Newlywed Bliss Box

I took a mini-break from finishing my Bliss Box contents last week, yet decided to wrap it up today with the creation of the Resource List. The Resource List is a list of financial websites and information to help a young couple research personal finance questions they may have, such as “Where can we pull our credit reports?” or “How long will it take me to pay off my credit card?” It even has a few dashes of wisdom on how to save money using coupons and negotiating skills for basic necessities. Why pay full price for something if you can snag a coupon somewhere, right?! *I guess that’s my first dash of wisdom!*

Resource List Topics

Credit Resources

• CreditKarma.com - Pull your Transunion score for free anytime you like! Since CreditKarma.com is a soft inquiry on your credit report, it won’t dock any points off your original score (so they claim.) They also offer some terrific calculators to figure out how long it would take for you to pay off debt or save your money.
• Bankrate.com – Find out how much you can save on a 15-year mortgage versus a 30-year mortgage by using their amortization charts. Again, a terrific calculator resource.
• AnnualCreditReport.com – Pull your free annual credit report using this site. You won’t have access to your scores without paying a fee, but at least you can review your reports to make sure the information is accurate.
• TransUnion address for disputes – TransUnion Consumer Reports, PO Box 2000, Chester, PA 19022-2000
• Experian address for disputes -Experian, P.O. Box 2104. Allen, TX 75013-2104
• Equifax address for disputes – Equifax, P.O. Box 740241. Atlanta, GA 30374-0241
• Generic Dispute Form

Bank Resources

• Bankrate.com – Compare the best savings and CD rates across the nation.
• SmartyPig.com – Internet savvy? SmartyPig.com is claiming it has the highest savings rate in the nation. Check it out and SAVE!

Affordability Resources

• Michael Bluejay - How much house can you afford? calculator is very helpful in determining what you can afford.
• Freebies for Moms - Just because it has the word “mom” in it doesn’t limit non-mom’s from using this terrific coupon and freebie site!
• Saving Cents with Sense - Lists the deals and coupons of the day.

Budgeting Resources

• Mint.com – Find out what you’re spending your money on so that you can use the budgeting worksheet more efficiently!

Financial Wisdom

• Talk about your finances together – use the checklist to help guide your discussions.
  
• Come up with a budget so you know where your money is going and can make a long and short term savings plan (Some reasons to save: vacation, retirement, house purchase, kids, college, grad school – not necessarily in that order )
• Make a plan to pay off debt or stay debt-free
• Try negotiating a better price on large purchases – Whether it’s a car purchase, house purchase, or rent you might be surprised to get it for less than the sticker price.
  
• Use coupons whenever you can – coupons don’t make you look cheap, they make you look financially savvy!
• Fess up to financial mess-ups – The worst thing is hiding it then only later having your spouse find out about it!

What other advice or resource would you add for a newlywed couple? Please feel free to add your two-bits!

Newlywed Bliss Box

I’m getting close to the finale on the Bliss Box Contents. I’m down to the Spender/Saver Quiz, which this post will explain, the resource list, and the possible addition of a great book. Any additional items that have been suggested such as day spa coupons or saving love notes would need to be added separately. I’ve created this quiz using my own personal knowledge of how my husband and I decide what to buy and when to buy it. I consider myself a saver and think my husband definitely falls more on the side of spender. So my personal experiences guided my question creation. Enjoy the quiz below:

1.) You and your loved one are planning a vacation. The first thing you do is:
A. Save a portion of your income for 6 months to a year before a trip is even discussed.
B. Scour the internet for savings on flight and hotel packages. If there aren’t any, you put off your trip until a deal can be found.
C. Find the best price on an internet site, such as Travelocity, and book your trip.
D. Head to your local travel agent.

2.) Your first generation flat-screen TV isn’t nearly as pixel-perfect as your neighbor’s brand new one. You decide to:
A. What flat-screen TV? I’m still getting by on my old tube-style TV / or don’t own a TV.
B. Not compare your TV’s since it really isn’t that important to you.
B. Wait a few more years before upgrading a TV that is still working just fine.
C. Run out and purchase a brand-new flat-screen. Take that, Joneses!

