying attention to what you are spending on, much less how much you are spending.

Usually, it’s only when you see the balance in your bank account or when the credit card bill comes that you realize just how much you’ve been spending.

The good news is that anyone can avoid the headache that overspending brings by being a mindful shopper. With a few tweaks to your habits, you can save money and still buy the things you enjoy. In fact, many already have these habits. If they can do it, so can you.

How do you become a mindful shopper?

Here are three simple things to do.

Spend time creating a shopping list.

Source

This is probably the most often repeated piece of advice to save money. It’s also the most ignored in practice.

Seriously, though, before you go to the grocery store or the mall, make a list of what you need. Don’t just put together a rough list, though. Pay close attention to what you are writing down. Go through your pantry and fridge if you have to. Check your toiletry stock.

And, when you are out shopping, make sure you actually look at your list and follow it.

Don’t buy what you don’t need.

Another simple piece of advice: buy only what you need. It’s common sense, but it’s hard to follow when you are at the mall, and you see a dress that you “absolutely must have”.

When that situation arises, stop. Go through your wardrobe mentally. How many clothes do you actually wear regularly? How many clothes have you worn more than once? Doing this will give your urges time to abate, as well as give you a better perspective.

Actively look for discounts.

Thanks to competition, there is no lack of discounts and promos that shoppers can find. You don’t even have to leave your home to find them. Just go online, and you’ll find all sorts of discounts.

For example, if you need a new washer or fridge, you don’t have to pay the full price. Home Depot, for example, has Groupon coupons that will help you save money on appliances.

If you need to print out family photos, there are also many options for discounted packages. The crucial thing is that you make it a habit to look for those promos before settling on the first service/item you see. Don’t pay full price if you don’t have to!

Back to you

How do you deal with shopping? Do you have problems handling money because of this? Or maybe you’re a mindful shopper who has tips to share with us. Feel free to let us know in the comments below!

Money Stress: How to Talk to Your Husband, Wife or Partner About Money

Worrying about business??
photo credit: seeveeaar

“Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.” – Benjamin Franklin

The number one cause for marital arguments in today’s society is money. Financial stress puts a huge strain on the relationship and, in the current economic crisis, money problems can be doing more harm than ever before. But these temporary problems need not signal the end of your relationship. In fact, working together during a difficult time will often bring you closer together.

In this post I am going to talk about a few things you can try if you are worried about money and need to talk to your wife, husband or partner. While I am no relationship counselor I am fortunate enough to be in a relationship where openness, patience, honesty and discussion are held to be very important. Because of that we have developed some really helpful solutions over the years that I hope will help some of you out there.

A man never tells?

I was recently talking to a very good friend about money worries and I asked him whether he ever felt like he shouldn’t talk to his wife about money for fear of worrying her or appearing to not be “providing” very well. He quite promptly suggested to me that those ideas are only harmful to the relationship and that, 99% of the time, your wife wants to know whats going on and would prefer it if you discussed any issues with her instead of pretending everything is okay. The more I thought about our conversation the more I realized he was right. Your wife will know if you are stressed or upset about something and as such would prefer to know what is going on in your life. I am quite certain she would rather have the opportunity to help you work through it as opposed to knowing something is wrong but not being told any information.

The sad truth is that most men never tell. Most men are under the impression that they have to provide for the family and if they have any money troubles they aren’t doing their job as a husband or a father or a man. But this stigma can be quite harmful – I know many of the men in my life who live by these rules wind up struggling with intense anxiety and are often fighting with their partners as soon as money becomes an issue. They are too ashamed to talk.

I think if you want to have a healthy relationship when money starts to become a worry you need to set some of these labels aside and really be open to the idea of talking to your partner, asking for help or at least being strong enough to admit there might be a problem.

How to talk to your husband, wife or partner about money

Uzbeki carpet sellers
photo credit: Arthur Chapman

If you have anything to add to the points below please leave a comment as it might be really helpful to someone reading this post. Likewise, if you have an experience (good or bad) that you think might help a reader please let us know.

1. Understand that they want to help
One of the things that my friend helped me realize was that my partner would want to help. This was a very important moment for me as it freed me up a lot inside. At first I thought that I would be stressing her or placing my burden on her if I talked about money but now I was learning that she probably wanted to be a part of the solution. Try and understand that your husband or wife loves you very much and they would want to be there for you if things were getting tough.

2. Work together like a company
Having worked in business for many years I know a few little things about making money. And one of the things I know is that if a company doesn’t work together things don’t go so well. Imagine if the finance department didn’t communicate with marketing or sales – no one would know how much money they could spend or needed to make to turn a profit. It would be a very bad situation. The same is true for a relationship; you both need to understand the money situation and know how to communicate all aspects of your personal finances. Both husband and wife need to know how much is coming in and how much is going out on bills, expenses, etc.

