The Salary Stain column offers financial advice. Have a question? Reach out to Christine and Iris anonymously here.
Dear dirt,
I’ve got a bit of savings set aside and some investments, but lately, I’ve been thinking about making a positive impact. However, I’m not sure how to bring this up with my financial advisor, since it might not be what they want to hear.
I want to shift my investments from a big bank known for a lackluster climate policy toward options that align better with my values, like green energy. But, honestly, I’m unsure how to start that conversation. It feels like I need to have a plan or a script ready. Any suggestions?
– Evil?
Dear evil,
It’s not too uncommon to want to discuss sustainable investing with your financial advisor. Actually, many are becoming more familiar with it since there’s growing interest in these investments.
Before you approach your advisor, consider doing some research first. Check out resources on ESG funds or green bonds, and take a look at banks or credit unions that promote environmentally friendly policies. There are platforms specifically for these investments, like Vanguard’s ESG options or socially responsible investments (SRI). Starting your research this way could give you a clear idea of what to discuss.
If you’re looking for something to say, how about: “I’m interested in moving toward sustainable investments. What options do I have, and are there any tax implications for making these changes?” If your advisor seems resistant, that might help you gauge if it’s time to seek someone else’s help.
That said, an advisor might advise against moving all your investments at once, which actually makes financial sense. The tax impact alone could be significant. They might suggest looking into which of your current holdings aren’t aligned with your values, assessing any consequences of selling, and planning a gradual transition to more suitable investments.
It’s really beneficial for you to understand the terminology and options going into these discussions; the more prepared you are, the better it’ll go.
Dear dirt,
I’m searching for a good, affordable personal finance program. I’ve been using Quicken for a while and, while it’s been helpful, I’m not entirely satisfied with it. The interface isn’t very appealing, and I can’t rely on it to keep my balance accurate. I typically just track my spending through credit card and bank downloads.
My use of Quicken is pretty basic; I download expenses from my accounts, categorize them, and sometimes jot down notes about my purchases. Since I live alone, it’s manageable for me, but I often do lots of small grocery trips. Keeping track of these expenses can be really helpful, especially when looking back at specific costs from the past year.
However, Quicken has its drawbacks. I struggle to balance my accounts properly and have a hard time removing certain payments from the interface. Even frequently used categories sometimes get misfiled, which is frustrating.
So now I’m curious about what other options exist and their costs. I looked briefly at QuickBooks, but it seems too pricey for what I need, and I’m concerned about running into similar issues.
Do you have any recommendations for me? I’ve done a little digging, but I’d love to hear more specific suggestions.
– It’s not a money bag
Dear not an exact money bag,
As someone who’s tried quite a few budgeting tools, I can tell you that none of them have been flawless for me—there’s always some clunkiness involved.
Not sure if you’re using Quicken Classic or Quicken Simplifi (the latter is more straightforward), but if balancing is an issue, you might face some of the same problems on either. I’ve experienced similar hiccups with various budgeting tools. Before you toss Quicken aside, perhaps touch base with their customer service to see if there’s an easy fix for those issues.
That being said, here are a few budgeting options to consider:
1. You Need A Budget (YNAB): Popular among its users, though I find it a bit complex. It’s $14 monthly and focuses on budgeting while handling transaction tracking well.
2. Empower: A free version is available and is a solid choice for basic tracking, plus you can monitor investments and net worth.
3. PocketGuard: Another simple, easy-to-use option.
4. Tiller: If you like customizing your own setup and prefer Google Sheets, this one might fit well since you’re familiar with Excel, at around $7 a month.
5. Monarch Money: Costs between $8-14 monthly depending on your payment plan and boasts excellent transaction classification with a clean interface.
Honestly, there are so many budgeting apps available, and it can be overwhelming. When evaluating your options, prioritize apps that connect easily with all your banks and credit cards. Some offer great features but come with a steep learning curve, while others are user-friendly but limited. Think about whether you want simplicity or something that offers more detail.
– Christine
More Money Advice
Back in May, I went through a name change, including updating my records with the Social Security Agency. My number remained unchanged and, once everything was sorted, my credit profile will simply be updated to reflect my new name and continue to show my full credit history.
