FA 034 Financial Responsibility

Feral  Attraction
Episode 034 - Financial Responsibility 08/30

Intro

On this week’s show we open with a discussion on whether money matters in a relationship. Our main topic is also on money: we go over financial responsibility in life, in love, and in general. We go over how to become a financially sound furry. We close the show with a question on money in a relationship.

  • Study: Money really does matter in relationships

    • Press release: http://goo.gl/C6Lgq7

    • Journal article: http://goo.gl/Pm5BzD

    • Our romantic choices are not just based on feelings and emotions, but how rich we feel compared to others, a new study published in Frontiers in Psychology has found.

    • In one study, researchers found that wealthy men were less satisfied with their current partner’s physical attractiveness and were more interested in short-term relationships than those who were made to feel that they had less money.

    • Women who felt wealthy did not make higher demands regarding the men's physical appearance.

    • In another study, wealthy participants found it easier to interact with an attractive member of the opposite sex than did those with fewer financial resources.

    • "We remarked that wealthy men attach more importance to a mate's physical attractiveness setting higher standards and preferring to engage in short-term mating than those who have less money. However, for committed women, money may lead to less variation in their mating strategies because losing a long-term relationship generally has a higher reproductive cost"

      • Professor Darius Chan, Department of Psychology, University of Hong Kong

Topic

Setting a budget

  • Use a spreadsheet program (such as Google sheets) to keep track of your planned monthly and annual expenses

  • Determine how much income you have left over after accounting for your regular expenses

  • Keep some of this money in savings; try not to spend down to zero every month

Planning for conventions

  • Know your convention budget in advance

    • Room charges

    • Travel expenses

    • Dealer’s den

    • Commissions

    • Food

    • Registration

    • Party

      • Booze

      • Snacks

  • Expect the unexpected

    • What happens if a roommate drops out last minute?

  • Consider ways to economize

    • Request a room fridge; shop for groceries locally

    • Save eating out for special meals with friends

      • Consider only ordering a drink, appetizer, or salad when at the restaurant

Being responsible with credit

  • Don’t carry balances

  • Use 0% interest offers responsibly

  • Build credit using a student credit card

Managing money with a mate

  • Decide how you will handle your finances

    • Joint accounts or separate?

    • Yours mine and ours?

    • Send money back and forth?

      • Venmo

      • Chase QuickPay

      • PayPal

      • Cash app

      • SplitWise

  • How will you split expenses?

    • Fair > equal

    • Splitting according to income is generally a good idea, but make sure no one feels taken advantage of

  • Don’t loan money to friends and mates

    • If you give money to someone you care about, it is generally better for the money to be a gift

    • Loans strain relationships

    • If you must loan money, set it up officially and automatically

    • Be prepared for the loan to become a gift; don’t loan money you couldn’t afford to lose

Taxes

  • If you freelance or work based on commissions (as an artist, fursuit maker, etc) you need to be making quarterly estimated tax payments to the IRS (and perhaps local and state estimated payments as well)

  • In general, it is a good idea to hold back 30% of your freelance/commission income for the purposes of paying taxes on it later on

    • Open a separate savings account for this purpose

Banking recommendations

Question(s)

  • My mate and I make different amounts of money, and it is beginning to affect the quality of our relationship. Basically, my mate (who I live with) has been unemployed for a number of months, and while I am happy to provide for him, it puts a strain on me and means lots of our long-term plans need to be put on hold, as we aren’t able to save much at all. I am getting frustrated with my mate because he isn’t trying very hard to get a new job — he seems content to sit at home all day RPing with others (which is a whole ‘nother issue) and playing video games. I don’t want to be controlling and tell him what to do, but I really need to find a way to get him motivated to be contributing a bit more to our household finances. Do you have any advice for me?

    • Received anonymously via contact form

Feedback

Closer

  • Next week’s topic: Being your own filter

  • Contact info

Metriko Oni

Metriko Oni is a former government environmental disaster mitigations expert with a focus on outreach, education, and policy writing. He now works with computers. He has been active in the fandom since 2013 and has been an advocate for transparent lines of communication. His interests include philosophy, media, futurism, and speculative fiction.