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Success Online Financial Education Newsletter
Money Management International Improving Lives Through Financial Education
SUCCESS NewsletterJune 6 2013 newsletter
 
The key to managing money and marriage

married couple fights about money

By Jessica Horton, Community Manager

A recent poll by the National Foundation for Credit Counseling (NFCC) regarding money and marriage resulted in some alarming statistics.

According to the poll 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.

But you already knew that. And so did I. But it wasn't until last summer, after I walked down the aisle, said the vows and settled into married life, that I learned the real secret to a happy marriage (and bank account!)

 Read More


Financial education in your community
financial workshops

MMI's trained financial educators offer local, in-person seminars and workshops to clients and consumers across the country.   These sessions cover a variety of topics, but the focus is always on creating a solid understanding of personal finances and how to successfully manage money.

New classes are added all the time.  Take a look at our current listings to see if there are upcoming seminars in your area.

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Ask the Experts

ask the experts

Q: How do I obtain limited credit after a bankruptcy?

"Five years ago I declared bankruptcy. Since that time I have purchased nothing on credit. I need a new vehicle and I am tired of paying rent on a home. I could really use some limited credit purchases. Is there a way to obtain some limited credit for these types of items? Could you direct me to a source?" -Laura

There are plenty of lenders out there that will finance someone with a bankruptcy. A quick search on the Internet will result in hundreds of potential lenders. Keep in mind that lenders make credit decisions based on a number of factors, not just whether or not you’ve filed for bankruptcy.

Because you have not used credit for many years, you may want to begin building a good credit rating by starting small. A secured credit card is easy to obtain and can help you to establish yourself as credit worthy. Be sure to read and understand all of the terms and conditions of any new loan.

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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!

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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

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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.

 

 

Teaching your teen about money

Teenagers learn by gradually taking on more and more responsibility. For many parents, this involves giving their children a limited amount of control over financial decisions. If you choose to give your teen an allowance, take the time to teach them how to manage their money and control their spending. After all, most teens report learning about money management from parents. Establish an agreement on what the allowance covers. Consider providing extra income opportunities to help them learn that money is something you earn, not something you are entitled to. This is also a great way to get them involved in extra family chores.

Another effective tool is to get teens involved in a major purchase, such as the car buying process, whether the car is for them or for the whole family. Discuss with them such issues as what the car can be used for, who is responsible for gas and maintenance, and who can actually drive the car. Show them how auto insurance works, including how much the premiums increase when they start driving, as well as how much it rises if they have an accident or traffic violation.

Involve teens with your day-to-day personal finance decisions, such as grocery shopping. Have them help you with the grocery list and show them how to comparison shop, by pointing out how much money you save through comparing prices and using coupons. You can even ask your child to help cut out coupons, go through the sale papers, and develop the grocery list for the week. In addition, let them sit with you while you pay the bills, so they can see how much monthly obligations like utilities, phone bills, the mortgage, and insurance, add up.

Encourage teens to save their money for a major purchase and even offer to match their savings with an additional 50 cents per dollar saved. This is a great way to teach them the relationship between building a savings account and the positive rewards that follow.

Finally, teach teens how credit works and how to use credit cards responsibly. You might even consider showing them your bills when you pay them. Too often, young adults who get their first credit card perceive it as “free money,” and find themselves in debt very quickly. Don’t wait until your child is in college and inundated with offers for free stuff in exchange for opening a credit card. Help them understand that the $50 they charge today costs a lot more if they don’t pay it off quickly.


MMI Debt Management Plan Client Corner
Tips for Success

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Update your account balances online. When you receive your creditor statements, update your balances by visiting your MMI account .

If you would like more information about a Debt Management Plan, visit MoneyManagement.org.


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