Best Airline Miles Credit Cards of 2017

Some people choose a credit card based on the interest rate or perhaps a balance transfer promotion. However, if you don’t intend to carry a balance on your credit card, you may be more interested in a rewards program.

The best credit card rewards programs are tied to your interests. Here, you can check out a number of credit and charge card offers that also come with rewards. We’ve compiled enough of these programs that you’re sure to find one that matches the way you want you to be rewarded.

The Best Airline Miles Credit Cards of 2017

Gold Delta SkyMiles® Credit Card from American Express – American Express loves big bonuses, and the Gold Delta SkyMiles® Credit Card from American Express is no different.

New cardmembers will earn 50,000 bonus miles after spending $1,000 in the first three months. Plus, you’ll get a $50 statement credit after you make your first purchase. As a one-time thank you, American Express will also waive the first year’s annual fee (of $95).

You’ll earn 2x miles on all Delta purchases and 1x miles on all other purchases. And your earned miles will never expire.

Unlike the Platinum Delta SkyMiles® Credit Card from American Express, you will not earn bonus Medallion Qualification Miles (MQMs). But all the other perks apply to both cards. These perks include free checked luggage on your first bag (for up to 9 members of your party) and all American Express travel benefits.

  • Biggest PRO: Big up front bonus/first year annual free waived.
  • Biggest CON: No bonus Medallion Qualification Miles
  • Includes free access to your FICO® score

Southwest Rapid Rewards® Premier Credit Card – New cardholders of the Southwest Rapid Rewards® Premier Credit Card will earn 40,000 points after they spend $1,000 in the first three months of account ownership. Since I fly Southwest almost exclusively, I can tell you that these points are good enough for at least one round trip. Sometimes you can squeeze in two if you’re smart about times and flight distances.

Cardholders earn double points on all Southwest purchases, including hotel and car rental partner purchases. You’ll earn single points on all other purchases. As always, when you fly Southwest, you’ll have no baggage or change fees, no blackout dates, and no restrictions on using your reward points.

Every anniversary, you’ll earn 6,000 bonus points. Unfortunately, this card carries a $99 annual fee that is NOT waived for the first year.

  • Biggest PRO: 40,000 intro bonus points is good enough for two frugal round-trip flights
  • Biggest CON: $99 annual fee
  • Includes free access to your FICO® score

Citi® / AAdvantage® Platinum Select® World EliteTM Mastercard® – BIG BONUS ALERT: Cardholders earn 60,000 American Airlines AAdvantage bonus miles after making $3,000 in purchases during the first three months.

The standard rewards program is similar to others on this list. Cardholders earn double miles per each dollar spent on all American Airlines flights and single miles on all other purchases. Every time you redeem your AAdvantage miles, though, you earn a 10% bonus. For example, if you redeem 20,000 miles, you’ll be credited 2,000 miles back!

The Citi® / AAdvantage® Platinum Select® World EliteTM Mastercard® waives the $95 annual fee for the first year. It also includes perks like free checked baggage for the first bag and 25% off American in-flight food and beverage purchases.

  • Biggest PRO: Big upfront 60,000 mile bonus
  • Biggest CON: High spend hurdle to acquire the bonus ($3,000)
  • Includes free access to your FICO® score

JetBlue Plus Card – One of the lower up-front bonuses on our list, the JetBlue Plus Card starts off by offering 30,000 bonus points after you spend $1,000 in the first 90 days (a common theme, for those paying attention). The larger value in owning this card, though, comes from its rewards program.

You’ll earn six points per dollar on JetBlue purchases, two points per dollar spent at restaurants and grocery stores, and one point per dollar elsewhere. Cardholders of the JetBlue Plus Card get their first checked bag for free, 5,000 annual bonus points, and 50% off in-flight JetBlue purchases.

This card carries a $99 annual fee. Also, if you spend $50,000 or more annually, you’re eligible to receive TrueBlue Mosaic benefits. This includes express lines, free alcohol on the plane, and higher point multipliers on JetBlue flights.

  • Biggest PRO: 6 points per dollar spent on JetBlue flights.  Fly often, and that adds up quickly
  • Biggest CON: Comparably low intro bonus
  • Includes free access to your FICO® score

Platinum Delta SkyMiles® Credit Card from American Express – Out of the gate, American Express serves up 35,000 bonus miles after you spend $1,000 in purchases in the first the first three months. As an added bonus, they’ll also give you a $100 statement credit after you make any Delta purchase (again during the first three months).

Every anniversary, you’ll receive a domestic, main cabin, round-trip companion certificate and 5,000 Medallion Qualification Miles (MQMs). Your first checked bag on all Delta flights is FREE (up to 9 people in your reservation), and you earn double miles on all Delta Airlines purchases.

One last bonus to mention: every year that you spend $25,000, you’ll earn 10,000 bonus miles and 10,000 Medallion Qualification Miles. Spend another $25,000, get another 10,000 bonus and 10,000 MQM miles. The Platinum Delta SkyMiles Credit Card does, however, carry a pricey $199 annual fee.

  • Biggest PRO: Free companion certificate every anniversary year
  • Biggest CON: $199 annual fee
  • Includes free access to your FICO® score

United MileagePlus® Explorer Card – Newly-approved cardholders can earn 30,000 bonus miles after they spend $3,000 in the first three months of card ownership. Add an authorized cardholders to your account and you’ll get another 5,000 bonus miles.

The United MileagePlus® Explorer Card offers a standard rewards program: 2 miles per dollar spent on tickets for United flights and one mile per dollar spent on everything else. The first checked bag for you and a companion are free. You’ll also receive priority boarding on all United flights.

Every year that you spend $25,000, you’ll get an additional 10,000 bonus miles — which would offset the cost of the $95 annual fee. The last benefit to mention is that every year, cardmembers will receive two United Club passes to relax before a flight ($100 value).

  • Biggest PRO: Two annual United Club passes on the house
  • Biggest CON: High spend hurdle ($3,000) for a low up-front bonus (30,000 miles)
  • Includes free access to your FICO® score

Qualifying for a rewards credit or charge card

Most credit and charge cards that offer rewards are limited to customers with good or excellent credit. If you have poor credit, you may need to work on building up your credit score by paying off credit card balances and making on-time payments before you can be approved for a points and miles credit card.

Interest rates and fees

While it’s great to be rewarded for using your credit card, credit cards with miles promotions or other rewards often have a higher interest rate than other credit cards. Some also have a higher annual fee in order to compensate for the rewards you’ll earn.

Don’t apply for a rewards credit card unless you’re sure that you can pay off the balance in full each month. Also be sure that the annual fee won’t cancel out the benefit of the rewards you earn.

