The Lifecycle of Love and Money

This post may contain affiliate links please read our disclosure for more info.

For this blog post, we’re going to discuss something almost everyone wants. It can bring great joy or great pain, but it can be awkward to talk about. We’re of course referring to… wait, is this post about love or money? Oh, both? Yeah, it’s both.

Money

Every couple is going to have a different financial journey, but there are some major milestones that most couples will encounter at some point. Here are some tips for when you’re dating, when you’re committed, and when you decide to tie the knot.

 

Dating

 

It’s fine to leave conversations about money until later, but if you decide you’re comfortable enough, you can open up a financial discussion as early as the first date. Who pays for dates is (somehow) still a hotly contested topic, according to the findings of a 2015 sociological study. *There’s no clear consensus regarding who should pay for what, and some people have complex feelings toward splitting the bill, so bringing up the subject can be a way to get a money chat rolling.

 

After you’ve spent some time with someone and you’re considering whether you want to be in a serious, long-term relationship with them, it’s a sensible idea to make sure you’re financially compatible first. A survey commissioned by Ally Bank found that when people were asked to name the biggest source of stress in their relationships and marriages, money was the most common answer.** Try to head off fights before they happen by checking if you and your partner have similar financial behaviors and goals. If you want to save for a vacation together while your better half wants to start investing in rare tropical fish, that could lead to an argument later.

 

Moving in Together

 

By cohabiting with your significant other, you’re taking the first major step toward building a financial life together. Now you’re relying on your partner to help pay for food and rent, which means their financial habits have a more direct impact on your wellbeing. Starting to think of your finances more as a duo while setting clear boundaries to make sure no one feels smothered can help keep both parties happy.

 

Unfortunately, the first step to co-planning your finances can be the hardest for a lot of people: divulging your financial history. That includes the accounts you have, your savings, and most importantly, your debts. One way you can ease into this is to make a budget together, which can act as a neutral conversation that puts you both on the same page. If you’re still anxious, psychological research suggests that honesty is an important part of building strong relationships,*** so sharing your financial situation with your partner may bring the two of you closer together.

 

You’ll also need to talk about how to split shared living expenses. Two main ways of doing this are to split things evenly or equitably. An even split means you and your partner divide costs 50-50. This may not really be fair if you and your significant other have vastly different incomes, but it can help both of you feel more equal since you’re paying the same amount, and it’s easy to figure out who should pay what.

 

An equitable split, though, means sharing costs according to each person’s ability to pay. This is arguably more fair than an even split, since you’re both paying an amount you can manage while still leaving money to cover personal expenses. However, it can potentially cause tension if the person paying more feels like their bigger contribution should give them a greater say in the relationship, and uses their economic advantage to push the other person around. Remember that you don’t have to commit 100% to an even or equitable split, so you and your partner can find a balance between these that works for you.

 

Marriage

 

Once you get married your partnership isn’t just recognized by your friends and family, but by the big G… that’s right, the government. The United States General Accounting Office has identified over 1,000 federal provisions in which marital status influences your legal benefits, rights, and privileges,**** and that’s not even getting into each state’s laws. If you have questions about how getting married will affect your rights (such as your property rights), the safest person to talk to is a qualified attorney.

 

Additionally, now’s the time to start thinking about how you want to organize financial accounts with your partner, if you haven’t already. In general, combining your money using joint accounts can make it easier to pay household expenses and save for mutual goals, but it also may reduce how independent you feel since you have less money to yourself. The exact method you choose is really up to what you and your partner are the most comfortable with. For example, you could keep your separate financial accounts active while opening a new joint bank account for shared expenses, adopting a “yours, mine, and ours” split. Or, you could consolidate all of your money into one person’s account and add the other person as an authorized user. It’s also still valid to keep your money completely separate.

 

At their core, all of these steps really boil down to communicating and compromising with your significant other. If you’re able to do that, you have an advantage in building a financially healthy and stable partnership.

 

This article originally appeared on Earnin and appears here at their request. 

Next Steps

If you’ve enjoyed this post you will also like Are you and your partner financially compatible?  Have you already established a joint budget with your partner? Let me know in the comments section below. Also, get in touch if you would like my help. My email address is mike@learnmoney.io

Grammarly Writing Support

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Credit Cards: How to Make Balance Transfers Work For You

What’s the Best Strategy for Clearing Debts?

Investments: Why Saving is Not Enough 

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

 

Image credit: pexels.com

References:

*https://journals.sagepub.com/doi/full/10.1177/2158244015613107

**https://media.ally.com/2018-06-12-Money-Causes-the-Most-Stress-for-Couples-According-to-New-Ally-Survey

*** https://www.psychology.uwo.ca/pdfs/SONA/articles/13-campbell.pdf

*****https://www.gao.gov/new.items/d04353r.pdf

What are the Benefits of Cashback Credit Cards?

