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Financial Security for Seniors: 5 Steps to Protect Your Parents

Sunday, August 29th, 2010

When most of us think about financial issues, we consider our immediate needs (the mortgage, car payments, credit card bills) and our long-term needs (retirement, college funds for the kids, savings). But we don’t often think about one of the most obvious - and difficult - financial concerns facing so many of us: Our parents.

Financial communication with your parents can be sensitive. These five tips will keep the conversation flowing - and friendly!

Start Now

Show Respect

Keep It Simple

Be Patient with Your Siblings

Check In

Read this week’s entire Money Couple Minute HERE to get the 5 steps with complete details for each.

View the Money Couple ABC News video on Surviving Back to School Spending.

Tags: financial communication, financial security, helping parents financially, money communication, money huddle, protecting parents financially
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5 Questions Every Parent Needs to Ask Before Helping a Child Get Out of Debt

Monday, August 16th, 2010

We don’t sound the debt alarm very often, but when it comes to young adult children asking their parents for help with debt, well, the alarm bells start ringing!

These days, even 19-year-olds can be riddled with debt. Student loans, car loans, credit card debt can add up quickly, leaving young people buried in debt before they’ve even cashed their first paychecks. Sadly, debt follows young people for a long time.

As parents, you have to make some tough decisions about how much help to give your child when she ends up deep in debt. Before you write a check, ask yourselves these questions:

1. Where did this debt come from?

2. Have we bailed our child out before?

3. How can we help our child think differently about spending, saving, and debt?

4. When should reality hit?

5. How can we use this conversation to strengthen our relationship with our child?

Read the details in this week’s Money Couple Minute HERE.

Read all the Money Couple Minutes HERE.

View the Money Couple interview answering viewer questions.

Tags: financial communication, helping children financially, helping kids out of debt, kids and money, money communication, the money couple
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4 Ways to Survive Back-to-School Spending…Plus ABC News!

Tuesday, August 3rd, 2010

According to the National Retail Federation, the average American family will spend more than $600 on clothes, shoes, supplies, and electronics during the 2010 back-to-school season, making this the second biggest consumer “event” of the year (you can probably guess what the first is!).

But unlike Christmas, this time of year often catches people unaware - how many of us plan for back-to-school spending in our annual budgets? Not us! Even if you haven’t been saving your pennies for the annual trip to the school-supply aisle, you’ve still got time to plan for these expenses and make sure you don’t end up with a battered budget. These tips can help:

1. Decide who will do the school shopping.
2. Involve your kids.
3. Start early.
4. Talk about it.

Get the full details of each of the 4 tips by reading this week’s Money Couple Minute on 4 ways to survive back-to-school spending.

Also, be sure to watch our new segment on ABC News called the Money Couple Minute - This weeks video is on Managing a Blended Family.

Tags: back to school budgeting, back-to-school spending, financial communication, kids and spending, kids school supplies budget, money communication, overspending
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Step-kids and College: 5 Ways to Make Sure Everyone is Happy

Monday, July 5th, 2010

Figuring out how to pay for your child’s college education can be a major financial headache. Add the complex dynamics of a blended family to that situation and the stress level can go through the roof!

But it doesn’t have to be that way. With some honest conversation, a clear plan, and a solid sense of reality, you can find your way through the sometimes-choppy process of making financial decisions with your child’s other parents without creating new problems.

Get the 5 keys to a successful arrangement HERE.

View all the Money Couple Minutes HERE.

Tags: college costs, college saving, financial communication, kids and giving, kids and money, kids and spending, money communication, overspending, step-kids and college, the money couple
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Should You Go Into Business Together? 5 Secrets to Making It Work…

Monday, June 21st, 2010

For many couples, the idea of working together sounds heavenly. But we’ve seen so many life partners try to be business partners only to find that their finances - and their relationships - can’t survive the shift.

