Why You Should be Talking to Your Friends About Money

Do you think “money” is still a taboo topic to discuss with friends and family?  What about complete strangers?  Seriously, I had to really ask myself, “what is it about the subject that people find uncouth, especially for women”?   For years I was plagued by these questions all the while sharing my money goals, successes, failures, and lessons with the world-wide-web so freely that Emily Post is probably clutching her pearls from the grave.  For me, the benefits outweighed any conversational manners that many of us were taught as children.    Not only am I able to measure my progress on the path to financial freedom by going back to old blog posts, I am also able to see the progress of my financial literacy and maturity.   None of which would have been possible if I avoided subjects like money, debt, and that bi-atch, Sallie Mae.

Benefits of Talking About Money with Friends from @shemakescents.According to a  study from Fidelity Investments, eight out of ten women confess they have refrained from discussing finances with those they are close to even though 92% of women want to learn more about financial planning.  The study went on to find that  65% of women are most inclined to speak to their friends about shopping tips, 44%  of women will speak to friends about issues at work, while only 25% of women are open to discussing spending habits and even less about investment ideas at 17%.  The benefits of participating in money talks and investing in one’s financial literacy overweigh the social taboo of the subject.  If you are embarrassed by your current financial status or level of financial literacy, it is time to get over it.  Repeat after me: Today is the day that I will acknowledge where I am in my financial journey and take a step and then another toward my goals.  


TWEET THIS: Tweet: Repeat after me: Today is the day that I will acknowledge where I am in my financial journey and take a step and then another toward my goals. via @shemakescents Repeat after me: Today is the day that I will acknowledge where I am in my financial journey and take a step and then another toward my goals

TWEET THIS: Tweet: 8 out of 10 women confess they have refrained from discussing finances with those they are close to even though 92% of women want to learn more about financial planning. https://ctt.ec/vcyK5+ via @shemakescents 8 out of 10 women confess they have refrained from discussing finances with those they are close to even though 92% of women want to learn more about financial planning.


The Benefits of Talking About Money With Your Inner Circle

The Benefits of talking to your inner cirble abl2.png

I remember at one point in my life when I was not so much trying to keep up with the Joneses but more so trying to keep up with my former self who would frequently pick up the check for the table.  I was trying to keep up an old lifestyle that honestly I had outgrown and instead of sharing my newly established money goals with my friends, I just slapped down a credit card and bought another round for the table.  At that time in my life, I was embarrassed to announce my relationship with the dreaded “B” word…. budget… or even more vulgar…. broke-ish.   When you bare your soul to the world, it leaves little room for the inauthentic.  At one point, I reached a high credit card balance and I no longer was willing to try to keep up with my old life.  Instead of saying yes to every social occasion and international trip, I decided to say yes to my finances, instead.  Looking back about 10 years ago, I could have saved myself some serious CA$H if I had shared my financial goals with my inner circle.  In fact, it might have open the conversation for others to share where they were on their journey, their tips, tricks, failures, and successes.  Today, that same inner circle has become a source of strength.  We keep each other honest and moving on the path we have set for ourselves.  We talk investing strategies, dominating debt, and goals of providing wealth to future generations that aren’t even born yet… all while sharing our tips on the best place to get balayage for our hair and organic nail shops.  

Money & Friendship- Why You Should be Talking to Your Friends About Your Money Goals from Personal Finance Blog, She Makes CentsLadies, we have got to start speaking up, leaning in, and getting in front of the barriers that keep us from living our best life.  I am not saying that you have to blast your business to the world like I do, but I am saying that you should talk about money with people you respect and those who will help hold you accountable.   Even though the number of women who shy away from money talks with their inner circle is frankly frightening, it is even more puzzling that women say more support would encourage them to be more engaged in their finances.   Imagine what we could do if we all took on the charge that empowered women empower women.  My accountability group members are better women for it because we have learned to accept ourselves and each other where we are in our journeys.  As we are maturing as women, so is our financial literacy and authenticity.

