The notion that money can’t buy happiness is true to some extent but for people in a relationship, having aligned financial goals will go a long way in reducing the constant conflicts. Besides communication issues, relationships have suffered from financial issues. In short, serious money fights are prevalent in most relationships.

To most couples, talking about money isn’t a pleasant encounter despite its high place in determining a healthy relationship as well as financial security. While this is the case, it’s possible to embrace your significant other when managing your finances. With the financial tips discussed below, you can improve and stabilize your relationship.

Identify the money personality traits in your partner

People are different, there is no denying that. The differences tend to influence how we handle the finances to some extent. For instance, if you have a partner who embraces frugal spending habits but you like spending liberally, you can bet that your money talks are more likely to get heated.

When you identify how your partner thinks about and handles finances, you are closer to understanding the reasons behind the personality. With this in mind, you can handle the money topics without being judgmental and be more open to putting yourself in your partner’s shoes. Once this is accomplished, it is quite easy to lay down workable plans adapted to the different personalities. [Read more…]

Americans are living longer than ever, which means retirement could last 20 to 30 years for some people – maybe even longer.

That’s great for those who remain in reasonably good health and retire with plenty of financial stability.

But lengthy life spans also increase the odds that many seniors will deplete their savings, face debilitating health problems and need to turn to their children for financial help or caregiving.

That’s a far cry from the kind of retirement they dreamt of over the years.

“I’ve done focus groups where one of the chief concerns that comes up is people don’t want to become a burden on their kids,” says Jeannette Bajalia, a retirement-income planner, president of Woman’s Worth® (www.womans-worth.com) and author of Retirement Done Right and Wi$e Up Women.

It’s really too late to do much, though, when you’re 80 and your life starts unraveling. That’s why it’s important to plan ahead to get your finances and health in the best shape possible, she says. Among some of the points worth thinking about: [Read more…]

What every consumer should know about overcoming a cash crisis

There’s been a dramatic reversal in spending behavior. People are borrowing more money and not paying down their debts. In the second quarter of 2015, there was a $28 billion increase in credit card debt. That’s a 66 percent increase over the same period last year. “What this means,” cautions National Debt Relief Consumer Advocate Adam Tijerina, “is that a lot of people may soon need help climbing out of debt.” He adds that should that happen to you, getting the right kind of help can make the difference between restoring your credit and falling further behind in your bills.

Financial hardships can strike anyone at any time. “Your work hours get reduced or you get laid off. Maybe you get divorced. Or, you may be making great progress on interest charges until medical expenses derail your efforts,” Tijerina explains. [Read more…]

By Michele P. Conti, Meyer, Unkovic & Scott 

For many people, their attitude about estate planning matches their attitude about fixing a squeaky hinge or submitting the warranty registration form that came with the refrigerator: You know you should probably get around to doing it at some point. People often have such a casual attitude toward estate planning because they believe some of the following myths about estate planning, which lead them to believe that estate planning isn’t necessary: 

Myth #1: Only rich people have an “estate” 

An estate is everything you own when you die – your home, personal property, vehicle, investments, bank accounts, retirement plans, life insurance, interest in a family business, ownership of oil and gas rights and even pets. Passing away without the proper documents in place may allow a relative you don’t know well or you don’t want to handle your property to inherit your belongings. Without a will or trust, Pennsylvania law dictates who will receive your belongings. 

Myth #2: Estate planning is mainly to avoid taxation upon death 

Some people think that estate planning is simply a complicated process to avoid paying death taxes. While tax savings are often helpful, an estate plan also helps people to preserve their assets while they are living. For example, an attorney can help explain the Medicaid or Medicare process and help elderly and terminally ill clients maintain their available assets that otherwise may be drained by the cost of a nursing facility.  [Read more…]

The American Dream has evolved past the humble “white picket fence.” Way past. We all strive for the “nice” home (as defined by HGTV and Pinterest) as opposed to the cozy one, keep a perpetual car payment instead of driving an older model, and chauffeur kids to an endless array of pricey activities rather than sending them outside. Call it creeping consumerism, entitlement, or plain old peer pressure. The point is, we see our hectic and expensive lifestyles as normal—and it’s time we realized that keeping up with the proverbial Joneses is actually extravagant and irresponsible.

          The Joneses you’re trying to keep up with aren’t the doctors and lawyers two streets over, says Donna Skeels Cygan. They’re the middle managers, teachers, and laundromat owners next door, and—guess what?—they’re as anxious and unhappy as you are. That’s why she wants us to reframe our perspective on what’s “normal” and adopt a simpler lifestyle with less debt and stress.

          “Fulfilling lives are lives based on your core values, not the ones society dictates,” says Cygan, author of The Joy of Financial Security: The art and science of becoming happier, managing your money wisely, and creating a secure financial future (Sage Future Press, 2013, ISBN: 978-0-989-77844-2, $24.95, www.joyoffinancialsecurity.com). “It’s amazing how many of us feel we have to live in the right neighborhood or drive a new car just because our peers do.

          “Often, happiness means making a deliberate choice to stop keeping up with the Joneses,” she adds. “You have to pay attention and get mindful about where your money goes. It’s worth the effort. The consequences of living beyond our means outweigh the short-term satisfaction we feel when we pull out a credit card to make another upgrade. Lavish spending just does not make us happy at all (at least not for long). Sane, smart money management does.”

[Read more…]

Our country is aging, and the number of pensioners on government benefits is growing, according to government statistics. Pensioners over the ages of 50 and 60 receive a proportion of more than half of all of Britain’s total benefits budget (about £109 billion or $166 billion). The benefits are also boosted by a mechanism that guarantees adjustments to the pensioners’ benefits. This so-called triple lock provides increases based on earnings increase, price inflation or a 2.5 percent broad increase. Pensioners receive whichever is the highest of all of these over a given time.

Government programs, such as free bus passes, winter fuel allowances and even free TV licenses over the age of 75, also benefits seniors. As simply giveaways, the benefits are not based on need at all, which frustrates disability advocates. About one billion people in the world live with some form of disability, according to the United Nations. And here in Britain, our seniors with disabilities have a tougher time finding benefits for disabled persons.
[Read more…]