The Bogo Times : finance

Most of us have been in a tight financial spot at one time or another. Some of us might have even taken out a loan or two to get out of a bind. One of the more common loans that people take out is a title loan (or a car title loan), which is a type of secured loan where you put the title of your vehicle up as collateral. Once the loan is repaid, the lender will return the vehicle title to the borrower. If the borrower defaults on the loan, then the lender will repossess the vehicle and sell it to cover the borrower’s outstanding dues.

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Because lenders typically do not check the borrower’s credit history for this type of loan, the main drawback of title loans is the higher interest rates they require. So once you take out a title loan, you would want to pay it off as quickly as possible.

Here are a few tips to help you pay off that debt, asap:

Figure the payments into your budget.

You would want to avoid having to pay off your title loan longer than you have to. It might be tempting to roll your loan over into another term (if you can’t pay the whole amount off within the agreed-upon time frame). However, rolling over your loan will only raise the interest even more and will only prolong your financial suffering. So, pay off your loan on time by regularly setting aside funds for it.

Be honest.

If you are having a hard time paying off your title loan, contact your lender and let them know. Maybe they would be willing to renegotiate the terms of your loan. Most lenders will be open to this since you paying off your title loan will be in their best interest as much as it is yours.

Refinance.

If you really are having trouble paying off your title loan, you can replace it with a loan with lower interest rates. Simply put, take out a loan to repay another loan. However, in order for that to make sense, you need to make sure that the second loan you are taking out to repay your title loan really does have a lower interest rate. Perhaps getting a fixed-rate loan from your bank will help. Or you could visit your local credit union as another option.

Sell your car.

Now, this may prove difficult since you do not have a clean title for your vehicle because you’ve put it up as collateral for your car title loan. However, difficult does not mean impossible. You can sell your car, use the proceeds to pay off the title loan, and use the rest to buy a cheaper vehicle.

These are just some of the ways you can pay off your title loan quickly. One important thing to note is to never default on your loan unless you really have to. Remember, defaulting could mean losing your vehicle. It is important to pay what you owe and to do your research when choosing loans.

This article was originally published on Payment1.com.

10/02/2019 10:24:00 AM No comments

Our views on money are greatly influenced by how we were raised and what money concepts we were made to believe growing up. Most of us were introduced to the same sequence of life events: going to school, moving on to college, and then finding a job. This particular format made us think that once we’ve found a job, we won’t have to worry about money anymore. And, boy, were we wrong.

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Most of us who are actually lucky to have found jobs live from paycheck to paycheck. This means having enough money to pay the monthly bills, have enough food on the table, go out a few nights every month, and possibly get to travel once or twice every year; but you know for sure you’d want more out of this life if you had the chance. You want to try out new dishes at fancy restaurants without having to live on instant noodles in the next few days. For sure, you want to travel more, fly business class, and stay in hotels with more than 3 stars. You definitely want to have enough funds to save and invest.

How we go about our finances is deeply rooted in the mindset we are accustomed to. Therefore, transforming this mindset is a great step in improving the way we deal with financial matters. Here are a few tips on how to start your own transformation.

Revisit the way you talk to yourself about money

The story we tell ourselves every day becomes our very life, so be mindful of your script. Examine your inner dialogue and see if you have been too hard on yourself when it comes to money matters. Transform this inner chatter by adopting more hopeful and positive insights. If you have been beating yourself up for the student loan debts you haven’t finished paying off yet, try focusing on how much you’ve paid, rather than how much you still owe the next time you think about it. It’s simple, but it’s a start.

Always remind yourself that you are treading your own financial journey

This is important to remember especially in this day and age when we have all-day access to the life of others -- or at least the way they curate it online. It’s easy to feel a pang of jealousy when you see your feed filled with travel photos, new purchases, weddings, and babies. Social media have been notorious in making people feel depressed, so never lose sight of the fact that you own your financial journey; because if you do, you might end up spending money on things you don’t need just to “keep up.”

