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6 Tips for Managing Money With Your Significant Other

By U.S. News & World Report

Whether we don’t have enough of it or don’t know how to look after what we do have, it seems like many of us have difficult relationships with money. Add in the concerns and worries of another person — especially a significant other — and it’s a recipe for stress and discord. The money talk is rarely something couples look forward to, but it’s vital to both healthy relationships and healthy finances. Fortunately, like so much else in our relationships, managing finances together can be tolerable, even pleasant, by learning to listen, empathize and share a little bit better. Here are six essential tips for managing your finances with your significant other.

[See: 12 Ways to Be a More Mindful Spender.]

1. Schedule regular money talks. Where the money is, where it’s going and where that might change in the future should be discussed on an ongoing basis. Your money should not be something you talk about only when you’re dealing with a crisis or emergency. During your talks, be open to sharing your financial goals and financial habits, so you can map out a plan together. The honesty and frankness you devote to these conversations will open you up to honesty and trust in other parts of your relationship. Schedule time every month to focus solely on budget and financial matters. For many, when everything is on a track, a quick check-in is all that’s necessary, and you won’t risk money stress leaking into other parts of your lives.

2. Identify your partner’s money personality. If your significant other is a liberal spender while you’re more frugal-minded, you may have more heated money discussions than others. Identifying your partner’s “money personality” — the way they handle and think about money — can help you better understand why they do what they do. This can help you approach the money subject with less stress and open you up to thinking about the other person’s perspective. From there, you can build plans together that work for both of you.

[See: 8 Big Budgeting Blunders — and How to Fix Them.]

3. Share the responsibility of managing your finances. Even if one person has better financial skills than the other, it’s usually a good idea to share in the work of household money management. Managing your finances needs to be a joint responsibility and something that you can talk openly about, so there is less conflict. Work on your budget together, discuss financial challenges and work through any financial problems as a team instead of letting one person carry the burden on their own. While it’s important that one person take the lead, both partners should have a hand in the work.

4. Agree on boundaries. Do you want to keep separate or joint accounts? Does each person want to share a main account and have their own private accounts? You need to decide what you’re most comfortable with when it comes to co-mingling your finances and keeping them apart. Some couples may prefer to keep entirely separate accounts and contribute to household and lifestyle expenses independently. Others may want to divide the income of both parties by giving each other an allowance to keep the household budget on track. However you decide to manage your cash flow, you need to set some specific guidelines and boundaries around who has access to your money.

5. Commit to financial goals together. Sit down and consider what types of things you both want to work toward, so that you can support each other and stay motivated. Whether it’s setting a retirement goal, saving up for a vacation or making investment decisions, decide what you both find rewarding and commit to working on those goals as a team. If you aren’t on the same wavelength as your partner, it may be difficult to keep your financial house in order and achieve your goals.

[See: 10 Foolproof Ways to Reach Your Money Goals.]

6. Consider counseling. If money is always a heated topic between the two of you and ends up turning into an emotional argument, there may be some deeper relationship problems triggering overspending or financial negligence. Consider working through any underlying issues with a relationship counselor who may be able to open the lines of communication about money in a healthy way. If your biggest issues are centered on a lack of knowledge or money-management skills, consider working with a financial advisor, so you can both learn how to get a better handle on your financial situation. Reaching out for help could be exactly what you need to keep your financial house — and your relationship — on an even keel.

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6 Tips for Managing Money With Your Significant Other originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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