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9 Money Habits Happy Couples Have

9 Money Habits Happy Couples Have

It has become general knowledge that half the marriages in North American end in divorce. It makes us all wonder what it takes to have a happy long-term relationship.

There is good news. According to Kansas State University researcher, Sonya Britt, arguing about money is the top predictor of divorce. How is that good news? Well, if you master your personal finances and get on the same page with your partner about your shared finances, then you’ll have overcome the number one obstacle in relationships.

What do happy couples do differently? Here are the nine smart money habits they share:

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1. They talk about money

For many couples, it’s easier to talk about sex than to talk about money. Based on their upbringing, money can be a sensitive topic because it can trigger feelings of inadequacy or shame centered around not having a financial plan, around spending too much or around not earning or saving enough. Happy couples set aside time to talk about money and set goals around each partner’s and the shared money.

2. They understand each other’s money type

Are they hoarders when it comes to money? Are they big spenders? Are they come-what-may hippies? Or are they avid spreadsheet crunchers? According to author Jordan Goodman, in the book Master Your Money Type, there are six psychological money types. Happy couples understand their own money type and their partner’s. They don’t try to change the other person. They only strive to find a middle ground.

3. They have a joint bank account

Happy couples share a joint bank account that covers common basic necessities, such as rent or mortgage payments, utilities, groceries, toiletries, etc. They both automate their monthly contributions to this join bank account, in proportion to their income. They even align what to do if or when one of them isn’t earning an income.

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4. They have separate bank accounts

In addition to a joint bank account, they each have their own separate bank accounts and credit cards. Happy couples know the value of independence, freedom of choice, mutual trust and personal respect. They don’t stalk each other’s every move and purchase. Separate bank accounts also leaves room for personal growth, personal responsibility and surprise birthday gifts!

5. They understand each other’s love languages

What does love have to do with money? According to Dr Gary Chapman, in his New York Times bestselling The Five Languages of Love, people express love through quality time, physical touch, acts of service, words of affirmation, or gifts. For example, if one partner spends a lot of money buying gifts to show affection while another just wants to talk long walks together, then the first can be perceived as a frivolous spender and the second as a cheap-ass. Understanding each other’s love language helps happy couples understand their partner’s internal motivator for spending, saving, and investing money.

6. They have a security blanket

Nothing stresses a relationship more than financial insecurity. On Maslow’s hierarchy of needs, security – including financial security – is more important than love and belonging. Happy couples budget, follow their budget and create a financial security blanket that keeps them feeling secure, optimistic, and carefree. It doesn’t mean they deprive themselves of fun or material goods, it simply means they don’t spend money that they don’t have.

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7. They know that money is a means, not an end

Happy couples understand that money is a means, a way to exchange goods and services. They know that ultimately, money won’t give them fulfillment and purpose. They use money to acquire assets, to travel and experience the world, and to support continued learning and healthy lifestyle. Happy couples aren’t materialistic. They don’t feel the need to keep up with the Jones.

8. They set aside fun money

All wealth mastery gurus point to delayed gratification as a key to long-term wealth. Yet, happy couples set aside fun money, an amount of disposable income that requires no thought or consideration before spending. Tapping into the fun money barrel prevents needless arguments and stress on the relationship.

9. They have balance

They are frugal, but don’t hoard money. They are generous, but not reckless with money. They appreciate spreadsheets, but don’t let numbers rule their lives. They gracefully walk the fine line between work and play and the fine line between saving, spending, and investing.

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So, what will it be? Open and curious conversations around money or avoid money issues until they implode? Happy couples treat money as a means to an end, not a character flaw or personality trait. They approach it with a smile and look for alignment of their common goals, rather than agreement of their personal preferences.

What habits will you implement to keep your relationship happy and prosperous?

Featured photo credit: http://compfight.com via farm3.staticflickr.com

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Last Updated on June 20, 2019

50 Businesses You Can Start In Your Spare Time

50 Businesses You Can Start In Your Spare Time

Most people want a few more dollars in their wallets. But between an employer and family, the time most of us can devote to a second job is severely limited. Running a small side business can provide a few more options: you don’t have to show up at a set time and you can use skills you already have. Not all will be perfect for everyone, of course, and I’m sure that you’ll have a few ideas of your own after reading this list. If you’d like to share any other business ideas, please add them in the comments.