Avoid emotional spending

Speaking of spending money on things you don’t need, we sometimes spend money to regain some sense of control. However, after using all that money and see how the impulsive buy messed up your monthly budget, you lose your sense of control again. The cycle goes on and on. When you find yourself scouring online shopping sites at the end of a very stressful workday, stand up and take a walk instead; and remind yourself that buying a second parka jacket (which will probably end up sitting unused at the back of your closet) will just stress you out more down the road.

Change your debt mindset, too

It may be hard to be positive about all the money you owe, but you can give it a try if it means lifting the weight off your shoulders somehow. Decide that you want to get out of debt soon and make a debt plan, complete with timelines, action items, and personal deadlines. Create a tracker of your progress in paying off your debt and view it exactly like that: progress. You are moving forward and out of debt, and soon enough you will have more funds to move around with.

It takes effort and courage to change your money mindset, and these tips can get you started. In a nutshell, these tips emphasize that in order to unlearn negative views on money, you must stay on top of your inner dialogue and thought patterns with regards to your finances. By doing so, you are leaving room for more productive and positive ideas on how to elevate your financial situation.

This article originally appeared on Payment1.com.

9/12/2019 06:45:00 PM No comments

Home improvement can be costly. Renovating a space that is less than 1,000 square feet can cost up to $18,000. Improving an older home can cost even more, especially if the plumbing, wiring, and other features are not up to current standards. If you are moving around a certain budget for home improvement, careful research and planning, as well as creativity and resourcefulness can come in handy.

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But before setting a budget for home renovation, consider how you are financing your home. Whether you are paying in cash, taking out a loan, or applying for credit, your budget for home improvement must be well within your remaining funds every month.

Now, here are a few tips on renovating and styling your home while still working around a budget.

Declutter First

The first thing that you want to do is clean up. Throw away, donate, or sell things that you no longer need. Whether you want to do it Marie Kondo style and pick out which items spark joy and which don’t, or go by the good old rule that says if you haven’t used it for more than 6 months, time to let it go, you have things to throw away, for sure. Cleaning up enables you to better visualize how you are going to rearrange your furniture and store some of your belongings. Plus, you can save a few bucks by selling some of the items you’ve decided to let go of.

Demolish-It-Yourself

You can save a few dollars and reduce labor costs by doing the demolition yourself. If it doesn’t need expertise, such as removing a cabinet or pulling up a tile, consider doing it yourself rather than hiring someone to do it. Just make sure to do it very carefully to avoid injuries.

Buy fixtures and finishes yourself

Contractors usually charge an hourly fee to do the shopping for you and even put a mark-up on the price, so be clear with them that you want to do it yourself.

Shop for sales

Not everything needs to be brand new. You can save a lot by taking the time to look for used and refurbished items on the market. This can significantly reduce costs for appliances and finishes. You may also want to consider restoring or upcycling some of your furniture instead of replacing them. For example, instead of buying a new sofa, you can update your vintage one with a new fabric or a neat upholstery.

Do the painting yourself

Having a room painted by a professional can cost up to $300. Painting is easy and only requires basic knowledge on how to apply coats, so do your research if you don’t have a lot of experience in painting.

Decorate

Use traditional decorations such as candles and mats that don’t cost much to enhance the overall look of your house. Spruce up rooms with on-trend curtains or blinds. Stylish rugs need not be expensive, either. There are companies that allow you to create your own carpet and rug design for less than you expect. You don’t have to spend a lot for your house to look luxurious.

This article was originally published on Payment1.com.

9/03/2019 07:35:00 PM No comments

Being a first-time car owner is an exhilarating experience. For sure you’ve spent months, even years, planning, researching, and saving for this important purchase, and now you finally hold the keys! Now what?

Whether you purchased a brand new car or a second-hand one, you need to know how to care for it. Proper car care means less need for repairs, which means fewer expenses down the road. Here are a few tips for first-time car owners like you.