This post may contain affiliate links please read our disclosure for more info.

Regular readers of this website will remember this post that I wrote. 4 Credit Cards to Repair Your Credit Score  .If you are planning to use credit cards strategically, you first need to set your objective. If your objective is to earn cash rewards instead of improving your credit score your choice credit cards would be very different.

Why Use Cashback Credit Cards?

Earn Rewards

If you pay for mandatory expenditure using a cashback credit card you have an opportunity to earn rewards that would not be available to you if you simply used a debit card. If you use this approach, you must remember to pay of the credit card balance in full each month otherwise the interest that you will have to pay may negate the value of any rewards earned.

Sign Up Bonuses

Many cashback credit cards have new customer sign up bonuses and exclusive shopping offers. Providing that you are disciplined with your spending, these could be good opportunties. Imagine a scenario where you can earn tangible items that you could sell for cash.

Warning

“Know thyself.” – Socrates. If you do not have the financial discipline to use cashback credit cards and remember to clear the balances each month – do not go near them. You could end up creating problems for yourself.

What are the Best Cashback Credit Cards in the United States?

To review some of the best performing cashback credit cards in the United States click here and remember that past performance is no guarantee of future performance.

Next Steps

Are you interested in cashback credit cards ? Do you have one already? Let me know in the comments section below. Also, get in touch if you would like my help. My email address is mike@learnmoney.io

Grammarly Writing Support

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Image credit: pexels.com

What are the Coronavirus Job Opportunities?

This post may contain affiliate links please read our disclosure for more info. This video was first published on my YouTube channel; you can subscribe to my channel here http://bit.ly/1BuKsoM .

Coronavirus Job Opportunities

It will not have escaped your attention that we are in the midst of a Coronavirus pandemic. It is a global health crisis and it is also an economic crisis. As governments around the world struggle to contain the coronavirus outbreak, many have lost their jobs because their places of work have been forcibly shutdown as part of lockdown restrictions.

Despite this bleak outlook there are some industries that are benefitting from the crisis. In this video, I discuss 4 industries that are recruiting right now as a response to the coronavirus crisis. There are quite a lot of coronavirus job opportunities. If you find yourself newly out of work, this post will help you. All of the links that I refer to in the video are in the video’s description box.

Next Steps

If you are interested in any of the job opportunities that I mentioned in the video, click on the links in the description and follow the instructions to make an application. Once you have applied, let me know how you get on via the comments section below.

Also, get in touch if you would like my help. My email address is mike@learnmoney.io

 

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

How to Make Money Selling Your Hair

This post may contain affiliate links please read our disclosure for more info. This video was first published on my YouTube channel; you can subscribe to my channel here subscribe .

Selling Your Hair

When I started this Learnmoney.io website never did I think that I would record a video and write an article telling my subscribers and community members how they can make money selling their hair!

The world is amazing and this opportunity is amazing too. Believe it or not, there is an opportunity to make up to $1500 USD (£1140.00 approx) by selling your own hair.

In this video,  I discuss two websites that enable you to do this. I should point out that not everyone will be able to make $1500, watch the video for full details.

How Does it Work?

The websites mentioned in the video are portals that bring together buyers and sellers of hair. In short, they act as marketplaces and facilitate business between the two groups. If you are interested in the opportunity, take time to explore the different types of hair available and how best to market your own hair. Pay special attention to the type of photos you should take to achieve the optimum price for your hair.

Next Steps

Does the idea of selling your own hair appeal to you? Have you heard of this opportunity before? Let me know in the comments section below. Also, get in touch if you would like my help. My email address is mike@learnmoney.io

 

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Are you Missing out on Compound Interest?

This post may contain affiliate links please read our disclosure for more info.

What is Compound Interest?

The thought of saving money is not exciting to many people, they would rather buy things with the money that comes into their hands or wallets. Compound interest makes the prospect of saving money more exciting.

Compound interest is when you earn interest on the interest that you accrued as well as the initial sum invested.

How Does it Work?

For example, if you saved £1000 at an interest rate of 5%, at the end of year 1 you would have £1050, with a compound interest account you would then earn 5% interest on £1050 by the end of year 2.

This would mean that your total going into year three would be £1102.50 instead of £1100.00 if you had earned 5% each year. Over the long term, the increases to your savings total become very significant so much so that Albert Einstein reputedly said of compound interest,

“Compound Interest is the most powerful force in the universe. Compound interest is the 8th wonder of the world.  He who understands it, earns it; he who doesn’t, pays it.”

