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Insurance is a vital investment needed to have a secure financial future. It is a classification of risk management that prevents one from experiencing financial loss. It consists of arranging with the insurance company to grant you coverage in the case of an unfortunate event in exchange for a fee from the policyholder. There are many different types of insurance that all can play a part in providing protection and growth. Five Types of Life Insurance That Can Protect You Financially Health Insurance Disability Insurance Life Insurance Auto Insurance Homeowners/Renters Insurance These are the most essential insurances because they are preventative from financial burdens. Health Insurance Health insurance can help protect your family from high medical costs and provide you with access to preventative care that can save you thousands in the long run. If you get sick or injured, you could end up with a large medical bill. Health insurance can help to pay for these costs, so you don't have to worry about going into debt. If you have health insurance, you pay a monthly premium fee; if you need to go to the doctor, your responsibility will be your copay or deductible. If you suffer a catastrophic loss, insurance picks up the cost after a specific dollar amount, say $5,000 annually, so you don't have to go further into debt. Accessing preventive care, such as regular checkups and vaccinations, can help you maintain good health. Health insurance usually covers preventative care, so you won't have to pay out of pocket. Prescription drugs can be costly, but health insurance can help cover the expenses, saving you money, especially if you take multiple medications. Similar to other health-related events, you will be required to pay the out-of-pocket expense that can save you hundreds to thousands of dollars depending on the prescription used. Disability Insurance Disability insurance can be mistaken for health insurance at times. However, they are very different. Disability insurance helps to replace your lost income if you are disabled and unable to work, while health insurance aids in assisting people to pay for medical care unrelated to work. There are two main types of disability insurance: short-term disability insurance and long-term disability insurance. Short-term disability insurance typically provides benefits for 2 to 6 months, while long-term disability insurance can provide benefits for up to 20 years. To qualify for disability benefits, you typically need to be unable to work in your own occupation for a certain period of time. The amount of benefits you receive will depend on the type of disability insurance you have and your employer's policy terms. Life Insurance Life insurance is more complex because there are two types: term insurance and permanent insurance. Permanent insurance provides coverage throughout your life; therefore, it is designed for your long-term needs. On the other hand, term insurance can last either 10, 20, or 30 years, depending on the policy you buy. Term insurance is temporary life insurance mainly used for temporary financial needs. But both insurances pay a death benefit when you die, and both have an equity that flourishes over time. What can you use life insurance for? To pay for your funeral and final expenses. To pay off debt. To provide for your children's education. To protect your assets. To cover business expenses To provide for a charitable cause See my feature in GoBankingRates: Black Americans Are More Likely To Be Denied Credit — Here’s Why, According to Experts Auto Insurance Auto insurance provides coverage for any vehicle in case of an accident. There are a few types of auto insurance coverage, but the three main types are: liability, collision, and comprehensive. Liability coverage is auto insurance that protects you financially if you are at fault for injuries to other people or property damage. It could also cover legal fees if you are sued. Collision insurance aids in paying for repairs to your vehicle if it is damaged, no matter who is at fault. Finally, comprehensive insurance protects you from any damage to your car caused by events not related to traffic collisions, such as harsh weather or theft. Remember that you may have to pay a deductible to cover the vehicle repair cost in case of an accident. The deductible amount usually ranges from $250 to $2,500. If you are not at fault, the other driver's insurance company may cover the cost, but if they are uninsured or underinsured, you may have to claim repairs with your insurance company. When choosing auto insurance, consider a few things: your budget, your driving record, the make and model of your car, coverage levels, and shopping around for quotes. These factors can help you determine the auto insurance that's within your budget and what you can afford in the case of an unexpected event. See our feature in Capital B: A Call to End Credit Scores to Determine Auto Insurance Rates Insurance for Homeowners and Renters Homeowners and renters insurance are relatively similar property insurance but have significant differences. Renters insurance pertains to paying for coverage on personal property you do not own, such as an apartment or condo. Note that any damage done to the renter's personal property is not the property owner's responsibility, as the property owner only pays for coverage on the building. Overall, renters insurance protects personal liability and property, bodily injuries, and damages from natural disasters. Another critical aspect of renters insurance is that it can pay for identity theft protection and theft of your electronics. Identity theft protection can help you recover from the cost of replacing your credit cards, monitoring your credit report, and fixing your credit score. Insuring your electronics can help you pay for replacing them if they are stolen or damaged. Homeowners insurance covers your home and personal property against damage or loss. It protects you as the private homeowner and the mortgage lender, which is why lenders require proof of homeowners insurance before giving out a loan. It covers expenses caused by theft, fires, natural disasters, and personal liability. Personal liability pays for your legal liability if you are sued for damages caused by your negligence. This could include things like injuries to a guest or damage to someone else's property. What's Next? It is important to note that a wide range of insurance policies are available in the market, each offering coverage for different types of events. However, the types of insurance discussed are considered fundamental and highly recommended. These policies protect against unforeseen circumstances that could lead to significant financial losses. Before deciding on which insurance policy to purchase, it is crucial to conduct thorough research to ensure that it meets your specific needs and requirements. By taking the time to consider your options carefully, you can rest assured that you are making a well-informed decision and securing the necessary coverage to protect yourself and your assets. See my feature in The Penny Hoarder: 9 Secret Habits That Will Get Your Credit Score Above 800

