Tag

personal finance in marriage

A Step-by-Step Guide to Create Your Personal Finance Statement

 To get your personal finances right, you must list goals with a personal finance statement. There are many ways to create your personal finance statement.  But first, you should be familiar with, Personal Finance Literacy and Personal Finance Planning.

You can accomplish this by using the following: Personal Finance News, Personal Finance Articles, and Personal Finance Courses from investing to home buying.

Then, include the following tools on a regular basis; A Personal Finance Book, Personal Finance Spreadsheet, Personal Finance Reddit, and of course, understand Personal Finance Management.

If you can master this knowledge; your personal finances will soar. Your personal finance statement will be created after you finish all the following personal finance tips listed below.

A step by step guide to create your personal finance statement

Step #1 –
Obtaining Personal Finance Literacy

Personal finance literacy includes learning and understanding various fields of personal finance. You must have personal finance literacy to create great finances in your life. I was attending a woman’s conference once and a surprising thing happened.

A young woman saw my name tag, I was to speak on personal finance to this group of businesswomen, including her. She came up to me and said, “what – is – personal – finance”.

I am not going to lie, I was a little shocked that an educated, intelligent businesswomen would ask me this question. I politely said, “your personal finances”. I am not sure that she understood, but she said, “oh”.

I knew she would understand after I spoke at the conference. But she is not alone, many intelligent people do not understand that their personal finance literacy is at the core of their financial success or failure.

Step #2 –
Your Personal Finance Planning

Nothing great happens like magic, including personal finance planning. You must plan what you do and do what you plan.

That applies to personal finance planning, as well as anything else that brings success.

Personal finance planning does not include you turning your financial decisions over to someone else. You must know what you need and what you want to do with your personal finances first, both short and long term.

Otherwise, you may be steered in the wrong direction by others who do not understand your short-term or long-term needs, as well as most of your financial details.

Step #3 –
Use Personal Finance News

Understanding personal finance news is important because it helps to know what is trending in finance. An example, if home prices are starting to drop and you must move for a new job, it may be time to sell sooner rather than later. This will assure you will get the top value you deserve before prices drop.

Or, if finance news repeatedly talks of a recession and home prices are falling rapidly, it may not be time to buy a home. The best decision may be to wait until the foreclosures stop and the prices settle out.

An example of a local recession is if a large company closes in town and many of the workers cannot make their mortgage payment.

Personal finance news is particularly important because it helps you to stay in the know and not make major and costly financial mistakes.

Because you know the status quo of important current issues, you avoid mistakes.

Step #4 –
Read Personal Finance Articles

Studying Personal finance articles are another way to keep up with personal finance news. There are several personal finance articles that explain various topics about personal finance.

You can search and read articles on home buying, car buying, stocks, mutual funds, saving money, budgeting, and more.

Of course, there are a wide variety of personal finance articles here at MsFinancialSavvy Blog. They are added and updated on a regular basis.

Step #5 –
Take Personal Finance Courses

Taking quality Personal finance courses is a great way to learn the most important facts of personal finance and achieve personal finance literacy. There are many great personal finance courses, that will give you a wide array of knowledge.

I specialize in personal finance courses and encourage you to at least start with a home buying or car buying course to save money and buy value.

You can literally save thousands of dollars when you buy a home or car the right way. Many people complain that they have no money after buying a home or car. The reason: “They over-bought on one or both accounts”.

There is a right way and wrong way to buy a car and a home. No broker is going to tell you the right way, they are ONLY interested in the sell. The faster the better, then they are off to the next person.

This holds true with stocks, bonds, mutual funds, home buying, car buying and other investments as well.

Step #6 –
The Personal Finance Book

I started teaching personal finance with my award-winning personal finance book. I will not discuss the book now, but I will tell you that I have 8 new personal finance books. Those books are important because I do what others fail to do in a lot of personal finance books.

I tell you what most typical personal finance problems are and how to solve the problems successfully. I give you several options for example, to learn mutual funds and stocks or understand home buying and car buying with several details.

The most important detail I give you is how to save money and how to make money over time in each process.

A personal finance statement using a peraonal finance book, personal finance courses and personal finance reddit forum

Step #7 – Using a Personal Finance Spreadsheet

A personal finance spreadsheet will enable you to put hundreds of details in one place. The personal finance spreadsheet will allow you to track everything you need to grow your finances, understand your personal finances and be consistent with your finances.

You can track bill payoff, bills you need and do not need, and what to do to create an environment to make your finances soar.

You can increase your credit score, track your home buying and car buying as well as other personal finances. Your personal finance spreadsheet will allow you to see if you are failing or if you are on track for success.

You can use personal finance calculators to create your personal finance spreadsheets also.

Step #8 – Why Personal Finance Reddit?