Choose your rewards

Before choosing a rewards credit card, you need to decide if you want to earn cash back, gas rebates, points you can use for travel or merchandise, or airline miles that you can use to supplement your frequent flyer miles.

Even if you decide a free airline credit card is perfect, you’ll need to choose whether you want to earn miles for one specific airline or miles that you can use on multiple airlines.

Comparing points/miles credit cards

Next, you’ll need to compare the specific programs to see which one will earn you the most rewards. Compare:

  • Signup bonuses. Some credit cards offer new customers a bonus of extra points for their first purchase or a certain level of purchases within a certain time.
  • The rate of rewards earnings. If you are looking for airline miles, look for a credit card that earns you airline miles at a rate of at least one mile per dollar spent. Some credit cards allow you to earn rewards in specific categories at a faster rate, depending on where you use your credit card.
  • Reward redemption rules. Some credit card rewards programs require you to wait until you accrue a certain number of points before you can redeem them. Others may limit your rewards to gift cards or to flights on specific airlines. If you are looking for airline miles, check that the airlines you use are covered by each rewards program. Make sure you leave enough time to cash in your points before your next vacation if you want to use points for a hotel room.
  • Compare your spending with the rewards. The number of points you need for a free flight varies by rewards program. Try to find the program that earns you the most points for the least amount of money or the one that allows you to convert points to airline miles at a low rate.
  • Check the dates. Make sure your points or miles won’t expire before you can use them. Some rewards programs don’t have an expiration date at all. Also, see if your airline miles are subject to blackout dates. If you plan on traveling at a popular time, you want to make sure you can use your points.

If you’ve decided that a credit card with miles promotions that you can use for airline tickets, hotels, or merchandise is best for you, compare the points and miles credit card offers on this page to find the credit or charge card that matches your needs.


The Best Way for Couples to Manage Their Money

Should couples keep separate bank accounts or a joint account? There is no one right answer to this question, and some couples keep both types of bank accounts. Here’s our take on the best way for couples to manage their money.

It’s hard to find a less romantic topic than banking. Yet nearly every couple eventually faces this question: Should we have a joint bank account or keep separate accounts?
According to a survey by TD Bank, the answer is often “both.” Nearly half (42%) of couples with joint bank accounts also keep individual ones.

Independence was the most commonly cited reason for maintaining separate accounts. Women were more likely to value their financial freedom, though. In fact, 43% of women said independence was their top motivation, compared with 34% of men.

Just over 20% of couples said they kept separate accounts in order to make sure they had enough money for individual needs, including emergencies and personal spending. Another 16% reported that convenience when budgeting and paying bills was a significant factor, though men were 38% more likely to say so. Only 7% of couples said they kept individual accounts to maintain their privacy.

The survey also found a number of generational differences in couples’ money habits. Millennials were more likely than older age groups to combine their finances before getting married — 70% percent of millennial couples waited to exchange vows before opening a joint account, compared to 88% of duos 55 and older.

Right now, the implications of keeping separate accounts are a little unclear. Some researchers suggest couples are happiest when they combine most, if not all, their money. But those findings might not apply when couples are raising kids together, for example.

Like most money matters, there isn’t a one-size-fits-all approach to joint banking. There are about as many ways of handling this money issue as there are couples dealing with it.

Related: The Best Way for Couples to Manage Their Money

Wondering whether or not you should combine finances with your significant other? Or how to do it? Here’s a quick guide to reasons to combine (or separate) your finances, and ways to make it happen.

To Combine or Not to Combine?

As the TD Bank survey showed, couples don’t usually maintain separate accounts for privacy reasons. Sure, you might want to hide Christmas shopping from your spouse. But if you feel the need to keep most of your spending private, maybe it’s time to rethink being in a serious relationship.

With that said, there are some great reasons to combine your accounts, just as there are great reasons to keep them separate:

Reasons to Combine

Although the TD Bank survey cited ease of budgeting as a perk of separate accounts, sometimes this can get hairy. How do you handle paying for joint expenses, like your mortgage and childcare? What do you do on date night? These questions can be easier when you combine at least some of your finances.

Combining finances can also make it easier for one parent to stay home with the children if that’s what works best for your family. Separate finances only work well when both partners are bringing in an income.

Combined finances also means you need to work towards the same financial goals, and that you need to communicate about your progress. Money can be a source of fighting in marriage, for sure. But once you work through the fight and get on the same team, it can also be a source of strength.

Retirement planning is easier. While you might want to save for retirement through separate accounts, planning holistically as a couple is easier. What happens if one of you saves a lot more than the other? Is one spouse going to travel the world during retirement while the other lives a quiet, frugal life of necessity?

Reasons to Separate

One common reason couples keep their finances separate is that they come into the marriage with significant assets. In this case, you may be more comfortable keeping your money separate.

Also, if you have widely varying spending styles, separating your accounts could help you smooth out money arguments. You’ll each have to meet your obligations to the family unit, but then be free to spend or save as you please.

This seems to be one of the main reasons, in fact, that couples keep their finances separate. They want to be able to make independent spending decisions. And if you ever separate, having separate finances already can make that a bit easier.

Finally, when couples combine finances, the money management often falls exclusively on one spouse. Even if this is what both parties prefer, what happens in the case of divorce or death? The spouse who had no hand in the money management may be clueless about how to even access accounts or pay the bills!

Options for Both

In reality, the majority of couples are somewhere in the middle of completely separate finances and completely combined finances. In order to have completely separate finances, you’d have to maintain completely separate lives–no shared home, grocery bills, etc. And even couples who combine almost all their assets might maintain separate accounts for personal spending.

Here are a few ways you might go about managing money somewhere on this spectrum:

1. Combined, but with separate fun money

This is how my husband and I manage our money. We married young and broke, so we weren’t concerned about keeping anything separate. After all, who cares about separating your assets when they consist of a 10-year-old vehicle and $20 in your checking account?

We’ve had to work hard over the past ten years to meld our differing money management styles. But one thing that’s helped us tremendously is separate fun money accounts. It’s basically an allowance for adults.

Each month, we look at our income and expenses. From the money that’s left, we each get a set amount–the same for each of us–to transfer to a personal checking account. We can spend that money however we want, no holds barred. But we’re also responsible for using this money to fund things like new clothes and other essential personal expenses.

This helps us have some personal flexibility, but keeps us on the same page financially. Plus, we can use these accounts to shop for each other’s Christmas and birthday gifts! Before we did this, I was notorious for finding out what I was getting while balancing the common checkbook.