Start by taking the time to read the owner’s manual.

Manuals of anything are long and boring, which is why most of us skip it. Your car’s manual may not be the most interesting read, but it contains vital information about your car such as its features, maintenance schedule, the fluid or oil to use, and tire pressure, among others. If you have a second-hand car and the manual did not come with it, search the Internet for an online copy.

Organize your car documents.

As early as now, keep your car documents organized and tidy. Put all your receipts for car maintenance services and repairs in a filing folder or envelope so that when the time comes when you decide to resell your car, you have proof that your car is well taken care of.

Keep your tires properly inflated.

The ideal pressure level for your tires is indicated in the owner’s manual, so yes, it’s really important that you read it. Tires that are not properly inflated will wear your car faster, waste gas, and degrade the car’s handling. Check your tire’s pressure at least once a month and before going on a long trip.

Don’t skimp on carwashes.

Regularly having your car washed preserves the integrity of your car. Have your car waxed after every wash, too. Your car is vulnerable to bird droppings, road grime, and splatters among others, so it’s best that you give it a proper cleaning on a regular basis to maintain the quality of your car paint.

Follow your maintenance schedule.

The owner’s manual suggests how often you should avail maintenance services such as oil change and timing belt replacement. You can prolong the life of your car by staying on top of car maintenance.

Join the club.

Being a member of a motor club has a lot of perks like discounts at partner establishments. Aside from that, they also offer 24-hour roadside assistance in the event that you get a flat tire or your car breaks down. Some auto insurance companies have an affiliated motor club. Give your agent a call to ask about it.

Secure your emergency roadside kit.

This should include a first aid kit, fire extinguisher, three reflective triangles, flashlight, jumper cables, gloves, extra batteries, rags, duct tape, tire gauge, foam tire sealant, and tow rope, to name some of the most important things. You should also have a rain poncho, warm blanket, and drinking water in your car at all times.

Get a good local mechanic.

Ask around, get recommendations, and research on well-qualified mechanics around your area. A good and reliable mechanic is hard to come by, so if you’re lucky enough to find one, keep a good relationship with them and make sure that every transaction is done with trust and respect.

This article originally appeared on Payment1.com

8/05/2019 01:18:00 PM No comments

Getting out of debt is not an easy journey. It takes time, discipline, and sacrifice to successfully do it. For one, it takes a significant change in financial lifestyle and spending habits if you are determined to get out of debt. This means cutting back on eating out, buying new gadgets and jewelry, and taking vacations -- all made more difficult to do by targeted ads everywhere, any time of the day.

While it is undoubtedly one of the most daunting tasks you’d have to do in your life, getting out of debt is possible, provided that you are committed and serious about this life-changing decision. However, just like any endeavor, you are bound to make mistakes. Here are some you would want to avoid to keep yourself on track in overcoming this financial challenge.

Mistake #1: Setting an unrealistic budget.

After committing to paying off your debt, possibly within a time-frame you have set for yourself, you set a monthly budget to work around with now that you are putting aside cash for debt payments. Do not make the mistake of setting an impractical and unrealistic budget to make room to pay for debts. Make sure to take into account all your financial needs such as groceries, housing, utilities, insurance, retirement, emergency fund, and other important parts of your budget. Make sure that the new budget is not too far away from the one you’ve been following for years. Ease your way into it and evaluate if you can set aside a few more bucks for debt payments in the next months.

Mistake #2: Doing the old spending habits.

Since you are working around a new budget, you will need to adjust your spending habits. Start with the little things such as drinking coffee and eating breakfast at home and preparing packed lunches every day. If you shop for new clothes every week, try to limit it to once every month if you can. You might have to remove your browser bookmarks for online shops for now to avoid the temptation.

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Mistake #3: Cutting into your emergency fund and retirement savings.

