Sheryl Garrett
Sheryl Garrett
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I like to use cash, and I recommend it to others. I'm a big fan of envelopes and putting aside cash for specific items. If the 'dining out' envelope has only $12 left near the end of the month, you know it's time to stay home and open a can of soup.
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This way, both spouses are kept in the loop, and there are no secrets. There's no blame, no shame. It's taking your financial pulse: Did we meet our goals? What can be done better? You don't want to beat each other up--you want to make the finances work better.
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Don't leap until you know exactly what you can afford and how you'll afford it. Stretch, but don't dream impossible dreams.
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Don't fall for the pitch '15 months is as good as cash'?even if you have lawn furniture in your living room. Retailers know that most customers won't pay in full within 15 months, and they'll be charged interest from day one. So, if you sign up for such a plan, be sure to put one-fifteenth of the full payment in a special account each month and pay in full at the end of the interest-free term.
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There's nothing finite or tangible about an electronic transfer or use of a credit card. We don't feel the pain of parting with our cash, but we still get the high from making a purchase.
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Bailing your kids out of a self-inflicted financial mistake is going backward. A credit card can teach a kid when to stop spending. The lesson will be lost if parents keep bailing the student out.
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Lending practices have become so aggressive that many people are qualifying for mortgages above and beyond the old guidelines. I think the total house expense shouldn't exceed 28% of net income, and the mortgage plus other debt such as a student and car loan shouldn't be more than 36% of gross income.
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Secrecy can be a killer. Many couples get married in their late 20s or even early 30s and are used to being independent. Having separate accounts allows the couple to maintain some financial independence while being completely open about it.
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Newlyweds make decisions that affect each other. Young couples need to think about the unthinkable. If you have assets that you want your spouse to keep if you die, you need insurance.
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With time on our side a couple of months in advance of the holidays we have the opportunity to step back and ask, 'What's a reasonable amount of money I can spend on holiday festivities, gifts and donations?'
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The president of the college is suspended since Aug. 24 and I don't have a communication from the school?
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Both spouses need to be on the renters or homeowners policy.
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Try to remove as much emotion as possible from the housing decision. When considering a house, go through it room by room and make a list of repairs that need to be done immediately and then add things you'd like to do if money were no object. Be cautious and do the math.
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There are about 1,100 laws that apply only to married couples that more than make up for the marriage penalty.