2. Contributing a set amount

One option for semi-combined finances is to make sure your basic financial goals and needs are covered together. To get started, figure out what you spend each month on things that benefit both of you or the whole family. This might include:

  • Mortgage/rent
  • Shared transportation costs
  • Childcare if you both work
  • Other child-related expenses
  • Food that you cook at home
  • Shared restaurant trips
  • Utilities and other items like internet and cable
  • Pet care expenses, etc.

Let’s say this comes out to $3,500 per month, at a minimum. Plus, you want to save $300 per month for your annual family vacation, and $300 per month for emergencies like a broken washing machine. So your total is $4,100 per month in shared expenses.

You should then maintain a shared checking and savings account, and each spouse can contribute $2,050 to that account each month. You’ll pay your bills and essentials out of that account. But whatever is left over goes to your personal accounts, to spend or save as you please.

This option works well when your income levels are similar, but you have divergent financial goals. Or it works well if one spouse enters the marriage with significant debt that the other spouse doesn’t want to take on.

In this situation, you need to discuss what you’ll do if one spouse becomes unemployed or gets a raise or a steep pay cut. You’ll also need to be flexible on what counts as a common expense over time, and you’ll have to be excellent at making those spending decisions as a team.

3. Contributing according to income

What if you’re dealing with two widely varying incomes? Maybe one spouse works for a non-profit making $30,000 per year, and the other is in a high-paying career making $80,000 per year? That’s a big spread!

And it’s probably unfair to expect the spouse making $30,000 per year to contribute his whole paycheck to the common fund while the other spouse contributes less than half of what she makes.

If you still want to maintain separate accounts, in this case, use similar steps as the option above. First, total up all your shared expenses and savings goals. Then, divide them according to income.

In this case, the lower-earning spouse could contribute about 27-30% of the shared expenses, while the higher-earning spouse contributes 72-80%. In the case of the $4,100 budget mentioned above, that’s $1,107 per month from spouse A and $2,952 per month from spouse B.

Spouse B will still have significantly more left over than spouse A. But they’ll both have money left over for personal spending, saving, or investing.

Again, communication is essential here. Maybe it makes sense to split the input a little unevenly, having the lower-earning spouse put in even less money so he has more left over. Or maybe it makes sense to split things exactly according to income, but have the higher-earning spouse take on more of the extras, like vacations.

The bottom line is that any time you’re combining lives, you’re combining finances on some level. Even if you’re only sharing some expenses, marriage means you’ll have to figure out how to meet those expenses together. And your money management choices might change dramatically over time.

So be sure to keep track of all your savings and spending–whether on personal or common expenses–and be open to changing your money management style over time.


Our Best Cash Back Credit Cards List for 2017

I carry many types of credit cards in my wallet. I have several travel rewards credit cards for when I need to book a flight or rent a car. And I use one balance transfer credit card that I got to make a large transfer a few years ago. And I also have a few cash back credit cards that I use for just about everything else.

To say that I know my way around a cash back rewards program would be an understatement. Which is why I wanted to put together a list of the best cash back cards I’ve come across in my rewards-earning ventures.

You can find the best cash back credit cards listed below. They come from a variety of issuers. They also include a variety of cash back rates and other perks.

These perks make each card somewhat unique. So you need to consider them when deciding which one is right for you. I use a combination of half of the cards on this list — and I rack up hundreds of dollars in annual cash back savings!

Whether you’re a big spender or a casual spender, it’s financially responsible to own at least one of the cards on this list. (After seeing how much I got back last year, I would even argue more than one.)

The Best Cash Back Credit Cards

Citi® Double Cash Card – 18 month BT offer – The Citi® Double Cash Card offers 1% cash back on every purchase and another 1% cash back when you pay your monthly credit card bill. Add it up, and you’ll earn 2% cash back on every purchase.

It also includes a 0% intro APR on balance transfers for 18 months (no intro offer on purchases). The standard APR after the intro period expires is 14.49% variable to 24.49% variable.

There is no annual fee to own the Citi® Double Cash Card.

  • Biggest PRO: 2% cash back on all purchases, the highest rate on this list
  • Biggest CON: No 0% intro APR on purchases
  • Includes free access to your FICO® score

Chase Freedom Unlimited – The Chase Freedom Unlimited opens up with a $150 cash back bonus after you spend $500 in purchases during the first three months of account ownership.  The everyday cashback rate is 1.5% on all purchases. It has no categories or tier levels to worry about.

New cardholders will earn a 0% intro APR on both purchases and balance transfers for the first 15 months. Then a 15.74% – 24.49% variable interest rate kicks in.

There’s also no annual fee for the Chase Freedom Unlimited.

  • Biggest PRO: 0% intro APR on purchases and balance transfers for 15 full months
  • Biggest CON: A high ongoing APR after the intro rate expires
  • Includes free access to your FICO® score

Blue Cash Preferred® Card from American ExpressThis is the card I seem to use most often. The Blue Cash Preferred® Card from American Express includes a $150 statement credit after you spend $1,000 in the first three months of card ownership. This card offers a tiered cashback level: earn 6% cash back on groceries ($6,000 max spent annually), 3% cash back at gas stations and department stores, and 1% cash back on everything else.

The Blue Cash Preferred® Card from American Express also has a 0% intro APR on purchases and balance transfers for 12 months. It offers a standard variable APR of 13.99% – 24.99%.

Unfortunately, for the higher cash back rate, there is a $95 annual fee (which is not even waived for year one)

  • Biggest PRO: 6% cash back at the grocery store
  • Biggest CON: $95 annual fee
  • Includes free access to your FICO® score

Capital One® Quicksilver® Cash Rewards Credit Card – The Capital One® Quicksilver® Cash Rewards Credit Card provides a $150 cash back bonus after you spend $500 in the first 90 days of opening an account.

The everyday cashback rate is 1.5%. IIt applies to all purchases without tier levels or spending limits. All cardholders will receive a 0% intro APR on purchases and balance transfers for 9 months. Then the APR reverts to the standard 13.99% – 23.99% variable. If you transfer a balance, the fee is 3%.

There is no annual fee to own the Capital One® Quicksilver® Cash Rewards Credit Card.

  • Biggest PRO: An added perk of 50% cashback savings on your monthly Spotify premium (expires April 2018)
  • Biggest CON: 1.5% cash back is one of the lower rates on our list
  • Includes free access to your FICO® score

Blue Cash Everyday® Card from American Express – The baby brother of the card above, the Blue Cash Everyday® Card from American Express is the no-fee version with a slightly reduced rewards program.