Do not stop allotting money for your emergency fund. With or without debt, you need three to six months worth of monthly expenses for emergencies. Also, continue contributing 5 to 10 percent of your monthly salary to your retirement fund. When it comes to retirement savings, time is your powerful tool, so putting it off or stopping can hurt your retirement years.

Mistake #4: Paying off all debts at the same time.

It’s possible that you have more than one source of debt -- may it be credit cards, mortgage, or student loans. It would help if you prioritize paying off the debt that incurs the highest interest. Religiously stick to your budget and pay off your debts one by one, starting with one that has the highest interest.

Mistake #5: Doing it alone.

It’s understandable if you do not find seeking the advice of relatives and friends regarding your finances a good idea. The good news is you don’t have to. There are nonprofit organizations you can get free help from. Credit counselors from these agencies can provide suggestions on debt settlement and management, credit consolidation, and debt-relief programs.

This article originally appeared on Payment1.com.

7/24/2019 05:41:00 PM No comments

Credit cards can either make you or break you. If you do not handle your credit card usage responsibly, credit cards could ruin your credit score. However, when used the right way, they can help you build good credit standing and open you to more financial freedom. But how can a small square of plastic help you build your credit scores? And why does a good credit standing matter?

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Your credit standing is based on your credit history, which is a record of your past financial behaviors (i.e. do you pay your dues on time?). It tells a potential lender your likelihood of paying them back and tells them how trustworthy and reliable you are. Your credit history is recorded in your credit report, which indicates your risk as a borrower through a numerical value called the credit score. If you have a bad credit score, banks and other businesses may not want to do business with you or would offer you terms that may be harder than if you had good numbers on your credit report.

So how can you achieve good credit standing using your credit card?

Being a responsible spender when using your credit card will ensure that you will build good credit standing. But here are a few things you need to know.

First off, you’d need a credit card. Choosing your first could be tricky. A good rule of thumb to follow is to apply for a credit card that suits your credit score or your capacity to pay. You would not want to have a card with a credit limit you cannot pay off in full. Also, apply for cards that do not have annual fees and take note of the perks. These things can lighten your financial burden.

If you already have a credit card, always pay on time. Remember that little thing called credit report? If you pay your dues late, this will reflect on your credit report, and when it does, this could lower your credit rating. Use your credit card to pay for little expenses that you know you can pay off, like your groceries. Using it frequently can help you build credit, and as long as you pay your dues on time, it will help you build a good credit score.

Pay in full. Credit card interest rates can get insanely high. If you only pay the interest per month, your credit card debt will only get bigger. Try to pay in full, and if you cannot, at least pay more than just the minimum due.

Never spend more than what you have. If you are eyeing that new phone that’s over $1000 but you don’t have that thousand in your bank, don’t use your credit card. Treat your credit card like a debit card. This way, you are sure you can pay off your debt when your bill comes due.

This article originally appeared on Payment1.com

7/09/2019 04:32:00 PM No comments

When your personal loan application gets denied, it can be disappointing. Most people are also puzzled. Even people with strong credit scores can get denied, and it makes them wonder why. Below are a few common reasons why banks deny personal loan applications so the next time you apply for one, you’ll know what and what not to do.

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Bad credit score

Let’s get the most obvious reason out of the way. When you have a bad credit score, lenders are most likely to deny your personal loan applications. Your credit score is what tells banks the likelihood of you paying them back for the loan. If your track record is not very good when it comes to paying what you owe, chances are your bank will be resistant to granting you loans.

The loan amount is too high

Lenders will take into account your capacity to pay back when you apply for a loan. When you fill out that loan application form and put in too high of an amount in the “desired loan amount” field, banks will most likely deny your application. To avoid this mistake, use an online loan calculator. Loan calculators can tell you how much you can borrow given your current income.

Unstable employment record

Because banks consider your ability to pay the loan off in the long run, they will be looking at your employment record. So if you have an unstable employment record or worse, no employment at all, banks will be hesitant to grant your loan application. Lenders will require certain employment tenure or length of service, which is why banks typically require you to submit a certificate of employment.