Let us start with personal finance reddit. There are many ways to expose yourself to various types of personal finance information. One, is the variety of opinions on personal finance reddit.

Some of the users are very fluent in personal finance and some are amateurs, but the exposure will enable you to understand the core of personal finance.

Personal finance reddit is a type of personal finance news, not always accurate, but it does give you an idea of what is trending in personal finance. Before you go there start with our personal finance blog.

Finally, Personal Finance Management

In conclusion, you now see that personal finance management can be done by you and is best done by you. When you engage in personal finance articles, reading personal finance news, and finding your favorite personal finance book.

Personal finance planning is the key, and you can do it yourself when you take courses and obtain keen personal finance literacy.  You will learn to track your finances with personal finance spreadsheets.

Personal finance reddit is one of many examples of a type of forum you can use to get additional news about personal finance.

When you finish with this personal finance guide you will be able to create a short-term and long-term personal finance statement that will take you years into the future.

Get Your Free Personal Finance Tips
Join WomenVestors facebook group
Visit me on Instagram

A step by step personal finance guide to create a personal finance statement, by doing personal finance planning and personal finance literacy

Creating Great Personal Finances in Marriage or a Partnership

Creating great personal finances in marriage starts way before you get married.

PERSONAL FINANCES DURING THE DATING PERIOD

You can get a snapshot of your friend’s personal finance habits by discussing your likes and dislikes while your relationship is in the early dating stage.

This is beneficial because if you see someone who has really bad habits early, you can block yourself from taking the relationship any further. Great personal finance in marriage begins way before marriage is talked about.

Relationship therapist site that one of the top three reasons for divorce is financial problems. Either one or both people in the relationship are over-spenders and don’t pay attention to debt, that is a recipe for disaster. Get out early and save yourself from a long relationship of misery.

Signs of Someone Who Mismanages Money Terrible:
1. They live a lavish lifestyle for their income,
2. They complain that they have debts they can’t pay,
3. You witness them mismanaging money when it comes to paying bills or refusal to live within a budget.
4. They asked you to pay when you go out and it’s their turn.
5. They borrow money from you while your dating
6. A huge sign is if they asked you to sign for a big purchase they can’t qualify for such as a car or motorcycle.
7. Owes money to the IRS – your check could be garnished if you file jointly and your new spouse is not paying. If one or more of these signs exist, especially number 5 or 6, it may be time to leave the relationship now.

PERSONAL FINANCES DURING THE ENGAGEMENT PERIOD

Discuss personal finances after you get engaged, this is crucial since good finances are a major aspect of good marriages. The more you know and agree on early the better your finances in the long run. The engagement period is your last chance to evaluate your future spouse before you get married.

This is when you get deep into habits that could make or break a good marriage. One of those habits is spending. This is your last chance to identify your chances of getting great personal finances in marriage that will be lasting.

Don’t use this period to brag about your ring or only think about the type of dress or tuxedo you want. But, focus more on the fact that this is your last chance to get to know each other on a deeper level.

Ask a lot of questions of each other before you are married, obtain and share your credit reports with each other, work to get both credit reports in good shape before you get married.

Pay off any excessive debt either of you may have, pay off bills that may hinder a good relationship, sell off things you don’t need, and could be used to pay off debts. Understand how personal finances (budgeting-spending-investing), now, will affect your relationship later.

If one or both of you has bad finances or bad financial habits now, you may not be a good fit for marriage to anyone soon. It’s ok to get out now, even though the rings and dress have been purchased. It is far cheaper than a divorce.

PERSONAL FINANCES IN MARRIAGE

After you are married, maintain good finances together to help maintain a good marriage and a good family life. As stated before, marriage counselors state financial problems as the main source of marital problems and eventually divorce.

Maintain good finances to help maintain marital bliss and a financially stable life together.  Secure finances, that includes a financially secure home life, includes the frequent discussion of and analyzing.

You are now responsible for the finances of one another. One with poor finances could affect the purchase of a home or car. One with poor finances could put the family into an unnecessary bankruptcy. If you lose one spouse to death the other is responsible for paying off their debts, if the debts are listed only in the deceased name.

Some debts are transferable through estates, some are not. As a married couple, there are benefits to purchasing a home or car together, keep finances strong together so these purchases will be possible.

If you find yourself in the unfortunate scenario of marrying someone who is a terrible money manager, that can be fixed if the person is willing to admit it and work with you to change. Start with my free personal finance worksheets available on this website.

Here are some helpful tools you can use now! All free for my readers

Lois Center-Shabazz | Course Delta Agency
Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here

Get Your FREE Fantastic Finances Tips Course by eMail

How I Build Fantastic Finances ; Read More…

Don’t forget | JOIN ME ON MY FACEBOOK PAGE AND LIKE MY PAGE AT:
Lois page

How to create great personal finances in marriage or partnership for life

The easy budget planner