Cardholders will earn a $100 cash bonus after spending $1,000 in purchases during the first three months. You’ll earn 3% cash back at the grocery store (up to $6,000 spent annually), 2% cash back at gas stations and select department stores, and 1% cash back everywhere else.

Cardholders also receive a 0% intro APR for 12 months on purchases and balance transfers. The ongoing APR is 13.99% – 24.99% variable. As mentioned, there is no annual fee for this version.

  • Biggest PRO: 3% cash back at the grocery store
  • Biggest CON: Low 1% cashback rate on most everyday purchases
  • Includes free access to your FICO® score

Barclaycard CashForward™ World Mastercard® – Earn a $200 cash rewards after you spend $1,000 in 90 days, if you’re approved for the Barclaycard CashForward™ World Mastercard®.

The everyday cashback rate is 1.5%, and there’s a 5% redemption bonus. This means the effective everyday cashback rate is actually 1.575%. There is a 0% intro APR on purchases and balance transfers for 15 months. After that, the variable APR becomes 15.74% – 25.74%.

The Barclaycard CashForward™ World Mastercard® has no annual fee.

  • Biggest PRO: $200 up front cash bonus
  • Biggest CON: $50 minimum for redeeming cashback
  • Includes free access to your FICO® score

Discover it® – Cashback Match™ – The title says it all.

Discover it® – Cashback Match™ will match the cashback you earn for the first full year of card ownership. The regular cashback rate is 1% on all purchases with 5% cashback on select categories every quarter (like gas, restaurants, and Amazon.com). This means that for the first year, your effective cashback rate will be 2% and 10%.

The card includes a 0% intro APR on purchases and balance transfers for 14 months. Then the standard APR is 11.74% – 23.74%, variable.

The Discover it® – Cashback Match™ does not have an annual fee.

  • Biggest PRO: Up to 10% cash back for the first year
  • Biggest CON: 1% cash back on most purchases beyond year one, the lowest on our list
  • Includes free access to your FICO® score

Wells Fargo Cash Wise Visa® Card – Wells Fargo is kind enough to give all new cardholders of the Wells Fargo Cash Wise Visa® Card a $200 cash bonus after spending $1,000 in the first three months.

Cardmembers will earn a flat 1.5% cash back on every purchase. You’ll earn an extra 20% bonus cash back on purchases made with Apple Pay or Android Pay in the first 12 months of account opening.

There is a 0% intro APR on purchases and balance transfers for 12 months. After that, the variable APR is 13.99% – 25.99%. As a nice little bonus, cardholders also receive up to $600 protection on their cell phones ($25 deductible).

The card carries no annual fee.

  • Biggest PRO: $200 up front cash bonus
  • Biggest CON: A potential 25.99% interest rate is highest on our list
  • Includes free access to your FICO® score


Should You Buy Savings Bonds for the Grandchildren?

One of the best parts of being a grandparent is doing thoughtful things for your grandchildren. In addition to spoiling them with the latest gadgets, fun vacations, or simple trips out for ice cream, you also want to give them gifts for their future.

This is why savings bonds have been a popular choice with grandparents for decades. However, a lot has changed in the world of savings bonds in the last five years.

For one, the government has given them a digital makeover. This can make the process of giving them as a gift a bit more complicated. In addition, some people have dismissed bonds because of their less-than-stellar rates.

So are bonds a dependable, low-risk investment option or a relic from a bygone financial era?

Take some time to look at bonds with fresh eyes to see if they still matter in the modern financial landscape. Of course, the first step to giving a savings bond may be explaining to your grandchildren what this iconic staple of the American economy actually is.

A Look at Savings Bonds

Grandparents have been giving their grandchildren bonds for holidays, birthdays, and milestones for decades. However, a savings bond today isn’t the easy gift it once was.

Getting your hands on a bond used to be as easy as showing up at your local bank and requesting one. A change made in 2012 saw the end of bonds being given out at banks. You can now only purchase bonds digitally.

Here’s a look at all of the information you’ll need to have to set up your account online:

  • Email address
  • Social Security number
  • Bank account information
  • Bank routing number
  • Driver’s license number

What do you need to do once you have all of the proper information in your hands? Here are the steps you will need to take to gift a bond to a grandchild in 2017.

    1. Create a TreasuryDirect account. You’ll need to create your own account first.
    2. BuyDirect. Through your account, you can click BuyDirect to choose the types of savings bonds you want to buy.
    3. Register to your grandchild. If your grandchild isn’t already registered at TreasuryDirect, you’ll need to do this. You’ll need your grandchild’s Social Security Number. And you’ll have to designate them as either the sole owner or primary owner.
    4. Decide on your amount. You can enter a purchase amount from $25 to $10,000.
    5. Pay for the bond. You can fund your bond through your checking account or other means in your TreasuryDirect account.
    6. Submit the order. After you check all the details, you can submit the order to give the savings bond to your grandchild.
    7. Go to the “Gift Box.” This page in your account will let you select the confirmation number of the bond you want to gift, and will then allow you to digitally deliver it to your grandchild’s account.

These are the steps that you must take. But your grandchild’s parent or guardian must also take some steps to allow the child to receive the gift bond. Otherwise, you’ll be unable to send the bond to your grandchild.

You can find the complete step-by-step instructions from TreasuryDirect here.

Do Savings Bonds Still Have Value?

Clearly, the way people open savings bonds has changed. But has the value of these bonds shifted, as well?

One important thing to know is that the Treasury announces bond rates on May 1 and November 1 every year. So you’ll want to take a look at the most recent rates when making your decision.

Whether or not a bond is a good option for a gift will depend on the age of your grandchildren right now and when you anticipate they will want to cash out their bonds.

Related: 7 financial lessons recent college grads still need

A Series EE savings bond is a decent choice if you anticipate your grandchild will hold the gift for a full 20 years. A Series EE savings bond is required by law to double in value over a period of 20 years.

However, this is not the case if the owner cashes out the bond before 20 years. In this case, the bond will deliver the rate posted when the bond was purchased.

You could also go with Series I savings bonds if you think your grandchildren may want to cash out their bonds before 20 years go by. This type of bond pays both a fixed rate and a variable rate. The fixed rate remains the same for 30 years. The variable rate is tied to inflation.

The big perk of giving savings bonds is that you can take a very hands-off approach once you’ve given your gift. They don’t require any additional management to ensure they’ll continue to earn interest.

The Limits of Savings Bonds

A savings bond remains a decent choice if you’re giving a modest amount of money. This is especially true since the limit for savings bonds is $10,000 per year. You can, however, purchase an additional $5,000 in Series I bonds using money from your tax refund.

