Savings.com Blog - Personal Finance

What you should know about your partner's finances before you get married

Cheryl.Lock — Tue, 23 Apr 2013 19:30:00 GMT

When it comes to getting married, most people have the basics covered. Where they'll live. Whether or not they'll have kids. What color dinner plates they'll register for.

The one thing that many don't discuss before walking down the aisle is their finances. In fact, studies have shown that nearly one in five couples don't talk about their financial situation until after marriage, and a full 15% don't even discuss it after they get married. "Before walking down the aisle and saying 'I do,' there is a long list of wedding to-dos for brides and grooms," says ING retirement coach Barbara Taylor. "Often left off the wedding checklist are financial to-dos like getting on the same page about debt, retirement savings or money values, and mapping out the finances of your life and retirement dreams."

Having these important discussions ahead of time will help you build a strong foundation with your partner, says Taylor. So what exactly should you be discussing? Taylor shares her top six discussions to have here.

1. Disclose Any and All Debt
The last thing you'll want to have to deal with as a newlywed is an unexpected surprise in the form of major debt. "Before marriage, find out about any school loans, credit card debts or prior obligations such as child support or private loans," says Taylor. "All of these debts impact your bottom line going into marriage, and your ability to jointly make large financial purchases, including the purchase of your first home together."

2. Talk About Your Values
A person's attitude toward finances can be just as important as how much money they have in the bank, or how much debt they owe. "Watch and learn whether your future spouse spends money frivolously, frugally or somewhere in between," suggests Taylor. "Behaviors such as eating out most nights, going on expensive vacations, regularly buying new cars or getting the latest and greatest gadgets can indicate a frivolous approach to money." On the other hand, behaviors like always ordering the cheapest item on the menu or never spending any money on "fun" things can be a sign of overly frugal spending. "These behaviors and attitudes are helpful clues to what lies in your future as a married couple, and what could cause financial friction," Taylor said. Talk about your different spending styles, and work on ways you'll both deal with how the other spends money if your attitudes differ.

3. Know Their Credit Score
A credit score will tell you a lot, says Taylor. "You should know if you're walking into any financial war zones before marriage," she said. "Your individual credit scores will affect many financial aspects of your life, from home purchases to insurance and car loan rates."

4. Discuss Career Trajectories
Another important aspect of your financial future with your new spouse will be your combined abilities to earn a living and contribute to your combined life together as a couple. "If there are any warning signs in his or her past—being fired or an overly lackadaisical attitude toward work, for example—pay attention and have a frank discussion about career choices and path," says Taylor. It's also a good idea to set expectations around employment in case children come into the picture at some point. "It's best for you both to know now what each other's goals and desires are in terms of work after children," said Taylor.

5. Talk About Your Overall Finance Picture
You can only get a true vision of a person's financial situation if you talk about past, present and future, says Taylor. "The past includes items such as financial history, debt, bankruptcy, liens or school loans," she said. In the present you should talk about things like money values, current obligations, FICO score or employment status. And lastly, talk about the future. "This includes values. Are your aspirations on the same page? Are you both saving for retirement?"

6. Build Your Retirement Dreams Together
Saving and planning for retirement is a process that takes may years. "If you and your fiancé are already saving for retirement through an employer-sponsored retirement plan or individual retirement account, you are off to a great start," says Taylor. "If not, get started saving for retirement and set up automatic deductions from your checking account or paycheck directly into a retirement account." If one of you is saving and the other is not, use that as an opportunity to talk about your collective budget as a couple, says Taylor, and think about how you can trim expenses to make sure retirement savings happen for both of you.

Talking about your financial future before getting married might seem dreary, but it's really the best way to get your marriage started off on the right—and equal—foot. After that's done, you can go about enjoying your new life, knowing you're both doing everything necessary to set up a secure financial future together.

Cheryl Lock is a personal finance writer at and former editor at LearnVest and Parents magazine. When she's not writing, she enjoys travel, which she blogs about at wearywanderer.wordpress.com.

