TIPS AND TRICKS

Question Your Cash

If your money is sitting in a bank account paying zero interest, or close to it, you’re not really treading water. When consumer prices are rising at a 6.8% annualized rate, as they are now, your bank balance is effectively losing about 6.8% of its value a year.

Even when the Fed raises rates, it usually does so slowly. In the meantime, Brent Weiss, co-founder of the virtual financial planning firm Facet Wealth, says you may want to rethink how much money you’re leaving in a bank account that’s losing the footrace with inflation. For younger parents in particular, anything beyond what you need for emergencies or near-term purchases — the down payment on a home, for instance — is probably better to invest.

For someone who’s been in their job for a long time, Weiss says you probably only need enough in your bank account to cover three to six months of expenses. Those in more volatile careers or starting their own business might want to increase that a bit, setting aside six to nine months’ worth. But money that you know you won’t need for five to 10 years can be put to more productive use.

“If you have excess cash, you have to ask yourself why,” says Weiss. You may want to expose that extra money to risk if it means countering inflation, he says.

Here are some more tips to stay ahead of the interest rate hike.

TIPS AND TRICKS

How to Have Better Talks About Chores

A big problem that often arises when it comes to chore splitting is that couples don’t talk about housework but still have expectations about how the house should work. Leaving those assumptions unsaid leads to problems.

The best solution? Start talking before problems occur. “This conversation is best had when it occurs proactively instead of reactively,” says Houston psychotherapist Nicholas Hardy. “Addressing household chores on the front end, allows couples to have healthy dialogue on likes and dislikes, without feeling attacked or feeling as though they have to defend themselves.”

Sarah Rattray, couples psychologist and founder of the Couples Communication Institute, suggests easing into negotiations. “Start the conversation by gently requesting a conversation about domestic tasks,” Rattray says. “Let your partner know you want to find a good time to talk when you can give the conversation your full attention.”

Here are some more chore-splitting tips to keep in mind.