Comingling finances in a blended family can come with its challenges. Deciding who's responsible for paying for children's daycare, extracurricular activities, or medical care can cause frustration if clear communication about expenses is not established at the beginning of the relationship. From establishing transparent communication to finding an impartial third party, here are six answers to the question, "What are your most helpful tips for splitting finances as a blended family?" Balancing Money in a Blended Family • Establish Transparent Communication • Take Child Support Payments into Consideration • Decide Special Event Budgets Beforehand • Balance Your Budget Periodically • Bring in an Impartial Third Party • Discuss Estate Planning Establish Transparent Communication Establish clear communication about financial goals, expectations, and spending habits from the beginning. This can include setting a household budget and discussing financial decisions and expenditures regularly. Additionally, it may be helpful to set up separate bank accounts for each parent to maintain financial independence and avoid conflicts. Brad Cummins, Founder, Insurance Geek Take Child Support Payments into Consideration One or both parents may be responsible for paying child support payments to the child(ren)'s other parent. Child support can put a strain on an already tight budget. Before blending finances, determine what is available in the budget after the other parent has paid child support for children outside the marriage. Setting boundaries on who is responsible for those payments is critical at the beginning stages of marriage. Annette Harris, Accredited Financial Counselor Decide Special Event Budgets Beforehand One of the best practices is to decide the budget for a special event, like a birthday or holiday party, beforehand. Setting spending limits keeps everyone on the same page and sets the expectation for the event without having to make any rushed decisions at the last second. Always try to keep the budgets the same for each child's birthday, especially. Even a little extra can be unfair to the other children. Annu Daniel, CEO, Elohim Company Balance Your Budget Periodically When one parent has child support or alimony payments, eventually, they will come to an end. Determining what to do with the stoppage of payments should be discussed in advance. Consider if the parent will use child support payments to fund their child's college education. If alimony payments are ending, should you save that money as a family, or does the other parent have outstanding expenses or debt that should be addressed first? It may already be a stressful topic, but deciding what to do with the funds before the payments stop can ensure that both parties are on the same page. Bring in an Impartial Third Party This can be a challenge, and the last thing you want is for something to cause a rift between family members that can become serious. At all costs, I would do what I could to avoid those issues. One way to resolve these situations is to involve a third party to examine everything and make a fair decision. A financial advisor from your bank should be able to help, or you can speak to a financial expert online who can provide assistance. If you talk to the right expert, they should be able to help you manage income, make a schedule for expenses, and evenly divide bills fairly. It will be tough to figure it out on your own, so bringing in a third party is probably your best bet to avoid fights, unfair agreements, or worse. Shaun Connell, Founder & CEO, Credit Building Tips Discuss Estate Planning Estate planning may be the last thing on your mind when you have a blended family. However, a critical discussion should be had when establishing wills and determining what assets children will inherit in the case of your untimely death. For example, when establishing a life insurance party, who will be the beneficiary of the funds? Will it be your children or all of the children combined in the marriage? If the children are minors, will they be required to live with their biological parents, and should life insurance follow them? These are just a few questions to consider when establishing an estate plan. What's Next? If you're in a blended family or preparing to combine your finances, create a checklist of expenses to discuss. Set clear boundaries at the beginning of the relationship to reduce financial discord and eliminate the need to hide your income or withhold your spending habits. Do you find managing your finances challenging? Book a complimentary consultation to discover the benefits of financial counseling.

Working in human resources, I have been able to interview thousands of candidates for all types of job openings. With the increase in virtual interview opportunities, I have seen it all. From sitting on their bed during an interview to phones falling and batteries dying, it has been quite an eventful rollercoaster. To help you do well in a virtual job interview, I asked hiring managers and experienced recruiters for tips to help you prepare for a virtual interview. From being well-prepared and engaging to maintaining eye contact with the interviewer, there are several pieces of advice that may help you perform well in virtual job interviews. How to Ace a Virtual Job Interview Be Well-Prepared and Engaging Test Out Your Environment and Technology in Advance Turn Off Notifications On Phone and Computer Speak With Confidence and Be Authentic Write Down Things To Refer To During The Interview Focus On the Fundamentals Show Interest and Stay Engaged Maintain Eye Contact With The Interviewer Prepare Your Video Equipment Be Well-Prepared and Engaging Stay in the moment for a virtual interview. Though "stay in the moment" might seem cliche or vague, this adage encapsulates patience and awareness and works best with deep breathing. Research, practice, and perform. Remember your preparation, but don't anticipate the questions. Listen intently to the full idea before responding. Because so much can go wrong with a virtual interview, tame your environment and video background as much as possible, reducing sound and visual distractions. Deeply engaging with the interviewer despite the detached nature of a virtual interview is the key to winning the interview and securing the job. - Christopher Ager, HomeBreeze Test Out Your Environment and Technology in Advance You want the focus in your interview to stay on your answers and what makes you a valuable candidate. Part of acing a virtual interview is preparing to minimize the risk of technical glitches, interruptions, and distractions that can prevent you from making the best first impression. If you haven't used the interview software, log into it before the interview day to familiarize yourself with its navigation and use. It's also wise to test your microphone, speakers, and internet connection reliability by asking a friend to set up a virtual call, checking things like your volume level and how your interview space comes across from the other person's perspective. If you live with other people or have pets, make the necessary preparations to ensure you'll have a quiet, distraction-free space for the entire interview. And gauge the noise level of your space when you test the technology to know if you'll need to use headphones or other tools to limit potential distractions. - Jon Hill, The Energists Turn Off Notifications On Phones and Computers Whether you tell your friends not to get in touch or not, you can guarantee that, by bad luck, you'll get a message notification on your phone or laptop during your virtual interview. This can throw off your interview, and you don't want to come across as unprofessional or even have a potential employer see messages between you and your friends. Turn off the notifications on all of your devices, so you don't have to worry about any stray notifications coming through and throwing you off your interview! - James Taylor, James Taylor SEO For assistance with getting your resume and LinkedIn profile noticed, contact an experienced resume writer. Speak With Confidence and Be Authentic Speaking from the diaphragm is an effective way to strengthen your voice without altering it. The diaphragm encourages oxygen flow which helps pace the breathing during speeches, creating a more powerful tone. Speaking from the throat will quickly tire out the vocal cords and become hoarse in a matter of minutes. Instead of breathing air into the lungs, try to breathe through your stomach. In doing so, your voice will sound more confident and authentic while staying true to yourself. - Jodi Neuhauser, Ovaterra Write Down Things To Refer To During The Interview Prepare a cheat sheet, but don't rely on it. Let it serve you as support when needed. Basically, it means that you should be well-prepared for your virtual interview. In preparing, it's a good idea to create such a sheet. Put