What if you want to give more money than this? You’ll want to work with a financial advisor to set up a trust fund or alternative arrangement. You’ll exceed the legal cap for bonds. Plus, you might find other options with better earning potential for such a large gift.

Resource: The Four Types of Savings Accounts That Everyone Should Have

Giving Savings Bonds to Your Grandchildren Still Makes Sense

Bonds remain a safe and solid option if you’re looking for a way to give your grandchildren small financial gifts that have the potential for a little bit of growth. They’re also great if you want to help your grandchildren save. Kids are likely to spend cash right away. With a savings bond, there’s a better chance they will hold onto it.

While rates for bonds are pretty low, they’re still a better option than many gifts. Giving bonds when grandchildren are still celebrating single-digit birthdays is really the best option because your gifts will have time to grow in value. Then, they’ll be available when they can really be appreciated.


Balancing Career Satisfaction With Financial Security

Earlier this week, I attended a career development seminar that talked about how to find a satisfying career. In general, this was a pretty low-level presentation, and it was largely based on a diagram similar to the following:

This got me thinking: is this simple graph really the key to “having it all?” What’s the actual balance between being happy in your job and also feeling secure in your finances?

Breaking it down

Simply stated, we each have a unique set of passions/interests as well as a certain skill set. At the same time, life presents us with a more-or-less limited range of opportunities.

Resource: Top 5 Financial Moves to Make This Year

While our passions sometimes overlap with our skills, that’s not always the case. Likewise, we’re sometimes presented with an opportunity to work in a field that we’re passionate about, or for which our skill set is particularly well-suited, but…

It’s relatively uncommon for all three to overlap. When they do, the thinking goes: you’ve hit the jackpot. You’ve been presented with an opportunity to work in a field that you’re not only passionate about, but also particularly well-suited for when it comes to the necessary skills. How perfect!

That’s all well and good, but it leaves out a major variable: Compensation.

What about financial security?

One of the big problems with feel-good career advice such as this is that it often ignores financial realities. Sure, it would be wonderful if we could all work jobs that we love, and in which we excel, but the truth is that we also have to support ourselves financially.

Sometimes, the careers that pay the bills and buy the lifestyle we need/want aren’t the same ones that make us jump out of bed, ready to clock in for the day.

Numerous personal development gurus have argued that if you follow your passion, the money will follow. This sounds great in principle, but how true is it in practice?

I’d argue that this worldview is wildly overblown. There are tons of fulfilling jobs out there that won’t pay the bills, no matter how strong your passion may be.

Resource: 10 Steps on the Career Ladder

This isn’t to say that you should chase money over happiness, but you do need to make sure that you can make ends meet. In my opinion, blindly following a passion in hopes that things will magically work out is a recipe for disaster.

Questions to ask

Unless you’re one of those wildly blessed folks who manages to find the seven-figure job that they’re [perfectly suited for and love, you’ll need to find a balance. And balance almost always involves some sacrifice.

Figure out what is the most important to you, and make adjustments accordingly. Are you willing to do whatever it takes to support an expensive lifestyle, or retire early? Maybe you would rather be happy and have a fulfilling family life, even if it means that you don’t drive a brand new car.

Here are a few questions to ask yourself honestly, when trying to find your own perfect balance:

  • What is the bare minimum you need to make in order to meet your true needs (not wants)?
  • How much would you like to make, in order to support a wants-based lifestyle?
  • Are you more concerned with building a family and your life outside of work, or building your career?
  • What is the likelihood of turning your skills or passions into an actual career?
  • If you can’t turn your passion(s) into a career, can you create a side hustle from them?
  • How will your happiness be affected if your dream job doesn’t turn out to be your career?
  • How would your happiness be affected if you made $X a year? More? Less?

Related: How to Prepare to Shift Into a New Career

Asking yourself these questions may help you determine where your own, unique level of happiness lies, especially as it relates to your career.

No, we won’t all be the lucky ones that turn a fun passion into our dream job and rake in six or seven figures in the process. However, that doesn’t mean that we are all forced to settle for miserable careers or even low-paying jobs.

Finding a balance of career satisfaction and financial security may be tricky. By asking yourself a few key questions, though — and doing a little soul-searching — you might just discover your own “dream job.”


Don’t Sign a Lease Without Asking Your Landlord These 8 Questions

Getting a new place can be an exciting process. It can also require some savvy thinking and careful planning.

It’s important for renters to take steps to protect their own interests and financial reputations. This is especially true when dealing with landlords and leases. The truth is that what’s written in the fine print really can turn your living situation into a nightmare if you don’t know what you’re getting into.

Nobody wants to pay good money for an apartment that doesn’t allow them to enjoy their environment, feel safe, or host friends. So, how can you make sure your new apartment or rental home is a good fit and also protect your rights as a renter?

Here are eight key questions to ask the landlord before ever touching your pen to a lease.

1. What Methods of Payment Do You Accept?

There was a time when paying by check was really the only way to take care of your rent. However, many apartment complexes now offer electronic payment options.

Electronic payment options are a secure and convenient method for paying your landlord. You may even be able to set up automated payments to avoid missing a month, especially if you’re routinely out of town or have a lot on your plate.

You should definitely avoid a landlord that only accepts cash payments. That’s a sign that something isn’t quite right.

Also, never under any circumstances provide a payment before you’ve viewed your apartment and signed a lease. There are actually a ton of online scams on popular websites, intended to lure in and take advantage of renters. They often hinge on collecting payment up front. So if any landlord asks for payment before you’ve signed the lease, beware.

2. What Is the Guest Policy in This Complex?

The complex you want to live in may have a great pool area, tennis courts, and a state-of-the-art gym. However, there is the chance that you may not be able to bring friends to enjoy these activities if a complex has a strict guest policy.

Sometimes, amenities are only open to leaseholders. This might disappoint you if you’re not a big fan of the idea of paying extra for fancy perks that you can’t share with guests occasionally.

In addition, you may be restricted from even letting friends crash on your couch for more than a few nights if your lease has a policy against long-term guests.

3. What Could Cause Me to Lose My Security Deposit?

Some renters receive an unpleasant surprise when they turn in their keys at the end of a lease term because they didn’t fully understand the conditions attached to their security deposit when they moved in.

You probably already know that damages that go beyond general wear and tear could cause you to lose some or all of your security deposit. However, every landlord has different expectations. Some require a professional cleaning and/or carpet treatment (with receipts) upon move-out, so you can’t even do that yourself. You might get your security deposit back, but you’ll have spent much of that money cleaning your apartment!

