Today we’re going to see how you can prepare your finances so you can buy a house without going broke! Things are about to get hectic around here. We just heard from our neighbor that the developer is going to start building the townhouses across the street from us starting next week. Buying a House […]
Special Episodes
Finding the Best Joint Checking Account for You
One of the best ways to keep your money working for the two of you is to make sure it is stashed in the best bank.
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Why Your Joint Checking Matters
Getting the right checking account can make a huge difference. Too many people settle for bad or minimum customer service because they think that all banks are the same. In fact, over the last few years more and more attractive options are popping up for those willing to move their money.
After being fed up with our old bank, we started looking around to see what options were available. We were on the lookout for a FDIC insured checking account that would offer:
- No monthly maintenance fee: I understand banks have the right to charge what they want, but I expect something in return. with most banks the fees offered no extra service or benefits, so we wanted no fees for our checking account.
- $0 required minimum balance: If the interest rate is pathetic, why would we want to keep a larger balance with our checking account?
- Free online BillPay service: This is a must as we prefer to handle our bills online due to its convienence and control.
- Conveniently located ATMs: Whether we went with a bank or credit union we needed a way to access our money after bank hours. Having ATMs nearby is important as we’re trying to avoid fees from out of network ATMs.
- Earn some interest rate if possible: Not necessary, but a bonus.
Wonderful Banks for Your Joint Accounts
If you shopping around for a better bank option, here are some fantastic, low hassles ones to consider when you have some time. Nerd Wallet has also compiled a list of online checking accounts.
Capital 360
It has been a few years since we made the switch to Capital 360 and we have been very happy with the level of service they have given. While they do not have the highest interest rate now compared to some other online banks, the customer service has been great.
You can open a checking account with Capital 360, simply click here to get started and get a $50 bonus!
Ally Bank
You’ve probably seen the Ally commercials and how they are different. While we haven’t used them for checking, we do have a joint savings account with them. Again, their customer service has been better than what we received at our old bank. They tend to be towards the top with interest rates, so if you have a savings goal, they can be your solution.
You can open a checking account with Ally Bank, simply click here to get started.
USAA
If you or a family member have served in the military, see if you can qualify to become a USAA member. I’ve heard some great things about them from others and how they go above and beyond with their customer service.
You can open a checking account with USAA, simply click here to get started.
Regional Banks and Credit Unions
What if you’re not comfortable with online banking? I know some people prefer to have a place they can go into and have a face to face conversation. I want to suggest two options – regional banks and credit unions.
Sometimes bigger isn’t better.
I have several relatives who switched to credit unions and have noticed a huge difference with the attention and care they get for their accounts. Looking at some ads in our area, I’ve also noted that some of them are offering very competitive interest rates on their accounts.
Find a Bank That Works for You
Where you bank is important, so make sure you look at everything before you switch your money over. I hope the two of you find a bank or credit union that treats you with the respect that you deserve and is a helpful partner with your finances.
Photo Credit: Gnerk
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More Tips on Paying for College without Going Into Debt
Learn how you can reduce college expenses for your kid while still teaching them self-sufficiency.
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Tips on Paying for College
This past week Julie gave her story and tactics on how her family managed to help her oldest graduate with no student loans. It was something they wanted to do for their daughter and I know many parents feel like them, but worry that it’s out of their reach.
Over at Dave Ramsey, there’s a fantastic post 5 Ways Parents Like You Cash-Flow College (Without Sacrificing Retirement), giving examples of how families were able to budget and help with their kids’ college bills while working on their other financial goals.
I wanted to highlight a couple of ideas that may help your family this semester and beyond.
Provide Free Room & Board
Angela and her husband were paying down debt, so they didn’t have the means to contribute directly for son’s college. What they could do, however, was provide free and board. Combining that with his scholarship and work money has made a huge difference with college expenses.
Start or Build an Income Stream
Julie talk about how blogging gave her an additional source of income that help with Lindsey’s tuition. Is there something you or your child can do on the side that can earn you some cash? Besides helping out with college tuition, this can be a great way for one or more of you become an entrepreneur.
Find the Right School for Your Family
Help your kid choose their school wisely. Dig around to find a high quality school that doesn’t cost a ton of money. It’s more effort up front, but the value is well worth it.
Budget by Semester
Try not to get overwhelmed by the total costs. Break it down into more manageable steps. Look at the upcoming semester and budget that money into savings. Include your college kid in the plans and have them come up with ideas to save and earn money.
Don’t feel discouraged if you can’t give like you want to. After all, paying for your child’s college is completely optional and a decision for the two of you to make together. The important thing you have to remember is that you do the best you can with what you have. So don’t compare yourself to another couple because no family has the exact same situation and circumstances.
Love to Have Your Support
If you enjoyed the podcast, could you please share this with your friend or leave a rating and review? My goal to make this podcast both motivating and practical for couples looking to building their marriage and finances.
If you have any questions about this episode or ideas for future ones, please leave a comment.
Photo Credit: Faruk Ateş
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Investing in Yourself and Your Career
Today we’re discussing how to invest in yourself. It’s one of the most power things you can do to advance your career – whether you’re employed or an entrepreneur.
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Having a competitive skill set can set you apart when it comes to looking for work. Even when you have stable 9-5 job, you are constantly learning new programs and systems. It’s the landscape of working today. You can certainly let your employer dictate what you learn which may help you with that particular company or you can be proactive and gain skills to get you a better job.