down all the essential information you want to share and the questions you want to ask. If you feel a void in your mind, take a quick look. - Agata Szczepanek, MyPerfectResume Focus On the Fundamentals Don't lose sleep worrying about the minute differences between virtual and in-person interviews. Focus on the fundamentals of interview prep. This means dressing well, maintaining eye contact, researching the company, and preparing for interview questions. Hiring managers are looking for the same qualities during virtual interviews as in-person ones. We conduct interviews to see how well you can summarize your abilities and articulate your goals as an employee. A virtual interview won't stop you from doing that. - Karl Hughes, Draft.Dev Show Interest and Stay Engaged Stay focused and engaged with your interviewer. Visual cues that show you're actively listening to the person you're speaking with can go a long way in helping you lock down an interview. Instead of sitting perfectly still, consider adding simple gestures like nods or small verbal affirmations (so long as they aren't too disruptive) to let your interviewer know that you're paying attention even when you aren't responding to a direct question. It's a good idea to keep a pen and paper handy for taking notes. Jot down a few questions and important points of discussion during your interview. When your interviewer asks if you have any questions towards the tail end of your interview, you'll already be prepared. - Alex Chavarry, Cool Links Maintain Eye Contact With The Interviewer Eye contact and professional attire are two of the most effective tips to conquer a virtual interview. Nonverbal communication or eye contact acknowledges to the speaker you are focused and engaged in the conversation. A structured jacket or blouse that compliments your skin tone and does not compete with the background reflects confidence. Lastly, virtual interviews have the same value as in-person meetings. The business attire and eye contact show the interviewer you are self-assured about the position. - Yooseok gong, Ohora Prepare Your Video Equipment When interviewing remotely, preparing your video equipment setup is essential. If a candidate does not have access to a computer with a webcam, you can use a smartphone or tablet. If you are using your webcam, ensure that you have proper lighting for the interview. Incorrect lighting can create a glare or make it seem like you're sitting in a dark room. Also, if you're next to a window with blinds, ensure that the glare from the sun is not shining light directly on you. It can be distracting to see shaded and bright light slats from a window blind on your face during an interview. If you are using a cell phone during an interview, ensure you have a phone stand that can steady your phone. If you have to hold your phone or if it constantly slips, this causes distractions to the person interviewing you. Even though it's a remote interview, interviewing in your car and falling phones does not present a professional image. Pick a location, steady your camera, and ensure proper lighting. - Annette Harris, Founder, Harris Financial Coaching

Have you ever been in a crisis where your finances were challenged, and it left you wondering how you could survive? Building antifragility into your budget can help you adapt to unexpected financial circumstances and changes. How do you ensure that your budget is antifragile? Taking your budget from fragility to resilience to antifragility can be accomplished in a few short months. What is a Fragile Budget? A fragile budget is a budget that can fracture and the slightest change in your life circumstances. This could range from an unexpected doctor's visit where you have to pay a high copay to your child needing a new pair of shoes for an athletic event. These things you don't typically build into your budget but require immediate payment to maintain your health and your child's happiness. They may seem like a small expense to some, but for you, it could mean you may not have enough money for groceries for the month or week. You can take action now to buy less and save more to help get you out of the cycle of living paycheck to paycheck. See my feature in The case for buying less — and how to actually do it What is a Resilient Budget? Have you started to build your emergency fund that could get you through the next three months of your living expenses if you lose your job? If you are in a car accident, can you afford the deductible on your insurance? Keeping track of your monthly income and expenses can help determine if you have a resilient budget. If your budget accounts for your needs, wants, and expenses, then you are building resiliency into your budget. If you haven't started saving yet, even the most minimal amount of 1% can help you build a saving pattern. You can continually increase your savings percentage as you pay down any outstanding debt or address your immediate financial concerns. How Do You Build an Antifragile Budget? An antifragile budget can help you keep your head above the water when a financial emergency occurs. No longer will it feel like you are drowning in debt with the feeling that you are sinking without a lifesaver. There are a few steps you can take to build an antifragile budget. Cut Unnecessary Expenses—Evaluate your weekly and monthly spending to determine where you can eliminate subscriptions and unused gym memberships or reduce the frequency at which you eat out. In many budgets, eating out is the most significant expense that occurs frequently. Take Immediate Action—There's no time like now to address your budget concerns and start saving and investing in your future. Take immediate action to cancel unnecessary expenses. Log on to Amazon, your iPhone Store App, or any other app to cancel recurring subscription costs. Own Your Past and Current Decisions—Understanding that you have made mistakes in the past with your budget can allow you to move forward and make future changes. You learn from your mistakes by avoiding making the same decisions repeatedly. If you make a decision that goes against your goals, learn from it and move on. Don't beat yourself up about it, and return to the cycle of a fragile budget. You will achieve your financial goals if you learn from the decisions you made and make future course corrections. Stay Focused on Your Goals—The most important aspect of having an antifragile budget is staying focused on your goals. If your goal is to save $50,000 for your child's education or $5,000 for a down payment on your car, then staying focused on your goals can help you achieve them. Setting SMART goals can ensure that you stay on track and provide you with a timeline for reaching your goals. You can take your budget from fragile to resilient to antifragile and achieve your journey toward financial freedom and independence. Control Your Finances by Setting SMART Goals and Talking About Them With Annette Harris

