In our final installment, Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, offers some great books and Web resources to check out before you decide to invest your money.

BlackEnterprise.com: For young women who’d like to learn about real estate, stocks, and other investment opportunities, what books and online educational resources would you recommend?

Web Resources

Morningstar.com

Wisewomeninvestor.com

Allbusiness.com

Girlscouts.org/moneysmarts

Italladdsup.org

Books

On My Own Two Feet: A Modern Girl’s Guide to Personal Finance by Manisha Thakor

The Savvy Girl’s Guide to Money: The Savvy Way to Have the Life You Want by Emily Chantiri

Kiplinger’s Money Smart Women: Everything You Need to Know to Achieve a Lifetime of Financial Security (Kiplinger’s Personal Finance) by Janet Bodnar

Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams by David Bach

The Money Book for the Young, Fabulous & Broke by Suze Orman

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: At what point should a woman consider getting a joint account with her partner? Should she consider doing so even if they are not married?

Harrine Freeman: A woman should never consider getting a joint account with her partner, not even if she is engaged. You should only consider getting joint accounts when you are married.

This can save you a lot of heartache and ensure that your credit remains in tact. You can’t control what someone else does or how they spend their money, you can only control yourself.

If you are an not married, follow these four tips:

–You can help out your partner but don’t take on their financial burdens.

–Don’t cosign a loan for your partner even if you are engaged.

–Determine how expenses and bills will be handled.

–Don’t get joint accounts.

If you are married, follow these four tips:

–Examine each other’s spending habits and work towards a compromise.

–Don’t assume your future spouse wants to pay your debt.

–Be honest about your financial situation.

–Don’t keep secrets regarding your finances or purchases made. Develop a plan to resolve the issue.

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: In terms of children, what are some good ways to stay out of debt and prepare for their future? How can women help instill financial responsibility values in their children?

Harrine Freeman: There are several ways women can stay out of debt and prepare for the future of their children.

–Eliminate the “I want my kids to have everything” attitude. Don’t go into debt buying your children everything you didn’t have as a kid or because of guilt that your children don’t have what other children have.

–Buy items on sale or shop at discount stores.

–Check the local newspaper for free activities to find fun and creative ways to spend time with your children.

–Buy in terms of needs versus wants so you do not live above your means.

Women can instill financial responsibility in their children in the following ways:

–Show your children how to budget money and save.  Explain to your children how you pay bills and how you make sacrifices to buy items for them or to pay for an unexpected expense.

–Take your children to the grocery store or department store and show them how much an item costs and how you determine if you can afford to purchase the item.

–Take your children to free financial seminars so they can learn the benefits of financial responsibility.

–Use resources and tools such as the Federal Trade Commission’s YouAreHere or the U.S. Treasury’s site for kids. The Cashflow 101 board game and books such as Rich Dad Poor Dad for Teens by Robert Kiyosaki or It’s Not What You’ve Got by Wayne Dyer are also good resources.

–Provide examples to your children of other children who are entrepreneurs or investors and the steps they took to achieve their goals.

–Get life insurance for yourself and your children to at least cover burial costs.

–Purchase health insurance for you and your children. Purchase disability insurance so if you become ill and are unable to work, you can still pay your monthly bills and expenses.

–Set financial goals for yourself and your children such as preparing for your children’s college education, purchasing a home if you are not currently a homeowner, and paying off your mortgage.

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: If your credit is in arrears, what are some good tactics when negotiating with creditors?

Harrine Freeman: Negotiating with your creditors is a key factor in ensuring you retain a good relationship with your creditors, and it helps to maintain your credit rating. Here are seven tactics to use when negotiating with creditors:

Be honest about your financial situation and assure your creditors that you want to pay back the debt owed.

Set up payment plans for each creditor for an amount you know that you can afford to pay each month.

If you feel you will make a late payment, contact your creditor immediately to set up payment arrangements.

You can request a financial hardship arrangement if you are unable to pay the minimum monthly payment. You can also ask for a temporary halt of payments, a lower interest rate (rate reduction), or a lower minimum monthly payment. You can request that late or over-the-limit fees be waived during the payment period.

Follow-up all conversations in writing to confirm payment arrangements and all verbal conversations. Request a confirmation letter in writing to confirm the payment arrangement start date, end date, and payment terms.

Once the debt is paid, request that the creditor remove the delinquent debt from your credit report. This will increase your credit score.

If you are unable to get assistance with your delinquent account, ask to speak to a supervisor or call back and ask to speak to one to get assistance.

If you are unable or don’t feel confident negotiating with your creditors, contact a credit counselor to help you with the negotiations.

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: What advice do you have for women who spend a lot of money on grooming products, much to the detriment of their bank accounts? How can they budget effectively?

