"Success in marriage does not come merely through finding the right mate, but through being the right mate." -- Barnett Brickner

This newsletter is written to help couples in the area of finances. Financial problems are one of the top five reasons people get divorces. And now, in such a turbulent time, I wanted to help couples who are just starting their journey and those who may be going through a rough time. Visit the Marriage 101 website at www.marriage101.us>www.marriage101.us>www.marriage101.us>www.marriage101.us to review the March 2008 article written by finance author Monica Carter Tagore. Also, visit me at myspace.com/jewellpowell to read my weekly blogs. Enjoy!

Financial Tips for Buying or Keeping Your Home

One only needs to open a newspaper or turn on the news to hear about the many homes that are going into foreclosure. Whether you are a person already in a stage of foreclosure, a person looking to buy a house, a person who thinks it could never happen to you, or someone who sees trouble in the offering; this article has something for you. This may not seem directly like advice for a happy marriage, but the loss of your home could put a definite strain on your marriage.

Tips on Buying a Home You Can Afford

If I could give a young couple one piece of newlywed advice about finances, it would be to overestimate your expenses. Even if you sit down with a budget and try to figure out what your expenses will be, you may forget to add extras for a car repair, a trip to visit an ailing relative, or a new furnace when the old one was only seven years old. Financial strain can have a severe impact on a marriage. Therefore, count all the costs, not just the mortgage payment and insurance, when deciding how much house you can afford. The constant stress of worrying about money and the resulting behavior can end a marriage.

Also, set up boundaries and goals. If you want to go on family vacations every year, plan for it in advance. If you want to make other major purchases, sit down and decide if and when it will be a good time. Both spouses should be in agreement with the plan/budget and stick to it. Moreover, never make major buying decisions without the other. Just remember - budget is not a curse word. It will make your life and marriage a lot less stressful.

When purchasing a home, whatever you do, do NOT trust the mortgage company to decide how much you can afford. They will plug your numbers into a formula and tell you how much you can spend on a house. This is not really practical. They are out to get as much interest out of you as they can without putting themselves at too high of a risk. However, they don't care about whether you can live comfortably or not. Think carefully and set a realistic budget. When you look at a house that costs more, don't fantasize about living there because a gorgeous house is not fun to live in when you're struggling to pay for it and doing without common necessities to make mortgage payments.

Many government related agencies provide renters and pre-purchase counseling among other home related counseling and advice services. HUD offers lists of agencies for different states at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

Tips for Home Owners in Financial Duress

You may be tired of hearing it, but the first thing you need to do is to curb your spending. Prioritize and spend on what is necessary. Take care of your healthcare and mortgage first. Cable television, movies, and cell phones may seem like a necessity, but what good will they do you if you lose your home? There is time to get the extras in the future. For now, cut back to get through the rough patch.

Consider downsizing and selling off unnecessary assets if it means making mortgage. If you have a lawn tractor, you may want to consider getting a little more exercise with your push mower this year if you can sell the unnecessary lawn tractor.

Whatever you do, keep in touch with your mortgage company. If you foresee a problem, contact them before you fall behind on a payment. They will have more options available to you if you are not behind on your payments. Re-read your loan documents and understand what you can expect during a time of financial difficulty. Seek help from your mortgage company before you miss a payment.

Tips for People Facing Foreclosure

If you are already facing foreclosure, it is not too late to take action. Seek help for your own local situation at http://www.hud.gov/local/index.cfm or check with a state housing agency for help. Use caution when you seek advice. Not everyone is truly out to help you! Watch out for foreclosure recovery scams and prevention companies. You should not have to pay fees for foreclosure prevention. The money could be better used to pay your mortgage. If you can get non-profit counseling or help from your lender, you can put all of your money toward paying your mortgage.

Worse yet, do not give in to foreclosure scams that claim they can immediately stop your foreclosure. If you do work with these businesses, understand that you may be signing over the title to your home. Make sure that you read and understand everything you sign. Find someone more knowledgeable than you to review a document rather than turn your property away with only promises and explanations made by the person who may benefit from your loss. For example, you may sign away your title and become essentially a renter. That alone does not guarantee your credit will be saved.

