HUECU recently sponsored the Chief Nurse Address at Mass General Hospital in celebration of National Nurses Appreciation Week. It was our small, humble way of saying “thank you” for the important, life-saving work of the amazing nurses at MGH and beyond.
Managing finances is an important part of being a couple, and doing it right can even strengthen your relationship.
Communicate Openly and OftenAs money is often a hot button topic for any couple, it’s best to communicate openly right off the bat. Let each other know about lingering debts and loans, divulge credit history, and even talk about financial goals. Be honest about your expectations, so that everything is on the table. That way, there are no surprises to fight about later on.
One way to communicate is to talk openly about the needs of you and your partner, and your household. Compare that to your wants, and see where you can compromise. This is especially important when you and your partner have different incomes, and will be a factor in the following steps.
Make a Budget and Change It (When Needed)Once you and your partner are comfortable conversing about money, set a budget for shared responsibility bills and purchases. Don’t only set the budget, but consistently check in on it. Make a practice of setting aside time each week to look through your joint budget, and once you’ve both got the hang of it, cut it down to once every two weeks or month, so that it’s not the focus of your spare time.
As opposed to individual budgets, which should stay consistent for smart budgeting and saving, a couple’s budget may change based on fluctuating income and questions of responsibility. Remember, it’s very important to keep that open line of communication going, so if your budget has to be changed, it’s a collaborative and friendly effort, rather than a fight.
Divide Responsibility (and Accounts)In most cases, you and your partner will not be in the same income bracket. This generally means that you won’t be able to realistically split the budget halfway down the middle. With clear communication, you will be able to organize the budget into who pays for what, as opposed to making one cash reserve. You have the option of dividing expenses up. This is a great practice, as it also counters late payments and becoming individually overwhelmed with the bills of an entire household.
Another division to make is between bank accounts. If you are longtime married partners, you can likely handle a completely joint bank account, though this is not the wisest move for everyone. Try dividing your bank accounts into a joint account for household expenses, and fun you want to have together. Keep a personal bank account with an amount you are open about, so that if you want to purchase several fancy lattes or a second iPad, it’s not coming out of money you’ve worked to use together. This is also a great way to retain financial agency, while feeling happy about shared financial responsibility as opposed to getting into a conversation of which cash is yours or theirs.
Set Goals TogetherTo make this process enjoyable, make sure to set financial goals for the two of you to achieve. For couples just moving in together, goals can be as simple as making rent payments on time, or successfully purchasing a property later on down the line. Buying a car is definitely a milestone, as is paying tuition for your kids (if you become parents). Even setting up a robust retirement account together, and consistently growing it, can feel like a milestone. What’s great about setting goals and milestones is that every achievement is one you make together.
Be Team PlayersMost importantly, know that as a couple, you are a team. Money can be extremely stressful, especially when you’re supporting each others’ ventures and livelihoods. It can also bring you closer together, and give you that warm feeling of joint success.
Communicate as honestly and as often as possible, and try not to let the money conversation turn into a fight. Shared finances don't have to get in the way of shared happiness.
Besides buying property, buying a new car is one of the most significant purchases you will make. The world of car sales involves many financial factors, and can seem overwhelming to the first time buyer. However, preparing yourself with the right research and information will make the experience much more approachable. The following are five essential things every prospective car buyer should know.
Saving money – we all know it’s an important part of life, but it can be much easier said than done. Some days it seems that the world is designed to nickel and dime at every turn; chipping away at those hard-earned dollars.
As we move deeper into 2018, now is a good time to refresh some of those New Year’s Resolutions and continue to integrate good habits so they stick throughout the year. One of the most important and fundamental habits for financial wellness is budgeting. By making budgeting a habit now, you will see lots of benefits over the long-run!
On May 29, 2018, HUECU was awarded the America Saves Designation of Saving Excellence. The award is presented annually to financial institutions that make extraordinary efforts to encourage saving during America Saves Week/Military Saves Week and succeeded in encouraging customers and to open and add to wealth-building accounts.
“At a time when just two in five American households report making good or excellent savings progress, Harvard University Employees Credit Union went above and beyond to encourage and support its community to save,” said George Barany, America Saves Director. “This year’s designees are the leaders in their field at responding to the savings crisis by working directly with American families to open and add to savings accounts. Harvard University Employees Credit Union doesn’t just tell people why it’s important to save, it helps them do it.”
According to recent statistics regarding student debt in our country, Americans owe over $1.4 trillion in student loan debt, which is spread out among nearly 44 million borrowers. Furthermore, the average amount of student loan debt for a graduate of the Class of 2016 was approximately $37,172, up six percent from the previous year. (Sources via: WSJ, and federalreserve.org)
In celebration of International Children's Day, we’re talking about ways to educate children about finances. Remember, it’s never too early to start teaching kids about money. Good skills, that are learned at an early age, can have a lasting impact for the rest of your child’s life. In fact, this is one of the most important areas where you can truly change the course of your child’s life. Educating your children about financial wellness, will help them build healthy spending habits for the future.
Your home is one of the biggest investments you’ll ever make – so it only makes sense that you’d want to keep it in great condition. However, home renovations can take a heavy hit on your wallet. To help smooth along your home improvements, here are three renovation budgeting tips you might not have considered.
Both credit cards and debit cards are useful and convenient means of payment, especially in the way most consumers shop today. So, you can use them interchangeably, right? Wrong, but don’t fret! We’ll help explain why it’s crucial to understand the differences between these two forms of payment in order to know when to use each one and why.