Harrine Freeman: As women, we all want to look our best, but we must examine our budget before going shopping. If you don’t have the money to buy it, don’t buy it.

Woman can budget effectively for grooming products by comparison shopping on Websites such as www.pricegrabber.com or www.bizrate.com. You can try shopping at discount stores such as Target, Walmart or Walgreens. Also amazon.com offers the same grooming products found in department stores at a reduced cost.  Read women’s magazines to get reviews on various grooming products and compare the products to your specific needs. Consult a skincare professional or hairstylist to get feedback on the type of products you should use for your particular skin type or hair type.

Set a monthly spending limit for grooming products, and stick to it.  If you go over your monthly spending limit, take the items that caused you to go over the limit back to the store. Doing this a few times will help to break those bad spending habits.

Women who live above their means by buying grooming products should consider these questions:

– Why are you spending lots of money on grooming products?
– Was this a behavior learned from your mother or other female role model?
– Are you doing it to get the attention of a man?
– Are you doing it to make yourself feel better because you don’t feel good about yourself or because you have low self-esteem?
– Are you oblivious to your spending habits and will deal with the consequences of your spending at a later time?
– Do you value your appearance more than financial stability?

If you answer yes to any of these questions, you must re-evaluate your priorities. Looks fade, and your appearance should be neat and clean, but you don’t have to look like a movie star every time you walk out the house if you can’t afford to.

In addition, wearing lots of makeup damages the skin over time. Try using grooming products that do not contain animal products or those that are organic. Also use products with SPF 15 or higher to protect the skin from sun damage.

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: How can you rebound, in terms of credit, after a divorce? Is it true that what your husband did financially also affects your score even after divorce?
Harrine Freeman: January is the month when most divorces are filed.  For every 1,000 marriages, 3.6 divorces occurred in the U.S. in 2008. Divorcing a spouse can be a traumatic, stressful and painful experience.  Create a support network of family and friends or join a support group for divorcees to help work through any issues.

What your husband did financially only affects your credit after divorce if you had or have joint accounts. Here are six tips to help you get back on track with your credit after a divorce.

1.    Remove your name and close all joint accounts and cancel the cards.  Canceling the credit cards ensures that your spouse or another person cannot use the credit card in the future.

2.    If you are an authorized user on any of your ex-spouse’s accounts, remove your name as an authorized user.  Ensure that it is also reflected on your Equifax, Experian and TransUnion credit reports. Try to work with your ex-spouse to setup a plan to pay off joint debt. You may have to get a mediator to help negotiate payment of the outstanding debt.

3.    If you had joint accounts and your spouse got into debt during the marriage that you were unaware you will still be held liable to pay the debt because you name is on the account.

4.    Contact all of your creditors in writing and notify them that you are now divorced if you previously had joint accounts with your ex-spouse.  If you are unable to make a payment on a joint account notify your creditor immediately to setup a payment plan to keep your credit in tact.

5.    Order a copy of your credit report and review it once every six months forthe first year after the divorce to be sure your credit is not damaged and to ensure no new accounts appear on your credit report.

6.    Open individual accounts in your name only such as: insurance polices, bank accounts, retirement accounts, etc. Transfer your share of the money from joint accounts to your individual accounts.

7.    Get a land line in your name only.  This can be helpful if you are trying to establish credit.

8.    If you don’t have any credit in your name, open a personal line of credit with your local bank or credit union, or open a secured credit card account.

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: This one is a multi-part question: If you’re a young single woman, just starting out, with no kids, what are some of the first steps you should take to get your financial house in order? A divorcee with kids? A woman age 45 or older who is married?

Single with no kids

Setup an emergency fund to cover 6-8 months worth of bills.

Buy health and disability insurance (www.ehealthinsurance.com).

Contribute at least 10% of your monthly salary towards a retirement account.

Live below your means, keep debt balances at 30% or below the limit, and keep debt at 15% or below your monthly income.

Buy in terms of needs vs. wants.

Divorcee with kids

Setup an emergency fund to cover 8-12 months worth of bills.

Buy health, life, and disability insurance and remove your ex-spouse’s name as a beneficiary for any insurance paperwork or bank accounts.

Contribute at least 10% of your monthly salary toward a retirement account.

Live below your means, keep debt balances at 30% or below the limit, and keep debt at 15% or below your monthly income.

Create a budget and stick to it.

Close all joint accounts and cancel cards to prevent your ex-spouse from using them in the future.

If you don’t already have accounts in your name only, open one credit card, preferably a bank credit card, in your name to establish a credit history.

Setup payment plans for any outstanding debt or joint accounts with your ex-spouse.

Married woman, age 45 or older

Priorities change as your get older and you should reevaluate your financial status every five to 10 years. If you are not already contributing to a retirement account, contact a financial adviser on how to contribute money.

