money planning

We use social media to keep up with the latest in the worlds of pop culture, politics, fashion, and music, so why not the world of finance? Whether you want to keep up with financial trends or get some quick money advice, we've gathered a list of five of the best personal finance influencers you need to follow.

1. J Money, Budgets Are Sexy

J. Money is a Mohawk rockin' husband and father who has been in the blogging business since 2008. His casual and easy to comprehend writing style makes learning about the financial world easy for anyone. J has received 12 industry awards and recently posted about his achievement of reaching a net worth over $1 million. If nothing else, you should at least follow him for his "dad worthy" money jokes!

Website / Twitter

2. Michele Schroeder-Gardner, Making Sense of Cents

Michele Schroeder-Gardner has been writing for her blog, Making Sense of Cents, since 2011 and has over 20 awards to show for it. She started her blog sharing how she paid off $38,000 in student loan debt in only 7 months. She now travels full-time. She's currently living on a sailboat with her husband. She shares best practices for paying off student loan debt along with some great tips for making money online. Plus, following her travel journeys is worth the follow alone!

Website / Twitter / Instagram

3. Erin Lowry, Broke Millennial

When I discovered Erin on Twitter, the first thing I noticed was her coined hashtag, #GYFLT (get your financial life together), which I naturally thought meant get your f***ing life together. The author of two books in the financial industry, Erin graduated from college debt-free and has been featured on CBS Sunday Morning, CNBC, and Fox and Friends. Upfront and hilarious, she breaks down the often confusing and scary finance world for Millennials.

Website / Twitter / Instagram

4. Tina Hay, Napkin Finance

What better way to guide you through the financial world than through pictures drawn on napkins? Tina is the founder and CEO of Napkin Finance, a site that makes money easy to understand through visualizations drawn on yes, you heard right, napkins! As their website so bluntly puts it, Napkin Finance is "everything you need to know about money in 30 seconds or less." Napkin Finance has collaborated with companies like JP Morgan, UBS, Michele Obama's Better Make Room Initiative, and the United States Olympic Committee. These bite-sized lessons make learning about money fun and quick.

Website / Twitter / Instagram

5. Lily, The Frugal Gene

Lily and her husband write for their blog, The Frugal Gene. She is a first-generation immigrant from China who was raised in San Francisco. Lily shares how her journey out of a life of poverty was the key motivator in attaining FIRE (financially independent, retiring early). Lily was able to pay off all of her student loan debt with only a part-time job in eight months! She shares interesting and unique tips on saving money, and she has been featured on The Cut, Rockstar Finance, Tiller Money, and Money.

Website / Twitter / Instagram

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"I'm living so far beyond my income," wrote e.e. cummings, "that we may almost be said to be living apart."

If you find yourself in a similar financial predicament, it's likely time to stop making poetic quips and take a hard look at your financial reality. Is it time to ask for help? Asking for money from friends and family can be a dicey proposition, but if it's the difference between you and the poorhouse, it's time to put your pride aside and ask for help. How do you do it? Take our best advice.

Step 1: Get Real

The Mint appYalantis

"You can't ask for help when you're still going out on weekends and blowing a couple hundred bucks on cocktails and breakfast," writes Puckermob. "You have to go through your expenses with a fine tooth comb and see where you can really be saving and what's just nonsense."

Weekend warrior fun might be the tip of the iceberg. Are you spending $9.99 per month on apps you don't use? Do you subscribe to magazines that hit the recycling bin before your bedside table? When's the last time you actually went to the gym that costs $89 a month?

A site like Mint can help you see trends in your spending, where you're overspending, and where to cut back. It can be tempting to stick your head in the sand, but when it comes to finances, knowledge is power; being more aware can help you set a budget you can stick to.

Financial responsibility is not just about slashing costs. Can you make more money by driving Lyft after work or asking for a raise?

"Before you ask for a loan, make sure you've already taken positive steps towards improving your finances," advises Consumerism Commentary. "You aren't ready to take the responsibility of a loan from a friend or relative before improving your financial situation."