Many workers are abandoning traditional employment for an alternative way of making ends meet. Some professions may find it easier than others to walk away from a steady income in search of a profitable side hustle. Graphic designers or those with design experience are a few individuals who may find it easier to start a side hustle using technology and their technical know-how. I asked business leaders and freelancers for their best side hustle ideas for graphic designers to make the transition to business ownership seamless. From designing ebooks to creating portfolio templates, there are several recommended side hustles for graphic designers to try out. Side Hustle Ideas for Graphic Designers Design Ebooks and Digital Products Create a Course Publish Artwork on Adobe Stock Create Logos Design Social Media Post Templates Enter the Metaverse and Build NFTs Create Portfolio Templates Design Ebooks and Digital Products I've worked with many graphic designers on Upwork to create ebooks and other digital products to be used on a blog. A growing number of websites are developing digital products, so creating a profile on Upwork and getting some reviews can help you boost business in your side hustle. - Kristine Thorndyke, Test Prep Nerds Create a Course Creating a course is one of the best side hustles for graphic designers. Many graphic designers are used to working on a project-by-project basis and don't get to see the big picture. Creating a course allows them to take all of their expertise in one specific area and turn it into a product they can sell repeatedly. A course can provide an additional revenue stream and help you grow your business in other ways. It can help build your credibility and establish you as an expert in your field, allowing you to sell your skills at a higher price than ever before. - Shaun Connell, Connell Media Advertiser Disclosure Publish Artwork on Adobe Stock Publish icons and artwork on Adobe Stock and other websites. Think about making a few packs of your own for the most popular web icons and selling them online so that other people can buy them. You could also place your patterns, font families, or other designs on a tangible item, such as a shirt, and sell it. - Ammad Asif, Stream Digitally Create Logos A great side hustle for graphic designers is logo design. I have an excellent size roster of graphic designers for logo creation, email marketing design, and website graphics. There are endless brands and figures on Instagram, many of whom could benefit from some brand design management. A skilled graphic designer could find temp, recurring, and retainer work by connecting with up-and-coming social media profiles. - Will Gill, DJ Will Gill Ready to Start Your design business? Check out Fiverr! Using Fiverr, you can create logos and sell your design images to small business owners on a budget. Put your skills to the test by creating a business account. You can charge what you desire and see what works for you. Get Started Today! Advertiser Disclosure Design Social Media Post Templates Graphic designers serve small businesses and individuals well in a role as social media post template designers. Compared to their daily scope of work, this side hustle is simpler and offers more room for creativity and freedom. Additionally, the rise of social media and businesses going online means that this side hustle provides an excellent opportunity to capitalize on the growth and also expand the side hustle. - Mehtab Ahmed, LoansJury Enter the Metaverse and Build NFTs Metaverse has opened a plethora of options for making a decent income. No, I'll not recommend graphic designers build their own NFT collection. That's already competitive. I recommend using creative skills in building NFT/Virtual worlds. From designing store outlets for brands like Adidas and H&M to partnering with successful NFT projects and building their personal metaverse world. You can put your artist cap on, look for interior inspiration on Pinterest, and create a virtual world, store, or house with your graphic designing skills. This opportunity can be a great way to make your graphic design future-proof because building and designing a metaverse world in the future will surely be in high demand. Plus, you can get paid in cryptocurrency, which can help you build generational wealth. Metaverse is the future, and focusing your graphic design around a metaverse theme will make you future-ready! - Johannes Larsson, Financer.com Create Portfolio Templates A graphic designer should dedicate a few hours each week to creating their portfolio, whether a freelancer or a full-time worker. These could be random designs at first, but as they zero in on their preferences, they can create their own themes and templates related to the industry of their choice and prepare for the giant leap into building a name for themselves. The next step should always be a priority, and while this can start as a side hustle, it can grow into a successful independent career too. - Dillon Hammond, Achieve TMS East

Why is there such a focus on how different generations save money? Focusing on different generations saving money differently is important because each generation faces unique financial challenges. For example, Baby Boomers II are approaching retirement and need to save enough money to live comfortably. Millennials are saddled with student loan debt and are struggling to buy homes. Generation Z is entering the workforce and needs to start saving for retirement early. What about Gen X? They're approaching retirement too! Understanding the complexities of age when saving money can help people make better financial decisions. For example, younger people may need to save more aggressively for retirement because they have more time for their money to grow. Older people may need to focus on saving for shorter-term goals, such as a down payment on a house or paying for a child's education. The complexities of age when it comes to saving money include: Income. Younger generations typically have lower incomes than older generations. This can make it difficult to save money, especially when faced with other expenses such as student loan debt and rent. Expenses. Younger generations may have different expenses than older generations. For example, millennials are more likely to spend money on technology and travel. Younger generations, known as Millennials, are encountering obstacles when it comes to their financial future. A large portion of them are deferring marriage and parenthood, which can pose a challenge to saving for retirement. Additionally, they tend to be self-employed, making it harder to obtain retirement benefits provided by employers. Time horizon. Older generations have a shorter time horizon until retirement, so they need to save more aggressively. Younger generations have a longer time horizon, so they can afford to take more risks with their investments. Risk tolerance. Younger generations may be more comfortable with risk than older generations. This is because they have more time to recover from losses. Baby boomers II, on the other hand, are nearing retirement age. Many are concerned about whether they have saved enough to live comfortably in retirement. They are also facing rising healthcare costs. See my feature in How Walmart is Winning Over Millennial Grocery Shoppers Understanding Generational Differences By understanding the complexities of age when it comes to saving money, people can make more informed financial decisions that will help them reach their financial goals. It's essential to understand that financial experiences can differ among members of the same generation. There's a lot of diversity in terms of income, expenses, risk tolerance, and time horizon. Therefore, evaluating your financial situation and creating a savings plan that suits your needs is important. Here are some additional tips for saving money at different ages: 20s: Focus on paying off debt and building an emergency fund. Aim to save at least three to six months of living expenses. 30s: Start saving for retirement. If your employer offers a 401(k) or 403(b) plan, sign up for it and contribute as much as possible. 40s: Continue to save for retirement and start thinking about your long-term financial goals. Do you want to retire early? Buy a vacation home? Start your own business? 50s and 60s: You are nearing retirement, so it is important to ensure your savings are on track. You may also want to consider downsizing your home and paying off any remaining debt. Retirement: Enjoy the fruits of your labor! However, it is important to continue to monitor your finances and make adjustments as needed. See my feature in 5 Steps Women Should Take in Their 20s, 30s, 40s and 50s to Be Set for Retirement Saving money is an essential habit that everyone should develop, regardless of their age. Even if you can only afford to set aside a small amount each month, the benefits of consistent savings will compound over time. Whether you're saving for a short-term goal, like a vacation, or a long-term investment, like retirement, starting now will give you a head start and help you achieve your financial goals. So don't delay; begin saving today!

