Seven Steps to Develop a Great Relationship With Your Money

Love is in the air, as many people become enamoured with romantic thoughts around Valentine's Day. While love connections may be foremost on our minds at this time, we can also consider another important relationship that we all should enjoy - the one with our money.

A personal relationship requires understanding, respect and dedication to survive the test of time. Similarly, you need to develop a healthy rapport with your money if you wish to be financially successful. Let's look at some tips that will help you to have a long and lasting money relationship.

Do: Be aware of your money needs

One sign of a robust love affair is when both partners recognise and respond to each other's wishes and needs. To create a healthy relationship with your money, you have to consider all the things that you will need to spend money on over the course of an entire year.

The most effective way to keep track of your expenses is by preparing a detailed monthly budget. It's important to record occasional costs that will arise such as school fees, holidays, property tax or car insurance, for your budget to be accurate.

Don't: Take your money for granted

Some persons become complacent with their partners and start taking their presence for granted. Don't be lulled into thinking that your money will always stick around no matter what you do with it; if you begin to spend it frivolously, you could be setting the stage to losing your precious partner.

Treat your money with respect by establishing priorities for its usage. Your budget will indicate if you are overspending on areas which are not profitable such as entertainment or fancy gifts. Direct more of your funds into profitable uses such as purchasing assets that will retain their value.

Do: Keep track of special dates

To show that they care, special occasions such as Valentine's Day, birthdays and anniversaries should be acknowledged by both partners. One mistake that can cost you plenty and jeopardise your relationship with money, is forgetting dates when important expenses are due.

Create an annual expense tracker that highlights due dates for regular bills and those that do not occur every month. You can incur penalties or late fees for missed payments, and even lapse crucial plans like your insurance policies, if you don't have a system to remind you to pay them.

Don't: Ignore money problems

In every relationship, there will be times when challenges arise that can weaken the strong bond that was built. If money difficulties come your way, such as increased budgetary costs or loss of income, it's important to acknowledge them immediately instead of pretending that they don't exist.

The first step whenever negative financial changes occur is to revisit your budget to see how they will affect your spending plan. You may need to cut back on some expense items to rebalance your budget, or if the income shortfall still persists, you will have to look at options to earn more money.

Do: Get money advice

Sometimes, the severity of the challenge to the relationship requires intervention from a therapist. There may be situations when you do not know how best to handle a major money problem, such as deep indebtedness or costly emergencies, so it's wise to seek professional advice.

Depending on the nature of your money problem, you can get help from reading financial books or by searching online for solutions. If you need in-depth coaching to resolve your issues, then ask a representative at your financial institution, or an independent money counselor, for advice.

Don't: Be tempted by debt

A love affair can be destroyed if one partner gets involved with someone outside the relationship. If you start depending on a money source aside from your own income, such as credit cards or payroll loans, to buy consumer items or meet your spending needs, you will be courting trouble.

Debt can be like a demanding mistress who requires increasing amounts of money to maintain her position. Very soon, most of your pay cheque will be channeled into loan payments and there will be little left to deal with your bills. Avoid the debt trap by ensuring that you live within your means.

Do: Make long-term plans

A love relationship needs commitment from both parties to guarantee that it will remain strong for the long run. While you need to make the best use of your funds right now, you also must make firm preparations to manage, multiply and maintain your money for the future.

Some of your current earnings should be put aside to save for emergencies, build opportunity cash and fund important goals such as buying a home or planning for retirement. If you adopt a long-term outlook for your money, you will enjoy a fulfilling financial relationship for your lifetime.

This site is centered around topics ranging from Forex currencies, day trading, stocks, mutual funds and other forms of investing. To learn more about investing for 2018, be sure to visit Forex Master Method Evolution

What Is a Second Chance Bank Account?

I knew a lady who did not have any idea how to manage her checking account. She was continually bouncing checks. Her concept was that she made a pretty good salary, so she didn't have to worry about her checking account balance, and she just kept writing checks. She bounced checks to her landlord. She bounced checks for pizza! She bounced checks all over town. She had more bounce in her checks than the Harlem Globetrotters have in their basketballs.

Usually a bank will call a halt to this kind of abuse on a checking account at some point. One of the stopping points is when a checking account stays at a negative balance for so many consecutive days. For some banks, it is 90 days consequentially.

Then, the bank reports the closed account (for NSF's, non-sufficient fund checks). When the customer goes to another bank and tries to open a new account, that report shows up and the new bank will refuse to offer a checking account. However, if the bank is one of those that offers Second Chance Checking Accounts, the customer may open an account with some stricter requirements.