Step 2: If You Need Help, Don't Wait

"It is easier to admit that you need help than it is to deal with the consequences of being too prideful and allowing a situation to get too far out of hand," writes Eric Nisall. "The worst time to accept the fact that you need assistance is when it is too late."

Don't wait until the bank has started foreclosure proceedings and your bank accounts are so empty that they're incurring overdraft fees upon overdraft fees.

Step 3: Ask the Right Person

Ask someone who has money to give and isn't in a financially perilous position themselves. If they're retired and on a fixed budget, out of a job, or dealing with stacks of their own bills to contend with, your request may seem inconsiderate and tone deaf.

Step 4: Come Prepared

Create a document that shows how exactly how much money you need and what it will go toward. Not only will this demonstrate your competence and responsibility, it will help give the person you're asking a clear vision of what this money is for.

Step 5: Come Up With the Terms for Repayment

If you were to approach a bank or financial institution for a loan, terms of repayment would be outlined out the outset. Give your friend or family member the same clear-cut vision for how they'll get their money back. How long will it take you to pay back the loan? How often will you send them payments? Even small payments, made regularly, will establish trust.

Step 6: Pay Interest

This offer demonstrates that you're not just casually hitting someone up for cash because you can. By offering to pay interest, you're not only showing your responsibility, you're also expressing a form of respect. "Hey," your offer says. "I know you could be racking up compound interest on this money, but you're helping me out instead. Thanks." Insist on paying interest at the minimum rate they'd be able to earn from a high-yield savings account, about 2 percent.

Step 7: Put It All In Writing

Promissory note templates designed specifically for loaning money to family and friends are available online. Putting the agreement in writing is another way to make the loan official and not just some loosey goosey handshake agreement.

Step 8: Pay the Loan Off Early

If your financial situation improves sooner than anticipated, pay the loan off early. "It will be a nice surprise, and on the personal relationship side, it might win you back 'points' you may have lost," says Consumerism Commentary. "At the very least it shows that you are not only a man or woman of your word, but you make extraordinary efforts not only to meet your obligations but outperform."

One of the biggest questions millennials have today is: should I own a home, or should I just rent?

If you buy, you get a return on your money and an opportunity to build real wealth. If you rent, you are just throwing that away or financing your landlord's funds to put their kids through college.

On the other hand, renting means more freedom, more flexibility. It means you can move across the world in an instant (okay - as long as it takes you to sublet your apartment on Gypsy Housing). There's a lot of appeal to that.

If you know you want to buy a house, there's a bigger challenge: "Do I even make enough money to own my own home?" It's probably the most important question you will ask yourself in the process of becoming a homeowner. However, the results of what this really looks like can be astounding.


According to Forbes, the cost of living in some of the fastest growing cities in America can range from $42,161 (Detroit, MI) and $53,384 (Albuquerque, NM) to $58,504 (San Antonio, TX) and $58,973 in Columbus, OH. These figures include not only your mortgage payment, but enough financial resources to live comfortably, make your mortgage, pay your utilities, and maybe even save a little to put away for retirement.

The median cost of homes in areas such as San Antonio is about $172,400, according to Zillow. This means if you put down a $25,000 deposit and financed $152,400, you would be looking at around $800 per month for the mortgage payment, at 5% interest for a 30-year fixed rate mortgage. This rate assumes you have a credit score in the range of 680-700. Plus, you may need to add escrow fees, which include homeowners insurance and real estate taxes if your loan terms require it.

So owning a home can actually be pretty affordable. The first step is to start saving up for a down payment. It's usually recommended to put down about 20% of the purchase price. This will also reduce the size of the loan you need to borrow from a lender. There are also certain mortgage programs–like the FHA loan program–that allow qualifying buyers to make small down payments in exchange for agreeing to pay for private mortgage insurance.

Another important factor in obtaining financing is your credit score, according to Tyler Frist from Citizens Bank. This is why credit is so important. It's how banks assess the likelihood that you'll be able to pay back your loan. This will also impact the interest rate you qualify for and the terms of your loan.

If you're applying for a mortgage with a significant other, it's also important to note that they'll take the lower score between the two of you. So when you are working on building your credit, you may find it more strategic to pay off one person's debt sooner than the other.


