Family Financial Issues--Part II (Spending Your Money)

Do you struggle when managing money? Are finances confusing? When people get married and especially have children, family finances become a challenge. Last episode Rick and Brandon discussed how to save money. In Part II of the family finances, Brandon and Rick talk about spending your money. They’ll also give you sneak peeks on buying a house and buying vs leasing a car, which will be discussed at length in upcoming podcasts.

Talk to your spouse (or partner) about how you buy things. If you are an impulse buyer, think about how you can prevent yourself from the temptation
If you are married and/or have dependents, find an insurance agent.
1. Life insurance
  1. If you are the sole provider, talk to an agent or a certified financial planner to help you consider the amount of insurance you need.
2. Disability insurance
  1. If you are the sole provider, talk to an agent or a certified financial planner to help you determine the risk to your family if you are unable to work.
Cash management
1. List the discount outlets around you like: Marshalls, Ross, thrift stores, 99 cent stores, Costco etc. to stretch your dollar.
2. Write a note on your refrigerator to always Group-ons and Coupons before going out to dinner.
1. Credit card management
  1. Use them sparingly
  2. Pay them off each month or shortly thereafter.
  3. Find help if you are in too deep, but at least stop using them.
Buying a house (we will do a podcast just on how to buy a house)
1. Save for that big down payment.
2. Meet with a loan officer to find out your options and what you can afford.
3. Find a real estate broker that you can trust.
4. Look for homes that are structurally sound, but cosmetically challenged in the best neighborhood you can afford.
1. Buying or leasing a car (we will do a podcast on buying vs leasing)
  1. Account for your down payment. Is there one? You may only be able to lease.
  2. Consider selling your current car “as is” before you buy, if you have a backup vehicle.
  3. Go to multiple dealers and multiple companies to compare and contract among them
  4. Understand the details of lease vs purchase. (We will discuss the difference in detail between leasing and buying a vehicle on another podcast.)
Starting a retirement
1. Talk to retirement plan specialists or investment brokers about your options.
1. Giving back to society
  1. Look to the pain in our society that fits your passion.
  2. Research the organization.

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