During an interview with Channel 4 news I talked about the importance of having a big picture plan for where you're headed financially. A big picture plan can help provide the answer to the question, "so what"? So what if you make sacrifices to save money or pay down debt? Is it worth it? It is if you've got a goal in mind that's more exciting or more rewarding than your current situation.
Click  here  to read the full interview. 

Money can be a big source of contention in a marriage. Get past the arguing with a few tips that will help you talk about money effectively.
Read full article here

It’s National Consumer Protection Week (#NCPW2018) — March 4-10, 2018 — and I wanted to shed some light on the Federal Trade Commission’s consumer resources. The FTC is a national consumer protection agency with great resources to help you protect yourself from fraud, identity theft, and scams. Maybe you’re wondering about the best way to use credit, how to shop for a used car, or maximize your security online? They help with that too.  
 
Consumer protection was one of my favorite topics to study during my graduate degree (NERD ALERT!). Growing up my mom had taught me by example that it was possible to stick up for yourself as a consumer while still being kind to the person responsible for helping you (i.e. store clerk, waitress, doctor, wireless company, etc.).  Learning more about consumer protection in school (shopping and saving, buying and owning a vehicle, credit and loans, dealing with debt, resolving consumer problems, etc.) solidified what I had learned from her.
 
I follow the FTC’s consumer blog (www.consumer.ftc.gov/blog) to stay up to date on the latest scams on everything from debt collection to identity theft. When I get a fishy phone call, piece of mail or see a strange social media advertisement, I report it on the FTC’s Complaint Assistant website. If I have a question about a financial topic I’ll search it on www.consumer.ftc.gov first, before looking to other sources that may be less credible.
 
I hope these resources can help you make better-informed decisions about money. If you have any consumer protection-related questions about scams or identity theft leave a comment and I’d be happy to answer! 

​When you think about important aspects of your relationship with your significant other does managing money come to mind? It's common to have different opinions about spending, saving, investing, etc., Money disagreements are common in marriage and that financial strain can be linked to marital instability (Gudmunson et al., 2007). What about YOUR financially ever after? How do you handle money disagreements? Here are a few expert tips: 

• Don’t Explode - This is communication 101 (which we could all use a regular refresher course in) and it is certainly applicable in the case of financial disagreements. It can be unsettling to realize you and your spouse don't share the same opinion about a financial topic. 
• Communicate Genuinely – Don’t be sarcastic, disapproving, or judgmental. Simply state what happened, what was said, etc. and how it made you feel. Listen with a genuine intent to understand your spouse's point of view.
• Don’t Expect a Solution…in the Moment – Often heated, emotional discussions don’t end with rational, logical solutions. Don’t expect “answers” then and there. Everyone takes different amounts of time to process and understand. 
• Give Each Other Time - Give each other time to process and debrief. Very few compromises are born from calling someone on the carpet (or feeling that you’ve been called on the carpet). You may need to revisit the conversation in a day or two or even longer if it's a life-changing topic related to a new job, another child, education, etc. 
• Compromise for a Solution-When you find it difficult to compromise remember, there is ALWAYS a higher priority on financial peace than personal indulgence. Financial peace is priceless and is more important than anything we may want to buy with money. We should consider our spouse’s financial peace to be of greater importance than any of our own personal material wants. In the end, that’s what helps us want to compromise and move forward. 

Financial success, and success in marriage, takes work. You can feel confident in your ability to talk things through with your spouse-but it does take practice. It won't always be perfect. As you move closer and closer to the same page with your money goals, you'll be happier, more content, and less prone to money fights. 

References:
Gudmunson, C. G., Beutler, I. F., Israelsen, C. L., McCoy, J. K., & Hill, E. J. (2007). Linking financial strain to marital instability: Examining the roles of emotional stress and marital interaction. Journal of Family and Economic Issues, 28, 357–376.
 
Opdyke, J. D. (2009). Financially ever after: the couples guide to managing money. New York: Collins Business.

My husband and I recently shared the budgeting "secrets" that have helped us successfully create and stick to a budget during our "Financially Ever After" breakout session at the 2018 Date Your Mate event. 