Insufficient income

When you don’t make enough to apply for a loan, you will most likely not get approved. You need to be able to make the monthly loan repayments, and If you do not make enough money to pay them and at the same time address your basic needs as well, lenders will not grant you a loan. This is because you are most likely to use your income for your basic needs than to pay off the loan.

You have too much debt

When you apply for a personal loan, your bank will do a background check to see if you have any outstanding loans. This is so they are sure that you have the capacity to pay. If you meet the minimum income requirement and have a good credit score but have several outstanding loans, they will most likely be hesitant to grant you another one. The more loans you have, the less capacity you have to pay back an additional loan.

How you fill out the loan application

If you have any mistakes or inconsistencies in your loan application, lenders might not grant you your personal loan. Your data needs to be complete, correct, and consistent. Lying on your application will get you denial and could possibly land you on your bank’s bad side.

Consider the list above the next time you apply for a personal loan. Make sure you fill out the application completely and honestly, have a good credit score and enough income to make the payments, and make sure you’ve been employed a while.

This article originally appeared on Payment1.com

5/31/2019 01:41:00 PM No comments

This article was originally published by Uncapped Mortgage

Gone are the days when the American dream means climbing the corporate ladder. Over the last years, the mindset of the American worker has shifted to valuing flexibility and freedom over stability. Self-employment continues to be a rising trend as employees leave their day jobs to do freelance work or start their own business.

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One of the major challenges self-employed individuals face is managing cash flow. Since you do not have the regular pay that a day job provides, not to mention health insurance and tax duties, it can be challenging when all these things fall on your shoulders. Saving and budgeting can be taxing, too, as there will be months when you’ll be flushed with cash, while there will be months when you’ll need to tighten your belt a little.

Below are a few money-saving tips for the self-employed.

Set a budget

Whether you are a business owner or a freelancer, this is very crucial. Good financial planning can determine the success of your new venture. Total all your income sources. Make sure to list down all your expenses every month. Determine all the fixed costs such as monthly bills, subscriptions, and mortgage, which takes up a huge part of your budget. You may want to consider paying off your mortgage early to get it out of the way and have more room in your budget for other things like savings and retirement fund. After listing down the fixed costs, add the variable expenses such as payment to freelancers if you hire some, and any other expense that vary month-to-month. By doing this, you’ll know the amount of cash you need every month to live comfortably. Stick to the budget as much as you can. There are plenty of budgeting apps and tools that can assist you with this.

Set your rate

Do not undersell yourself and do not be shy to increase your rates as you gain more experience. In terms of billing, it’s better to be billed in installments rather than in lump sum at the end of a project. It would be harder to budget your money if your cash comes in once every three months rather than having them sent in monthly installments.

Build your emergency fund

And maintain it. It is important to always save for the rainy days. An emergency fund can save you from high-interest debts in times of financial stress. Make sure you have a fund, ideally a 6-month cushion - for when something unexpected happens such as a big client backing out. This 6-month cushion cannot be built right away, but you must work towards building it as soon as you begin getting paid. Set a certain percentage of your income to be allotted to this fund every month.

Know your taxes

Now that you are self-employed, you no longer have your HR department’s compensation and benefits people to look after your taxes. You must do them yourself now. Be aware of the tax bracket you are in now that you have gone solo. If you are a business owner, seek the help of a financial advisor in determining the best entity type to register your business as.

Get help

Time is money. If you think it would be best to delegate some of your tasks to freelancers in order for you to focus on more crucial tasks, hiring help could be a great idea.

5/20/2019 11:43:00 AM No comments

This article was originally published by Uncapped Mortgage

Generally, people think of debt as something to avoid. Debt usually means “bad” and no debt means you are better off financially. So the idea of using debt to build wealth can seem a bit dubious. Can you really build wealth using debt?

In order to answer this question, we first need to know that there are two kinds of debt. There is good debt and bad debt. And though the thought of debt being “good” seems counter-intuitive, the fact remains that some debt is actually good.