Don’t depend on your husband’s retirement, pension, or social security funds during your retirement years. You need to develop a plan for your own financial well-being because no one knows what the future holds.

Don’t take on your spouse’s, child’s, relatives’ or someone’s else financial problems.

Know the balances and location of all joint and individual accounts.

Keep copies of all financial papers in a safe that can be readily accessed when needed.

Attend financial counseling or free seminars as a couple.

Set short-term and long-term financial goals such as paying off your mortgage or paying off debt.

Set a retirement date for both of you, and hire a financial adviser to map out a plan to help you meet your financial goals.

Check out our latest features from our Women & Money series:

Conflict Resolution for Your Financial Woes

When ‘Mine’ Becomes ‘His & Hers’

Handling Your Spouse’s Financial Missteps

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnteprise.com: What are some ways to resolve conflicts about money as a wife or girlfriend?

Harrine Freeman: Discuss your future financial goals and develop a plan to achieve those goals. Create a budget. This is one of the most fundamental elements of proper financial planning. Your budget should include all monthly household expenses, debt, and savings goals.  Your budget should be flexible enough to adjust to unexpected expenses.

Here are six tips to resolve conflicts regarding money:

Fight fair. Don’t bring others into the conflict and don’t compare your spouse or boyfriend/girlfriend to a previous relationship. Wait until you have calmed down to discuss the issue and work together until the issue is resolved or until you are able to compromise. If your spouse or boyfriend/girlfriend is being difficult, be the bigger person and lead by example to solve the issue in a pleasant manner. Apologize, even if you did nothing wrong, to ease the tension which will lead to resolution of the conflict.

Be free with information. Don’t make your spouse or boyfriend feel like a stranger regarding their household finances.  Share all financial records, statements and balances with him.

Don’t fight over money. Set clear guidelines on how money will be spent, setup joint accounts to pay household bills, you can each create a separate account to pay for your expenses outside of the household bills.  If you are concerned about ownership, setup accounts with both names on each account that you both pay for, i.e. mortgage loans, apartment/condo leases, debt, etc.

Be responsible with spending. Sit down weekly or monthly, and develop a plan how bills will be paid, who will choose insurance, companies you do business with, investments, etc. Some family members want to follow a budget, and others don’t. If you notice your boyfriend or husband being less responsible with spending, bring it to him attention in a non-confrontational manner and help him to see the benefits of responsible spending, i.e. pay off mortgage, pay off car loan, buy investment property, etc.

Examine values. If your values, such as paying bills on time, paying off debt, or paying taxes, clash, work together to develop a plan so you are both on the same page and have the same financial goals. In some cases, let your husband choose the approach for a financial decision, and in some cases you choose the approach for a financial decision. If you are unable to come to an agreement, seek help from a financial adviser or counselor.

Set priorities. Set financial priorities regarding paying off debt, spending, and investing by setting short-term and long-term goals. Set a target date for each goal. Review goals every six months to see the progress you have made.

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: How do you transition from being a single woman who is used to being the sole earner and money manager, to a wife who has to think in terms of a partnership when it comes to how money is used in the household?

Harrine Freeman: You can transition to thinking in terms of a partnership as having two people who have the same interests. A partnership means having a joint interest or someone whose character includes sharing with another. If you are struggling with changing your thinking from “me” to “we” examine yourself and identify areas where you act in a selfish manner. Work to change your thinking from singular to plural. Practice everyday in the mirror, if necessary, to start saying “we” need to do this or “We need to do that.”

You have to marry someone who is financially responsible. One of the No. 1 reasons for divorce is due to finances. Both spouses have to be financially responsible: Know how to pay the bills, be aware of the balances on all accounts. Know where the bills, receipts, and financial paperwork are stored; Know the due date for all bills whether you actually send the payments for the bills or not, and keep accurate reporting of spending. Limit use of ATM and check cards, pay cash for most items purchased, and be honest about your spending. Discuss how you can modify your budget to accommodate if item bought was not included in your budget.

When considering making a large purchase, consult your spouse first.  Don’t make purchases to get even with your spouse. It will backfire on you later. It is better to include your spouse in all financial decisions than to get into an argument later because you did not.

Don’t take the “I make more so I can buy whatever I want” attitude. This is very harmful to marriages. Marriages should be an equal partnership no matter who makes the most money. Never use money or the lack thereof to start an argument. Eliminate all negative thoughts and attitudes regarding money. Consult a financial coach or personal finance expert to help work through any issues regarding your finances.

Reading Resources:

Smart Couples Finish Rich by David Bach
The Motley Fools’ Guide to Couples and Cash by Dayana Yochim
First Comes Love, Then Comes Money by Roger Gibson