3. Don’t judge
I remember growing up and witnessing the most intense financial arguments between my father and mother. They would go on for hours and, at the end, they wouldn’t have resolved anything. One of the things both parties used to do was be very judgmental about any spending’s that had happened over the month. Dad would be angry about Mom buying something for the house and Mom would be angry about Dad eating expensive lunches. But one thing I noticed over the years was that every time they got “told off” by the other one they hid more and more purchases. The were afraid of being judged so they would often buy things and then hide them and tell the kids, “Don’t tell your mother“.

If you want to keep the relationship open and honest it is important to be as judgment-free as possible. Don’t get angry if your husband buys something that you don’t think he needs. The same goes for your wife. Instead of getting upset try using the technique below.

4. Be gentle
One thing I have been learning lately is how we must try to be gentle and kind to other people and not use harsh words. I found a wonderful text by a great Buddhist master from Tibet called 30 Pieces of Advice from the Heart. The master’s name is Longchenpa and in that text he said something that I thought might be nice to share at this point:

“In these decadent times one may reproach the crude people around one.
Although one thinks it will be useful to them,
it is just the source of poisonous thoughts.
To utter peaceful words is my advice from the heart.

Without any selfish consideration, one may,
with affection, tell people their defects, only thinking of their own good.
But although what one says is true this will ulcerate their hearts.
To say gentle words is my advice from the heart.”

When talking to your loved one about sensitive issues I have found it is very helpful to be as gentle and diplomatic as possible. After all, you aren’t trying to make them feel bad or point out their mistakes, you are trying to find a solution to the problem. And I think those solutions very rarely come from harsh speech.

5. Make a list of discussion points aimed at a solution
I once read a quote by an anonymous CEO that said, “Don’t bring up a problem unless you have a solution for it“. He was, of course, talking about going to see your boss about issues in the workplace but I think it fits quite well into our topic. If you want to have a healthy discussion about your money troubles try making a list of points to talk about and make sure that list is aimed at a solution.

The reason we found this to be helpful is because it gives the conversation some direction. Instead of sitting around and getting stressed about all the things that were going wrong we instead talked about what we need to do in the short, medium and long term to fix it. This seemed to diffuse a lot of the tension as well, shifting the focus from the negative to the positive.

Conclusion

Financial stress can really eat away at you on the inside so try to remember that you have a partner who would love to help you sort through the problems. If you are open, honest, gentle and have a plan of attack there is no reason why money worries should take a toll on your relationship. In fact, working together through rough patches might just help to make your relationship stronger and more supportive.

Originally posted on May 31, 2010 @ 11:28 pm

How to Mentally Prepare for a Financial Crisis

Stock market crash

The world financial market is looking pretty shady. Stock markets around the world continue to drop after weeks of losses and many indicators show that we are heading for a major crisis. In this post I want to give you a few ways to mentally prepare for a financial crisis so that if it happens you are better able to cope.

Do we need to prepare ourselves?

There is no way of knowing how bad this financial crisis is going to get. For some people it is already serious. If you had a lot of superannuation in the stock market you might already be hurting. Some indicators are showing that the crisis is easing, while others show us that it is getting worse. I do not know how bad it is going to end up. What I do know, however, is that people who prepare themselves early always come out of a crisis better than those who don’t. That is why I am writing this post for my readers.

How to mentally prepare for a financial crisis

The following tips are designed to help you cope with the cards you are dealt. I am not going to give you any secret stock picks or sound financial advice. What I am going to give you, however, are some practical things that you can do in order to put yourself in a better mental position if and when the worst happens.

1. Don’t panic. Just don’t.
The first thing you need to learn is that panic gets you absolutely no where. I have been in one or two life threatening situations in my life time and I am not sure how well I would have fared if I panicked. Now I am not saying that this economic stuff is going to get life threatening. It’s not. But what I am saying is that in any scary situation you need to know that panic doesn’t help.

Every time you see a little bit of panic creeping in to your mind just repeat “panic doesn’t help anyone”. It doesn’t help you and it doesn’t help others. The first step to dealing with a financial crisis is to learn how to keep your panic under control.

2. Learn your stuff
The people who do well in these times are the people who know their stuff. They know how the stock market works, they know where their money is kept and they know how to react if something bad happens. A relative of mine made many millions of dollars a few months back when he predicted the stock market crash and sold all of his shares. He is now sitting on a big pile of cash instead of worrying about his stock prices. He was able to do this because he knew his stuff.

It would be a good idea to spend a few minutes every day from on learning about the stock market and how to best optimize your money. Look at diversifying your investments. Look at maybe shifting money in to more stable economic climates. Read, read, read. If you learn your stuff you will be better able to react when something bad happens.