(Source: Savings.com)Add a Comment

5 things to Spring clean your finances that will take 5 minutes or less

Cheryl.Lock — Tue, 02 Apr 2013 17:45:00 GMT

(photo credit: Newton Free Library)

If you're anything like us, the arrival of spring conjures up images of open windows, sun-filled days and, of course, spring cleaning our finances.

Even if that last one's not on your list of 'Top 10 Reasons to Celebrate Spring', it should be. That's because the arrival of a new season is a great excuse to do some tidying up—both in your house and with your finances.

Spring cleaning your finances doesn't have to take a long time, either. In fact, here are five things you can do right now to help your finances, each of which would take five minutes or less to accomplish.

1. Set up reoccurring savings account deposits
Setting up reoccurring payments to your savings account is the easiest way to ensure you stash a little bit of emergency money away each month. If you're already doing this, try increasing your monthly savings by $50 until you reach your goal. If you've already reached your goal amount in your emergency savings account, add that additional $50 each month to your retirement account.

2. Get your credit score
Knowing your credit score and ensuring that your credit report is accurate are both essential for so many things, like getting approved for loans and, in some cases, even when applying for new jobs. Take five minutes and head to AnnualCreditReport.com. You'll select your state, click on 'Request Report' and provide the information needed. You can request your credit score from each of the three bureaus for a small fee, and/or receive a free credit report every 12 months. Always check for any inaccurate information in your report, and alert the correct bureau immediately if you find one.

3. Clean out your wallet
It's funny how full our wallets can get over the months … even if it's not with cash! To avoid having a full financial meltdown should your wallet ever get lost or stolen, keep only the essentials on hand at all times. For starters, make copies of everything you keep in your wallet, and only keep your driver's license, debit card and one credit card in there at all times. Try to never carry more than $100 in cash, and if you're someone who uses your wallet to stash away errant earrings or jewelry that you take off during the day, be sure to remove those every night.

Also, try not to carry around gift cards unless you're sure you'll use them that day (as these are essentially the same as cash), and never carry around important documents, like your social security card or birth certificate.

4. Call your cable and/or Internet provider to ask for a better rate
Believe it or not, this sometimes works. If you've been with your company for more than a year, it's worth picking up the phone to ask if they can offer you a better rate, or at least a more substantial package based on the amount you're already paying.

5. Cancel your gym membership
No, we're not saying you should stop exercising altogether. The great thing about the changing weather is that it's now getting nice enough to go for bike rides or runs outside. Take a look at the number of times you've gone to the gym over the past two months. If you're steadily going at least three times a week—and are taking classes or using equipment that you don't have at home or couldn't get from pounding the pavement outside—then maybe it's worth it to keep your membership. However, if you only hit up the gym twice a week to use the treadmill, you could probably get the same quality workout for free outside.

Cheryl Lock is a personal finance writer at and former editor at LearnVest and Parents magazine. When she's not writing, she enjoys travel, which she blogs about at wearywanderer.wordpress.com.

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The 5 biggest tax mistakes people make

Cheryl.Lock — Thu, 28 Mar 2013 13:00:00 GMT

Did you know taxes are due right around the corner?

Of course you did, and you're probably almost done preparing everything as well. However, before you file them away and checkmark that box off your to-do list, ask yourself one question — are you totally prepared to file?

We spoke with Thomas D. Fisher, CPA, LLC and asked: What are the top five tax mistakes people make every year?

Check out what he told us, and be sure to get your own ducks in a row before signing those magical slips of paper.

1. Not contributing to 401(k) plans
Forgetting to fund your 401(k) policy is a mistake for a number of reasons. For starters, if your company offers a match, deciding to not sign up means that you are actually leaving free money on the table. On the tax side of things, 401(k) contributions are taken from participants' paychecks before taxes are deducted, which means contributing to this type of plan will lower how much income you're required to pay taxes on.