Join Our Financial Accountability Tribe

If you are looking for a community of goal-setting women, then the SMCmoneytribe may be the group for you.  Instead of one accountability partner, you will have access to a tribe of partners to share your story, bounce questions and ideas off of, and celebrate your milestones.   In addition to gaining personal finance tips and tricks that have worked for the people in the tribe, you will also gain confidence in speaking on the subject money with people supporting your journey to the fab life.  
shemakescents.com (35)

The Beginners Guide to Sinking Funds & Why YOU Need One

This year, I have vowed to be BETTER with my financial decisions.  In order to improve my behaviors and cultivate better money habits, I had to first take a look at areas where I need to focus on for improvement.  After the Mr. and I had to take $7000.00+ out of our savings to pay for a new roof and chimney repair on our rental property, I knew there had to be a better way for us to prepare for situations like this.  That 7K loss from our savings put a dent in that account and exposed a financial vulnerability that we didn’t realize existed. We were stable enough to not have to turn to credit to cover this expense, but pulling money from our savings was very scary considering that money is there to cover us in the event of job loss or a major life change.  I was an unsettling feeling and I knew that we needed to find a solution to our problem. Luckily, we came up with a plan to create a sinking fund so that we would be prepared for something like this.  It is something that will help us and I know it will help you too.

What is a Sinking Fund?

A sinking fund is an anticipatory fund that is used to save for a large future expense or the gradual repayment of a debt.  More than that, it is a proactive approach to your money. Sinking funds are very similar to the cash envelope system because it requires you to divide your income into categories and assign every dollar a job.  The main difference between the envelope system and a sinking fund is that your cash envelopes are for things you are spending on now like groceries, fuel for your car, and clothing. Your sinking fund, however, plans for future money goals.  We thought about some of the expenses that caught us off guard in the past, like emergency surgery for both of our dogs last year (that was a couple thousand dollars), or bills that are due all at once like insurance premiums. Then we came up with 10 sinking funds that we believed served our household money goals.  Check them out below.

Examples of Sinking Funds from Personal Finance Blog, She Makes Cents

Now it is time to create your sinking fund categories. Grab a pen and paper (yep, we are doing this old school), your significant other (if applicable) and a glass a Rose’ (because it makes the experience so much better) and let’s make a money plan. When you are creating your categories, remember that you don’t want to make too many funds because it will take longer to fully fund your categories.  Plus, anything over 10 is too many to keep up with, in my opinion.  

She Makes Cents Cares: I love hearing from readers, so once you have created your sinking fund categories, let me know via the She Makes Cents Facebook group, Instagram, or Twitter.

How Much Money Should Be In My Sinking Fund?

After you have created your sinking fund categories, now it is time to figure out how much money you need to have saved for each.  First, you need to figure out the goal date and total amount needed for each of your sinking funds to be fully funded.  For example, I have to pay around $450.00 every 6 months for my portion of the car insurance premium.  To determine how much money I need in this particular sinking fund, I take my next due date and I divide my premium by that number of months. It usually breaks down like this for me:

$450.00 \ 6 months = $75.00 per month 

I would much rather save $75.00 per month for six months than to have to come up with $450.00 once every six months.  Yes, it’s the same amount of money but creating a monthly car insurance fund makes the amount of the premium easier to digest. The example above is an easy breakdown because we know exactly how much money is needed and when exactly we will need the money for this fund.  Now let’s look at an example for a type of sinking fund where you don’t have a hard due date and you are not certain of the full price.   Hello, Car Repair…it sounds like we are talking about you.

We have all experienced this.  You are driving around minding your own business when a yellow warning light illuminates your dashboard.  You take your car to the mechanic and you are hit with a $1,200.00 bill. What do you do?  More than likely, you charge it to your credit card if you don’t already have some money set aside for this type of expense.  CREDIT CARD = BAD IDEA. This is a moment when your Car Repair sinking fund will work for you. Even if your Car Repair Fund only has $800.00, that means you only have to come up with the remaining $400.00, which is easier to digest than $1,200.00.  Yes, this may have been an unexpected expense but it is also one you were prepared to handle.

By creating sinking funds you take control of your money.  You know where YOUR money is so you never have to ask yourself where it went.  You give it a purpose.  If you create sinking funds to cover your future needs, you are less likely to be a threat to your future financial self and that is something that everyone can benefit from.

shemakescents.com (37).png

Real Life Examples of Sinking Funds for the Smart Saver & Spender- from money and lifestyle blog, She Makes Cents

 

Money Saving Hacks- The Beginner's Guide to SINKING FUNDS from money blog, She Makes Cents

2018 February Recap | 52 Week BINGO Money Challenge

We are approaching week ten of the 2018 She Makes Cents 52 Week BINGO Money Challenge and I must say, that this year’s money tribe is the most committed tribe we have had in three years.  For those of you who may be new to this blog, the She Makes Cents Money Tribe (SMCmoneytribe) is an uplifting community of women from all over the world that supports each other’s financial journey and savings endeavors.  Every week, we share our wins, big or small and celebrate each other’s progress.  At the beginning of the year, it is easy to be motivated by the “newness” of everything, but as the year goes on, many people find it  Generally, the month of February is when most people abandon the goals and habits they resolved to attain.  In fact,  according to Business Insider,  80% of people fail their New Year Resolutions by February so the #SMCmoneytribe is going strong means that we are beating the odds with our money goals and resolutions we made for ourselves at the beginning of 2018.  WAY TO GO, TRIBE!