  1. Selling collectibles — From antique books to teddy bears, there are plenty of opportunities to buy and sell collectibles. It’s important to familiarize yourself with the collectible of your choice but if you choose something that you’ve been collecting for a while, you’ve got a head start.
  2. Locating apartments — It can take time to sort through apartment listings, but you can make some money by finding the perfect apartment for a renter.
  3. Baby proofing — New parents often prefer to bring in an expert to make sure their home is safe for a new baby.
  4. Calligraphic writing — If you’ve got elegant handwriting, you can pick up gigs writing or addressing wedding invitations, holiday cards and more.
  5. Selling coupons — Search on eBay for coupons right now and you’ll see thousands of listings for coupons. It’s just a matter of clipping and listing what you find in your Sunday newspaper.
  6. Pet training — A surprising number of people don’t know where to start in training a pet. Even teaching Rover simple commands like ‘Sit’ and ‘Stay’ can bring in a few dollars.
  7. Running errands — A wide variety of people want to outsource their errands, from those folks who aren’t able to leave their homes easily to those who have a busy schedule.
  8. Researching family trees — Amateur genealogists often call in experts, especially to handle research that has to be done in person in a far off place. If you’re willing to go to a local church and copy a few records, you can handle many family tree research requests.
  9. Supplying firewood — The prerequisite for selling firewood is having a source of wood; if you’ve got some land where you can cut down a few trees, you’ve got a head start.
  10. Hauling — As more people trade in their SUVs for compact cars, hauling is becoming more important: people have to rent a truck or hire a hauler for even small loads.
  11. Image consulting — Image consultants provide a wide variety of services, ranging from offering advice on appearance to teaching etiquette.
  12. Menu planning — For many people, the trip up in eating home-cooked or healthy meals is knowing what to prepare. Meal planners set a schedule to solve certain dietary problems.
  13. Microfarming — Cultivating food and flowers on small plots of land allows you to sell produce easily.
  14. Offering notary public services — Notary publics can witness and authenticate documents: a service needed for all sorts of official documents.
  15. Teaching music — If you’re skilled with a musical instrument, you can earn money by offering lessons.
  16. Mystery shopping — Mystery shoppers check the conditions and service at a store and report back to the store’s higher-ups.
  17. Offering research services — Just by reading up on a topic and compiling a report on it can earn you money.
  18. Personal shopping — Personal shoppers typically select gifts, apparel and other products for clients, helping them save time.
  19. Pet breeding — Purebred pets can be quite value, especially if you can verify their pedigree.
  20. Removing snow — During the winter months, shoveling walks can still be a reliable way to earn money. You might be asked to take care of the driveway too.
  21. Utility auditing — As people become environmentally-concious, they want to know just how efficient their homes are. With some simple testing, you can tell them.
  22. Offering web hosting services — Providing server space can be lucrative, particularly if you can provide tech support to your clients.
  23. Cutting lawns — An old standby, cutting lawns and other landscaping services can provide a second income in the summer.
  24. Auctioning items on eBay — Want to get rid of all your old stuff? Stick it up on eBay and auction it off.
  25. Babysitting — Child care of all kinds, from babysitting to nannying, can offer constant opportunities.
  26. Freelance writing — If you’ve got the skills to write clearly, you can sell your pen for everything from blogs to advertising copy.
  27. Selling blog and website themes — Do a little designing on the side? Customers that don’t want to pay full price for a website will often pay for a template or theme.
  28. Offering computer help — Particularly with people new to computers, you can earn money by providing in-home computer help.
  29. Designing websites — It may require a little skilled effort, but designing websites remains a reliable source of income.
  30. Selling stock photography — For shutterbugs, an easy way to put a photography collection to work is to post it to a stock photography site.
  31. Freelance designing — Check with local businesses: you can provide brochures, business cards and other design work and get paid a good fee.
  32. Tutoring — Math and languages reamin the easiest subjects to find tutoring gigs for, but there is demand for other fields as well.
  33. Housesitting / petsitting — Stopping in to check on a house or pet can earn you some money, and maybe even a place to stay.
  34. Building niche websites — If you can put together a site on a very specific topic, you can put targeted ads on it and make money quickly.
  35. Translating — The variety of translating work available is huge: written word, on the spot and more is easy to find even on a part-time basis.
  36. Creating custom crafts — No matter what kind of crafts you make, there’s likely a market for it. Etsy remains one of the easiest places to sell crafts.
  37. Setting up a wi-fi hotspot — With a little bit of equipment, you can set up a wi-fi hotspot and charge your neighbors for the access they’ve been ‘borrowing.’
  38. Selling an e-book — You can write an e-book about almost anything and put it up for sale online.
  39. Affiliate marketing — If you’re willing to market other companies’ products, you can earn a cut of the sales.
  40. Renting out your spare room — From looking for a long-term roommate to listing your guest room on couch surfing sites, that spare room can make you money.
  41. Offering handy man services — Handling small household tasks can provide you with plenty of work, although you’ll probably be expected to have your own tools.
  42. Teaching an online class — Share your expertise through a website, an online seminar or variety of other methods.
  43. Building furniture — For those with the skill to create handmade furniture, selling their creations is often just a matter of advertising.
  44. Providing personal chef services — Personal chefs prepare meals ahead of time for customers, leaving their customers with a full freezer and no mess.
  45. Event planning — From planning corporate events to bar mitzvahs, an event planning business can require plenty of work and offer plenty of pay.
  46. Installing home safety products — Particularly as Baby Boomers age, people able to install handrails and other home safety products are in demand.
  47. Altering / tailoring — If your sewing skills are up to par, altering garments is coming back as people try to stretch more wear out of their clothing.
  48. Offering in-home beauty services — Hair cuts, makeup and other beauty services that can be performed at home have a growing demand.
  49. Business coaching — Helping others to establish and develop their businesses can provide many opportunities to earn money.
  50. Writing resumes — Writing resumes can provide a reliable income, especially if you can put a polish on a client’s credentials.

There are plenty of offers that claim to provide you with the opportunity to make thousands of dollars a week. Unfortunately, none of these businesses will provide that sort of income, but they aren’t scams either. They were chosen because they all require a minimum investment to get started — some require nothing more than a flyer advertising your business. Even better, if you do enjoy any of these businesses, there is a potential with most of them to continue to expand — perhaps even to the point of going full time.

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Featured photo credit: Omar Prestwich via unsplash.com

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