Take 5: A Roundup of Reads From Around the Web


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This week: Cheating on your spouse about money, how the new economy isn't, first-time homeowner blues, why working women have it rough and who can take your wages.

1. How These Common Financial Skeletons in Relationships Can Affect Your Credit

[Credit.com] “According to a 2016 Harris Poll done on behalf of the National Endowment for Financial Education (NEFE), 42% of adults in the U.S. reported that they have purposely deceived their partners in matters of household finance. Why is this revelation so terrifying?”

It’s terrifying because deceit is why people break up, whether the lie is about money or anything else.

One thing couples don’t have to worry about: one spouse damaging the credit of the other. With certain exceptions — e.g., applying for a loan jointly — your credit is yours, theirs is theirs. Check out the post for more, then see “7 Money Mistakes That Can Mess Up Your Marriage.”

2. The Gig Economy: Everything Old Is New Again

[The Dollar Stretcher] “For awhile I’ve thought that the gig economy is a new take on something old. Yes, using cell phones to call Uber is a new idea. But people working multiple part-time jobs to make ends meet is nothing new.”

This very short article from site owner and friend Gary Foreman hit the nail on the head. It makes the argument that today’s side-job economy may seem 21st century, but people have always been scrounging for extra cash. Still, there’s no question there are more ways to make money these days than ever. Want proof? Click here and look at some of the stories we’ve done on this topic.

3. New Homeowners, the Down Payment Isn’t the Biggest Expense You’ll Face

[Money] “You may have thought that coming up with a down payment was the greatest financial hurdle you’d face, but as you’ll soon come to learn, there are numerous expenses associated with owning a home.”

This headline is a bit misleading. The down payment actually is likely the largest single expense you’ll face, especially if you’re putting a big chunk, like 20 percent, down. What the article describes that’s important, however, are the myriad expenses new homeowners might forget to budget for, from property taxes to maintenance.

Need help with a down payment? See our recent post, “10 Ways to Pull Together the Down Payment for a Home.”

4. Women Face More Financial Setbacks When Taking a Career Break

[Debt.com] “Financial Finesse says women who take career breaks could face a retirement savings shortfall of nearly $1.3 million. The workplace financial wellness provider says this is compared to women who remain in the workforce throughout their working careers.”

Articles like this one are gaining in popularity, and that’s a good thing. (Although they’re not new … we wrote similar stuff years ago.) Women need to understand this problem and what to do about it, which is to earn as much as possible and save as much as possible for retirement.

5. Be Careful Who You Owe: Here’s Who Can Garnish Your Wages

[Wise Bread] “From student loans to alimony, there are several instances in which your employer must withhold a certain amount from your wages and send it to your creditor. Let’s review which creditors can do this, and when they are legally allowed to claim part of your hard-earned dollars.”

Hopefully, this isn’t something you really need to know at present, but it’s an interesting read nonetheless. So who can get your wages garnished? Lots of people and companies, from student loan lenders to your ex-spouse. And, of course, the IRS. Actually, almost anyone who gets a monetary judgment against you for failure to pay a debt can go to court and take part of your wages through garnishment. But that doesn’t mean you have no rights. Read this article, then check out “9 Secrets Your Debt Collector Doesn’t Want You to Know.”

Don’t forget to share your thoughts and reactions in comments below or on our Facebook page!

Stacy Johnson

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