Usually they will be warned that if the customer overdrafts the account a certain number of times, the account will be automatically closed. There also may be a requirement to put extra money in the account which will not show up in the bank account balance. This money is there for the protection of the bank if overdrafts occur.

The restrictions on Second Chance Deposit Accounts vary from bank to bank, and not all banks offer this kind of account.

Deposit accounts are a privilege, not a right. And, overdraft fees are legal. There has never been a successful class action lawsuit against overdraft fees. Therefore, it is necessary for banking customers to respect their checking account and keep an accurate balance for their account at all times.

When a customer has abused their banking privileges to the point that they are no longer welcome with any bank, the customer has a problem: Where will they get their checks cashed? Whether it is an employment check or a personal check written to them, banks will not cash a check that is written to a third party. The only option then may be an expensive check cashing service.

There is one simply rule that will help every customer avoid overdraft fees: never write a check or use the debit card if the money is not already in the account! It seems simple, and it is. But, many bank customers do not understand how necessary it is to follow this rule.

Real time processing of transactions makes it easier for customers to avoid problems, but there are still certain types of transactions that may not show up for a few days. If the customer does not keep an accurate account balance, by correctly adding each deposit as it is made, and each debit card transaction and/or check as it is made or written, and immediately subtract that amount so that they know exactly how much is in the account, there is the ongoing possibility of overdrafts, and the responding NSF fees.

Avoid the necessity of seeking a bank for a Second Chance Bank Account. Maintain an accurate account balance transaction by transaction, and you will save yourself embarrassment with businesses and the cost of overdraft fees on your checking account.

This site is centered around topics ranging from Forex currencies, day trading, stocks, mutual funds and other forms of investing. To learn more about investing for 2018, be sure to visit Forex Master Method Evolution

Conflicting Priorities: Planning For Retirement vs Planning For College

Setting up and sticking to a financial game plan is hard for most individuals. Adding a child to the mix, makes it even more challenging. Parents have tough decisions to make every single day of their lives and one of the biggest financial decisions they have to make is deciding how they want (if they have the desire) to fund their children's college education. In addition to college planning, most parents also need to make sure they are properly planning for retirement. So which one is more important?

College is not getting any cheaper and with the continual increases in tuition and fees, parents need to seriously consider the various options they have access to for college planning. The most popular vehicle today is the 529 college savings plan. Aside from the 529 plan, parents can also utilize a Coverdell Education Savings account, UTMA/UGMA, Life Insurance, IRA's or U.S. savings bonds. Each of these solutions has pros and cons, so be sure to consult with your financial advisor about which option makes the most sense for your situation. If none of these options has ever crossed your mind, there are other methods of funding a college education which most of you are familiar with... loans, grants, and scholarships. With grants and scholarships the money is just given to you, but loans you have to pay back. If you can outright avoid loans, please do, but they are a great source of funding and sometimes they end up being the only option.

Retirement is on the mind of every working adult and when that day comes, hopefully you are financially prepared. If you're employer offers retirement benefits (like a 401k), you should be utilizing it. If you're employer doesn't offer such a benefit or you are the business owner, then it's up to you to take care of your retirement program. Depending on where you work, your company may still offer a pension plan, which means the company is putting money into an account on your behalf to be utilized during retirement. Pension plans are slowly becoming a thing of the past because they are extremely expensive to keep in force, thus companies are putting more of the responsibility on the individual to take care of their retirement needs. In addition to those retirement options, the government will provide some assistance via social security. Social security, by itself, will not be able to fully support you during your retirement years, thus you need to make sure to take full advantage of your retirement benefits through your employer if offered. If those retirement benefits are not in place, then you should pick up the phone or send an email to your financial advisor and get to work.

Have you figured out which one is more important? Your answer should have been retirement and here's why. With retirement, if you don't setup a plan and stick to it, there are no loans, grants or scholarships to bail you out. At that point, you only have two choices: (1) retire with less money or (2) work longer. Most people probably don't like either one of those choices but unfortunately that is going to be a reality for many people. College planning is a huge priority for many parents, but there will always be loans, grants and scholarships available. Such options don't exist when it comes to retirement, so if you are a parent and you are trying to figure out which one to focus on, choose retirement.

This site is centered around topics ranging from Forex currencies, day trading, stocks, mutual funds and other forms of investing. To learn more about investing for 2018, be sure to visit Forex Master Method Evolution