Team Dinks, Author at Dinks Finance

4 Reasons Why Getting Married Makes Financial Sense

Posted on September 15, 2011 - 8:14 am by Team Dinks 3

financial sense, marriage perks, financial advice

(Guest Post by Ryan Sandberg)

Marriage and divorce rates are a fluctuating thing that are very often affected by the state of the current economy. By many estimates, divorce rates saw a drop during the recession because people simply weren’t able to get divorced. This was due to lack of income and couples being tied to a mortgage. There are many other reasons that people stayed in marriages during such difficult economic times, but many people are seeing the benefits of getting married.

In times such as these, people who have been putting off taking that leap into wedded bliss have done so because of hesitancy or lack of time. Besides the fact that you want to share your life with your loved one, getting married has the added benefit of making the best financial sense:

Splitting The Bills

Perhaps the most obvious, and best reason, that people get married are the huge cost benefits of splitting the bills. When you have two incomes, you’re able to get a lot more done and increase your buying power very quickly.

Improved Credit Scores

When two people get married, usually one has a much lower credit score than the other. It can take years of diligent efforts to improve your credit score. This is a big annoyance when you’re getting married and planning to buy a car or home. When you get married, you can take out a home or auto loans under the name of the spouse with the better credit score. This will ultimately save both of you a lot of money because you’ll be able to get better terms for you loan and improve your buying power.

Bigger Tax Return

This has long been one of the best financial benefits of being married. When you’re filing as a married on your taxes, you save a lot of money and get more back on your return.

Long-Term Savings

Basically put, when you have two incomes, you’re able to put far more towards your future than if you were saving as a single person. Often times one person’s income is put solely toward the bills while a large portion of the other spouse’s income is put towards saving for retirement and other investments.

There are a lot of financial benefits to being a married couple, regardless of the current state of the market. In no way does this mean that you should get married only because of the monetary benefits, but it is a huge plus. If you’ve wanted to get married, but simply haven’t had the time to do so, it might be the best decision when establishing a good financial base for both your futures.

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Guest Post by Ryan Sandberg – a freelance writer with a passion for entrepreneurship, efficiency and ice hockey. He enjoys researching and sharing his opinions/findings on finance, marketing, entrepreneurship and current tech trends.

Savings Bonds RIP

Posted on September 13, 2011 - 7:48 am by Team Dinks 2

(Guest post from James, original founder of DINKS Finance :))

As many of you long time readers of personal finance blogs will know, the U.S. Treasury department recently issued a press release saying they were eliminating paper sales of savings bonds, effective January 1^st, 2012.

This move comes as little surprise as some personal finance pundits noted it could be happening as early as 2008. It is still possible to purchase bonds electronically, but as of the end of the year, you won’t be able to get paper versions any more. This move is just the latest in a series of rulings by the Treasury department liming public sales of this investment.

In terms of what it means for your personal finances, the answer is probably very little. The Treasury department has already limited the amount of bonds one can purchase, so the tax-deferred benefits of owning large amounts of these kinds of securities is already limited. Savings bonds also don’t pay the best rates. For example, while Series I bonds currently pay 2.6%, it is possible to get a better deal with 30 year treasury notes at 3.7%.

Since savings bonds have widespread ownership among the American population, one has to wonder why the Treasury is doing away with the program. Part of the reason may be that annual bond sales are somewhere in the range of 200 million USD. Given the huge financing needs of the Federal government, it’s likely that selling savings bonds is just no longer an important source of government funding. It’s also the case that Washington is under huge pressure to cut back on spending, and it is possible that there isn’t a strong savings bond constituency to defend the cost of printing and mailing the paper securities.

So, the bottom line is that savings bonds are a dying investment class, however it may not matter for your pocketbook.

Happy Investing.