How To Save Real Money With This Money Challenge | February Savings/Income Report 52 Week Bingo Money Challenge from Money, Career, & Lifestyle Blog, She Makes Cents

How To Save Real Money With This Money Challenge | February Savings/Income Report 52 Week Bingo Money Challenge from Money, Career, & Lifestyle Blog, She Makes Cents


February Recap: 52 Week BINGO Money Challenge

Back in January Recap of the 52 Week BINGO Money Challenge, I shared a MAJOR goal to have my student loans PAID IN FULL by October 2019.  In order for me to reach this big money goal, I have to aim for smaller milestones along the way.  For the month of February, I saved a total of $210.00 on this challenge by crossing off $45, $15, $50, $49, plus a $51 bonus.  Every week, without fail, I select a number from the She Makes Cents Money Guide and I send that amount to my student loan provider.  Additionally, since the Mr. and I are knocking out this debt together, the Mr.’s contribution of $250.00 helped us to send an extra $460.00 (in addition to the monthly payment) toward student loan debt.

This time last year, I had over $18,000.00 in student loan debt with a goal to get my student loan balance to $12,505.00.  Not only did I hit that goal, I surpassed it before the end of the year.  By January 2018, I had a balance of $12,505.00 (the extra $5 was because of the daily accruing interest) and I closed the month of February at $11,378.37.


How to Join the 2018 SMC Money Tribe

How to Join the Best Money Saving Challenge - from Money, Career, & Lifestyle Blogger, Danielle YB Vason of She Makes Cents

The new 2018 SMC Money Tribe Facebook group will serve as a “home base” for the #SMCmoneytribe.  There you will be directed to fill out a quick registration form and download the money card. This is a space for active members and as a member of the SMCmoneytribe, you will gain exclusive content, motivation, and financial tips and tricks that will help you whether you are saving to pay down debt like me or saving to take a fabulous trip or two in the new year (also me).  This year, you will have the option to do your weekly check-ins on Friday and/or Saturday on all of our social media handles to make it easily accessible to people who are only active on certain platforms.

HERE IS HOW YOU CAN JOIN THE TRIBE & THE MONEY CHALLENGE…

  1. Join the SMC Money Tribe Facebook Group
  2. Complete the registration form to select your weekly check-in date
  3. Follow She Makes Cents on InstagramTwitterFacebook
  4. Pick a savings goal & get ready to save some $$$$ in 2018

    shemakescents header image - 2018

How You Can Start Making More Money With Cash Back Apps & Referrals

Long gone are the days where you sit around and cut coupons to save money. This is the time for cash back apps, digital coupons, and automatic promo codes that make the things we buy every day, more affordable. If you are not saving a little money on your everyday purchases, you are missing out. Months ago, I introduced She Makes Cents readers to the Cash Back App, Ibotta.  I shared my review of Ibotta after using it for one month because I was impressed with how easy it was to earn money quickly with minimal effort by shopping for the things I would normally buy.  Seriously, they have over 300 supported Ibotta retailers so there is no excuse not to earn money.  Since downloading the app, I have earned money back from buying groceries, clothing, Uber rides and even experiences from Groupon (I used that one as a birthday gift for the Mr. last year).  The $10.00 welcome bonus was also a great boost to add to my lifetime earnings using Ibotta.  Since then, I have learned a few ways to raise the earning potential so that everyone can get more money even faster.  