2. Taking unnecessary withdrawals from retirement plans
According to a new study, more than one in four households dips into retirement accounts like 401(k)s and 403(b)s for funding of things outside of retirement, despite the fact that doing so can cause some significant damage to those savings tax wise. According to the New York Times, the report, 'The Retirement Breach in Defined Contribution Plans,' found that withdrawals for non-retirement purposes by account holders under 60 amount to $60 billion a year, or 40% of the $176 billion employees put into such accounts each year..."

Their proposed solution? Hold off on funding retirement plans until you have an emergency savings account to pay for things that may unexpectedly come up. And if you're considering borrowing against retirement accounts to help fund college for your kid, you might want to think again. After all, your kids can always take out student loans for school — there are no such loans available for your retirement.

3. Not getting receipts for clothing donations to charities
When it comes to making tax-deductible clothing donations to charity, keeping accurate records is key. Complete and accurate records can help speed up the process when it comes time to file and, perhaps even more importantly, will be what you'll need to fall back on should you ever be audited. In fact, H&R Block's Guide to Charitable Deductions claims that for deductions of less than $250 you should keep a receipt from the organization with the name and location of the charity, the date of donation and description of the property, as well as a photo of what you're donating. You might also keep notes on the fair market value of the property at the time you donated it and how you figured the value you're applying for a deduction for.

Donations over $250 come with their own set of rules. See the full list of suggested documentation for donated items here.

4. Not considering the marriage penalty
As my new husband and I recently discovered, sometimes there's a nice little price tag that comes with getting married, and it has absolutely nothing to do with paying for a pricey wedding. In a situation where both members of a couple work, that couple can most likely expect to owe more in taxes. Why is this the case? Once you earn above the 15% tax bracket, thresholds for higher tax rates are less than double the thresholds for single filers.

On the other hand, a marriage between two people where one person is not working could yield a marriage bonus, since working spouses can claim deductions and exemptions for non-working spouses and will be paying taxes at a lower tax rate overall.

5. Paying IRS notices without questioning
Believe it or not, IRS employees are only human, and as such, they do make the occasional mistake. Before blindly paying out any amount that the IRS may tell you that you owe, it's a good idea to recheck your own numbers first. If you still feel you paid the correct amount of taxes, send a letter back and enclose all of your mathematic calculations.

Cheryl Lock is a personal finance writer at and former editor at LearnVest and Parents magazine. When she's not writing, she enjoys travel, which she blogs about at wearywanderer.wordpress.com.

(Source: Savings.com)
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4 steps to help you save for a down payment

Cheryl.Lock — Thu, 28 Feb 2013 14:00:00 GMT

One of the hardest parts of buying a house is saving for the down payment. Most down payments are anywhere from 10 to 20% of the total house price, and the more money you can put down for a down payment, the less interest you'll pay over the course of your mortgage.

Saving that much money can be hard, of course, but not impossible. Here is a step-by-step guide to get you off on the right foot.

1. Determine How Much You'll Need
It's hard to start saving for a goal if you don't have a specific number in mind. This step will require a little bit of research. You'll need to start thinking about how much mortgage you can afford based on your current income and living expenses, as well as what type of house you'd like, and where. Something to keep in mind: most experts agree that mortgage payments shouldn't take up more than 28% of a person's monthly take-home pay. Online calculators, like this one from Zillow, can help you determine how much you'll need for a down payment, and what your monthly payment will be based on current mortgage rates.

Once you have a good idea of how much mortgage you can afford, figure out what 20% of the total price will be (to be on the safe side), and set that number as your down payment goal.

2. Set Up a Specific Savings Account For Saving
Setting up a savings account specifically for your down payment goal will give you confidence as you watch it grow every month, and it will help deter you from stealing from that account to fund other activities or splurges.

Depending on how much you decided you needed for a down payment, and when you're hoping to move, it might be a good idea to look into saving for a down payment in a Certificate of Deposit account (you can calculate the interest you will earn over time in a CD here) or even into a traditional investment retirement account (calculate the interest rate of an IRA here).

Keep in mind that you shouldn't put money into a CD or an IRA if you expect to use that money in five years or less, so setting a timeline will be important before you determine the best way to save for your down payment. Traditional IRAs allow first-time home buyers to withdraw up to $10,000 from their accounts without the usual penalty fee, but read the fine print on any account before you open one to start saving for your dream home.