When it comes to your credit score, don't blame the bank. They're just trying to protect their investment. We are talking hundreds of thousands of dollars. Instead, get ahead and work on your credit before it comes time to make major purchases and life-altering decisions.

Keep an eye on your credit score with apps like Credit Karma. Smart moves like paying credit card debt and submitting bill payments on time will help you to maximize your score.

Another great way to build wealth when saving for a home is to automate your savings, so that when you get paid through direct deposit, like most of us, money is automatically put aside into a housing fund. Create a plan to tackle debt and reduce spending on frivolous items so that you can save in the long run.


Owning your own home means owning equity. This gives you leverage when making financial decisions and taking on debt. We often think of debt as a bad thing, but it can be a good thing, even necessary, such as when you're taking a line of credit to start your own business or obtaining a mortgage to finance a home purchase. And even if you're not ready to commit to a mortgage, you'll have the resources to make an educated home purchase in the future.

At a certain point, most of what you knew about money came from your parents. They were the distributors of your sacred allowance, the funders of your phone bill, the providers of your health insurance. Before you were old enough to procure an income of your own, they were your bank — if you wanted money, you had to ask.

As you get older, this changes. You become your own source of capital. You work to finance your home, your clothing, your groceries, your cell phone. And while your parents may remain among the only people you feel totally comfortable discussing money with, they're no longer responsible. They're confidants, not providers.

But what happens when the order is reversed? What happens when you become the financial support system for your parents? It's only natural that, at a certain point, your income is more substantial — or at the very least, more regular. So after a lifetime of turning to your parents for money advice, how do you begin to talk to them about their finances?

Apparently, one in every five millennials is offering financial support to their parents -- many of whom are carrying serious debts of their own. We're talking student loans, mortgage payments, and your standard credit card bills. But how do you say no to the people who have given you financial care for your entire life?

"When you reach a certain age, you become aware of everything your parents did for you during your childhood," says financial columnist Patty Lamberti. "And you'll do anything to help them during their time of need. But you need to think about yourself, and your old age, too."

According to the Washington Post, only 41% of workers have planned -- at all -- for retirement. That being the case, the Post suggests preempting a discussion with your parents with a conversation amongst siblings (if you have them). This way you can clarify what you all are capable of giving, and how, as a unit, you can best support mom and dad. You have a built-in team to ease the burden of the conversation.

When it's finally time to sit down and talk, siblings or not, be sure to time your interaction carefully -- just prior to Thanksgiving dinner is probably not the moment to lay it all on the table. You want to find time to sit quietly, as far removed from major stressors as possible.

While you discuss your future financial relationship, think about ways you can help that don't involve dishing out cash. Can you help them relocate? Cancel services they don't use? Downsize in some small way? How can you help them regain control of their own finances?

Keep in mind the fact that you are, of course, still responsible for yourself, and if you put yourself in serious debt, your kids, too, will be struggling to support you. You don't want to allow this to become a cycle. "Remember that a fiscally reckless parent is still your parent," the Postdeclares. "Budget for the help you can afford. But don't let his or her financial sins be your burden. It's not yours to carry."

Legally, you will not be responsible for your parents debts when they pass away, unless you co-signed on something like a property. Be a source of support for your parents, but be clear with them that you cannot offer your services past a point. You have your own family to care for, and this should remain the priority. Whatever help you provide should not make you liable for debts that are not yours.

If you're looking for a little more support, think about consulting a resource. Try reading through the guide Merrill Lynch put together, and if you need more support, feel free to reach out to a representative to talk through some of your concerns. The same goes for Northwest Mutual -- check out their written advice before giving them a call. And last but not least, set up a meeting with a representative at your parents' bank. Let them offer you their thoughts on how to move forward.

With all this in mind, do not lost sight of the fact that you love your parents. They raised you. They taught you most of what you know when it comes to money -- and just about everything else in the world. Support them, but don't ruin yourself in the process. Be there for them, even if dishing out cash is not an option for you. And when you speak to them, be sure to clarify that that you are infinitely grateful for they ways they support you. But that gratitude doesn't warrant a lifetime of debt on your own part.