Resource: Why I’ll Never Be a Landlord

Be sure to ask about the specific types of damage that could result in your potential landlord withholding your money. This is also a good time to ask if you’re allowed to personalize your apartment without forfeiting your security deposit.

4. What Is the Parking Situation?

The parking situation at your apartment can have a big impact on your life. A simple trip to the grocery store can turn into a complicated juggling act if you’re constantly forced to park far from your front door.

Be sure to ask if the parking lot has reserved spaces. You’ll also want to inquire about guest parking. An apartment complex that doesn’t offer a decent amount of guest parking could prevent you from ever being able to host gatherings at your new place, even if it’s technically allowed.

5. Am I Allowed to Sublet My Apartment?

Being able to sublet your apartment is a big deal if you have the type of career or lifestyle that could require you to relocate temporarily or on short notice. You’ll need to know if subletting qualifies as a breach of contract before you sign a lease.

6. How Does Lease Renewal Work?

It’s important to start thinking about the end of your lease the moment it starts.

Be sure to ask your landlord if month-to-month leasing options are available once a lease is finished. Living in an apartment complex that offers a month-to-month option following the end of a lease is beneficial because you’ll have some extra time if your next lease doesn’t start exactly when your current one ends.

Learn More About Renter’s Insurance

7. How Do You Handle Repairs?

Waiting around for your landlord to take care of repairs is one of the most frustrating aspects of being a renter.

You could lose time and money if you sit around waiting for a maintenance visit that never happens. Be sure to ask about the protocols for both routine and emergency repairs. You should also ask what the typical turnaround time is for a repair like a clogged toilet or broken heater.

8. What Is Your Policy for Entering a Tenant’s Apartment?

The way a potential landlord answers this question will be a big indicator of what to expect if you do commit to a lease. You should always feel safe and comfortable inside your apartment.

Landlords need to give tenants proper notice before they are legally able to enter their apartments for things like inspections or repairs. The state you live in has its own minimum notification requirement. Make sure your potential landlord gives you a clear answer regarding the policy of entering your apartment.

Related: The Hidden Savings In a Rent Payment

No matter how great that new place may seem, be sure to ask as many questions as possible before signing on the dotted line. These eight will hopefully save you from potential heartache (and lost money!) that could come from a bad lease agreement.


Everything You Need to Know About Second-Chance Checking Accounts

Is there really such a thing as a second chance in the world of personal finance?

Some banks seem to think so. In fact, certain institutions are willing to help people with troubled credit histories start to build up their financial futures by offering second-chance checking accounts.

Of course, these accounts don’t come with all the features of traditional checking accounts. You may have to jump through some hoops to get back into the good graces of the banking world.

However, a second-chance checking account could help you to build a brighter future and erase some unfortunate or irresponsible behaviors that have left marks on your banking history. Let’s take a look at everything you need to know about second-chance checking accounts.

Why Second-Chance Checking Accounts Are Necessary

The traditional banking world could shut you out for a number of reasons.

Banks often deny applications for new accounts from people with checkered banking histories. It’s impossible to hide a poor banking record when applying for a new account. In fact, every negative thing in your account history has been reported using something called the ChexSystems Network.

A person with a closed bank account in their history instantly sets off a red flag during the application process. The reality is that if you have an account closed due to unpaid overdraft fees, you may not be able to obtain a traditional banking account from a reputable institution.

Related: How Automation Has Helped Me Reduce Debt and Save

Why They Are Worth the Effort

Some people might say that jumping through hoops just to open a bank account simply isn’t worth the effort. Those people might just decide to use prepaid debit cards or pay a cash checking service to cash their paychecks.

However, those options can both become quite pricey over time when you consider all of the fees that are attached. What’s more, people who rely on those service can’t enjoy the convenience of online banking or around-the-clock ATMs. Plus, more and more employers are moving to deposit-only paycheck methods. If you don’t have a checking account, you might have trouble getting paid. Beyond that, your bank account situation can impact your ability to apply for a loan or mortgage in the future.

With all these considerations in mind, it’s worth your while to tackle some extra paperwork in order to obtain a legitimate bank account.

How Long Will You Have to Stick With a Second-Chance Account?

The promising thing about second-chance accounts is that they are only meant to be transitional. Most people can actually look forward to upgrading to a traditional account after just six months of showing exemplary performance. This means you will have to avoid creating a negative balance or accruing fees for at least six months if you want to take the fast track to a traditional bank account.

Things to Keep in Mind

Second-chance checking accounts should never come with predatory fees or practices. When in doubt, compare the second-chance account’s fees and restrictions to those of a traditional bank account. If they’re significantly higher or more restrictive, you may want to look elsewhere.

However, you may have to deal with some restrictions as you go through the process of applying for and opening an account.

Banks are all over the place when it comes to what they are willing to offer to customers. The reality is that you really are at the mercy of a bank when you ask for a second-chance account.

Some institutions will charge you a monthly fee for the privilege of having a second-chance account. Many institutions don’t give out free debit cards or checks to holders of these accounts. You may also have to deal with daily or monthly maximums on your transactions.

But it is possible to find banks that don’t require any fees. Some banks even offer access to debit cards, online payment options, and checks right off the bat.

The bottom line is that banks want to make sure you can demonstrate the ability to be responsible with your account. They will do this by imposing restrictions on you. They’ll safeguard their own interest by attaching fees to deter you from making poor choices with your account. In fact, you may even be required to participate in a personal finance class in order to open the account!

Where Can You Obtain One?

Only a handful of major banks and financial institutions offer second-chance accounts.

The good news is that most community banks and credit unions do. The best place to start is your local bank or credit union. You may get the best service if you’re able to connect with a credit union that is associated with your employment field.

Resource: Bank on the Advantages of Credit Unions

The Big Thing to Remember

While it can be unpleasant to have to jump through some hoops to please a bank, obtaining a second-chance account is definitely worth the effort. This type of account can help you to restore your financial integrity and set you on the path towards building up your credit.

If you’ve gotten into some bad banking habits, chances are you’ve also gotten into bad credit habits. Creating a better banking record will allow you to access products like secured credit cards that can help you rebuild your credit.

Financial institutions don’t often offer anything as forgiving as a second-chance account. So if you need this option and it’s available to you, you should definitely take advantage. Just be sure you check out the institution’s reputation, and look for predatory account practices before you sign up for this account.


Are Extended Car Warranties Really Worth the Expense?

Car repairs always seem to come at the wrong time. What’s more, one single problem with a vehicle could cost you thousands of dollars straight from your pocket.