3.) Your trusty-car is becoming more and more rattle-prone and noisy each day. Though your dealer has told you that is normal based on its age and everything else is just fine you decide to:
A. Trust your dealer and keep your car until it completely dies.
B. Begin to formulate a plan and save money to purchase a new car in a year or two.
C. Post your car on eBay to see if you can get a decent bid, giving you enough money to put a down-payment on a new one.
D. Run to your nearest dealer and trade in your perfectly good, but rattly, car for a new one.

4.) Buying generic brands makes you feel:
A. Terrific! They’re the only brands you buy.
B. Okay, though there are definitely some items you must buy that are name-brands.
C. Ashamed. You only buy generic when you just can’t afford name-brands.
D. Generic brands? What are you taking about? I only purchase name-brand items.

5.) When comparing your savings account to your overall debt, you feel:
A. Great! Your savings account is hefty and you have no debt, or very little to speak of.
B. Pretty good. Your savings account is growing by the day and your debt is dwindling quickly.
C. Okay. You’re trying to save a portion of your income, but your debt isn’t getting paid down very quickly.
D. You’re drowning in debt and have no savings account to speak of.

6.) A budget is:
A. A tool you use to help figure out where your money is going, each category specifically details income and expenses.
B. Something you look at quarterly and use it loosely to determine where you can save money.
C. You’ve heard of it, but you don’t bother to create one. If the money is there, great. If not, oh well.
D. What are you talking about? I need a dictionary.

7.) You view your credit cards as:
A. A tool that can help you build your credit score. You only use them when you know you can pay them off in full each month. (Or you don’t have any credit cards).
B. A great convenience. They allow you to purchase large ticket items, then pay them off quickly at a low interest rate.
C. Something of a catch-22. They are great because you can purchase items you can’t afford, but then you have to pay more for the item in the long run.
D. A curse. I wish I’d never signed up for one!

8.) You’re out window shopping with a friend when a beautiful watch catches your eye. You know the price is slightly above what you’re willing to pay, but your credit card just offered you a 6-month zero percent interest rate that’s very enticing. You decide to:
A. Forget about the watch, you don’t need it.
B. Go home and price check that watch against online deals to see if you can get it for less. If you can’t, then forget it.
C. Wait until the watch goes on sale, then go buy that baby!
D. Say the heck with it and swipe that plastic card.

Did you remember to write your choices down? Here is the basic scoring I’ve concocted:

A = 0 points
B = 1 point
C = 2 points
D = 3 points

On a sliding scale, anything less than 12 points places you more along the savers end of the spectrum. Anything above 12 points puts you on the spenders side. See graphic below to determine where you fall:

Bliss Box Spender/Saver Quiz Tally

Some comments I received also included creating different kinds of quizzes and I love that idea. If anyone wants to contribute different quizzes, or add to this one, let me know. Ultimately, because this Bliss Box idea has grown quite a bit, I think I’ll create a separate page that lists all the Bliss Box contents for general use. Your thoughts on the quiz are welcome.

I’ve received some great input on my Newlwed Bliss Box.  The feedback I’ve received includes some additions and terrific and creative ideas including expanding my checklist to include discussing life insurance and a will (fabulous addition I might add), and adding beautiful photos to motivate the newlyweds to discuss each topic. I also like the comment about adding in little financial love notes, such as I saved X amount of dollars by taking my lunch to work, etc. Another ingenious idea I received was to include an enticing spa gift card so the gift isn’t so drab or condescending.

So, continuing on with this idea for a gift, I’ll be explaining and offering links to a couple of the spreadsheets I would include with this gift. The three components described within this post in detail include the Budget Worksheet, Debt Worksheet, and Short/Long Term Goal Worksheet. Creating the spreadsheets took a little longer than I thought and there is definitely room for improvement. Please feel free to add your two-cents!

