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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
In this week’s episode we’ll be discussing one of the biggest concerns couples have when it comes to love and finances – having the money talk. When I say the, I mean the exposing your finances to one another. This is a big step and for many it is a scary step, especially if there is some messiness like debt involved.
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Talking About Money with Your Spouse
For years, I shared monthly net worth updates on Couple Money, but I don’t think I really got into the first time we had an open and honest conversation about our finances. In the podcast, my husband joins me as we reminisce about our own money chat.
We began our money chats when we got engaged and it has made all the difference. Did we do everything right? No, but we had a foundation that has helped us find a way to communicate and get a system started for handling our money that worked for both of us.
I also share some tools and tips that you can use to prepare you for when you have to talk to your spouse about finances.
I want to share some wonderful personal finance podcasts, blogs, and books that I think can help you get excited and ready about money.
- Better Conversations on Money and Marriage: Derek and Carrie Olsen have fantastic show where the two of them talk about working together on their finances and life.
- Stacking Benjamins: Average Joe and the Other Guy chat about earning, saving,and spending with a plan along with financial trends going around.
- Listen Money Matters: Andrew and Matt share practical and actionable money tips to help you with finances in a fun and bold way.
All of these podcasts also have blogs, so you can get notes and more information if you want.
Personal Finance Blogs
Too many to mention all of the ones I read, but here are five that you can bookmark.
- Make Love, Not Debt: I’ve been following this blog since I started Couple Money years. Him and Her are a happy couple licing in Chicago who have written about their engagement, marriage, and domestic adventures.
- Debt Discipline: Brian who share how his family paid $100,000 of debt last week, has a fantastic blog. You can see how far they have come and you can follow them as they start the next leg of their financial journey.
- Our Freaking Budget: Joanna and Johnny write about budgeting in a way that they can enjoy living in the present and still save for the future.
- Budgets Are Sexy: J Money blogs about growing your net worth by saving, hustling, and investing. Down to earth and funny, his posts will give you some food for thought.
- Cash Cow Couple: Jacob and Vanessa are a debt free 20something couple focus on having a simple life and building their finances together.
For readers, here are my three picks:
- I Will Teach You to Be Rich: Name sounds scammy, but the information inside is incredibly useful. I love how Ramit gives actual scripts you can use to get fees waived, slash some of your bills, and even having the money talk.
- Your Money or Your Life: If you two are thinking about financial independence and perhaps retiring early, this is a wonderful book to jump into. It’s looks and both the finances and the mindset to becoming debt free, having a career that fits your values, and investing for the future.
- Total Money Makeover: Dave Ramsey’s bestseller gives simple and powerful steps to help you get out of debt and build your net worth.
Love to Have Your Support
If you enjoyed the podcast, could you please share this with your friend or leave a rating and review? If you have any questions about this episode or ideas for future ones, please leave a comment. My goal to make this podcast both motivating and practical for couples looking to building their marriage and finances.
Thank you and take care!
After all the prep, sweat, and tears, the first episode of the Couple Money Podcast is up!
For the premiere show it’s all about debt, specifically getting out of debt faster and getting rid of massive amounts of debt.
Paying Off Your Debt Faster
The guest on today’s episode is Brian from Debt Discipline. He and his wife have managed to pay off $100,000 in debt while raising their three kids.
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For listeners looking to get more information and resources to get rid of their debt, here are the links to what we mentioned on the episode.
- Couple Money: My personal finance site focusing on building net worth together by living on one income and having fun with the second.
- Personal Capital: Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place.Did I mention it’s free? Why don’t you give Personal Capital a try today?
- Mint: You can track your budget and your debt pay off progress with them for free. If you want more information you can review our monthly net worth posts or you can sign up and open an account.
- Debt Snowball Template: If you prefer to use a spreadsheet for your plans, here’s a free and handy debt snowball template.
I also wanted to mention that Brian and his wife have JUST finished paying off their debt! Congrats to the whole family!
Love to Have Your Support
If you enjoyed the podcast, could you please share this with your friend or leave a positive review? I read every review.
It’s my goal to make this podcast both motivating and practical for couples looking to building their marriage and finances.
Please feel free to reach out me on email with any topics you’d like to have discussed on the podcast.