James

How to Survive Unemployment

Posted on September 7, 2011 - 9:18 am by Team Dinks 2

(Guest post by Jessica Wagner)

When you or your significant other becomes unemployed, you may no longer be considered a DINK, but you can guarantee that will be here to still give you some financial advice. Getting by with two incomes in a relationship is definitely worth strategically planning for, but also figuring out a game plan for yourself if one of you were to become unemployed is beneficial too.

The reason why a majority of relationships fail is because of financial struggles. Lacking funds or poor money management often lead to damaging fights that can be difficult to recover from if not properly dealt with. To avoid having strong arguments in an already stressful time, consider planning for unemployment in the chance that one of you were to become so.

Even if you aren’t planning on becoming a single income couple, things happen, especially in the current job market and economy, and it will benefit you to have a plan in action. Don’t make combined purchases that you couldn’t afford if one of your were to become unemployed, and create prospective budgets should either you or your significant other lost their income. Doing this will allow both of you to know that you can survive should one or the other lose their job.

If you or your significant other becomes unemployed, you need to immediately reconsider your spending. While you should already have budgets created, you need to re-evaluate those budgets and make sure that you haven’t acquired any additional expenses since those budgets were created. If you notice that you have been eating out more, plan on cutting down again and trying to stick to cheaper home cooked meals. Also note that regular expenses, such as gas, will decline because one of you is at home.

While watching your spending is obviously something needed during unemployment, keeping a solid routine is often overlooked. If you or your spouse becomes unemployed, you will be home all day and this loneliness can lead you to become slightly starved for attention. While you were once able to let yourself and your significant other enjoy some alone time after work, you will now be desperate for conversation – which can often drive the working partner insane. Try to maintain other forms of socialization to combat the loneliness.

You also need to maintain a routine should you become unemployed. Whether you are looking for mechanical engineering jobs or electrical engineering jobs it doesn’t matter. You simply need to treat job hunting like a job. Activities that you should always continue doing even during unemployment include:

Waking up at a regular time
Showering and dressing in normal office attire
Exercising
Regularly socializing

Unemployment doesn’t have to be the end of the world, and it doesn’t need to destroy your relationship. Sure, it will put a bit of strain on you and your significant other should one of you lose your job, but with proper planning, you can avoid having unemployment become the bane of your relationship.

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Jessica Wagner is a freelance writer from lovely, almost-always sunny, San Diego, CA.

5 Tips For Couples Travelling on a Budget

Posted on August 3, 2011 - 8:26 am by Team Dinks

couples travelling, travelling couples on a budget, budget traveling

(Guest post by Janine)

Travelling together can be very stressful when it comes to handling money. Here’s some go-to tips for couples traveling this summer on a budget. Don’t let your wallet or the heat hold you back!

1. Be Smart When Shopping

Some couples, when they are out traveling, fall under the spell of souvenir shops. Should you enter one of these establishments, you need to be strong about your funds. Do you really need to use your Aeroplan credit cards to get a snow globe to commemorate your trip? Do you need a stuffed animal with the name of the destination sewn on its stomach? While it’s fine to get a few things, you should think about how much space you have on the car or plane, and what will happen once you get home. If you think the items will simply get thrown into a closet, you are wasting your money and time.

2. Don’t Wait

There are certain times of the year, such as summer, when waiting until the last minute to make any bookings is a poor decision. The more people that are going on vacation or simply taking a trip, the less likely it is that there will be a lot to choose from when it comes to what you want. The moment you decide what your travel destination is going to be, quickly choose your accommodations. If you don’t, chances are you won’t get what you want. In addition to this, you may also have to pay more, ruining your budget. This isn’t to say you should choose something two hours after reaching a decision; however, two months later isn’t something to attempt.

3. Look for Special Packages

In order to encourage more people to come to their park or other establishment, some companies will offer special packages. These special packages might offer a discount on hotel stay, airplane fare, dining options and so on. Instead of staying for a few days, it could end up cheaper to stay for a whole week, or the other way around. In the end, it really comes down to your preferences and budget.

