| Tired Of Money Coming Into Your Bedroom? |
 Start Saving to Build a “Rainy Day” Fund How much money do you have in savings? Do you have enough to make it six months if you lost your job? How about if you were out of work for a year? Having a “rainy day” fund in a savings account sure helps me keep financial woes out of the bedroom. Start small, maybe five to 10 percent of your paycheck, but start putting aside some money for an emergency. Within a year, you should have a nice sum of money in a savings account. If you already have a cushion, look at how much you’re putting into a 401-k, Roth IRA or other retirement account. This will not only have a tax benefit, but will also build a nest egg for your future.  Pay Down Credit Cards and Other High Interest Debt If you don’t or can’t pay off your credit card balances every month, something needs to change. Credit card companies charge you a lot of money in interest for buying things that you can’t afford. So, put away the credit card for a few months, pay down the balance and anything you need to buy, pay for with a debit card, cash or check. If you can’t afford it, don’t buy it. This will be hard to do but will be worth it in the long run. If you’re really in debt, consider credit counseling or debt consolidation. There are reputable credit counseling firms, but do your homework to ensure you pick the right on to help you.  Examine Where Your Money Goes Take a close look at where your money goes every month. Do you spend a lot dining out? Or do you go out to bars or movies? Knowing where you spend money is an important step to making changes that will help lessen your financial worries. Many credit card statements categorize spending. Also, many home finance software packages allow you to categorize spending. With both of these tools, you can quickly see where your money is going and make adjustments, which leads to the next topic…  Tighten Your Belt Do you go out to eat three times a week? Maybe you stop for coffee on the way to work every morning or like to catch the latest movie at the multiplex. There are many ways to tighten your belt and save real money. Cut back on eating out and cook at home. Set a goal. Eat out once a week or even once a month. You can also use coupons and plan your menu based on what the grocery stores have on sale. The benefits are financial and you’ll probably eat healthier. If you like your coffee, invest in a nice coffee machine and have that special hot drink at home. If movies are your vice, wait until the movies you want to see come out on DVD and have a movie night at home with friends. Get creative! You’ll see a positive difference in your bank account and can have upbeat conversations about money with your spouse or significant other, such as, “Guess how much we saved this month!?!?”  Shop Around Do you have a long distance plan on your home phone? Consider dropping it. You’ll save all of the surcharges and fees and probably get a better per minute rate by using a calling card or the free evening/weekend minutes on your cell phone plan. Many people have gotten rid of their home phone altogether and rely on their cell phones. Also, look at your cell phone plan and make sure it meets your needs. For example, if your plan has a limited number of minutes and you’re using more, you’re paying for it in overage fees. Consider going to a different plan that meets your usage needs. What about your home and auto insurance? If you haven’t shopped around lately, try it. There are many web sites on the Internet where you can quickly compare rates and save yourself money every month. The same principle applies to cable or satellite TV. Shop around. You can probably get the same channels and a lower monthly bill.  Choose a Time and Place to Discuss Money Don’t wait until bed time when you’re both tired to discuss money. Keep it out of the bedroom. Pick a time and a place to have a meaningful discussion. Make sure to point out the things you’re doing right as well as areas where you can make improvements. Set goals, and when you achieve them…  Treat Yourselves Monthly for Reaching Small Goals Come up with a reward or treat for achieving your goals. How about a breakfast out or a new outfit or a date night? Pick something that excites you and will really feel like a reward. Write it down on a calendar and treat yourself for making meaningful changes that you can see in your bank account and your relationship.  Make an Effort in the Bedroom Consider whether your bedroom is a relaxing place to sleep and connect with your loved one or a tense place where financial confrontation happens. If the latter is true, take steps to reclaim your bedroom. Make a rule about not talking money in the bedroom. Come up with a fun list of topics that you can talk about. Or, forget the talking!          |
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