When you first purchase a car, it can seem like the clock is ticking down to that manufacturer’s warranty expiration date with lightning speed. That timer starts as soon as you drive away from the lot. And, really, that warranty doesn’t cover your car for very long. So maybe you’re wondering if an extended car warranty really pays off in the long run.

An extended warranty certainly does look like an attractive option. This is especially true for people who don’t want to be surprised by high repair costs when a major component of their vehicle breaks down.

So, should you also grab a warranty when you grab the keys to your new car? Let’s take a look at the pros and cons of signing up for extra protection when you buy your next vehicle.

What Is an Extended Car Warranty?

Many people are confused about how an extended car warranty differs from actual auto insurance.

An extended auto warranty is essentially a service contract designed to offset the cost of repairs unrelated to a car accident (that’s what your auto insurance is for!). You can obtain an extended warranty for either a new or a used vehicle.

An extended car warranty shouldn’t be confused with a manufacturer’s warranty. The extended plan is designed to kick in and provide coverage only after a manufacturer’s bumper-to-bumper warranty has expired.

Typically, dealerships offer extended warranties when you purchase your vehicle. But most of the time, third-party companies are the ones actually administering the warranties. This means they may or may not actually be backed by the automaker behind the particular car you’ve purchased.

The Positives

What’s good about an extended warranty? For one thing, it can be a lifesaver if your car experiences an issue with a main component like the engine, transmission, or air conditioner. These are big repairs that come with hefty bills. Unless you’re saving up separately for unexpected auto expenses, a blown transmission could destroy your emergency fund in a single afternoon.

Learn More: Rebuilding Your Savings After An Emergency Expense

Plus, an extended warranty is typically easy to pay for. It’s usually added to the cost of a vehicle when you make the purchase. This means you will pay a simple lump sum instead of dealing with monthly or annual payments.

It is a good option if you don’t mind paying a little bit more at the front end to potentially avoid a big expense when you’re not expecting it a few years down the road.

What It Covers

Here are some of the repairs an extended warranty could potentially cover:

  • Major engine components
  • Fuel components
  • Electrical components
  • Braking components
  • Steering components
  • Suspension components
  • Heating and cooling components
  • Air conditioning
  • Front and rear drive axles
  • Transmission

Some comprehensive plans even offer benefits like 24-hour roadside assistance and payouts to cover the costs of rental vehicles or public transportation. Of course, what you actually get with your warranty will depend on how much you’re willing to pay for it.

Be sure to really read over your coverage information before purchasing the policy; they can carry a lot of fine print.

The Negatives

Will an extended warranty really pay off when you inevitably do need a repair done on your vehicle? The answer depends on the specific details of your warranty and the exact repairs your car needs.

A recent Consumer Reports survey revealed that 55 percent of car owners who purchased an extended warranty never actually used the warranty for repairs during the lifetime of their vehicle.

That same survey showed that the median cost customers paid for coverage was just over $1,200. However, the median out-of-pocket savings on repairs covered by extended warranties for all was just $837. This means that the average person can expect to lose about $375 when purchasing an extended warranty.

Extended warranties can be like a safety net with some pretty big holes. There’s no guarantee that the specific repair you’ll need will be covered. And most warranties have specific requirements for where your car can be serviced. This can make an extended warranty look like an unnecessary expense.

As mentioned, these policies often have a lot of fine print that could impact coverage. For instance, simply having your vehicle serviced at a place that is not approved could cause your warranty to be invalid. You may also need to seek approval from your warranty provider before you are able to make repairs on your vehicle.

Resource: How Much to Budget for Car Maintenance

Some people don’t want to deal with such a lack of autonomy just for the sake of potentially saving a little bit of money on repairs.

Going Bigger Might Be Better

While basic warranties are pretty inexpensive, they also don’t cover much. Paying a little bit more money for your warranty when you purchase your vehicle might be worth it if you really want peace of mind.

Most basic warranties only cover specific types of repairs needed for your engine or transmission. A top-tier warranty will cover more components throughout your car and provide perks like roadside assistance.

The pain of paying more at the time of purchase could turn into a big relief as soon as car problems begin piling up down the road.

Related: How to Save Money on Car Insurance

The Bottom Line on Extended Car Warranties

An extended car warranty is a good option to consider if you’re the type of person who prefers to pay now instead of paying later.

However, it may not be the best choice if you’re only planning to own a vehicle for a few years. You could actually end up paying for a warranty that you never use if you sell your car soon after the manufacturer’s warranty expires.

On the other hand, purchasing an extended warranty could be a really good option if you’re buying a used vehicle with a history of repairs.

The bottom line is that you’re always playing the odds a bit when it comes to purchasing an extended warranty. Is peace of mind worth the gamble to you?


Five Ways to Get Your Credit Report for Free

I’ve talked at length in the past about how your credit score is determined and why it’s important. Aside from paying your bills on time, one of the biggest things you can do to protect your credit score is to keep a close eye on your credit report.

While you’re entitled to one free credit report per year from each of the three major credit reporting bureaus, sometimes that just doesn’t cut it. Take, for example, our run-in last year with a wayward collections agency.

When we first discovered the problem, we burned through our free credit reports trying to figure out what was going on. We then needed to monitor the situation until it was resolved, so we ended up using free trial of a credit report service to figure things out.

Given the above, I thought I’d put together a list of options for getting your credit report for free:

1. Get it The Old-Fashioned Way

You can go to annualcreditreport.com to get one free credit report once per year from each of the three major reporting bureaus. You don’t have to get all three reports at the same time. So, a good option is to pull one credit report every three or four months, to space them out over the course of the year.

Sure, your TransUnion, Equifax, and Experian reports can include different information (or mistakes!). But most major issues will show up with all three bureaus.

Resource: Reviewing Your Credit Report — 5 Potential Problems

This is especially true if you’re on the lookout for fraudulent accounts opened in your name. If a thief opens an account with a major credit issuer, it should show up on all of your reports.

Of course, this sort of lax monitoring isn’t ideal if you’re at real risk of credit fraud. If you’ve recently noticed something fishy or have been the victim of identity theft, check out option 2.

2. Place a Fraud Alert (or a Freeze) on Your Credit Report

If you do think you’ve been a victim or target of credit fraud, put a fraud alert on your file. To do this, just call one of the three bureaus. They’ll notify the other two.

This alert stays on your report for about three months. During that time, potential lenders will ask for additional identification for someone attempting to open an account in your name.

Plus, when you place a fraud alert, you may be entitled to a free hard copy of your credit report. Check out the quiz on this website to see if this applies to you.