Albert Einstein

Savings Accounts & Compound Interest

Given how beneficial Compound Interest is to the individual saver, you would expect all savings accounts to offer Compound Interest to their account holders but that is not the case. There is every possibility that your savings accounts are not paying you compound interest, please check with your bank or building society. Your bank may be only paying you simple interest, which is interest paid annually on the principal sum only.

If they are not, study the example below and open a new account that will pay you compound interest from any provider you choose. Remember that to really benefit from compound interest you will need to save for the long term.

This is an example of a UK savings account that pays compound interest. International readers, you may need to do some investigative work to find comparable savings accounts in your country.

Next Steps

Hopefully this post has made you re-consider the savings accounts that you have; now is the time to open an account that will pay you compound interest. Let me know your thoughts in the comments section below. Also, get in touch if you would like my help. My email address is mike@learnmoney.io

 

Grammarly Writing Support

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Image credit: pexels.com

How to get Paid Referring Friends for Jobs

This post may contain affiliate links please read our disclosure for more info. This video was first published on my YouTube channel; you can subscribe to my channel here http://bit.ly/1BuKsoM .

Extra Cash

Most of us would appreciate the chance to earn some extra cash but from my anecdotal research I know that few people seriously consider the opportunity to make extra cash by referring their friends for relevant jobs.

It’s not just a pipe dream, it can be your reality too. In this video, I discuss 2  websites that will enable you to do just that; you do not have to be a recruitment consultant to connect your friends with jobs to help them continue or improve their career.  The websites I discuss are just examples, there are many more offering similar incentives for helping companies to find the right staff. If you live outside of the countries I discuss in the video, do not lose heart because there are likely to be similar offers in your country too.

Referring Friends

In the video, the first website I discuss relates to the American employment market and then the second is relevant for the United Kingdom employment market.

Referring friends for relevant jobs can be a fairly lucrative activity because ultimately you will receive an amount equivalent to a percentage of the new employee’s salary without having to do a lot of work.  It can be an excellent way of generating extra cash.

How Does it Work?

In the video, I discuss specific websites that will enable you to earn extra cash by referring your friends for jobs. Usually your friend will have to be successful with their job application and to keep the job beyond the probation period for you to receive your money.

 Next Steps

Make a list of friends who are looking for work and arrange a time for you to discuss with them the possibility of you referring them for a job. When you have,  let me know in the comments section below.

Grammarly Writing Support

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

How do you Monetize Twitter With Affiliate Marketing?

This post may contain affiliate links please read our disclosure for more info. This video was first published on my YouTube channel. 

Affiliate Marketing

We will need to embrace alternative ways of generating income if we are all to achieve our goal of financial freedom. In most cases, selling your time for money in a traditional job will not be enough.

If you have read this post, Is Affiliate Marketing Easy to do?, you will know that Affiliate Marketing is one of those alternative methods that could help you achieve your financial goals much faster.

Globally the Affiliate Marketing industry is worth $12 billion and is predicted to grow by 10% in the next few years*. Affiliate Marketing could become an additional revenue stream for you.

In this video I demonstrate how to monetize Twitter with Affiliate Marketing. If you are not already a member of any affiliate programs, you’ll need to join a few and then you’ll be in a position to start making additional income from Affiliate Marketing.

How to Monetize Twitter

Twitter is a social media platform with 321 million monthly active users** ; recent research published by the Pew Research Center has confirmed that 80%  of tweets are sent by just 10 % of users. If you want to be successful with this monetization strategy, you will have to become one of the active 10% of users on the platform.

Have you thought about monetizing  your Twitter account? Have you started Affiliate Marketing? Let me know in the comments section below.

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

References

* https://hostingtribunal.com/blog/affiliate-marketing-stats/

** https://www.theverge.com/2019/2/7/18213567/twitter-to-stop-sharing-mau-as-users-decline-q4-2018-earnings

Accommodation: 5 Ways to Reduce Your Largest Monthly Expense

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://www.ukuni.net/

For most people, accommodation remains their largest monthly expense. In earlier posts, I have mentioned this point. If you haven’t read, How to Create a Budget That you can Stick to, please read it today. It naturally follows that if you can reduce your largest monthly expense you will have more freedom within your budget to save more and to invest. These are two activities that will move you closer to financial freedom. The focus of this post is to explore 5 ways that you will be able to achieve this reduction in accommodation costs.

Cutting Accommodation Costs

I have spilt this list of five ways to reduce your accommodation costs into two mini lists. The first is for homeowners and the second is for tenants / lodgers who rent accommodation.  The resources that I have linked to are for the United Kingdom because that is where I live. If you are reading this post outside of the United Kingdom, there may be comparable opportunities and resources in your country too.