If you want to enhance your daughter's understanding of financial matters, I can offer several recommendations. These include establishing good saving and budgeting habits, educating her on the basics of investing, and encouraging her to explore different career paths that align with her interests and skill set. Consider enrolling her in a financial literacy course or seeking resources and tools to help her manage her money better. Taking a proactive approach to your daughter's financial education can help set her up for long-term success and empower her to make informed financial decisions. Tips to Improve Your Daughter's Financial Literacy Start Early Instilling good financial habits in your daughter from a young age is important. One great way to do this is by introducing her to basic concepts such as saving, budgeting, and the value of money. Encourage her to set aside a portion of her allowance or any money she receives as gifts into a savings account. Teach her the importance of setting financial goals and making wise spending decisions. By starting early, you can help your daughter develop a solid foundation for financial success in the future. Lead by Example As a parent, it's important to lead by example concerning household budgeting, bill payments, and saving for goals, especially regarding your daughter's financial education. Involving your daughter in these processes gives her a better understanding of how money works and helps her develop good financial habits that will serve her well in the future. Take the time to explain your financial decisions and reasoning to her, so she can learn from your experience and make better choices in her own financial life. Being open and transparent about your financial situation can help your daughter feel more confident and empowered when managing her own money. Open a Bank Account One way to help your daughter increase her financial literacy is to establish a bank account in her name. By doing so, you can teach her how to handle deposits and withdrawals, read statements, and keep track of her balance. In addition, your daughter can learn how to write checks, save money, and learn about compound interest. Teach Your Daughter Budgeting Skills To impart budgeting skills to your daughter, establish spending limits for various categories like toys, snacks, or even going to the movies. Motivate her to keep track of and assess expenses regularly. By doing so, she can better understand her spending habits and identify areas where she can cut back or save. Introduce Basic Investing Steps Educating your daughter about the world of investing is essential. Investing could include teaching her about various investment options such as stocks, bonds, certificates of deposit, and mutual funds. It's important to start with simple concepts and gradually increase the complexity as she grows and develops a better understanding of these topics. With the proper guidance and education, your daughter can become a savvy investor and make informed decisions about her financial future. Encourage an Entrepreneurial Spirit If you want to cultivate your daughter's entrepreneurial spirit, one way to do so is by supporting her in starting a small business or taking on freelance work. It could be starting a lemonade stand, regularly bathing the neighbor's dog, or starting a grass-cutting business. These endeavors can be invaluable in teaching her the importance of hard work and managing expenses while earning money effectively. She will gain practical experience in these areas and the opportunity to develop her creativity and problem-solving skills as she strives to succeed in her chosen venture. Discuss Financial Goals Guide your daughter toward setting achievable financial goals. These goals include saving for various purchases, educational expenses, and retirement. Yes, I know she's young, but most employees miss out on retirement savings in their early 20s. It's crucial to teach her how to create a well-structured plan to help her achieve the objectives mentioned earlier. By doing so, you'll be setting her up for a financially secure future. Provide Your Daughter With Financial Resources When preparing your daughter for financial independence, provide her with the right resources. Exploring various financial resources such as books, websites, and podcasts can be an effective way to help her learn about personal finance. She can develop the knowledge and skills necessary to make informed financial decisions by encouraging independent learning. Whether it's understanding the basics of budgeting, investing, or saving for retirement, plenty of resources can help her gain the financial literacy she needs to succeed. So, take the time to research and identify the best resources for your daughter and guide her on her journey toward financial empowerment. Involve Your Daughter in Financial Decisions As your daughter progresses through life, involving her in significant family financial decisions can be beneficial. It could include major vehicle purchases, furniture, life insurance, investments, and financial planning. Involving your daughter in family financial decisions can impart a sense of responsibility and help her develop critical thinking skills. Through this process, your daughter will learn valuable lessons about the importance of sound financial decision-making and its impact on her future. Find a Professional Resource Seek the assistance of a financial professional if you need help. They can offer expert guidance and insights on various topics, from budgeting and saving to investing and retirement planning. In addition, attending financial education workshops and seminars can also be a valuable way to gain knowledge and practical skills in managing money. What's Next? Empower your daughter to take charge of her financial literacy. Provide her with ongoing support and guidance to ensure she has the necessary tools and resources for a successful financial future. By consistently imparting financial knowledge and skills, you can boost her confidence and prepare her to make sound financial decisions that will benefit her for years.