Fill out the form below to access the information we presented including the 8 money questions every couple must ask each other, tag‐team budgeting, personal allowance, 1% funds, and more!
​

Filing your taxes early is one of the best ways to protect yourself against tax fraud. In honor of Tax Identity Theft Awareness Week (January 29-February 2) here are some tips to help you prepare to file.

​It is MUCH easier to gather all your tax documents the first time than to make a second trip to file an amended return. The IRS projects that about five million taxpayers will file amended returns (IRS.gov). Amended returns take a long time to process! If you’re planning a trip to have your taxes prepared here are some tips to help it go smoothly:

Picture ID: The tax professional will need to verify the identity of everyone listed on the tax return.

Social Security card(s): Typically, you’ll only need to provide this once. Your tax professional will copy it for future use. Tax sites need to see the actual card or ITIN letter.

Last year’s tax return paperwork: Optional. This isn’t a requirement but can be a great reference for this year’s process. Looking over last year’s return in advance may trigger a reminder to bring documentation for itemized medical expenses, charitable giving, work expenses, etc.

Personal Records:

• A W-2 from every employer, an unemployment statement if applicable.
• Child & Dependent Care Credit information (provider’s name, address, Tax ID/SSN, and total spent).
• Form 1098-T if you have a college student in the family. You will need to know their total tuition, fees, scholarships, books and equipment expenses.
• Form 1095-A if you purchased health insurance through healthcare.gov or a state marketplace.

Financial Institution Information: Be sure to have the correct routing number and account number(s) for your direct deposit return. Use form 8888 to split your refund and save part of it in a savings account. If you choose this option, you can go to www.saveyourrefund.com and enter to win one of 100, $100 prizes-just for saving money!
 
Expert Tip: If you make $54,000 or less, save more money by getting your taxes prepared for FREE by local IRS-certified volunteers at a Volunteer Income Tax Assistance (VITA) site in your area! VITA Site Search.
​
Further Resources:
America Saves
10 Tips from the IRS

A positive money mindset takes us much further down the path towards financial success than a negative mindset. If you find yourself constantly saying, "I'm bad with money" or "We'll never be able to afford (fill in the blank)", than most likely you will see yourself continue to make poor choices with money which won't allow you to "afford" the things you'd like. In the spirit of positivity, here are 5 money mantras to beef up your bank account!

1. Pay Yourself First​ – One of the most common financial phrases is, “pay yourself first”. In other words, make the first “bill” you pay every month be a portion of your paycheck into your own savings account. There are countless reasons why regularly contributing money to savings is a good financial strategy. Anyone who has had to draw on their savings during a financial emergency will tell you the peace of mind of having some funds stockpiled is worth the sacrifice! Want another great reason to contribute to savings?? The Federal Reserve raised interest rates on December 13, 2017 and plans to raise them three more times in 2018. For years those rock bottom interest rates that we’ve seen will likely be rising! It’s expected that some online and community banks may offer interest rates between 1 and 2 percent. You should save money regardless – but this year, you may actually make money doing it.
2. Spend with a Purpose – Let’s talk about spending discretionary income (income remaining after deduction of taxes, mandatory expenses and expenditures on necessary items; Investopedia.com). Instead of a focus on restricting spending, turn the perspective to spending discretionary income more meaningfully. Decide what is meaningful to you and commit to spend money on things that matter most. In order to do this, you may need to look at your current spending patterns and understand what is helping you reach their life goals and what is not. An outing with your kids, a date with your significant other, an act of service, some "me" time at the spa may all provide more purpose than filling your online shopping cart and, "click" more mindless spending. 
3. Examine Your Side Hustle – Nowadays it’s common to find people thinking outside the box to earn a bit of money on the side. There are numerous examples of people who make extra money “on the side” simply by sharing their talents with others i.e. photography, childcare, art, teaching a skill, baking, etc. Do you have a side hustle? If so, examine your efforts. What can you improve in 2018? No side hustle? Maybe it’s time to consider something. Could you beef up your bank account with a side hustle in 2018?
4. Plan to Prosper – It's ok to say to yourself, "I expect to succeed financially!" A positive mindset is much more likely to lead to positive results and paired with positive actions we can really beef up our bank accounts!  For example, one common budget buster is food expenses. In fact, MarketWatch published a new survey showing, “… that 45% of American cite food costs as their biggest budget buster, which proves that for one reason or another, eating out is a really easy trap for many of us to fall into.” So…plan ahead! Before you are exhausted and hungry! Stock up on freezer meals, take advantage of free grocery pickup, plan your meals for a week, set up a meal swap with a trusted friend or family member, etc. If you know that a great meal is waiting for you at home, the impulse to dine out will be less.  Try this for a month. I bet you’ll be shocked by how much you can cut down on food expenses with a little bit of planning.
5. Invest in Yourself – Whether it’s formal or informal education every bit of knowledge that we gather contributes to our human capital (the collective skills, knowledge, or other intangible assets that can be used to create economic value; Gary Becker, Economist, University of Chicago). Investing in ourselves can reap great rewards that spillover into our financial lives. I broadly interpret this phrase to include everything from learning a new skill to taking a mental health day. Investing in yourself will affect every aspect of your life-including your financial well-being. 