Copy of Copy of pizza margherita (1).png

How to Use Ibotta

How To Earn More Money With Ibotta

  1. Welcome Bonus.  Who doesn’t love FREE money?  A few people (my hubby included) missed out on the $10.00 welcome bonus because they did not know how to redeem it.  Repeat after me: “We are not leaving money on the table anymore”.  This happened to them because they didn’t  understand that after downloading the app with my promo code (tahbinu) you MUST redeem your first rebate within the first month of setting up a new account.  You will receive your special bonus AFTER you have redeemed a mobile shopping offer or an in-store offer (Any Brand and Any Item offers excluded).  Follow the link to begin earning money with Ibotta.
    **Please note: Make sure you sign up through my link on a unique mobile device that is not already associated with another Ibotta account. Also, remember to verify an offer (excludes “Any Brand” or “Any Item” offers) within the allotted time period found on your bonus.**
  2. Add Things You Are Planning to Buy to Your “My Offers” When You Find Them.   The folks from Ibotta suggest that you should save your desired offers as soon as you see them.  It is what I do especially when I am planning our household meals for the week.  I quickly scroll through to see if any of the items on my grocery list are also cash back items and when they are I add them to “My Offers” tab on the navigation bar.  I find it to be a much easier process when it is time to redeem.  
  3. Try to Redeem Offers Weekly.  Unless you are on a no spend week, I imagine that you will make a purchase from one of the 300+ retailers at some point during your week.  I say this, not to encourage you to shop and spend more but more so to make you aware that it really is easy to earn money back from things you are already spending on.  You can earn even more by redeeming weekly offers and earning bonuses with your team.  Plus when you check back weekly, it ensures that you won’t miss out on the option to opt into additional bonuses that usually have a bigger payout.  
  4. Invite Friends. Build Your Team. Earn Cash $$$ Faster.  By simply inviting friends to Ibotta and helping them redeem their first offer (excluding “Any Brand” and “Any Item” offers) you earn money and they do too.  Build your team by inviting friends. Each month, your team will be given a total earning goal. If you and your team reach the monthly goal, everyone on your team will earn a cash bonus! The more friends you have, the faster you will earn.

shemakescents.com (35)

Roth IRA vs Traditional IRA | Which is Better for You?

An Individual Retirement Account (IRA) is a savings account where money grows tax-free. Any individual, regardless of age, who has earned income, can contribute to an IRA and the earlier one is able to do so, the better compound interest works in one’s favor. The money used to fund an IRA must come from taxable income, which the IRA explains, “can encompass more than just one’s annual salary. Taxable income can include profits from stocks or real estate sales, winnings from the lottery, betting the dogs or horses, and winnings from any casino (domestic or abroad). Even the cash value of bartered items is considered taxable income”. As of 2017, the maximum individual contribution for an IRA was capped at $5,550.00. However, people 50 years or older, are allowed to save an additional $1,000.00 for a maximum contribution of $6,500.00 as a sort of catch-up contribution since they are closer to retirement age.Roth IRA vs Traditional IRA: Which One is Better for You? from Millennial Personal Finance Blog, She Makes Cents | #budget #invest

The Difference Between Traditional & Roth IRAs

IRAs fall into one of two categories, a Roth IRA and a Traditional IRA, and the opportunity for your money to grow tax-free is one of the most appealing benefits of this type of retirement account.  Even with the benefits, Uncle Sam still requires his cut. The most distinct difference between the two types of IRAs, Roth and Traditional, is when you pays taxes on the money. With a Roth IRA, you pay the taxes up front and with a Traditional IRA, you pay the taxes at the time of withdrawal. Regardless of the type of IRA one chooses, a person can access one’s money once they hit 59 ½ years old, without being hit with a 10% tax penalty for early deduction.

Even though Traditional and Roth IRA play by different rules, those differences allow you to select the best account type for you that helps your money grow tax-free until you reach your retirement years. Once you understand the differences between both types of IRAs, it will be easier to understand which account is best for you.  Check out this Roth vs. Traditonal IRA infographic from Business Insider that breaks it all down.

shemakescents.com (35)

The Real Issue Millennial Women Face Living Paycheck to Paycheck

Fact. 3 in every 4 US workers live paycheck to paycheck, according to a Harris Poll conducted on behalf of CareerBuilder.  It is easy to chalk it up to poor spending habits, but is that the main thing that is keeping so many people counting coins until payday?  I would dare say, no.  While poor spending habits leave you feeling… well, poor, other factors such as debt, stagnant wages, and a constant increase of living come into play when looking at the stressful reality of living paycheck to paycheck.  Yes, this is a financial issue, but for millennial women, it can also be a  feminist issue.  The Real Issue Millennial Women Face Living Paycheck to Paycheck from Millennail Money Blog, She Makes Cents

The online women’s magazine, Bustle, recently contacted She Makes Cents Founder, Danielle YB Vason, to get her thoughts on the subject.  