Have you struggled with talking with your partner about finances? If you bring up money in a casual conversation, does it always result in an argument? If you're not on the same page about your financial goals and priorities with your partner, it can lead to resentment, delayed goal achievement, or divorce. So what do you do? Before you've run out of options, seek help addressing your financial situation. Here are a few ways couples can benefit from discussing money and how a financial coach can help. What's the Process of Working with a Financial Coach as a Couple? Evaluate Your Financial Situation When you work with a financial coach, the first step you will embark on is to evaluate your financial condition. Your coach will discuss your current money situation and help you determine your desired future. As a couple, you must be prepared to discuss this openly and understand that you and your partner may have different ideas about your current financial outlook. It's important to know that this may occur and be willing to be open to hearing your partner's point of view. Define Your Financial Goals as a Couple Once you determine your current financial situation, your financial coach will work with you to define your financial goals. You may already have a picture in your mind of what your goals are. However, are they attainable and realistic goals? Does your partner strive to achieve the same goals? Where are your goals not aligning? These are essential questions that your financial coach will help you uncover in a measured and systematic process. Develop an Action Plan for Achieving Your Goals Now that your financial goals have been developed, it's time to develop an action plan to achieve your goals. It's essential to understand that one individual's goals should not take priority over the other partners. Discussing which goal is either the easiest to achieve or the goal that causes you the most stress can help you to prioritize the order of importance for tackling your goals. You may also aim to pay down debt, fund your child's education, or purchase a home. Whatever your goal is, a clearly defined action plan can ensure you stay on track. How to Talk With Your Family About Money Create a Budget Together Most people think creating a budget is the first step in organizing your finances. However, you will find that there are other matters of concern that you must address first. If you've gotten this far with your financial coach, you are on the right track to achieving your goals. You've identified the goals you want to achieve, and now it's time to develop your budget around achieving them. Your coach will help you identify your income and expenses and provide ways to cut costs, increase your savings, and achieve your goals. Knowing that your financial coach will empower you to develop your budget is essential. By creating your budget with your partner, you can ensure that you hold each other accountable for obtaining goals and staying on track. Review and Update your Goals You've achieved a goal or two at this point in the process. Congratulations! Now, it's time to review and update your goals as you reach them. What's the next financial goal on your list that you can set a plan to achieve? It's a continual process, and at the end of the financial coaching relationship, you should feel comfortable with maintaining a pattern of setting a goal and achieving it with your partner. As you navigate to more challenging and complex goals, you can revisit with your financial coach to find additional resources and support throughout your financial journey. See my feature in 16 Coaches Share Why They Became A Coach in Lovely Impact. Benefits of Couples Working with a Financial Coach There are multiple benefits of working with a financial coach. You will find that you can achieve the following: Improved Communication: You will find that it's easier to talk to your partner about money and other difficult topics. Money is one of the most challenging topics people discuss, and if you can open up about money, you can discuss different issues that may be causing stress or worries in your relationship. Increased Financial Literacy: Your financial coach will educate you on financial topics you may have yet to consider. They will also provide the tools and resources to help you understand how money works, how to save, and how to invest. Reduced Stress: You can sleep easier at night knowing that you have a goal for your financial future. It makes it even easier to sleep when you know the person lying next to you is on the same page regarding achieving goals. Not only can this reduce your financial stress, but it can also benefit other areas of your life that affect your health, like your mental and physical wellness. Increased Financial Security: Reducing your debt, having an emergency fund, a savings account, and investments, and being able to reward yourself now and then when you achieve a goal is life-changing. There will be no more living paycheck to paycheck or using payday loans to make it through to the next payday. Using joint forces, you can tackle your goals faster and ensure you have a cushion to fall back on when you need money. Stronger Relationship: This is the ultimate goal. When you and your partner are on the same page about money, you can smile again and enjoy what life offers. See my Feature in LegalZoom: What is a Financial Coach and What They Do? What should you look for in a financial coach? Credentials: Anyone can call themselves a financial coach if they have ever handled money. You want to ensure that the financial coach has a certification from a credible organization. Certified financial coaches undergo rigorous training and testing to ensure they can educate others on financial literacy. Some of the best coaching certifications are the Financial Fitness Coach (FFC®) and the Accredited Financial Counselor (AFC®) Payment Schedule: Before working with a financial coach, the payment schedule should be laid out plainly to include the costs. The cost of working with a financial coach can vary significantly. However, the agreement should clearly state the costs of weekly, semi-monthly, or monthly coaching sessions for individuals and couples. Personality: You will want to ensure that your financial coach meshes with your personality and is able to work with you and your partner. If you are not on the same page with your financial coach or if you don't feel that their communication style works for you, it will make it difficult to proceed forward with the coaching journey. If you complete a consultation with a financial coach, you will know within fifteen minutes if the coach is right for you and your significant other. Availability: Talking about money is a sensitive topic, and your financial coach should be available to you during off-peak hours. This means that your financial coach may speak with you in the evening hours or on weekends so that you're not distracted from work or having to find a time that works for you and your partner. There are coaches that work during normal working hours as well, so it's best to find one that works best for your schedule. Are you ready to embark on the financial coaching journey? Contact me today for a consultation to see if financial coaching is the perfect fit for your relationship.

Disagreements about finances are common in relationships, but they don't have to be destructive. Finding ways to compromise on your financial goals and priorities can help reduce the damage to your relationship. It may seem challenging to begin a conversation with your partner about your finances, so here are some tips on how to disagree about finances without damaging your relationship. How to Disagree About Your Finances Without Damaging Your Relationship Choose the right time and place to talk. Don't try to have a financial discussion when you're both stressed or tired. Instead, find a time when you can both relax and focus on the conversation. Be respectful of each other's feelings. Even if you disagree, respecting your partner's feelings is important. Avoid name-calling or personal attacks. Listen to each other's point of view. Don't just wait for your turn to talk. Really listen to what your partner has to say, and try to understand their perspective. Ask clarifying questions. Ask them to explain if you don't understand something your partner is saying. This shows that you're interested in what they have to say, and it can help you to understand their perspective better. Focus on the problem, not the person. It's easy to get caught up in blaming each other, but this won't help you solve the problem. Instead, focus on the issue and try to find a solution that works for both of you. Be willing to compromise. In most cases, there won't be a perfect solution that both of you agree on. Be willing to compromise and find a solution you can both live with. Use "I" statements. This means expressing your thoughts and feelings in a way that doesn't blame your partner. For example, instead of saying, "You're always spending money," you could say, "I feel stressed when we spend more money than we have." Remember, it's important to communicate openly and respectfully, even when you disagree. With a little effort, you can find a way to manage your finances together and build a stronger relationship. See my feature in Self How to Begin the Process of Combining Finances Finding Common Ground When You Have Different Opinions Financial disagreements are one of the most common sources of conflict in relationships. This is because money is a sensitive topic that can bring up a lot of emotions, such as fear, insecurity, and anger. However, it is possible to find common ground when you have different opinions about finances. Here are some tips: Start by acknowledging your differences. It's important to recognize that you have different opinions about finances. This doesn't mean that you have to agree with each other, but it does mean that you need to respect each other's perspectives. Focus on your shared goals. What are your financial goals as a couple? Once you know what you're working towards, you can find ways to achieve those goals together. Look for areas of agreement. Even if you have different opinions about finances, there are probably some areas where you agree. For example, you might agree that saving for retirement or paying off debt is important. Here are some additional tips that can help you find common ground when you have different opinions about finances: Talk about your values. What are your financial values? What do you believe is important about money? Talking about your values can help you understand each other's perspectives and find common ground. Be open to learning. If you're not familiar with your partner's financial perspective, be open to learning about it. Ask questions and listen to their point of view. Be patient. It may take time to find common ground on financial matters. Be patient with each other and with the process. The Art of Financial Compromise in a Relationship: Navigating Differences in a Healthy Way Compromise is essential to any healthy relationship, and financial matters are no exception. When you and your partner have different financial goals or approaches, it can be challenging to find common ground. However, it is possible to navigate financial differences healthily by following these tips: Talk openly about your finances. The first step to finding common ground is understanding each other's financial perspectives. Talk about your goals, your spending habits, and your debt. Be honest about your financial situation, and be open to listening to your partner's perspective. Focus on the future. Instead of dwelling on the past, focus on how you can move forward together. What are your financial goals? How can you work together to achieve them? Create a budget together. This will help you track your income and expenses and give you a clear picture of your financial situation. Set financial goals together. What do you want to achieve financially? Once you know your goals, you can start planning to achieve them. What should you do if your partner is unwilling to compromise on financial matters? Here are some additional tips that can help you listen and communicate effectively in financial disagreements: Take a break. If you're feeling overwhelmed or angry, take a break from the conversation. This will give you both a chance to cool down and come back to the discussion with a fresh perspective. Seek professional help if needed. If you're struggling to resolve your financial disagreements on your own, seek professional help from a financial coach or counselor. If you're ready to take control of your finances with your partner, start your journey today!

