Episode 034 - Financial Responsibility 08/30
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
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
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
Student cards come with high interest fees
Pay your statement in full every month
Always pay on time
Set up automatic minimum monthly payments from your checking account if this is something you are worried about
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?
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
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
Bank online without having to deal with local branches (and earn a great savings account rate!)
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
Next week’s topic: Being your own filter