“The fact that 54 percent of Millennial women live paycheck-to-paycheck, according to a 2016 Wells Fargo Millennial Survey of over 1,000 U.S. adults between the ages of 22 and 35, sheds light on a perfect storm of issues and realities that young women face.  In addition to paying more due to the ‘pink tax’ on everyday items, more Millennial women are graduating college than men, which means that, along with the degree, they get the $30,000+ debt that comes along with it. Then, when the first job comes, women are paid 20 percent less than their male counterparts. It is not just a financial issue, but a feminist one, as well.”

The fact that Bustle is promoting real conversations about money amongst millennial women is changing the way we as a culture think about talking openly about the subject.  In the article, millennials from all over the United States share their experiences about what living paycheck to paycheck is really like.  Maybe you can relate to their stories or maybe it opens your gaze to experiences of others, either way, it is a starting point to begin real conversations about money (how we spend it, save it, and invest it) and its direct impact on millennial women.  She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

Millennials Get the Best Rates on Life Insurance & They Don’t Even Know It

When you hear the term “life insurance”, what comes to mind? Is it your parents’ and grandparents’ generation? Is it a sad thought like death or the process of planning a funeral? Or, is it something that you have on your to-do list to understand when you are “older” because you are not in that headspace right now? For many millennials, life insurance is just not high on their priority list, which is evident from the 2015 study from Life Happens and LIMRA that found that “60% of millennials prioritize mobile phones, internet, and cable over life insurance”. I believe that millennials are not jumping on the life insurance bandwagon because the idea of death seems so far away. More than that, millennials do not understand what life insurance is, what it does, and how we, as a generation, are in the best position to get the most affordable rates. Cell phones, internet, and cable are all elements of one’s day-to-day life whereas the need for life insurance is so far out, right? Wrong. Having life insurance provides a day-to-day safety net that financially protects the people who depend on your income, like family, and in some cases friends, in the event that something happens to you.  

This post may contain affiliate links at no extra cost to you.  Please visit our Disclosure Policy for more info.
How to Get Affordable Life Insurance | from Money & Career Blog, She Makes Cent

Of the living generations, millennials are in the best position to take advantage of the best rates on life insurance. That is because insurance companies view millennials as low risk because of their youth and presumably good health. Those “low-risk” statuses are one of the main reasons that millennials save more money and are able to lock in a lower, more affordable rate as compared to older generations. To take the savings potential even further, millennial women, in particular, generally receive the lowest quoted rate. That is because women live longer and are perceived to be less likely to partake in risky hobbies such as skateboarding, skiing, and sky diving – all hobbies that insurance companies consider dangerous, cause premium increases and are often attributed toward experiences men enjoy more by insurance companies. When you think about it in those terms, it should not be   so surprising that millennials get the best rates on life insurance.

Why Do Millennials Get the Best Rates for Life Insurance?

The benefits afforded to the “avocado toast” generation and their ability to lock in an affordable rate is evident to Generation X (1965-1981) and the Baby Boomers (1946-1964) and not millennials, according to data collected from this Health IQ quiz.  When asked this questions, “Which of the following generations is most likely to get the best rate for life insurance?” the results were eye-opening. Of the generations represented, 80% of Generation X and 62% of Baby Boomers answered correctly, in comparison to only 33% of millennials understood their own savings potential. That’s right, 67% of millennials do not know they are in the best place to lock in the cheapest premiums.  The point of life insurance is to protect those people who are financially dependent on you. Traditionally, that includes a spouse or children, both of which represent life stages that millennials are delaying until later in life. However, life insurance also covers parent beneficiaries who may have co-signed on a loan for you and would be held responsible to pay off debts like your student loans should the worst happen. 

Related Post: 5 Things Every Millennial Should Know About Life Insurance

YES! Millennials Need Life Insurance | from Money + Career Blog, She Makes Cents
For a generation with information at their fingertips, who comparison-shops and lives for the deal, it is surprising to find out that we are missing such a great savings opportunity. Life insurance for millennials is affordable because of their presumed good health and youth. It can be even more affordable when you find a life insurance company, like the Health IQ, that celebrates people like runners, cyclists, high-intensity interval training athletes, vegans, and more with exclusive rates. These special rates reward one’s healthy lifestyle with financial gains that leave more money in your wallet. Many millennials are embracing a health-conscious lifestyle anyway, so why not tap into the full benefits that come with it. Life insurance is something that every adult should have, so why not consider one that rewards habits that keep you healthy, and for being a She Makes Cents reader, I am able to offer you this special rate. You will never be as young as you are today, so it is time to lock in a rate now while it is cheaper. Trust me, it is A LOT cheaper than you expect and your future self will thank you for it.

