Answering Your Burning Money Questions
Every week, our editor-in-chief Kristin Myers has provided insight and advice on your most pressing money questions in her Making Cents column. From handling finances in a volatile year to navigating tricky situations like who pays for the dog post-divorce, Kristin has been there to lend a helping hand in 2022.
Most Common Money Questions of 2022
This year, splitting finances and investing basics were the top topics on readers' minds. Whether it was figuring out how to divide expenses with a partner or overcoming the fear of investing, Kristin shared her valuable insights on these frequently asked questions.
How to Fairly Split Expenses When Your Partner Earns More
When one partner earns significantly more than the other, the key is to ensure fairness when splitting household expenses. According to Kristin, a proportional approach should be taken, with the higher-earning individual contributing a larger amount towards shared costs like rent.
While splitting expenses 50/50 may seem equal, it might not always be fair. Knowing your financial boundaries and having open communication with your partner is essential in finding a balance that works for both parties.
Overcoming Fear of Investing and Getting Started
For those afraid of losing money when investing, Kristin suggests starting small and focusing on long-term goals rather than quick returns. By investing in lower-risk options like index funds or ETFs, you can begin building wealth without the stress of high volatility.
Remember not to invest money you need for essential living expenses and to think of investing as a way to secure your financial future over time.
Fighting Inflation, Enjoying Spending, and Paying Off Debt in 2022
As inflation rates rose this year, combating the impact on your budget became a priority for many. Kristin recommends making budget adjustments, cutting back on unnecessary spending, and reassessing your investment strategy to combat the effects of inflation.
While financial responsibility is crucial, there's also room for enjoying the fruits of your labor. By following a balanced budgeting formula and prioritizing debt repayment based on interest rates, you can maintain financial stability while still indulging in life's pleasures.
As 2023 approaches, continue submitting your money questions to Kristin for expert advice on growing your wealth and achieving your financial goals in the new year.