When it comes to saving money, many turn their nose because they do not believe in saving for a "rainy day." And when payday arrives, it can be disappointing and may seem unnecessary to save some of the money for an emergency fund. It is not until that "rainy day" comes that you suddenly have to pay for a traffic ticket or car maintenance. Though it may seem unnecessary to set aside money for a hypothetical situation, the reality is that emergencies can happen at any time. Having funds set aside can prevent you from borrowing money and potentially ending up in debt. What's the Benefit of an Emergency Fund? All in all, an emergency fund is used to keep you from going into debt. Life is uncertain, and unexpected events like losing your job, unforeseen medical bills, or home and automotive repairs are bound to happen anytime. Being prepared can save you from immense financial stress. You can start building an emergency fund with money lying around, from spare couch change to the cash in your piggy bank. However, before you begin saving for your future and to ensure that you do not over-save to the point that you cannot spend on your necessities, there are a couple of essential steps to take before you open an account to save for your future: Track your expenses and make a budget. Find out how much you usually spend each month, track everything you bought (from groceries to the mortgage), and then assess what is necessary and unnecessary that you would typically purchase. When creating your budget, work around it and make a budget based on your expenses that is also respective to your income. Then, create a strict monthly budget and use any extra money that is used for overspending/on unnecessary items for your emergency fund. How do I Pick the Right Account for Saving for Emergencies? Protecting your emergency fund by avoiding investments in stocks or bonds that may result in losses is important. The best option is to keep your funds untouched, and you can do this by placing them in a money market, high-yield, or simple savings account. While a money market account has a high minimum balance requirement and limits monthly withdrawals, it offers higher interest rates than a regular savings account. A high-yield savings account is also a good option as it allows you to earn interest on your deposit, and your funds are easily accessible. However, the interest rates are variable, and it's not suitable for long-term savings. Lastly, a savings account is liquid and pays interest, but there are restrictions on how many withdrawals you can make each month. Typically, the maximum monthly withdrawals for a savings account is six. What's Next in Setting Up an Emergency Fund? Finding the best ways to save money that works for your situation is important. Once you become comfortable setting up an emergency fund, you can also set long-term goals, including saving for retirement or putting a down payment on a home. Additionally, for long-term goals, consider investment and tax-efficient saving accounts. Automating transfers from your checking to your savings account can help you save without thinking about it. It can also prevent you from touching the money meant for saving. Moreover, you can also apply the 50/30/20 rule, where you put aside 50% of your monthly income towards your necessities (bills, groceries, mortgage), spend 30% on the things you want, and 20% towards your saving. Last, but not least, remember to aim for at least three to six months' worth of living expenses in your emergency fund as a safety net.

What won't financial coaching do? I get many questions regarding what a financial coach can and cannot do for clients. While a financial coach can provide guidance and support in creating financial plans and making decisions, we cannot guarantee any specific outcomes or investment results. A financial coach focuses on helping clients develop healthy financial habits and behaviors rather than providing specific investment advice. Listed below are a few things financial coaching doesn't do. Financial coaching is not: Financial advice. It's important to note that there is a distinction between financial coaching and financial advice. Though a coach can assist you in cultivating financial skills and habits, they are not authorized to provide specific financial recommendations like investments or financial products. If you require personalized financial advice tailored to your specific circumstances, it's best to consult a licensed professional. Financial coaches can, however, help you understand your financial situation and develop a plan to achieve your financial goals. You can ensure a sound financial future by prioritizing your saving and budgeting goals. Therapy. While coaching can certainly help you improve your financial situation, it is not designed to address deeper emotional or psychological issues related to money. If you find yourself experiencing significant stress or anxiety around financial matters, it may be beneficial to seek out a licensed therapist or counselor specializing in financial therapy who can provide you with the necessary support and guidance to navigate these complex issues and overcome them. By working with a qualified professional, you can find peace and security in your financial life while addressing any underlying emotional or psychological concerns hindering your progress. Consulting. You may be seeking financial guidance and support, and it's important to keep in mind that financial coaches have a different focus than consultants. A financial coach's primary goal is to help you better understand your financial habits and behaviors and create a plan to achieve your financial goals. While they can offer valuable insight, it's important to note that they may not have expertise in specific fields or industries. Friendship. When seeking guidance for your finances, it's crucial to remember that financial coaches are not there to be your friends. A financial coach is a trained professional who is equipped with the knowledge and skills to help you achieve your financial goals. Although financial coaches may offer emotional support and guidance, their primary focus is on helping you develop better financial habits and behaviors. Maintaining a professional relationship with your financial coach is important to get the most out of their services. This ensures you receive the highest quality guidance and support tailored to your financial needs. A get-rich-quick scheme. Financial coaching is not a get-rich-quick scheme. It's not realistic to expect financial coaches to work miracles overnight. A financial coach can provide you with helpful guidance and support. Yet, the ultimate responsibility lies with you for implementing their advice and making the necessary changes to improve your financial situation. Staying committed to the process and being patient are crucial to achieving long-term financial success. It takes hard work and dedication to achieve your financial goals. However, a financial coach can help you develop a plan and stay motivated on your journey. If you are looking for financial advice, therapy, consulting, or friendship, there are better fit options than financial coaching. Here are some of the things that financial coaching can do: Help you understand your financial situation Set financial goals Develop a financial plan Track your progress Help you overcome financial challenges Provide you with support and motivation If you are looking for help understanding your financial situation, developing a plan to achieve your financial goals, and staying motivated on your journey, financial coaching can be a valuable resource. Financial coaching is provided in a safe and supportive environment where you, the client, can explore your financial goals and concerns without judgment. Ultimately, the purpose of a financial coach is to help clients develop the skills and confidence they need to achieve their financial goals and build a secure financial future.