Good debt is a debt that will increase your finances over time. So something like a small business loan is good debt because you use the money you borrowed to build up your business, thus, bulking up your finances in the long run. Good debt also has a smaller interest. So while you are expanding your business with your small business loan, you aren’t paying an exorbitant amount in interests. This type of debt also allows you ample time to pay back your debt.

Bad debt is the exact opposite. This kind of debt has astonishingly high-interest rates and usually involves some form of collateral. There is also a very short turnaround time for you to pay your debt, plus interest, back. Some examples of bad debt are credit card debts, car title loans, and payday loans. A loan of $100 will have you paying back nearly the same amount in interests alone. Bad debt will sink you financially faster than a boat riddled with holes.

So now that you know the two types of debt, you can probably guess which one can be used to build wealth. The question now is “how”.

A good way is the example stated above. Use debt to expand your business. If you do not have a business, use debt to invest. It could be in property or in various investment funds. Whatever you decide to invest in, it is important to know your risk tolerance and how much you are willing to invest.

The principle of leverage can help you out as well. Say for example you are investing 100 dollars of your own with an expected return rate of 10%. This will earn you a return of $10. If you borrowed money with an interest rate of less than 10%, you can add to your initial $100 investment and still earn from it despite having to pay off the debt you used to invest. You can diversify your financial portfolio using this strategy as well; borrow to invest in different institutions and different kinds of investments.

There are a few to consider when using debt to invest. Think of your tolerance for debt. Can you realistically pay off your monthly payments? Can you pay off that debt within the time frame or do you need more time? Consider your cash flow as well. You need to make sure that you have enough income to pay off your debt.

So the answer to the question can debt be used to build wealth is yes, you can. You just need to choose the right kind of debt, invest in the right things, and keep in mind your debt tolerance.

5/17/2019 04:05:00 PM No comments

According to the New York Times, the average wedding guest spends nearly $900 to partake in the festivities. That price tag can make your wallet want to say, “I don’t!” — especially if your wedding season dance card is full.

But don’t worry. Charlie knows a bunch of money-saving hacks so you can catch the bouquet without breaking the bank!

Photo by Blake Newman from Pexels

Set a Budget and Prioritize

Take a peek at your finances and determine exactly how much you can spend on the occasion without wreaking havoc on your budget. Once you have a figure in mind, it’s time to create a spending plan.

You can stay near the venue in style, rival the bride for beauty, or be the best gift giver ever — but you may not be able to afford to do it all. If that’s the case, you’ll need to make some trade-offs to stay within your set limits. For example, if you want to give a lavish gift, that could mean forgoing the expensive salon visit the morning of the ceremony.

Tip: Charlie can help you plan ahead by starting a new savings goal called “wedding.”

Pool Resources

Try going in on wedding attendance expenses with family and friends. You can split the cost of lodging, transportation, and even the gift. That way, everyone saves some cash and can still fully take part in the experience.

Beautify Yourself (or Find a Deal)

If you’ve got the skills, skip the pricey salon and do your own hair, makeup, and mani-pedi. DIY’ing your beauty regimen will save you some serious cash. (You may even already have the supplies on hand!) Afraid of looking like Elizabeth Holmes? Ask a friend to help paint your face and braid their hair in trade.

If you really want to be pampered, check Groupon to score a deal on the service. You can also reach out to local beauty schools. Often, their students will gussy you up for much less dough than a pro.

Re-wear or Rent Attire

There is zero shame in wearing a killer dress (or suit) twice. So save your wallet and rock that outfit again! You can also raid a friend’s closet to wear something that’s new to you. But — if you must wear something brand new, consider renting your ensemble for a fraction of the price of buying it off the rack.

Make Your Gift

If you’ve got the talent, why not use it to make something heartfelt and budget friendly? Your newlyweds will appreciate the gesture and will likely cherish it over another set of wine glasses.