4. Drive

Many people believe they should always fly when they want to get some traveling done. What they may not realize is that flying is probably the most expensive option they could have chosen. In a number of cases, driving to the destination is much cheaper. On top of this, you and your special somebody can take in the local culture and see the sights as you go down the road. This can prove a lot more meaningful and memorable than sitting in a plane.

5. Be Flexible With Plans

Is it absolutely necessary that you go on your trip during a specific week or month during the year? Are you open to changing these plans? There are certain times during the year when your couple’s vacation destination will prove cheaper. This might be because fewer people are coming to visit, and the lessening in demand allows for the lowering of prices. If you are willing to change around your vacation date, you could end up saving a significant amount of money. The fewer crowds also allow for a more romantic and private atmosphere. This should be kept in mind.

Happy travels!

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Janine is a frugal traveler who has ventured to many parts of the world with her hubby, including Europe
and Asia.

Photo by Duncan~

How to Go Green without Breaking the Bank

Posted on July 27, 2011 - 7:52 am by Team Dinks

going green, eco-friendly, budget-friendly

(Guest Post by Wilson Taylor)

Going green isn’t always a cheap task. Installing geothermal heating systems, purchasing solar panels, and further insulating a house can all be home renovation projects that can cost you thousands of dollars easily. Having a geothermal system put in place can cost a family $20,000 alone, and solar panels can be even higher sometimes reaching $30,000.

Although these systems have exceptional environmental and money saving benefits, not everyone can afford their upfront costs. For families still wishing to reduce their carbon footprint and their monthly utility expenditures, there are a few inexpensive updates that can be done around the house to help out. Some of these tasks include:

Managing Water Use

No, you don’t need to restrict everyone in the house to one 5 minute shower a week to reduce your monthly water bill. By simply placing a couple of bricks or a mason jar full of water in your toilets water reserve, you can reduce your water usage and therefore, your water bill.

Hang a Clothesline

Clothes dryers consume massive quantities of energy, and put out quite a bit of heat which isn’t always welcome in your home – especially in the summer. To avoid higher energy costs, consider hanging a clothesline to dry all your clothes. In the hot summer heat, they will dry just as quickly as they would in the dryer, and you will be saving money while you do it.

Stock the Fridge

Refrigerators also consume a large amount of energy trying to keep your food items cool. However, a stocked fridge is better able to regulate temperatures and will actually use less energy. Even if you don’t have a fridge full of food, always try to keep a few jugs of water in there to keep energy usage low.

Depending on the area in which you live, you may also be able to switch energy retailers to save money. Certain retailers, such as Energy Plus Company, invest in green energy like wind and offer customers incentives such as airline miles, hotel points, and cash back simply for paying your electric bill, and in the current economy receiving a little extra bonuses and cash can really be great – especially when you are rewarded for doing something you already do each month.

Going green doesn’t mean that you initially have to break the bank to save money years down the road. You can choose a greener lifestyle and home simply by making a few easy and inexpensive changes. Not only will you notice that your utility bills will start to decrease, but you will also have better peace of mind knowing that you are doing something good for the environment.

——–
This guest post was written by Wilson Taylor, a freelance writer from Spokane, Washington.

Photo by Will Clayton

Smart Moves to Grow Rich: Q&A with Author Laura Adams

Posted on January 26, 2011 - 8:10 am by Team Dinks 1

Q & A with Laura Adams, author of Money Girl’s Smart Moves to Grow Rich:

DINKS: Why did you decide to write a book?

Laura Adams: Some of your readers may know that I write and host a weekly audio podcast called Money Girl on the Quick and Dirty Tips Network. The show’s been pretty popular; it’s been downloaded over 8 million times. It’s a great platform to help make complex personal finance topics easy for listeners to understand—but it’s only about 5 to 10 minutes long each week. So I knew I’d need to write a book to cover the topic more extensively. Money Girl’s Smart Moves to Grow Rich is a comprehensive guidebook that one reviewer on Amazon.com called a “Swiss Army knife for anyone wanting to brave the jungle of finances.” I love that!