What are the signs that your spouse is a financial bully, and how can you deal with it? Have you ever felt intimidated by your spouse or significant other when discussing finances? Financial bullying isn't normal if you are married or live with your partner. It is a form of control that makes maintaining a healthy relationship challenging. I've asked a few individuals to help you identify and address the signs of financial bullying. From excess monitoring of spending to being unable to access your finances, they've provided their best tips to identify and address financial bullying. Signs that You are Dealing with Financial Bullying Excess Monitoring of Spending Unable to Review and Access Your Finances Asking for Receipts for All Purchases Your Spouse Blames You for Going Over Budget Pressures to Make Financial Decisions You Don't Want Guilt Over Every Purchase Excess Monitoring of Spending If your spouse is excessively monitoring your spending or trying to control your access to money or financial resources, it can signify that they are trying to exert power and control over you and your financial well-being. This behavior can be emotionally abusive and severely affect your financial independence and autonomy. To deal with that, try to have open and honest conversations with your spouse about your financial situation and any concerns you may have. It's important to set clear boundaries and communicate your needs and preferences. Also, seek support. Having a trusted friend or family member you can talk to about your situation is important. Consider seeking support from a financial planner, therapist, or counselor who can help you navigate the situation and develop strategies for protecting your financial well-being. Natalia Brzezinska, Marketing & Outreach Manager, UK Passport Photo When You Are Unable to Review and Access Your Finances If you cannot review parts of your finances and need reasoning to gain access to it, then you're probably dealing with a financial bully. There are different levels of this, but any form of having your spouse keep you from your finances is a form of financial bullying. If you have all the passwords to the information, you should be able to access the accounts, and you shouldn't have to ask permission to buy something or be given "an allowance." Any form of this might not be okay and could put you in a difficult situation. If it makes you feel disrespected or bullied, then you should do something about it and make a change. Shaun Connell, Founder and CEO, Credit Building Tips Asking for Receipts for All Purchases Asking for receipts for all purchases is one of the most alarming signs that your spouse is a financial bully. In a relationship, disagreements about spending are natural and unavoidable at times. It may result from several reasons, including your different financial family backgrounds, spending habits, or simply your approach to life. Still, the situation when your spouse tightly monitors all your purchases and makes you show the receipts is something way worse. And it becomes a matter of control. I believe that in a relationship, there is no place for bullying of any kind. Home should be where we feel accepted, loved, and safe. Living with a financial bully takes your mental peace away. Being in a controlling relationship leads nowhere good, trust me. It's extremely toxic and usually gets even worse over time. If an honest conversation with your spouse and/or a couple's therapy doesn't help, make sure you are (or can be) financially independent and consider your options. Agata Szczepanek, Community Manager, LiveCareer If Your Spouse Blames You for Going Over Budget This is among the typical warning signs of a financial bully. If you discover that your partner or spouse consistently exceeds the monthly budget or accuses you of overspending, this person may be acting as a financial bully in your life. In contrast, a financial bully typically comes from a low-income home and is concerned about not having enough money to support themselves. Perhaps your partner has never experienced joy in life and is now willing to spend money to live a nice lifestyle. If so, you should act as an open friend to comprehend their emotions. Tell your partner that keeping a balance in life can only lead to happiness rather than passing judgment. Janie Doyle, Marketing Director, Scvehiclehire Pressures to Make Financial Decisions You Don't Want One sign that your spouse is a financial bully is if they often pressure you to make financial decisions that you don't agree with or make you uncomfortable. This can include pressuring you to take on more debt or to make large purchases that you don't feel are necessary. If your spouse is also secretive about money and keeps you from seeing how much money is coming in or going out, this is another sign of financial bullying. The best tip for dealing with financial bullying from a spouse is to set clear boundaries for your finances. Have an open and honest conversation with your spouse about money, and make sure that both of you are comfortable with any financial decisions that are made. It is also important to be assertive and speak up if your spouse is trying to take advantage of you financially. Finally, if the situation continues, it may be time to seek help from a financial advisor or to consider legal advice. Adam Garfield, Marketing Director, Hairbro Guilt Over Every Purchase When a spouse questions or guilts an individual for every purchase they make, regardless of the cost, it is a clear sign of financial bullying. A friend I had in college went through this exact situation, wherein his fiancé would reprimand him even for just buying a $2 soda. The best way to deal with this is to sit down with the spouse and be honest about how their behavior impacts the relationship. If they will not listen, take careful steps to safeguard your finances, and do not be afraid to ask friends or a counselor for further advice. Annu Daniel, CEO, Elohim Company If you feel like you or someone you know is being abused financially, it's essential to learn how to get help.