Tag: finance

Happy Valentines Day!

smbaccari

Money & Relationships

Personal finance is not always something that concerns only us.  If you are in a committed relationship or married, most likely you share finances with someone else. In many cases it seems like one person in the relationship “handles” the finances. In a perfect world it would be a team effort and both parties would be open to discussing the monthly expenses and spending. I’m not saying every dollar needs to be accounted for. I’m also not saying each person can’t have their “own” money either. But the important “reoccurring” expenses, aka bills. Should be known by both parties. I know, easier said than done…  We know most couples do not share everything about money, but how do we work with this situation? Not always easy to be the only one “cutting” back and looking at every expense in the online banking app., hey someone has to watch the store!  Statistics say over 45% of couples argue “occasionally’ about money. Ya my guess is that its higher than 45% and its labeled occasionally because it’s easier to just NOT talk about it.  Either way unfortunately one of the two people in the relationship carries most of the stress around money and the other just wants to ignore the topic and might “start” the argument, to cover up their lack of knowing the real status of the household finances, good or bad. In a perfect world you do what the experts tell you and simply sit down and perhaps have a conversation over a spreadsheet of the expenses and savings goals. Like a scene out of the Brady Bunch, right? The argument starts when you ask for that sit down meeting… ☹ If it’s so easy why are most couples still arguing about money? I certainly don’t have the answers here… I can just tell you; you are not along….

Budget Apps.

smbaccari

Budgeting Apps, could they be helpful???

I don’t know about you, but I have been thinking about doing a deeper dive in to some of these online tools that help you really see where you are spending your money. Each month I DO use my own bank’s online budget tool that does a great job at showing you where you are spending your money. My bank breaks it down by category, which you must look at VERY carefully. For instance, under “insurance” for me it has pulled in things like, Long Term Care insurance I pay into because it’s an Insurance Company. I’m not that old, but for me it was the right move and cheap due to my age. But I would NEVER get that back if I “Cancelled it” even if it was by mistake. I also saw that my ROTH contributions were packed under the “insurance” umbrella as well…Again NOT something I want to cancel.

So, if you do use your own bank’s online tools to see where your money is going, understand what each transaction is accually, before trying to cancel it. I also noticed on my own banking app. That it told me my cable bill was $16.30 higher than normal? I have NO idea why, but now I am watching it! I will also have to pull out that bill and see what changed! Such a pain… But these companies just randomly add things to our bills! Did someone in the house rent a movie that was NOT FREE?! With what I pay for cable & internet, ONLY FREE movies allowed. That cable bill is a topic on its own… 30 years ago it was just the cost of electricity to watch the news! Don’t get me started…

BUT then there are things like subscriptions I have TRIED to cancel more than once and are STILL showing up! Frustrating!!! Do I give it another shot and try to cancel these AGAIN? Do I call my bank and see if we can block these two merchants, and can they do that??? My fear is the bank will want to issue me a NEW credit card and the two-three things I do not want to have laps will get lost in the shuffle.

It all adds up, and before we know it an extra $100.00+ per month is out the window on really nothing. Look at it like this that’s over $1,000 a year and for that money I can get a long weekend away someplace near a beach each summer!

While the App. MINT is shutting down on Jan. 1, 2024, there is a lot of talk around Rocket Money, which is FREE. But let’s face it, nothing is FREE.  So yes, it’s FREE to download, but I get it they need to make money too.  Rocket Money is a budgeting App. and for a fee can do a lot more.  The paid monthly fee is $4.00-$12.00 a month. But it can do things like get rid of your subscriptions you do not want any more, maybe even get some money back for you??? It says it can possibly negotiate rates for you. I am assuming this is things like an interest rate on a credit card if it’s really high right now.  If you have a lot going on in your money world and see lots of things you pay for each month you want gone or need some help managing it to get your arms around your monthly spend, maybe these online apps. are worth exploring. After all the $60 a year you may pay for the app. Might be less than the “found” money you find EACH month! Take some time to look at your own bank’s “features” online.  Make sure you understand what is in each category and make sure it is “junk” for you each month and then do some research on IF an app. Is right for you. There are some great tools out there these days and they may help get us better at understanding and seeing our own habits. Once we SEE it we are more willing to make those small changes.

Make sure you look at the app’s rating from many sites, and the Better Business Bureau. Read all the fine print on the terms & conditions as well, like how to cancel the service should you want to.  Good luck if you decide to dig in here and if you do pull the trigger!!