Dirty Secrets of Money


Hello Readers, 

I trust everyone has enjoyed their summer and is getting ready to welcome some cooler days ahead. Let’s talk about the dirty secrets of money!  The things that keep us up at night or we pretend are not happening. I will be keeping it straight to the point, no sense in sugar-coating it.

Online shopping addiction – a few clicks away from maxing out that credit card you’re already taking over a year to pay off, but you do it anyway.  Stop it! Set a budget for online shopping and stick to it. Put aside an amount for three months at a time and shop every quarter if you must, create a list of items you really need, this will help keep you focused and on budget. Shipping fees and duty can be expensive if you’re ordering all the time instead of one big shop.

  • If you don’t have a minimum of $1,000 a max of $5,000 saved for an emergency stop online shopping until you do, if you don’t need it don’t buy it. 
  • If your credit card is a few hundred dollars from being maxed out, stop online shopping until it’s paid off. The banks are making hundreds of dollars from your interest alone. 

Overspending on Take-out – the new norm!  eating out was a treat normally ordered on the weekends, today with menus from all over Bermuda and delivery at your fingertips it’s as easy as 1…2…3… let’s be honest one person in the office shares their craving for French toast with all their favorite toppings and suddenly five of you join in, you tell yourself why not? And before you know it the order has been placed and you’re out of pocket $25 plus and that’s just breakfast! Let’s not forget the biggest culprit LUNCH! If you didn’t pack one, take-out it is!. After a long busy day at work on the drive home, you tell yourself it’s too hot to cook dinner, so you pick up something. BOOM…disposable income has been deducted just like that buy hundreds of dollars if repeated weekly. Don’t get me wrong, we all enjoy takeout and I’m not saying don’t eat your favorite foods and support our local business. I’m saying do it within your budget, please.

  • I like to use cash for takeout not CARDS for the above reasons. Swiping is easy and you don’t see the cash decreasing in your account. If you have cash in your hands and are physically handing it over, somehow it makes me think to myself, “do I really need to buy this?” Most times your food tastes better anyway and you have saved a few dollars by not overspending on takeout.
  • Set aside how much you’re going to spend on take-out per month, every month could be different depending on other commitments. 

Financial Abuse – this is a touchy one and comes in many forms, you might not even know you are being financially abused or you’re the financial abuser. Here are just a few examples.

Parent(s) that have adult working children living at home and not contributing fairly. This is a subject debated often. Every household does it differently; there’s no right or wrong way. Whatever agreement has been made between parent(s) and adult working child must be kept. If situations have changed such as losing a job or layoffs, communication is a must. How is this abuse?  I’ll give you an example. When I say adult child, I mean an individual who has graduated from college or high school and is working full time no longer a dependent.

  • Scenario: An adult child living at home is only required to pay $100 a week and their portion of the Belco, cable, and internet bill. This commitment is either not being met fully or not at all, but the parent(s) see their child going out every weekend enjoying boat cruises, parties, has all the best clothes, name brand purses, sneakers, hairstyles that cost $150 and up, lashes, nails, haircuts and faced groomed every two weeks, but has no money saved and not contributing to the home, yet living their best life. 

In the above scenario, I would suggest having a family sit-down meeting to discuss your terms and expectations financially from your child. You are preparing them for real-life when they fly the coop. One might even give them a rental agreement and a copy of the bill(s) they are contributing to monthly. Many times, adult children resent handing over cash to their parent(s), I suggest having the child set up all the bill(s) account numbers on their own online banking.  This makes them responsible for transferring their portion monthly, having to pay a portion of the lights, cable, and internet online themselves helps with the lesson, bills come every month like clockwork, for us to enjoy air conditioning, Netflix, hot water, etc. we must pay for it. Home is the best teacher, don’t send them out on their own, unprepared. 

Please make sure they are saving. Too often young adults leave home with only 1st month’s rent and deposit, no emergency savings, and too often must get loans for furniture and supplies. 

  • Borrowing funds from family or friends and not paying them back as promised. How many of you have that one person in your family or friend group that’s always broke, always short, and always asks to borrow some money and never seems to pay it back and you just never talk about it.

The next time that person asks for money, say no and offer them my services budget.buddy@outlook.com.   If a person or family member is constantly broke, they need to seek financial coaching, it could be as simple as misuse of funds. Lending to that person is not helping them face their financial position and the cycle will continue.

  • When one partner makes more than the other and they go 50/50 on all expenses. 

The person that makes more is underpaying and the person that makes less is overpaying. Read that again! Quick solution: transfer an Equal % of each income to a joint account to cover all joint household bills, all is fair in love. 

  • When your partner just doesn’t contribute to the house because you make more, and he/she saves his/her own money and always has excuses as to why he/she can’t afford to help with the household expenses.
  • When one parent doesn’t share the expenses of the child or pay child support 
  • When your partner overspends or has no budget and expects you to give them money when they run out.
  • When you’re feeling uncomfortable in talking about finances because it will cause a fight 
  • When your partner controls all the money and you have no say in financial decisions or see where the funds were spent. 
  •  When anyone goes into your purse, your accounts and takes cash without your permission.

If you can relate to some of the above and want to do better or know someone that can use the help of a Financial Coach, please email me at budget.buddy@outlook.com for a Budget review or WhatsApp Only 517-5875.



Please enter your comment!
Please enter your name here