Another option is to place a freeze on your credit. This is something you’ll need to do with each of the three bureaus separately and often involves a fee (around $10-15), but really locks up your credit. In order for a lender to pull your information to open a new account, you will have to lift the freeze.

To learn more about freezing your credit and see whether it’s what you need, check out this guide.

3. Check with Your Credit Card Issuer

More and more credit card companies are offering their customers a free monthly credit report and credit score. Currently, twelve companies offer their customers this perk. If you’re in the market for a brand new credit card, this is one benefit to be on the lookout for.

One thing to keep in mind here is where the credit score comes from. Many credit card issuer programs use your FICO score, which is still the one that lenders are most likely to use. But some use alternatives, like the VantageScore. And each program uses your credit report information from one of the three bureaus.

Resource: Why Credit Scores Differ

If you’re simply trying to monitor your overall credit picture, it doesn’t matter much. But if you want to keep tabs on all three bureau’s credit reports, look into this information.

4. Try a Free Score Estimator Site

Credit score estimators were once known to be largely inaccurate and not that useful. Plus, simply estimating your score doesn’t always tell you exactly what’s on your credit report. (They’re not the same thing!)

With that said, many of these sites, including Credit Karma, Credit Sesame, and Quizzle will give you an accurate estimation of your credit information. These sites will pull your most recent credit report, and they’ll give you a large chunk of that information (for free).

You’ll be able to see your account balances and more as they appear on your credit report. Then, they give you your credit score, too. You can even track your credit score over time, or get advice on how to improve your score.

5. Check with Credit Reporting Bureaus

The FACT act may allow you to get a free copy of your credit report in certain extenuating circumstances. For instance, if you lost your job and are getting ready to job hunt, you might be eligible. Some states also have free credit report programs with varying eligibility requirements.

Learn More: Six Reasons You Should Review Your Credit Report

These free credit report options may or may not provide you with your current credit score. But it’s increasingly easy to get your hands on a copy of your score, too. So, whether you’re keeping an eye out for fraud or just looking to improve your credit, getting your report and score for free has never been easier!


Bankruptcy and Marriage: Should You Marry Someone Who Went Bankrupt?

Here’s an email about marriage and money that I recently received from a reader:

I have a question about marrying someone who will go through bankruptcy BEFORE marriage. Other than having difficulty with getting a loan, what other effects should I expect in the future?

The bankruptcy had to do with a prior divorce, and ownership of more properties than one should own at any one time, so I’m not worried about his spending habits. What do you think?


This is a great question, and needs to be addressed from two different angles.

Potential Credit Affects

There’s one major myth about a spouse’s bad credit history: that it affects your score.

It doesn’tYour credit score is completely separate from your potential future spouse’s.

So, why does this myth refuse to die? Probably because spouses who choose to completely share finances often have overlapping credit reports.

Related: How to Combine Finances

If you’re both on the mortgage, the credit cards, and the car loans, those will all show up on both of your credit reports. So, unless one spouse also maintains personal lines of credit, the scores may mirror one another.

But your scores aren’t automatically linked just because you’re married. And you can keep your finances largely separate on an everyday level, as well.

Sharing Credit Could be Problematic

It’s pretty easy to keep your checking and savings accounts, retirement accounts, credit cards, and even car loans completely separate from your spouse’s. In fact, many couples take this route, especially if they come into the marriage with widely different income levels, assets, or money management styles.

Still, even couples who keep their finances mostly separate may want to get a mortgage together. When you apply for a mortgage together, you can often qualify for a bigger loan, since both incomes count.

In this case, however, it may be better to apply for a mortgage on your own. You’ll get a better interest rate than if you add your fiance’s bad credit to the mix.

Interesting Read: In Sickness and in Wealth: Why Today’s Couples Keep Separate Accounts

Other Problems with Sharing Assets

Maybe having to apply for a mortgage on your own isn’t a deal breaker. But here are some other situations where it may be better to keep your assets largely separate:

  • Let’s say he ends up with a tax lien from the bankruptcy. You file a joint return. In this case, the IRS will get its money before you get your tax return.
  • What about paying student loans or government loans affected by the bankruptcy? In this case, your assets could be at risk if you mingle them with your spouse’s. This could be especially dangerous if you’re in a “community property” state like Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin.
  • Let’s say you own the home, but you use common funds to pay property expenses. Your husband deposits money into a joint checking account to help pay for these expenses. In this case, your commingled property could be considered partially his. In this case, his creditors could come after your property.

How to Protect Yourself

This isn’t to say that you should break off an otherwise great relationship. But you should take steps to protect yourself.

The best way to probably do this is to wait to tie the knot until his bankruptcy judgment is final. Then, you’ll know exactly what you’re getting into.

Related: Effects of Foreclosure, Short Sale, and Bankruptcy on Your Credit Score

If your soon-to-be-groom goes with a Chapter 13 bankruptcy, his debts won’t be discharged. He’ll still be paying them up after the bankruptcy is final. And even if he qualifies for Chapter 7, not all his debts are likely to be discharged.

Once the judgment is final, you’ll know exactly which debts he’ll still be dealing with. And you’ll know how those debts are likely to affect his take-home pay and ability to contribute to your household.

If you’re already living together, you should go ahead and consult and attorney now to determine if it’s possible to commingle your property while keeping you out of his financial mess. If he still has significant debt post-bankruptcy, having this conversation with a lawyer is definitely worth your while.

The Bigger Conversation to Have

Here’s another thing to think about: financial boundaries moving forward.

While some people file bankruptcy for reasons beyond their control, it doesn’t sound like that’s the case here. It sounds like your fiance has made some serious financial errors in the past.

Learn More: Take a Hard Look at Your Financial Habits — Are They Sustainable?

He likely overextended himself to purchase too many properties. And he failed to plan for the future.

This may not be a deal breaker, either. Especially if you think he’s learned his lesson. But you should be careful about letting him get involved in your finances until he’s proven himself.

Consider keeping your finances almost completely separate for a few years. Once he has rebuilt his credit and made consistently good choices, you can consider going the joint finances route, if that’s your preference. In the meantime, you should hold the reins on most of the major financial decisions for your family.

Also, make sure you’re in the loop on the bankruptcy process. You should know exactly what steps your fiance is taking to complete the bankruptcy process. And you should get to see the paperwork afterwards with the record of his current debts and payment plans.

This will help ensure you know exactly what’s going on with your fiance’s financial life before you decide to tie the knot.

If you were in her shoes, what would you do? Would you consider marrying someone who is going through extreme financial difficulties, up to and including bankruptcy?

If you or someone you know is considering bankruptcy, here are 24 resources that may help you decide (as well as ease the process if you move forward).