DINKS: What can readers expect to learn from your book?

Laura Adams: In a nutshell, the book covers the major issues and strategies that everyone needs to know to accomplish their financial goals and build wealth. In chapter one, I explore your money mindset, which is a really important part of understanding why your finances may or may not be turning out the way you want. And I’ve gotten a huge amount of positive feedback about that chapter. Each of the following chapters shows readers in detail how to build wealth by creating a financial plan, earning more on bank accounts, investing money safely, getting rid of debt, creating better money management systems, reducing taxes, and lots more.

I’ve been told that the book makes complicated topics easy and fun to understand—even for someone who’s just getting started managing their money. Readers with more financial experience will get caught up on new financial rules, learn about up-to-date personal finance technology, find clever ways to save money, discover free online resources, understand how to improve their credit score, and much more.

DINKS: What’s an example of a smart move to grow rich?

Laura Adams: The book is loaded with practical advice and tips to grow rich. One of my favorite recommendations is to use the cash you already have to make more money. I list sites where you can find free high-yield checking accounts that pay over 4%. They’re FDIC insured, have no minimum balance, reimburse ATM fees, and offer free online bill pay—you can’t beat that!

Another smart move is to understand how to use retirement accounts to your advantage. Chapter 7 is packed with information about how to invest for retirement no matter if you’re employed, self-employed, or unemployed. You’ll learn whether you should have a traditional or Roth retirement account and what type of investments are right for you.

DINKS: If someone’s in financial trouble, how should they get out?

Laura Adams: Many people who are struggling financially simply don’t have enough information yet to improve their situation. It’s like being lost in the woods without a map or a compass. You have no idea where you are, how you got there, or which direction to go—a really helpless feeling. So the first step is to stop and re-group. In chapter two, I show you exactly how to see the “big picture” of your finances so you can master your cash flow, eliminate debt, and start to build wealth. Once you see a holistic view of your financial situation, it’s actually pretty easy to create a plan to get out of the woods and on the road to a more secure financial future.

My publisher has authorized me to give away chapters one and two. You can go to SmartMovesToGrowRich.com and download both of them for a limited time.

DINKS: How can a young person get started on the right financial foot?

Laura Adams: Something I always tell young people is to stay away from credit card debt. When I graduated from college and started working, I formed a bad habit of shopping and overspending n credit cards. I didn’t realize it at the time, but I was buying lots of shoes and clothes because I could always count on them to make me happy—at least for a little while. Of course, it catches up to you and you have to dig deep and make sacrifices to pay off the debt, which isn’t fun.

DINKS: What’s the most common question you get as Money Girl?

Laura Adams: I probably get more questions about retirement accounts than anything else—like should I take a loan from 401(k) to pay off my credit card debt? But I also get questions about building credit, managing different types of debt, real estate, mortgages, and taxes.

DINKS: Where can readers find your book?

Laura Adams: It’s available as a paperback or e-book at all the major book sellers like Amazon.com, Barnes & Noble, Borders, Books-A-Million, and the Apple iBookstore. And as I mentioned, you can download two free chapters at SmartMovesToGrowRich.com.

Thanks Laura! Congrats on the new book :)

Have a great Thanksgiving DINKS!

Posted on November 25, 2010 - 9:25 am by Team Dinks

We’re taking the day off to spend time with our friends and family :) Hope you guys are able to also! We’ll be back tomorrow if Black Friday doesn’t kill us.

-Team Dinks

$50 Visa Card Winner…

Posted on November 14, 2010 - 11:28 pm by Team Dinks

Elizabeth I!

Congrats! We’ll be shooting you an email soon to grab some info. Thanks for participating in the $50 Rent-A-Center giveaway last week everyone :) We’ll try and do another giveaway soon.