Jessica Horton

A recent poll by the National Foundation for Credit Counseling (NFCC) regarding money and marriage resulted in some alarming statistics. According to the results, 68 percent of respondents indicated they would feel uncomfortable discussing money with their future spouse. And five percent indicated the conversation would be so unpleasant, it would cause them to call off the wedding.

I don't know about you, but I find these numbers to be pretty alarming — on a few levels. 

• First, if we’re handling our finances in a way that we already know others wouldn’t approve of, that’s a red flag. It’s time to reassess and reprioritize.
• Second, we all know you can’t avoid “the talk” for too long. And if two people who are entering into a life-long commitment can’t communicate about serious subjects (no matter how unpleasant they are!), then they are setting themselves up for failure.

The key to a happy marriage lies in communication. And the key to good communication is trust. So ultimately, if you don’t trust your partner enough to believe that you could persevere through a tough conversation, there are likely some underlying issues that need to be addressed BEFORE walking down the aisle.

Don’t get me wrong, I know from personal experience that discussing finances is rarely (if ever!) a pleasant conversation. But I also know it’s a necessary conversation.

Being the daughter of a psychologist whose specialty is marriage counseling, I had it hammered into my head from a young age that open, honest communication (which also requires listening!) is important for a healthy relationship. Yet, even with that knowledge, I can tell you that 90 percent of the fights my husband (of only 10 months, mind you!) and I have had, are related to finances. So trust me, I get it!

But I also know that with every conversation, we get more comfortable talking about those hard-hitting money issues. And in the long run, it has helped to make our relationship stronger.

So whether you’re engaged, a newlywed or you’ve been married for 35 years, there’s still a lot you can do to improve your finances – and ultimately, your relationship. You just have to start talking.

Download our Love and Money eBook for more tips about starting the conversation, as well as tools and resources to help manage your finances as a couple.

How do you approach the topic of finances in your relationship? Any tips, tricks or strategies? Share your thoughts by commenting on this post!

This feature explores the answers to your biggest personal finance questions! Today we explore your options when it comes to bankruptcy.

Mother's Day is rapidly approaching! If you have found yourself scurrying to think of a gift that will show mom how much you really care, then you're in luck! You can call off the hounds, because the search is over. 

As it turns out, mom doesn't want your money. In fact, what mom really wants is your time. And who are you to deny your mom what she really wants on her special day? So give mom the gift of ... well, anything, with our custom gift certificate generator! 

Whether it's 10 free shoulder massages, breakfast in bed, or a promise to help around the house, there's no better way to show your mother how much you appreciate all she does.

Looking for more budget-friendly gift ideas? Check out MMI's Mother's Day Pinterest board for D-I-Y crafts, recipes, cards and more!

Debunking the top five credit counseling myths, using a powerful tool — the FACTS.

Is it legal for creditors to call me at work? - Jaclyne 

Dear Jaclyne, 

First, it’s important to differentiate between the term “creditor” and “debt collector.” While the two may seem synonymous, they are actually very different in the eyes of the law. 

Creditors, or “original creditors,” are the original party to which you owe money, such as a credit card company, auto dealership, etc. Debt collectors, on the other hand, are collection agencies or firms that exist for the primary purpose of collecting bad debts that have been turned over to them by the original creditors. 

Debt collectors are required to follow a set of guidelines set forth by the Fair Debt Collection Practices Act (FDCPA). 

The FDCPA prohibits debt collectors from using abusive, unfair or deceptive practices to collect from you. 

According to the FDCPA, while it is legal for a collector to call you at work, if you request that they stop (either verbally or in writing), they must comply. It is also illegal for a collector to contact you before 8 a.m. or after 9 p.m., unless you have agreed to it. 

On the other hand, if the calls are from the original creditor of the debt, these guidelines may not apply. While some states have similar consumer protection laws in place to regulate original creditors, I would recommend reviewing your state’s consumer laws to be sure. 

To learn more about prohibited collection practices under the FDCPA, visit FTC.gov. The FTC also offers a helpful debt collection guide for consumers.

Sincerely, 

The Advice Team

Do you have a question for the experts at MMI? Submit it here and the answer could be featured in an upcoming Blogging for Change post!

Over the last few months we’ve been talking a lot about the break-up process. Specifically, the process of breaking up with Debt. 

Being that April is National Financial Literacy Month, there couldn’t be a better time to take the first step in redefining your relationship with your finances! 

We encourage you to review the series of blog posts we’ve featured throughout the debt breakup process — from the Debt breakup letter to Sara's breakup story. And we’ll be introducing new posts throughout the month related to creating a healthy, sustainable relationship with your money now that you’ve decided to kick Debt to the curb. 

 In fact, the entire month of April is going to be focused on creating a “fresh financial start” through financial literacy. Everyone loves a blank slate — It’s a chance to start over. It’s a new beginning. It’s the ability to take all of your past mistakes and use them to plot a new — better — course. And that’s exactly what we’ll be helping you do over the next 30 days. 

 In fact, you can find each step of the 30-day journey at FinancialLiteracyMonth.com. 

And don’t worry, you won’t be on the journey alone! In fact, you’ll be surrounded by 11,000+ people who have all made the very same commitment to financial wellness. Plus, we’ll be tweeting, posting and pinning every step of the way! 

So what are you waiting for? Take the first step today. 

Visit FinancialLiteracyMonth.com, take the pledge, and let’s create a better financial future together!

As April 15, better known as “Tax Day”, draws closer, millions of taxpayers are scurrying to put the final touches on their federal tax return.

But before you click "send", there are various tax deductions that you may have overlooked: 

1. Fiscal cliff tax credits. The passing of the American Taxpayer Relief Act of 2012 (better known as the “fiscal cliff” legislation of New Year’s Eve), brought about various tax breaks, credits and provisions. For example, did you know that there is a provision that will allow you to set aside pre-tax income retroactively to pay for the public transportation and parking involved in your daily commute?
2. Retirement savings credit. According to Fidelity.com, making a last-minute contribution to an IRA could save you more than $1,000 on your 2012 tax bill. You can contribute up to $5,000 to an IRA, or $6,000 if you are age 50 or older. Plus, low-income workers who contribute can also claim the saver’s credit, which is applicable to those who earned less than $28,750 for single filers, $43,125 for heads of household, and $57,500 for joint filers.
3. Child Tax Credit. This credit was scheduled to revert to $500, but thanks to the ATRA, the credit was made $1,000 permanently. The Child Tax Credit allows parents to reduce the federal income taxes owed by up to $1,000 for each qualifying dependent younger than 17.
4. Student Loan Interest deduction. Those who qualify can deduct up to $2,500 in student loan interest — no itemization necessary! Two additional education tax credits include the Hope Credit and the Lifetime Learning Credit, which can mean a credit of up to $2,500 for qualifying students.
5. Alternative Minimum Tax patch. Congress passed a fix for the Alternative Minimum Tax that will help more than 30 million middle-income taxpayers avoid paying higher taxes. Taking into account that only 4 million taxpayers had to pay it last year, this is certainly good news for the 26 million who were spared!
6. Commonly overlooked deductions. And finally, the following are some of the most frequently overlooked tax-deductable expenses:  

• Alimony paid
• Prescription eyeglasses, contacts, and hearing aids
• Medical transportation costs
• Charitable contributions
• Prescribed weight-loss programs
• Chiropractic treatments
• Drug or alcohol rehabilitation programs
• Points paid for a mortgage or refinancing a home
• Unreimbursed employee business expenses
• Mileage and other expenses associated with volunteer work
• Casualty and theft losses
• Tax preperation software and fees