The other advantage of study is that it puts your mind at ease. There is a lot less panic in people who are educated on the problem. Look at doctors and nurses in the Emergency Room. If I got presented with a patient who had just had his face cut off by a circular saw I would probably run out of the hospital screaming. But a doctor or nurse would know exactly what to do and be relatively panic free. This is the same for the financial crisis. Learn your stuff.

3. Don’t watch too much mainstream American News
Please don’t get angry with me but American News channels are all about panic. They feed off of it. Their ratings depend on it. If they get you scared you will watch more news because you “need” to know what is going on. It is very sensationalistic. [Read more…] about How to Mentally Prepare for a Financial Crisis

Originally posted on October 23, 2008 @ 7:41 am

11 Easy Ways to Save Money at Work

photo credit: ImipolexG

We go to work to make money but quite often we spend a lot of that hard earned money while we are working! We pay for transport, parking, lunches an more. In this post I am going to show you the best ways to save money at work.

1. Ride a bike
Riding a bike to work is one of the best ways to save money, keep fit and look good. If your office is under 30 minutes away from your home riding to and from work will save you a lot of money over the years. Gas prices are getting higher and higher but you must also consider the costs of health care that you might avoid by keeping fit.

2. Catch the bus
If you don’t want to ride to work the next best option is to catch the bus. This is a better option for a lot of people as it keeps you out of the weather and saves a bit of time. Again, catching the bus will save you money as well as having many other benefits such as helping to reduce green house gas emissions.

3. Get your car serviced and wheels aligned
If you really don’t want to ride or catch the bus it is important to keep your car well maintained. Having your wheels well aligned is particularly important. Poorly aligned wheels create a lot of resistance and make your car a lot less fuel efficient.

4. Fill up on fuel ahead of time
If you wait until your car is nearly empty to fill up you run the risk of paying more for petrol. Whatever the oil companies might say there are cheap days and expensive days. In Australia the petrol price goes up 10 to 15 cents on Wednesday morning for no good reason. If you leave it until then to fill up you are spending more than you need to. Watch your petrol stations price activity for a few weeks and ear mark the days that are more affordable.

5. Buy a yearly parking pass
If you pay for parking everyday you are losing a lot of cash. Almost every parking station in the world offer annual memberships which discount your parking by a massive percentage. If your closest car park doesn’t offer an annual fee service don’t be afraid to ask for one. You will be surprised how often you can strike a deal.

6. Ask a nearby building for a car park deal
Nearby office blocks with their own internal car parking are a sneaky way to save some parking dollars. Quite often these car parks are underutilized and the owners will jump at the opportunity to take a years worth of parking money from you. I know several people in my fathers office who have struck a deal with the building next door and are saving hundreds of dollars a year.

7. Experiment with different routes
The shortest route in terms of distance is not always the fastest. Traffic jams, long lasting red lights, multitudes of pedestrians, etc. can all slow a route down. Experiment with different routes because a long one might save you a lot of time and petrol.

8. Pack your lunch
I know a lot of people who are against packing their lunch and taking it to work because they are afraid of looking like a school kid. I can understand this but there are a few ways around it.

One way is to tell people you are on a doctor ordered health diet in an attempt to get your cholesterol down. Or you might be trying to lose some weight. For some reason these reasons seem more acceptable than telling people you need to save a bit of money.

Packing your lunch doesn’t have to be a sandwich in a lunch box. You can bring in some gourmet vegetable soup in a thermos or the leftovers of last night’s vegetable curry. A lot of this home cooked stuff is better than the local eateries anyway.

9. Make your lunch at work
Recently Mrs. Daily Minder has started making her lunch at work. She heads down to the local market and buys a bunch of fresh produce. Some days she has a tuna and chili salad and other days a salad and chicken wrap. And she has saved a lot of money. This method takes a lot of discipline though. If you are anything like me you will just end up eating at the restaurant next to the market!

10. Don’t buy coffee
I used to buy one of two coffees per day. A coffee costs about $3 so two coffees will set you back $6 per day. That is $2190 per year. Think of what you can do with $2190. Upgrade your car, pay for some medical bills, put away some savings, etc. Why not make your coffee instead of buying them? Over time you will get pretty good at it and it will save you a few dollars a year.

11. Explore your tax options
There are a quite a few work related expenses that you can get back at tax time. For example, you might be able to get back a certain amount for clothes washing, petrol expense, mobile phone bills, etc. Make sure you find a couple income tax calculators handy or even better, talk to your accountant about this when June comes along.

Anyone got any more tips?

Originally posted on September 17, 2008 @ 5:06 am