What if the individual or company taking over your payments does not pay on time? There are many scams that can hurt rather than help you. It may be worth the payment of a small fee to have an attorney review any document you are considering signing. Also, don't forget about the free counseling that may help you avoid a bad decision.
Your home should be a haven where your relationship can grow. Please do not allow it to become a place of unrest and stress based on financial hardships. As your Christian marriage coach, I encourage you to continue to trust God to meet your financial needs. But more importantly it is required for you to be a good steward with your money and to seek help when needed.

Jewell R. Powell

� 2008 by Jewell R. Powell, www.marriage101.us>www.marriage101.us>www.marriage101.us>www.marriage101.us

Recession Proof Your Finances

Recession Proof Your Finances: Not Just Marriage Advice

We should not be fearful about the future. After all, fear is the opposite of faith. We can be smart about our money as our entire country heads into an economic downturn without giving in to fear. The following are some ideas that can help you to rise above recession. Although it is good for everyone to follow this advice, it can be considered marriage advice because of the stress and strain financial problems can place on a relationship. The earlier in the relationship you can work on finances together, the better. Newlywed financial planning can help avoid big problems down the road.

� Most finance books tell us to save at least three to six months expenses in case of an emergency or job change. If that seems to unrealistic, set up a savings plan that is realistic to reach your goals without seriously strapping you for cash. Use the advice Joseph gave Pharaoh which is to save 1/5 during the time of plenty so that during a time of famine (not enough), you will survive.

� Eliminate as much debt as possible. Start with high interest debt and debt that cannot be written off as a deduction (such as a student loan or home loan) and continue chipping away at your debt until you are debt free.

� Recognize the difference between 'necessities' and 'desires'. You may think that your unlimited calling plan on your cell phone is a necessity. If you run a business that requires it, perhaps it is. Otherwise, you may want to rethink your need. Also, is a digital cable package with premium channels worth the anxiety of having no savings? Look for areas where you can make cuts. Just remember 'Pride' comes before the fall. Pride will stop you from doing what is right and lead you further into debt.

� Spend less on groceries by planning a shopping list and going about once a week instead of popping into the store to 'pick up a few things'. I have noticed that when I do that, I end up with more than a few things. Advanced planning, shopping on a full stomach, and keeping spending on the children at a reasonable amount can cut your food budget significantly. For example, I used to make a game with the children of finding the lowest price on certain items. Then I let them each pick out one special treat. That way, they knew at the beginning that they were only allowed one. This cut down on the phrase, 'Mom, can I have this?' and a cart full of high carb, high fat, and expensive processed food.

� Do you realize how much of a consumer you are? Do some research about other cultures and you may want to curb some of your spending simply out of embarrassment. We in the U.S. waste a great deal. We throw out food on a monumental scale and buy disposable items rather than throwing things into the wash. We don't usually dream of making something ourselves unless we have to. Stop and think about areas where you can cut down or make things yourself. I found that my dishwasher runs better with a homemade detergent made of an equal mix of borax and baking powder than it did on expensive gels or powders. There are many websites that can help us to make the most of what we have without buying into the commercialism surrounding us. Search for frugal or budget sites and they may offer you some good tips.

� You may say that you can't possibly save much money, even after cutting back on eating out, entertainment, and other non-essentials. If that's the case, you may want to consider possible additional sources of income. That cocktail ring in your jewelry box that you never wear may do well on e bay. You may have a hobby that would flourish at a local farmer's market. Most markets sell everything from homemade soap to home grown herbs. Even the tried and true garage sale can bring in enough money to make a difference. Of course, marriage problems can arise if we don't respect each other's sentimental property and that should be taken into consideration as well. However, if you are facing foreclosure or trouble paying for food or utilities, it may be time to let go of some extravagances.

By working together as a couple, your relationship can flourish during times of recession instead of falling victim to the destruction of financial problems. Marriage advice does not exclude financial advice. Planning together will build your relationship and help you to grow closer.

� 2008 by Jewell R. Powell, www.marriage101.us>www.marriage101.us>www.marriage101.us>www.marriage101.us

Jewell R. Powell
Author & Marriage Coach
www.marriage101.us>www.marriage101.us>www.marriage101.us>www.marriage101.us

by Jewell R. Powell, The Marriage Coach and author of Marriage 101: Building a Life Together by Faith. Visit us at www.marriage101.us