Here are some ideas to spark your creativity:

Sing a song at the reception
Make the centerpieces on the dinner tables
Offer to photograph the event
Create a scrapbook about their relationship
Knit a blanket for their couch or bed
Paint their new family portrait

Still feeling uninspired? Pinterest has got you covered!

Just Say No

Although it hurts to check “will not attend” on the RSVP card, remember: an invitation to a wedding is a request, not a requirement. Sometimes your wallet just can’t swing it and that’s OK. If that happens, confidently decline with your regrets and send a little (perhaps homemade) gift in your place.

Final Thoughts

Being a wedding guest can be crazy expensive — but it doesn’t have to be. Every element of the experience can be optimized to fit your budget. So go ahead and feel the love while enjoying your fatter bank account.

Tell Charlie: What’s the most you’ve ever spent as a wedding guest? Was it worth it?

Please note: We don’t have an affiliation with or personally endorse any of the services linked to in this post. We’re just trying to give you some ideas.

This article was originally published at HiCharlie.com.

by Laura Gariepy | Apr 3, 2019

5/06/2019 10:02:00 AM No comments

The game of love can cost a pretty penny. Take the popular reality TV series The Bachelor. Female contestants are expected to bring their own wardrobe for the entire show. (That’s seven whole weeks!) This includes the entire kit and caboodle, from stiletto heels and evening gowns to hair products, accessories, and makeup to city cruising and hiking outfits. The cost for these single ladies? Anywhere from $1,800 to a whopping $8,000. Looking good on the prowl ain’t cheap!

Getting the bachelor to ask you, “Will you accept this rose?” could add up quickly.

Male contestants on The Bachelorette, however, spend a lot less on appearances. How much do they spend to be on the show? Anywhere from $500 to $3,500 in an attempt to woo the bachelorette.

When it comes to the real world, the costs of courtship are lower, but there’s still a discrepancy in how much men and women spend in their journeys for love.

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The Costs of Dating

According to Match.com’s 7th annual Singles in America survey, men spent an average of $1,855 per year on dating, whereas women spent $1,423, per Mental Floss. This includes throwing down dough on eating out, entertainment, clothes and personal grooming, and on dating apps. Singles are spending roughly $80 per date and going on about 20 dates each year.

As you might’ve guessed, it costs more to date in major cities: $2,069 in the Big Apple, $1,816 in Chicago, and $1,788 in Washington, D.C. Despite the major costs related with courting, talking about cash in a relationship is tricky. Here are our tips for approaching the subject:

Don’t Assume

Whether it’s what we observe from our parents, or what’s been culturally instilled in us from an early age, we might bear assumptions that no longer ring true in our modern age.

For example, who takes the bill at the end of a date? Per the Singles in America Survey, nearly half of men believe in footing the bill, while only 36 percent of women think that men still should. What’s more, when it comes to going splitsies, 71 percent of males enjoyed it when a woman offered to pay, and 78 percent of women said they had offered. When my partner and I first started dating, we went Dutch from the get-go. It wasn’t about gender roles, it was just what felt right for our dynamic.

You also don’t want to assume you know what the true costs of courtship entail. A good friend of mine was getting annoyed that his girlfriend wasn’t paying her fair share. He was paying for most of the meals and movie tickets. Plus, he had to fork over gas money to drive out to see her. When he brought this up to her, she pointed out that she had made up for it by buying pricey lingerie. This was a “hidden” cost that my friend hadn’t even considered. If you’re not sure what your date is thinking, don’t be afraid to ask. That can help prevent conflict and bouts of resentment.

Start Simple

You probably don’t want to talk about credit scores, debt loads, and tax brackets on the first date — unless you want to scare them off. As the tried-and-true adage goes: Keep It Simple, Stupid (KISS). In the early days of courtship, start with the easy stuff. There’s no need to pry when all that’s required is deciding who will be paying for dinner.