3. Set Up Reoccurring Payments
Once you've determined how much money you need and have a general idea of how long you'd like to be saving, you can figure out how much you need to save each month in order to reach your goal. (You may go back and forth between Step 2 and Step 3 a couple of times, since your timeline and how much you can put away each month are pretty intertwined. For example, if you'd rather move into your new house in three years, you'll need to figure out a way to save more aggressively in those three years as opposed to stretching it out over five or so years of saving.)

Go through your budget line-by-line and figure out where you can scrimp and cut back in order to siphon money into your down payment account instead. Let's say, for argument's sake, that you wanted to buy a house that cost $100,000, and you wanted to put down a 20% down payment. That means you would need $20,000 in savings before you could buy your house. If you wanted to purchase that house in five years, you would need to find an extra $333 per month to put in savings. (If you're waiting at least five years, though, you could be earning a nice interest on your money if you put it in that CD or IRA we talked about before, so you could have your nest egg sooner than expected.)

Work with your monthly budget and your timeline until you come up with something that fits in both.

4. Ask Others to Chip In
Once you're on your way to saving, consider having others chip in for special events, like birthdays, anniversaries and the holidays, in lieu of regular gifts. Sites like Deposit a Gift make it easier than ever for friends and family to gift you cash directly towards your goal … which you'd probably appreciate a lot more than that third set of engraved wine glasses.

Cheryl Lock is a personal finance writer at and former editor at LearnVest and Parents magazine. When she's not writing, she enjoys travel, which she blogs about at wearywanderer.wordpress.com.

(Source: Savings.com)
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Homeownership vs. Renting: What's better for you?

SavingsMommie — Wed, 27 Feb 2013 14:00:00 GMT

Let me start off by saying, I am a new homeowner. After years of renting, my husband and I were able to finally save enough money to put a down payment on our new home. The question we consistently asked ourselves throughout renting was if we were making the best decision for our future (financial future).

We wanted to feel like we were investing in something versus throwing our hard earned money away. However, the constant lingering question in the back of our heads were the responsibility of owning something and if we would be able to handle it financially. We would be responsible for property taxes, all utilities, gardener, maintenance and any breakdowns in the home, and the list went on.

When we finally bought our home, within the first month, we ended up spending over $12,000 of our savings to replace the back roof, adding a vent to our tankless water heater inside our garage, getting rid of the shrubs in our backyard, pest control and taking care of a backup in our plumbing. Yes, this happened all at once, prompting my husband to want to put our home on the market.

After experiencing renting and owning, I've come up with the pros and cons of both:

PROS

Renting:

You can move at anytime.
Can be cheaper than paying a mortgage (Depends on region).
Water and trash are usually paid for (depends on your agreement).
No property taxes.
All maintenance is taken care of.

Owning:

Investing in your future. You can sell it for a profit in the future or rent it and get rental income.
Mortgage interest is tax deductible.
Pride of home ownership.
Depending on where you live, mortgage can be cheaper or equal to your rent.
Being able to renovate when you want to.
Owning a pet.

CONS

Renting:

You don't own the property that you live in.
Cannot deduct an interest on your income taxes. California allows a credit for renters, but it's very minimal. It may depend on the state where you reside.
Not having the freedom to do renovations to the home or updating simple things like paint, etc.
Not being able to own pets in certain rentals.

Owning:

You can't easily move unless your home is in a very good seller's market. You have to either sell or rent your property.
Property taxes. Depending on your area the taxes can be a lot.
If something breaks, you fix it out of your pocket
All utilities are paid by you.
You have to maintain the home such as your yard, etc.

Looking at the pros and cons, what makes sense for your budget? While renting seems like the more budget-friendly option without a lot of strings attached, owning seems like it would be a better investment option in the long run.

Do you own or rent? From your experience, what would you say would be best for you and why? Please comment below.