Homeowners

Take in a Lodger

If you have enough room, take in a lodger to live with you at your main residence. Following a UK government initiative first introduced in 1992, homeowners are permitted to earn up to £7,500 tax free as part of the rent-a-room scheme. Technically this does not reduce your accommodation cost but it does reduce your financial burden because of the additional income that the lodger provides. Click here to read more about the rent-a-room scheme.

Move to a Cheaper Area

If you are living in a desirable area, more than likely that desirability comes with fairly high accommodation costs. One possible solution that most homeowners do not think about is this one; rent out your home and move to a cheaper area.

Let me explain with some sample numbers. You are currently living in area A and your home could be rented out for £2000 per month. This is more than you are paying for your mortgage which is £1500 . If you move out of your home and rent in a cheaper area (area B) for a cost of £1400 per month, you will be reducing your accommodation cost plus receiving £2000 in rent for the house that you still own.

An added bonus is the increase in equity associated with your property during the period it is being rented out. Please note, you will need to take all necessary steps to comply with the terms of your mortgage and to ensure that your property is in suitable condition to be rented.

Tenants/  Lodgers

House Shares

Renting a self contained flat or apartment can prove expensive, particularly in desirable areas. One surefire way to reduce your accommodation cost is to move into a house share.  Sharing amenities brings the costs down. This website, spareroom.co.uk caters exactly for the house share market. Once settled into a house share, you can look forward to the positive impact that it will have on your finances.

Team up and Rent

Team up with a friend also looking for accommodation and rent a place that caters to both of your needs. This opportunity is not only available for twenty-somethings, an increasing amount of people find themselves heading one parent households and this is a good opportunity for them to reduce costs too. This website provides a forum for potential flatmates  to meet each other with a view to finding a place together.

Move Back Home

This is not an option that is available for everyone for a number of reasons. It could a good temporary solution for some millennials. Moving back in with your parents could allow you time to reduce your accommodation cost and to recover financially. It should not be considered as a permanent solution.

Have you managed to reduce your accommodation costs recently? Which method did you use? Let me know in the comments section below.

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

 

 

Personal Finance: How Should You Prepare for Brexit?

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://www.irishnews.com/

For those of you not living in the UK, Brexit is a word coined to mark the Great Britain’s intention to leave the European Union. This decision was the result of a national referendum in July 2016 in which the electorate voted to ‘Leave’ or ‘Remain.’  The United Kingdom was very divided; 52% voted in favour of leaving and 48% voted to remain. Those who voted to leave did so without any real understanding of the repercussions of such a decision; they were encouraged by politicians who were economical with the truth. Now in December 2018, UK inhabitants find themselves heading towards Brexit and what looks like a self-inflicted recession.

Businesses and consumers have been heavily impacted; consumers are not spending as much as they used to and business people lack of confidence about the future. Businesses are currently less likely to invest in new equipment or staff and according to the GFK consumer confidence Index the current score for the UK is – 13. To give that some context, in December 2015 the confidence index score was +2. Significantly 2015 was the first time the index had remained positive for an entire calendar year since records began in 1974.

Prepare For Brexit

From a personal finance perspective, how can you better prepare yourself for the reality of Brexit? Below I have listed 4 practical steps you can take that will help.

Revisit Your Budget

Take a look at your current monthly budget and re-evaluate all of your expenditure. If there are opportunities to cut back – take them. For example, a lot of people have unmetered water bills even though in many cases a metered water bill will work out cheaper; read this post for information, Water Bills: Are you Pouring Money Down the Plughole?  There may be other opportunities for you to cutback.

Assess Your Employer & Job Stability

In financially challenging circumstances many companies suffer and some go into administration. In the UK, we have seen this with the demise of Maplin and Toy R Us.  

The task for you is to dispassionately assess how well your employer is doing and how likely/unlikely it is that you be made redundant. Do not rely on any  assurances from the management team at your company; do your own independent research. If you think that you could be made redundant save more money into your emergency fund.

Reduce Discretionary Expenditure

In personal finance circles, there is a lot of discussion around how much impact cutting out daily Lattes will have on the path toward better financial health. That’s a choice that you are best placed to make. However, what is sensible is to rein the dining out occasions and perhaps replace them with entertaining friends at home. Beyond entertaining, holidays are another area that you should review. Choosing a more cost effective destination or changing an international holiday to a UK based ‘staycation’ will give you greater financial comfort. Also, do not go overboard at Christmas.

Review All of Your Financial Products

Review all of your financial products including savings, mortgages, investments and pensions. Assess the impact on Brexit in each case and evaluate whether you should continue with your current provider. If appropriate, change to better performing products with other providers to maximise your returns.

How are you preparing financially for Brexit? Let me know in the comments section below.

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My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest