Secret Spenders Deserve a Special Place in Financial Hell

December 6, 2010 by  
Filed under Marriage and Money

CNN/Money managed to get 6 people to confess/boast about their talents for “secret spending.” I wonder what their spouses are thinking right now. I know what I would be thinking if I were that spouse: What is more pathetic about my spouse – secretly over-shopping or outing yourself on the Internet? Read more

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Save as They Say, Not as They Do

April 17, 2010 by  
Filed under Marriage and Money

You knew this was bound to happen. When it comes to saving money, some of today’s parents are telling their children to do as they say but not as they did. Read more

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Eight Baby Boomer Money Mistakes You Should Avoid

Baby boomers have been receiving a lot of criticism in recent months for their collective contributions to our country’s economic problems.  First, we are blamed for an extreme amount of debt driven consumption that inflated highly leveraged real estate and credit bubbles.  Second, we are now being blamed for an excess of saving when many so-called economic experts are calling for increased consumer spending.  In general, boomers are probably guilty on both counts.   I have a suggestion. Read more

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Simplifying a Financial Life

First, this post is not about Paris Hilton or any other “air where the brain should be” simpleton venturing into the Simple Life.

Second, this post is not about New Year’s resolutions.  Mr. ToughMoneyLove sort of abandoned that whole concept a while back.  Why?  Because like so many others, I used it as an excuse to delay doing something that needed to be done now, not later.  How many times did I say to myself “I will start my exercise (or diet, or savings, or love thy neighbor) plan at the beginning of the year!”  Fortunately for my self-commitment credibility, I never actually specified which year.  So technically I’m still in compliance. Read more

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Living Within Your Means and the Marital Allowance

The mainstream media is now chock-full of stories about married couples having to tighten their belts to “live within their means.”  It is interesting that these stories are only recently becoming popular because not living within your means is a problem whether the economy is in good shape or, like now, in terrible shape.  But reading a recent story about this spendthrift couple in the New York Times, the picture becomes clearer. Read more

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What Will Your Gifts Reveal About Your Relationship?

Mr. ToughMoneyLove has a certain fascination about money and human behavior.  I enjoy reading the psychology of money blog.  This month the blog published some hard truth research about gift-giving that is particularly relevant to the holiday season.

The research targeted how men and women in a relationship reacted to the gifts they received from each other.   What I gather from the results is that as guys giving gifts to our ladies, we are in a very precarious if not impossible position.  Read more

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If This is Frugalism, Count Me Out

Being frugal, particularly in times of economic stress, is certainly a common and effective strategy that many use to achieve a financial goal.  In my opinion, frugalism should not in itself be a financial goal.  Others seem to think that it is.  Mr. ToughMoneyLove is learning that when consumers view being frugal as a goal, they sometimes take extreme actions that cause me to question their sanity.  Case in point:  Steve and Diane Moore of Cookeville, Tennessee. Read more

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Protect Your Spouse in Your Financial Plan from Claims of Creditors

In Marital Money Matters, It Really Helps if You Work Together 

I read lots of posts, messages, and comments on financial planning blogs and forums in which one spouse complains that the other has various money maladies, from being a tightwad to a spendthrift. Naturally, the inclination of the complaining spouse is to proclaim the need to protect his or her money from the actions of the husband/wife. Sometimes that has already occurred through spending or saving that is actually concealed from the other spouse. Read more

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