How can you do it? The short answer- time and money. Before you jump in and mention why you can’t, please listen to the podcast where I share some practical and affordable options that may be around your area or even available at home.
Community Colleges and Local Universities
Community colleges and universities offer adult learners classes and certification programs to help you stay at the top of your game.
Depending on your location, you may discover that your local community college offeres classes at a fraction of the cost of the university and use the same instructors.
Online Training Courses Like Lynda.com
If you’re not familiar with it, Lynda.com is an online education company that offers a huge library of video courses and tutorials taught by industry experts. Last time I checked, they have over 2,400 courses covering business, programming, CAD, audio, 3D animation, and more.
I started using them years ago and it has been tremendously helpful to me as I learn skills such as audio editing for this podcast.Sign up to get a free 7 day trial at Lynda.com.
Thoughts on Investing in Your Career
How many of you have taken the time and spent the money to keep yourself sharp? How has it paid off?
Photo Credit: Open Source
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Common Pitfalls Couples Make with Money
Welcome to another Q&A session of the Couple Money Podcast which is a follow-up on about money chats. Last show I talked about how to approach the topic of money with your spouse, but I didn’t cover some common pitfalls couples can make with them so I’ll mention them here.
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If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.
Letting Your Spouse Handle ALL the Finances
I know that there is usually one person who seems more interested in the number crunching, budgeting, and investing portion of finances. We all have strengths and go ahead let someone do what they enjoy. However that does not mean that the other spouse is left in the dark or has no say.
You may not like to budget, but you should have input with how you spend your money. You can not leave all the responsibility in one person’s hand, it’s not fair to either spouse.
Should something happen to the one managing the money, then where will that leave the other? Both of you are responsible and both of you have a say.
Financial Say is Based on Income
Couples are unique and each family has their own financial situation. Sometimes both spouses work outside the home, perhaps one is self-employed, or maybe one spouse works for income while the other manages the home and children.
Each couple has to decide what works best for them, but what should be an agreement in all these situations is that both spouses have a say. If one spouse earns less or is a stay at home parent, they still have input and it is not proportional to their income.
If you grant financial say based on income earned, stop this right away. This harmful money habit can lead to resentment and that can erode your relationship.
Not Keeping One Another in the Loop
You don’t have to constantly talk about money, but both of you should be aware of what’s going on with your finances at all times. No one likes talking about problems, but avoiding it will only lead to bigger ones.
Thank you again for the question. I hope my answers help.
If you have anything else you’d like to ask me, please email me or leave a comment on here on Couple Money Podcast. Have a wonderful day!
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Questions Answered on Paying Your Debt Faster
I just finished up a Q&A session today. It’s a more informal and much shorter than the usual weekly episode (I recorded this in the home office while my little one playing in her room).
The first episode of Couple Money was released this week and I’ve gotten some wonderful feedback from you. I’m using your suggestions for this week’s episode.
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Thank you so much for the words of encouragement and the questions you’ve sent my way.
Speaking of questions, I thought having a Q&A would be a wonderful way to interact with you (besides the regular episodes and these posts). This session covers two questions about paying debt faster.
How did you decide on those 5 steps for paying debt off faster?
Just a reminder, the five steps I mentioned last week were:
- Know How Deep Your Debt Is
- Review Debt Methods as a Couple
- Choose the Method that is Easiest to Keep
- Build Up Your Debt Payments
- Make It Automatic
When I was choosing the steps I was considering a few things. I wanted to get the essentials done and I wanted to make each step a manageable bite.
When changing habits, I want to make it as easy for you to succeed. (If you’re familiar with Tim Ferriss’ book, The Four Hour Chef, you may remember him discussing deconstruction and selection in the meta-learning section.)
It’s my hope that cutting it down to only what is absolutely vital will get you over the hurdle and out of debt.
The second question:
Looking at the numbers, the debt avalanche the faster method of paying off debt. Why would you put the debt snowball as an equal option to it?
I love this because it gets into the purpose and intentions of this podcast. My goal for Couple Money is to help you two develop an effective financial system that fits within your personalities.
Going back to the Four Hour Chef for a second, Tim shared how he worked through analyzing different methods of learning a new language and eventual new skills.
It boiled down to two questions:
- Is this method effective?
- Is this method sustainable?
Effective Method
Both the debt snowball and the debt avalanche/stack have helped people become debt free. Dave Ramsey has been hosting a highly popular personal finance radio show and one of the highlights is when people call in to announce they are debt free.
Sustainable Method
Put simply – how likely you are you going to keep at using the method?
Dave Ramsey likes to say that ‘Personal finance is 20% head knowledge and 80% behavior.’ I agree – most people get into financial trouble, not because they don’t understand numbers, but they’ve developed habits that have made it easy for them to slip into debt.
If that’s you, then one of the major hurdles you have to overcome is to change your behavior.
Easier said than done.
How many times have we said you’re going to get better with the budget, get in shape, or pick up a new hobby?
One of the best motivations to help you change a habit is to have quick and real wins. That’s how the debt snowball works – you get rid of your smaller debts upfront and the momentum works in your favor as you keep going until your debts are paid off.
And that’s really the goal – paying off your debt. I want the two of you to reach your debt free goals so you can focus on saving, investing, and using your income on more important goals.
The debt snowball and the debt avalanche both offer effective and sustainable ways to do that so I recommend both. You choose which is a better fit for you.
Thank you again for the questions. I hope my answers help. If you have anything else you’d like to ask me, please email me or leave a comment here.
Photo Credit: Open Source
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