Don’t Let These Money Mistakes Ruin Your Relationship

Don't Let These Money Mistakes Ruin Your Relationship

What’s your relationship status when it comes to money?  Is it “it’s complicated”?  That can be the answer for both older and newlywed couples alike.  Sometimes you can be the perfect match when it comes to everything and then money can throw a curve ball into your relationship.

Talking about money is the best way to stay on the same page, but there are also those little quirks that can have your sweetheart seconding guessing your relationship when it comes to money.  Don’t let that happen.

Whoever said being a relationship takes work was right.  The easiest thing you can do is eliminate all the outside noise so you can your spouse can just focus on being a couple.

Here are some money mistakes that can ruin your relationship:

Trying to manage the household expenses alone

When it comes to money and relationships, it’s always better to do it together.  When the burden of being the only breadwinner or being the sole money manager in the family gets to be too much it can lead to big trouble in the relationship.

Even if one spouse brings in an income and the other doesn’t sit down and make money decisions as a couple.  A relationship is stronger when both contribute to major decisions.


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Lack of saving for the future

If you live for today your spouse can mistake  your lack of seeing into the future as not wanting to plan a future together.  Although the two aren’t necessarily related, you can see how it may be misconstrued.  Talk about your individual and couples goals and set at least one joint goal in the future that you can both work and save towards.

Don’t take on your spouse’s debt

According to popular finance site Go Banking Rates co-signing for your spouse’s loan is a big no-no when it comes to relationships and money.

“It may seem romantic to buy a car or home together, but it can really mess up your relationship and finances. Most loans last for quite a long time.  You don’t want your loved one’s loan lasting longer than your relationship. Your significant other might seem financially secure and responsible, but you will be held accountable for repaying back any debt if they decide to stop paying back the loan.”

Micro managing your spouse’s money

If you are very responsible with your money and your spouse is not quite on the ball don’t put them under a microscope.  You can definitely talk about money, but don’t treat your spouse like your child when it comes to saving and spending.

A better way to go about it is to talk about your goals and plans for the future.  When you set a savings plan in place to work towards those goals your spouse will need to change their habits in order to help achieve them as a couple.

Using a goal tracking system or app can help you track the progress together and in time your spouse’s habits will change…hopefully.

Do you think there’s one mistake couples make when it comes to money?



How to Spend Your First Summer After College

How to Spend Your First Summer After College

As spring blooms upon us graduating college students are getting their caps and gowns and freshmen are heading home for the summer.  If you are free from classrooms and books over the next few months how are you going to spend your summer?

When I moved away from home to attend college I actually left home.  After each semester I didn’t pack up my bags and go home for the summer, I stayed in my college town.  I worked throughout my four years at college and not having classes in the summer meant that I had a lot of free time on my hands to explore the city.  Looking back on it I probably should have moved back home and enjoyed living rent free for a few months, but hey, we all make choices.

How are you spending your first summer after college?

Apply for an internship

Work experience is a valuable asset after graduation.  Having some real life experience in addition to your scholastic achievements can give you a leg up on other candidates when applying for a job.  The connections you make during a summer internship also lead to a full time job after graduation.


One of my biggest regrets from college is that I didn’t travel…at all.  I wish I spent spring break in Mexico, summers travelling in Europe and a semester abroad.  Unfortunately that didn’t happen because I took every single free minute as a way to work more and make money.  My advice to all the college students out there is to travel if you can because experiencing new things makes us better people.

Start a business

What better time to create a master plan than three months of summer.  If you have the entrepreneurial spirit now is a great time to think about starting your business.  Creating something during summer also gives you a hard deadline to make sure you get it off the ground before going back to school.

Make a To Do List

Summers can be for lounging around with friends and having a good time.  This is not to be confused with free-loading and gallivanting.  Even if your plan this summer is to be carefree and have fun still make a plan.  Having a to do list (even if it’s for fun activities) will help you keep focused, give you a reason to wake up each morning, let you experience new things and not feel like your total summer was a waste.

Take a summer course

Some students want to rush through college and get on with their lives.  As a college graduate my advice is not to take summer courses and try to finish college faster.  If you take a summer course to lighten your workload during a semester that may be a good idea, but don’t rush to graduate.

Once you finish college you can never go back and if you’re like me you’ll look back and regret that you didn’t take more time to enjoy the student life.  Summer is to have fun so enjoy it.