In the early days of the relationship, it might be best to observe instead of outright asking. You can learn a lot about someone’s approach to money in the spending decisions they make and their lifestyle choices. Are they are a saver or a spender? Do they generally seem optimistic about their finances, or can you sense glimmers of pessimism? Piecing together these hints can help you figure out whether they have a healthy relationship with money.

Handle With Care

Chatting about finances in a romantic partnership is no easy feat. As it can be a heavy and sensitive topic, you’ll want to approach it with finesse. I like to bring up light topics when it comes to money, such as finding a bargain at my favorite online store. If I feel like talking about my finances, I’ll do so in a way that could lead to a deeper discussion. If they’re not feeling it, don’t pressure them to share.

And whatever you do, don’t judge. People might feel shame about not earning enough, or about their debt situation. (Yes, debt shame is a very real thing.) If you’re going to approach a tricky subject, come from a place of empathy and understanding.

Time the Ask

Getting financially naked is essential to a healthy relationship. Once you get more serious, you’ll need to pull back the hood and reveal the state of your finances. This includes your credit card debt, net worth, how much you earn, as well as your hopes, fears, and concerns about money.

Yes, it’s a lot. But the last thing you want in your relationship is financial infidelity, or keeping a money secret from your S.O. If you don’t know where your partner stands, you won’t be able to build a life together based on shared values. Talking about money is oftentimes difficult and scary. But doing so will help you build trust.

Know There Will Be Differences

We come in with our own mindsets, behaviors, and habits around money. If you and your partner have different ways of handling money, you’ll need to communicate boundaries, expectations, and work on shared goals.

My partner and I have pretty different ways on how we treat our money. I am super cautious, and need a lot tucked away for emergencies to feel safe. My partner feels comfortable having a smaller cushion for his rainy day fund. My threshold for what makes me feel safe isn’t the same for him. He doesn’t own a credit card, and pays for everything upfront. While I pay off my credit card balance in full each month, I love racking up those credit card points!

Pencil in Money Dates

Most of my coupled money nerd pals carve out time to go on money dates with their significant others. It’s a perfect time to discuss progress on shared money goals, share wins, and hash out any issues. You can make it fun. Get out of the house, and chat over coffee or ice cream. As you most likely each lead busy lives, you can squeeze in a time to chat while driving to dinner once a week.

Dating is expensive, and talking about money is hard. But unless you swear to a life of singlehood, these are costs and challenges you’ll need to take into account. With a bit of know-how, planning and tact, you can incorporate finances into dating and relationships like a pro.

This article was originally published at HiCharlie.com.

by Jackie Lam | Mar 13, 2019

4/15/2019 08:08:00 PM No comments

Figure the payments into your budget.

Be honest.

Refinance.

Sell your car.

Revisit the way you talk to yourself about money

Always remind yourself that you are treading your own financial journey

Avoid emotional spending

Change your debt mindset, too

Declutter First

Demolish-It-Yourself

Buy fixtures and finishes yourself

Shop for sales

Do the painting yourself

Decorate

Start by taking the time to read the owner’s manual.

Organize your car documents.

Keep your tires properly inflated.

Don’t skimp on carwashes.

Follow your maintenance schedule.

Join the club.

Secure your emergency roadside kit.

Get a good local mechanic.

Mistake #1: Setting an unrealistic budget.

Mistake #2: Doing the old spending habits.

Mistake #3: Cutting into your emergency fund and retirement savings.

Mistake #4: Paying off all debts at the same time.

Mistake #5: Doing it alone.

So how can you achieve good credit standing using your credit card?

Bad credit score

The loan amount is too high

Unstable employment record

Insufficient income

You have too much debt

How you fill out the loan application

Below are a few money-saving tips for the self-employed.

Set a budget

Set your rate

Build your emergency fund

Know your taxes

Get help

Set a Budget and Prioritize

Pool Resources

Beautify Yourself (or Find a Deal)

Re-wear or Rent Attire

Make Your Gift

Just Say No

Final Thoughts

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