There are, however, couples who can make a business work–we work together and love it. So if the two of you are considering starting a business together, here’s what you need to know:

1. You Must Be Equals
2. Know What’s Really Involved
3. Capitalize On Each Other’s Strengths
4. This Is a Financial Decision, Not an Emotional One
5. Have Regular Business Meetings

Read the entire Money Couple Minute including the full details under each point mentioned at “Should You Go Into Business Together?” You can view all the past Money Couple Minutes HERE.

Tags: financial communication, go into business together, money communication, money secrets, the money couple
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5 Steps to Confessing Financial Infidelity

Friday, June 4th, 2010

Nearly every relationship harbors some level of financial infidelity. It might be as minor as not telling your partner what you really spent on her birthday gift or as major as keeping a secret bank account to pay for your gambling addiction. (Find out where you stand with the Financial Relationship Index) Either way, the path to healthy financial communication will never be smooth unless you are honest about your behavior and…[Read the entire Money Couple Minute,
5 Steps to Confessing Financial Infidelity].

Tags: confessing financial infidelity, financial communication, financial mistrust, money communication
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4 Steps to Confront the Financial Cheater

Monday, May 24th, 2010

Shelley was putting away her husband’s laundry when she discovered a stash of bills for a credit card she didn’t recognize. It’s a story that plays out over and over with couples we talk to. Everything seems to be fine and then Bam! One of them discovers the other has been keeping money secrets.

If you’ve just discovered your partner has been hiding money from you, using a secret credit card, or lying about spending, what we call “Financial Infidelity”, you have a choice to make…[Read the entire Money Couple Minute HERE].

Tags: breaking the budget, financial cheater, financial communication, financial infidelity, money communication, money fights, money secrets
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Planning for the Wedding: 5 Tips for the Parents, Bride, and Groom!

Monday, May 10th, 2010

With clear expectations and solid financial communication, couples can get to their big day without the added stress of money battles. Here’s how to make sure the road to the wedding is as wonderful as the wedding itself.

For Parents:

1. Get on the same page. View complete details HERE.

2. Be sure about what strings are attached. View complete details HERE.

3. Make sure all the parents are happy. View complete details HERE.

For Couples:

4. Assume you’re on your own. View complete details HERE.

5. Be gracious. View complete details HERE.

View this Money Couple Minute and all the others HERE.

Tags: financial communication, money communication, wedding cost calculator, wedding cost communication, wedding financial planning, wedding tips
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4 Steps to Your Best Summer Vacation Ever!

Thursday, April 29th, 2010

When money is tight, the first thing to get cut from the budget is fun–things like vacations, dates, and family outings. But those are the parts of life that make it interesting! And what good is having a tight budget if you aren’t enjoying the life you’ve worked so hard to build?

If money is tight this year, don’t automatically assume you can’t take a vacation. Instead, take a good look at your budget and use these guidelines to decide what kind of get-away you can get away with.

Make it about memories and don’t break the bank. Learn more
Start planning now. Learn more
Do some homework. Learn more
Redefine vacation. Learn more

To get the full details for each of the 4 steps, view the entire Money Couple Minute HERE.

Tags: financial budget, financial communication, financial debt, money communication, money huddle, summer vacation plans, summer vaction ideas
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4 Tips to Help You with the Not-So-Empty Nest

Monday, April 12th, 2010

Close to 14 million adult children are still living at home. These kids are called “The Boomerang Generation” and for good reason. Just when you think they’re gone, they come flying back.

As much as you love your kids, there comes a time when you’re ready for them to move into adulthood. When they aren’t quite ready—emotionally, socially, and financially—it’s hard to know what to do with them. Do you let them move in? Should they pay you? What about chores? The boundaries are beyond fuzzy and will be defined differently from family-to-family and from child-to-child.

Life with a boomerang child can be a valuable experience for you and your child if you follow a few basic guidelines…Read the entire Money Couple Minute “4 Tips to Help You with the Not-So-Empty Nest” HERE.

Tags: empty nest, financial communication, kids returning home, money communication, money huddle, money personalities, the money couple
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