This post was first featured on the Health IQ blog and the Froogal Student.

She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

Millennial First Time Homebuyers: Send Me Your Questions

Millennials are breaking into the housing market with great force with hopes of attaining one of the biggest stepping-stones to the American Dream- homeownership.   Whether or not the American Dream still exists is questionable, but one thing that is certain is that as the largest active generation in the housing market at 34%, millennials are making lemonade out of lemons and turning the boomerang generation into homeowners.

Millennial First Time Home Buyers | Get Your Questions Answered on She Makes Cents

Buying a house is the largest financial investment that most people make in their lifetime.  Its benefits, especially if the path to homeownership is achieved by establishing better money habits before buying, result in financial rewards throughout the year.

Before buying a home, first-time buyers should save for a down payment, raise one’s credit score, and figure out how much house they can actually afford.  To take the savings benefits one step further, first-time millennial buyers are urged to do a little research of their own to see what tax breaks are available that makes the home buying process a little more affordable.  

Keeping affordability in mind, the housing and financial industries have teamed up to offer resources that make the transition of renting to owning easier for first-time and millennial buyers. By anticipating some of the financial setbacks plaguing millennials, such as staggering student loan debt, the Federal Housing Administration (FHA) have changed the amount allowed to be financed and lowered some of the qualifications to attract young buyers.  I bought my house five days after my 24th birthday with an FHA loan.  This was the best move for me at that time because I was looking for a nice apartment when I came across a property that was priced so well I couldn’t miss out on the opportunity.  I hadn’t saved specifically for a home or better yet a traditional 20% down payment, but I did have enough to put down to secure an FHA loan and become a homeowner by age 24.

Homeownership is affordable, attainable, and provides financial advantages for those who choose this path over renting.  While millennials are changing the narrative of the American Dream, one thing still rings true. Homeownership is still a good way to achieve wealth in the United States and thanks to the financial advantages of homeownership, the dream is so much sweeter. She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

Are you thinking about buying your first home and have questions about the homebuying process?  Leave your comment or question below and/or tweet me @shemakescents to have your question answered.

{Money & Relationships} 5 Reasons to Have the “Money Talk” with Your Partner

You and your significant other have been together for a while. You have met the parents (and they like you…hopefully), you leave stuff at each other’s homes, and you’ve even claimed each other on social media! Sure, you have done all of the public things to show your significant other and the world that you care about your relationship but have you taken the necessary steps to reduce stress and drama in your relationship from a financial standpoint? I will be honest with you; having the money talk isn’t fun or comfortable, but it is enlightening and crucial to all serious relationships.

Money & Relationships- from Millennial Personal Finance Blog, She Makes Cents.png

I bet you searched him on Google and scoped his Instagram page when you were first getting to know him. Outside of being curious, you wanted to protect yourself by getting a head start to any red flags.  Simply put,  you wanted to figure out what you may be getting yourself into. No judgment, it’s smart and we all do it. If you protected yourself in the beginning, why wouldn’t you protect yourself now that things are getting serious?  Starting the conversation does not make you greedy or look like a gold digger.  In fact, it shows that you are looking at this relationship for the long-term.  Former Secret Service agent and Cosmo contributor,  Evy Pompouras’ gives advice about reading people in any situation, which will come in handy when you have the conversation with your beaux.  Pompouras says, “don’t openly judge, even if you don’t like what they have to say.  When people feel your disapproval, they will filter themselves, hold back information, or shut down”.  Remember you both had a life before your relationship and both of your financial decisions up until now will reveal that.  If you are ready to get serious about your relationship you should also be ready to get serious about your finances if you haven’t done so already.

FIND OUT EACH OTHER’S SPENDING & SAVING STYLE

This makes sense on so many levels.  This is not a situation where you are trying to figure out if he is a spender or a saver, but more so how he spends and how he saves.  This may be an eye-opening revelation for you as well since most people do not generally look at money and relationships in those terms.  Are you financially compatible?  Does your super saver style clash with his overspending?  

