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Daily Monitor
Saturday March 06 2021
Set aside time during the week or month to talk about money matters, evaluate your budget and bills and set financial goals as a couple.PHOTO/net
Summary
How are you managing money in your relationship? Having money that is shared to achieve a certain goal takes away power issues because both of you are contributing and builds trust for the couple.
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Purity Nabasa, an entrepreneur, believes in saving money. Once her bills are paid, she will save every coin on her. Nabasa is driven by big financial goals and as such, she has cut off friendships and acquaintances that strain her financially and promote extravagance.
De-stress holiday debt with a payoff plan
In a holiday season that many of us will spend apart from loved ones, gift-giving might feel even more important than usual. After all, if you can’t travel to see family, at least you can see them unwrap gifts over a video call, right?
And just as many families will use a video service for holiday celebrations this year, many will also turn to credit cards to cover their expressions of love. Three-quarters of holiday shoppers are planning to use credit cards to purchase gifts this year, according to a NerdWallet survey of 2,049 U.S. adults conducted online by The Harris Poll.
Discussing parent student loans with kids
In more than one-third of U.S. families, parents decide how to pay for college, according to a July 2020 report from private lender Sallie Mae.
Half of those parents don t inform the child of their decision.
Joe Allen, 51, of Frederick, Maryland, did talk about college costs with his daughter, a freshman at the University of Dayton in Ohio. But he understands why some families avoid the topic.
“As a parent, you want to protect your children,” Allen says. “You want to do what s best for them.”
But what seems best for children may be bad for mom or dad – especially if it means taking out hefty parent student loans without discussing them. Here s how to avoid that misstep and others when borrowing parent loans.