How Women Make Money Online:  Why New Businesses Fail

Here's the next post in our How Women Make Money Online. These Are Three Reasons Why New Businesses Fail

Making money online isn’t easy, the truth is a lot of new businesses fail.  According to Forbes ” 8 out of 10 entrepreneurs who start businesses fail within the first 18 months.”  That’s not always due to lack of a good idea, sometimes it’s just mismanagement and lack of preparedness.  Sometimes people are creative entrepreneurs, but not ready to run a business because they don’t know how.

Taking business courses at a local school or night classes at a community college can help women learn how to become business savvy entrepreneurs.  Some others may prefer to learn how to do it on their own.  That’s how I did it.

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I started my first business in 2009 and it was an epic fail – as far as the business goes.  I spent a lot of money to get the business started and because I knew nothing about starting or running a business it lasted less than six months.  However I don’t consider it a total loss because I learned a lot about myself and about what it takes to be in business.

Now seven years later I’m happy to say that I run a profitable consulting business.  As a woman entrepreneur myself I love helping other women learn the basics of running a business.  I’m happy to share my story if it can help someone else succeed.

Here are three reasons why new businesses fail:

No need in the market

You may have a great idea, but if there is no demand for it then there’s really no point in putting your blood, sweat and tears behind it.  One could argue that any type of business can have a target market because there are all types of people in the world.

That may be true, but it takes both time and money to test a product or service in the market to find out who (if anyone) wants to buy your product, how much they are willing to pay and how often they need to repurchase/use it.  Before spending a pocket full of money to launch a product or service test the market first to determine the demand.

Expanding too fast

One of the biggest mistakes I made with my first business was trying to start out as if I was already an established business.  Yes perception and reputation are a big part of a business’ success, but don’t pretend to be something you’re not.

It’s O.K. to start small.  My advice is to find a niche and focus your efforts from there.  Once you are successful with a specific product/service to a small target audience you can expand to include other services and products, but don’t try and do it all at once.  That only leads to lack of focus on your part and confusion on the part of potential clients.

Outsourcing instead of DIY

Learning new skills such as website development, the importance of SEO, how to take good photos and how to create content can all help your business succeed.  Starting a business is expensive and doing most of the work yourself can help save big bucks.

It will prolong the process, but it will make you a better entrepreneur because you’ll understand the ins and outs of absolutely everything.  If you eventually need to outsource tasks due to workload you’ll be able to give direction on exactly what it is you want and you’ll make sure you aren’t taking advantage of.


How to Invest Your Money for the First Time

If you want to learn about investing money here are tips on how to invest your money for the first time.

Are you a newbie when it comes to investing money?  If so the idea of putting your money into the stock market can be overwhelming, confusing, exciting and extremely addictive.  Are you wondering how to invest your money?

If you have some cash saved up and want to invest here are some tips to get you started.

Don’t pay a fee

Just like anything in life there is no point in paying a fee until you’re sure you are happy with the service.  Hiring an investment advisor or paying for a discount brokerage service is not worth it for first time investors.  Paying a fee is only worth it if you’re making a profit that covers the fee and then some.  If you’re starting out with a small amount of cash just do it yourself.

Research your options

You may be thinking, how can I do it myself if I don’t know anything about investing money?  Well that’s a great question.  You’ll do it the exact same way anyone does, you’ll learn.  If you are looking to buy mutual funds or ETFs look at the fund facts.  If the investment objectives match yours and the level of risk is one that you’re comfortable with then that may be the right investment option for you.

Talk to your bank

A good place to start learning how to invest your money is at your bank.  Talk to a personal banker to get some recommendations and learn about the different types of options available when it comes to investing money for the first time. From there you can go home and research your options.  Before you know it you’ll be on your way to buying your first investment.

Think about your comfort with risk

There are all kinds of different investments in the world.  Some are high risk such as stocks and precious metals and some are low risk such as bonds and money market funds.  Stocks are probably not the best choice for your first investment.  Just because it’s called the stock market doesn’t mean you have to buy stocks.  Stocks invest in one company and that’s a lot of risk for your first investment.

An alternative is to purchase mutual funds or exchange traded funds (ETFs).  These are investments that purchase individual stocks and bonds to create one diverse investment.  Purchasing several different mutual funds or ETFs within your account makes a well balanced portfolio.

Just do what makes you comfortable

You may be nervous about investing money for the first time, but don’t.  At the end of the day you need to do what’s right for you and sometimes that means starting small and purchasing more investments as you become more comfortable over time.

Don’t jump into anything – especially with your money – before researching your options and seeking the advice of a professional at your local bank.  Just remember that most investments aren’t guaranteed and therefore the value of your account will fluctuate day to day.  How much it fluctuates depends on how comfortable you are with taking risk.  That’s probably slim to none at the beginning.