KNOW THINE SELF

 In the midst of “The Talk” you may start to learn things about yourself that you didn’t know before.  It is easier to see red flags in others than it is to see in ourselves.  You may find areas of yourself and your financial situation that need to be cleaned up… not for him or a relationship, but for your own financial security.  This is the time for you to take some responsibility for yourself, review your debts and assets, and come up with a personalized financial plan. 

HELPS YOU PLAN FOR A SHARED FUTURE

Let me first say that a shared future does not necessarily imply marriage.  A shared future looks like whatever you want it to look like as long as you two are in it together.  Some couples will move in together and will have to decide who will pay what.  Others may continue to live separately and your money talk for the future may include more social decisions.  How often will we go to restaurants, movies, concerts, on vacations?  Who will pay for what?  Or for those who see wedding bells in their future, well you should get in the habit of having weekly money talks and a review of how finances coming in and going out are affecting the household dynamic.  You don’t want to be the woman who hides shopping bags in the trunk of her car, but rather a woman who proudly shows off the goodies that she bought with financial confidence.

PREVENTIVE CARE FOR YOUR RELATIONSHIP

If I told you that you could reduce the chance of burning yourself using a curling wand while creating date night hair just by using the little black gloves that come with it, would you use them?  How about if  I showed you the hands of someone who burned themselves because they didn’t use a glove?  Would you be more likely to use a glove then?  Probably, even if it was just for a short time.  Well, what if I told you that having the “money talk” and the subsequent follow-up talks with your significant other will reduce the chance of financial stress and lessen the risk of break up?  How about if I followed up stories about real relationships that burned because of money issues?  Would you have the talk, then?  Think about it like this, taking these steps becomes preventive care for your relationship.  Beyoncé said if you like it then you shoulda put a ring on it.  I’m telling you if you like it then you should put the black gloves of your relationship on and have the talk!  Save your relationship before it needs saving.

So you now have an idea of what you are getting yourself into… remember this is just the start and you should have several follow-up conversations.  It may be uncomfortable at first, but it will be well worth the effort in the end.  We were seriously dating the first time the Mr. and I discussed money in detail.  It was slightly difficult to start the conversation because I didn’t want him to think that I was only after him for this money.  I explained to him that I was needing reassurance that we were financially compatible and I wanted to introduce a sort of financial intimacy into our relationship.   He was open to it and so was I.  If you have never discussed personal finance with your partner, I encourage you to not let another day go by.  If you are starting the conversation TODAY and don’t know how to start, check out this list of questions that I reference every time the Mr. and I have “the talk”. 

shemakescents.com (30).png

Equifax Data Breach: How To Find Out If Your Personal Information Was Stolen

Equifax, one of the three largest US consumer credit reporting agencies, announced this week that they were victims of a cyber-security data breach that will potentially affect 143 million U.S. consumers. The cyber hackers got access to names, Social Security numbers, birth dates,  addresses, and driver’s license numbers to nearly half of the U.S. population, with potential breaches also affecting consumers in Canada and the United Kingdom. Although the official statement from Equifax was released this week, the unauthorized access occurred from mid-May through July 2017. Chairman and Chief Executive Officer, Richard F. Smith maintains, “We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations.  We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident.” Just because you are not a consumer of Equifax doesn’t mean that this breach won’t directly affect you. According to CNN, Equifax gets its data from credit card companies, banks, retailers, and lenders who report on the credit activity of individuals to credit reporting agencies, as well as by purchasing public records.

How Can You Find Out If You Were Affected By the Equifax Data Breach?

Equifax will send direct mail notices to consumers whose credit card numbers or dispute documents with personal identifying information were impacted. Additionally, Equifax has established a dedicated website, http://www.equifaxsecurity2017.com, to help consumers determine if their information has been potentially affected. As a consolation, Equifax is offering one year of credit file monitoring and identity theft protection, copies of Equifax credit reports, the ability to lock and unlock Equifax credit reports, identity theft insurance, and internet scanning for Social Security numbers for all U.S. consumers.

Equifax Data Breach: How Can You Find Out If You Were Affected By the Equifax Data Breach?

What You Should Do In the Event of Identity Theft

    1. Review your financial accounts daily
    2. Check your credit history at least twice a year
    3. Immediately report any errors or disputes (click here to see how to get the process started)
    4. Destroy all inactive and expired credit cards
    5. Contact your bank and/or credit card company to set up fraud alerts
    6. Change your passwords
    7. File a formal report with the Federal Trade Commission (FTC)