Watch my Studio 5 segment on this topic here
Read more about money resolutions: 
US News
Forbes
Bustle

January 31, 2018 is the deadline to sign up for the free credit monitoring Equifax is offering consumers. If you are one of the many who tried to sign up last fall, experienced trouble getting through, and never got signed up, the time is now. Click the link above.

What’s Equifax offering?
Until January 31st, anyone with a Social Security number can sign up for one year of free credit monitoring at equifaxsecurity2017.com. You don’t need to be a victim of the Equifax breach.

What you get when you sign up?
Equifax’s TrustedID credit monitoring covers all three major nationwide credit reporting agencies – Equifax, TransUnion and Experian. If any suspicious activity appears on your credit report, you’ll get an alert. The free services also include a copy of your Equifax credit report, Social Security number monitoring, and identity theft insurance. Plus, for a year, you can lock and unlock your Equifax credit file for free. Credit locks help limit access to your credit file by identity thieves trying to open new accounts. You need to get locks with all three credit reporting agencies for them to be effective.
​
What happens after January 31st?
​According to Equifax’s website, the enrollment period for free credit monitoring ends January 31st. Instead, starting January 31st, it will offer a free lock-for-life product that will allow you to lock and unlock your credit file, at no cost, from a mobile phone or computer. Equifax hasn’t announced the details yet. So, if you want to know more, check Equifax’s website after January 31st.

Source: https://www.consumer.ftc.gov/blog/2018/01/equifaxs-free-credit-monitoring-time-ticking?utm_source=govdelivery

Tis the season for increased awareness of and opportunity for charitable giving. Unfortunately, scammers take advantage of the holiday season to tug at our heartstrings and try to get to our wallets. I stopped by Studio 5 to chat with Brooke about how a little research will help you avoid a scam and ensure that your gift goes to a reputable charity that will use the money as you intend.

To avoid charity scams, consider these 5 tips before you give:

• Donate to charities you know and trust with a proven track record. How can you research that track record?? Search these trusted websites: 
  • Better Business Bureau's (BBB) Wise Giving Alliance
  • Charity Navigator
  • Charity Watch
  • GuideStar
• Be alert for charities that seem to have sprung up overnight in connection with current events. Unfortunately scammers really good at quickly setting up a website and collecting funds in the name of a natural disaster or tragedy (Hurricane Harvey, Las Vegas shootings, etc.) One good way to give in these situations is to check the news articles reporting about the event. Usually they will also inform you of legitimate organizations collecting money to help out. 
• Read what others say online about the charity. Do some online "charity stalking". What's the buzz? Do people say it’s a scam?
• Don’t click on links or open attachments in emails. Not only could you unknowingly install malware on your computer, you could also be taken to a look-alike website for a fake charity. Scammers often use the same logo, color schemes, and fonts to make their sites look just like the real thing. Look up the charity’s web address and type it in your browser yourself.
• When texting to donate, confirm the number on the charity’s website. Does the charity even have a text to donate option? If you receive a random text with a request  to donate do not respond. Unfortunately, scammers use these tricks all to well.

One final thought-fake websites and other scams get taken down and scammers get caught largely because consumers like you report them! If you see anything fishy report it to ftc.gov/complaint.

Comment below: How do you incorporate charitable giving into your holiday budget? 

​Source: consumer.ftc.gov