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Success Online Financial Education Newsletter
Money Management International Improving Lives Through Financial Education
SUCCESS NewsletterApril 4 2013 newsletter
 
Is it time to finally buy a new car? 

Man pushes car, wonders if it is time to buy a new car

By Jesse Campbell, Copywriter

Until very recently, my father and I drove the same car – same make, model and year (though his was gray and mine is black). That was entirely coincidental, though it always was interesting to hear how his car was deteriorating in much the same way as mine (right down to the cracked radiator that caused both our cars to need the transmission replaced). Also, his car was cleaner. And didn’t smell like dog.

Our shared automotive experience came to an end last week. After much thought and debate, my father decided to trade in his old gray car for something newer, more attractive and more reliable. His plan, he told me, had been to wait until the end of the summer, but he didn’t feel particularly safe anymore. He knew the car was going to betray him sooner than later and, like a good horror movie, the anticipation of the big letdown was killing him.

Meanwhile, at almost precisely the same time my father was signing the paperwork on his new car, I was sitting in the waiting room at the mechanic’s, bracing myself for the worst. My car has failed me more times than I feel I can admit and still be a credible source of financial advice. But I keep holding on to it, because I’ve got a vision of saving money and buying myself a new car – next year. And then I end up at the mechanic’s again and next year turns into next next year because I just put a big chunk of my savings into fixing the lousy old car.

This last time was no different. I’ve got a limited understanding of automotive repair, so the only thing I remember the mechanic telling me was that “there’s brake fluid everywhere” which I’ve come to understand is mechanic-speak for “I’m going to need your next paycheck, please.”

I won’t admit how much I spent to fix my car (a gentleman never tells), but it did make me ask myself, “Is it time to abandon the plan?”

It’s great to have a plan and follow through on that, but sometimes, in certain situations, there are too many variables surrounding the plan in order to be as firm as you’d like. Sometimes you have to adapt to constant changes.

So if you find yourself in that no man’s land of a great plan that keeps getting kicked around by reality, here are a few important questions to help you determine if it’s finally time to buy a new car.
 

Read More

 

 



Financial Literacy Month

April is National Financial Literacy Month!

FinancialLiteracyMonth.com offers a fresh approach to money management with a simple 30 step path to financial wellness. Each step provides you with detailed, interactive ways to increase your financial know-how, and improve your finances today and in the future. Helpful tools available on the site include income and debt worksheets, customizable financial goal certificates, and expense trackers.

FinancialLiteracyMonth.com also offers helpful money management tips submitted by consumers, financial bloggers, authors, and reporters. For daily inspiration, you can also download a free widget that will provide a financial tip-of-the-day straight to your desktop.

You are definitely ready and able to start your path to financial wellness; if you are also willing, make a commitment to your financial future and take the first step today!


Do you have thoughts about any of the topics included in this newsletter?  Advice for car shoppers?  Questions about Financial Literacy Month? 

Be sure to stop by the MMI Forum and join in the discussion!

MMI Forum


Financial Education learn more

 

Sharpen Your Financial Skills with Online Courses

The goal of our highly trained professionals is to arm you with the knowledge necessary to take control of your financial situation. Our online seminars stress the development of skills that can assure long-term success. Take the first step toward financial wellness by enrolling in a Web seminar today!

Learn More

 

In-Person Workshops Are Also Available In The Following Areas:

Alaska | Arizona | California | Connecticut | Colorado | Idaho | Illinois | Louisiana | Maine | Massachusetts | Mississippi | New Jersey | New Mexico | New York | Oregon | Pennsylvania | Rhode Island | Texas - Fort Worth Area | Texas - Houston Area | Virginia | Greater Washington D.C. | Washington State

View upcoming financial education workshops

 


About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling, and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan, and repay debts. Counseling is available by appointment in branch offices and 24 hours a day, 7 days a week by telephone and Internet. Services are available in English or Spanish. To learn more, call
866.530.9869 or visit MoneyManagement.org.

 

 

What to do before saying "I do"

With wedding season quickly approaching, there is no better time to address the issue of finances with your significant other. Before you take the big leap, it’s important to discuss how you will be spending your money as husband and wife.

Studies consistently show that tensions over financial issues are at the root of many disagreements in marriage, and a major cause of divorce.

According to a Money Management International (MMI) survey, 56 percent of couples who are married but unhappy report financial problems are to blame. With that in mind, here are a few tools to help you on your road to marital – and financial – bliss.

Don’t be afraid to share your feelings. Having an open and honest discussion about your financial past and future is vital to your financial success. Remember that everyone has their own money style, which has been shaped by their past experiences.

Make a commitment. No one cares more about your financial security than the two of you. Make a promise to each other to take joint responsibility and take steps to better your overall financial position by paying down debt and establishing a savings plan. Establishing a savings cushion could keep a financial setback from becoming a financial disaster.

Make plans for your future. Set financial goals and vow to keep them. Make sure your goals are both specific and achievable. Try to set goals that are equally rewarding so that you are both motivated to achieve them.

Spend some quality time. Schedule a time once a month to sit down and discuss your financial goals and expectations. Identify a family CFO who is responsible for reviewing your budget regularly in order to identify problem areas.

Understand your individual rights and responsibilities. State laws vary quite a bit regarding ownership of income and responsibility for debt. Learning about your individual privileges and liabilities will help your relationship and could provide future financial security in a time of need.

Getting your finances in order now will help you build a stronger and more financially secure partnership.  Because money matters, it’s important for couples to devote more time to improving their financial standing.

For more information on how to balance finances and relationships, be sure to check out out free Love and Money eBook.

Love and Money eBook


MMI Debt Management Plan Client Corner
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