Short term / Long term goal worksheet: Two simple columns labeled long term savings goals and short term savings goals (including potiential due dates – so really four columns) with general categories that can be filled in and added to with the intention of setting priorities.  General categories include wedding costs such as attire, ceremony fees including the marriage license, reception costs, invitations, decorations, gifts, etc. to get the ball rolling and are listed under some day-to-day categories since once the wedding is over, those costs are complete! I didn’t add in sum equations because this worksheet is much more flexible to a couple’s needs. Hopefully the couple would be able to find the sum function at the top in their Excel tool bar.

Next on the list of items to describe in detail include a fun spender/saver quiz and the resource list….All in good time!

Are the worksheets too scary for a new couple just starting out? Did I list too many categories, potentially overwhelming a couple of wet-behind-the-ears newlyweds? Or, is listing the categories and detailed items a great way to help them remember their actual expenses?

Newlywed Bliss Box

My Newlywed Bliss Box poll is showing so far that the gift is a good idea for most. Total tally is 11. Out of those 11 voters,  5 say “Great Idea”, 4 say “Only to those with open minds”, two other’s are on opposite sides of the fence.  If I were to continue on with my idea, the contents would need to be developed. Today I’m going to explain and layout one of the items in the Newlywed Bliss Box; the List of Discussion Topics .

Checklist of topics to be discussed (including count-down to wedding date):

• Nine months before the wedding: List and discuss total combined income including income from steady job, side jobs, and residual income. Use the Budget Worksheet to help itemize monthly expenses.
• Nine months before the wedding: Using the Debt Worksheet included in the bliss box, discuss total combined debt. This debt includes student loans, mortgage, line of credit, credit cards, auto loans, pay day loans, back taxes due, defaulted payments, store credit cards, any other loans or money due to others including loans from relatives.
• Seven months before wedding: Pull both individuals’ credit reports and credit scores from all three bureaus (use the bliss box resource list to help track down useful links). If total amount of debt has been discussed, this shouldn’t be too scary or surprising. Aim for a credit score above 720. Use this information to discuss financial goals and make a plan.
• Seven months before wedding: Discuss financial goals (long term and short term) using the Long term/ Short term goal worksheet. Those goals might include paying off debt by using the Debt Worksheet that was completed two months ago. It might also include ways to increase credit scores,  making on-time payments, building a solid credit history. Long term goals might include saving for a down payment on a house, saving for a nest-egg, discussing putting money away for future children, or retirement planning. Dicussing financial goals also helps determine if you are both on the same page with personal finance.
• Six months before wedding: It’s time to decide whether to keep your bank accounts separate or combine them into a joint account. Whether you live together yet or not, now is the time to decide who will be the person responsible for paying the bills and balancing the account(s). Will this be a joint effort, where each person is in charge of certain bills? Or will one person be responsible for the all aspects of each other’s personal finance?
• Four months before wedding: Check the status of your wedding budget, using the budget worksheet from four months ago, and see if you’re on track with your spending. If you find yourself over-budget on the wedding items, you might need to revise the remaining items and see if there is a way to save money, whether it’s on flowers, decorations, or the reception. If you find that your monthly living expenses need to be revised, this is the time to revise them.
• Two months before the wedding: Now might be a good time to pull each other’s credit reports once more if you’ve been diligently working towards improving your credit. If the credit reports were already fine to begin with and the scores were well above 720, you could skip this step.
• One month before the wedding: If you’ve gone through the checklist and utilized the worksheets included, you should be financially ready to take the plunge and marry your significant other.

The point of the checklist is to be financially prepared so that there are no surprises before, during, or after the wedding. If each individual is honest with each other and working towards financial goals, personal finance should be a piece of cake!

My follow up to this post will be the individual spreadsheets. Obviously this checklist won’t do anyone any good without them. I think I ‘ll also be including excel worksheets too, incase anyone wants to create a Bliss Box!

Be sure to vote on the Bliss Box. I’m curious as to what your thoughts are on the box.