(Source: Savings.com)Add a Comment

Why you should stop wasting money on fraud prevention

CardHub — Sun, 17 Feb 2013 14:00:00 GMT

We all waste money on things we could easily live without. That's no surprise, though, as a quick look at our runaway credit card debt reveals an obvious fascination with overspending. However, you might be surprised to learn what some of our most unnecessary money drains actually are.

Sure, you've got the usual suspects like luxury cars and oversized homes, but we also can't forget about things like rental car insurance and fraud monitoring services either.

While we may consider such things to be essential, they're actually redundant at best. For example, most credit cards automatically provide free auto rental coverage, and by choosing to pay for a policy through a rental company, you're actually negating what you've already got, not supplementing it.

The same goes for fraud protection. Each year, roughly 50 million people spend an estimated $3.5 billion on identity theft monitoring services, according to data from Consumer Reports. Considering that these services simply monitor your credit reports, remove your name from marketing lists, and search the Web for any mention of your financial information, that's a couple of billion too much.

Here's why:

You're entitled to free copies of each of your major credit reports every 12 months.
Fraud only impacts a fraction of one percent of all purchases made with credit cards and debit cards.
Consumers typically aren't liable for unauthorized transactions.

Free access to credit reports means you won't have to shell out for an expensive subscription service to determine if any illegitimate financial accounts have been opened in your name. The other two points mean that fraud poses less of a risk than you might initially think.

Card Hub's 2013 Consumer Fraud Liability Study supports this contention. It found that VISA, MasterCard, American Express, and Discover - the world's largest card networks - all offer $0 fraud liability guarantees for unauthorized credit card and signature debit card transactions. Discover cardholders are also covered for PIN debit transactions as well as at the ATM, and American Express has its customers' backs at the money machine too (Amex doesn't offer debit cards with PINs). Federal law fills in the rest of the gaps by limiting liability to $50 when you report fraud within two business days and $500 if you do so within 60 days.

In other words, while financial institutions and merchants are typically on the hook for fraudulent losses, you and I aren't. Therefore, rather than wasting money on fraud prevention services and pulling your hair out for fear of potential losses, you should instead take a chill pill as well as the following measures to minimize any remaining vulnerability.

Use a credit card as much as possible: Regardless of what type of credit card you have, you won't be liable for unauthorized purchases. That's unfortunately not the case with debit cards.
Always sign for debit card purchases: While debit card transactions "verified" by signature are more susceptible to fraud than their PIN equivalents, they're also more profitable for financial institutions. That's why fraud liability policies are more consumer-friendly when it comes to signature verification. If you always sign for debit card purchases, you'll also be under less suspicion should any unauthorized PIN transactions pop up.
Exercise your right to free credit reports: Not only will this enable you to spot fraudulent accounts, but credit reporting agencies also tend to make mistakes, and you'll be able to sort them out too.
Safeguard sensitive financial information: In other words, keep your PIN secret, shred financial documents before throwing them out, put a lock on your mailbox, and don't e-mail account info.

The aforementioned steps won't cost you a thing, while fraud monitoring will run you $100-300 per year. In other words, cutting the latter from your budget in favor of the former will score you resounding thanks from your wallet.

This article comes from our friends at Card Hub, a leading website that conducts personal finance industry research and helps consumers find the right credit cards for their needs.

(Source: Savings.com)

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5 personal finance resolutions to make this year

Cheryl.Lock — Thu, 10 Jan 2013 17:00:00 GMT

January.

It's the time for resolutions and wishes, promises and new beginnings. The thing about the New Year's Resolution is that we're always left feeling really badly when, at the end of the year, we haven't been able to keep them.

That's why this year we decided to come up with five super easy, super actionable New Year's resolutions that will be simple to keep, but that can make a big difference in our personal finances throughout the year.

Resolution No. 1: Save $25 From Each Paycheck in an Emergency Savings Account

Financial experts say that everyone should have between six months and one year of emergency money in a savings account. While six months might seem like a daunting goal (and forget about one year), thinking of the goal in terms of a certain amount of cash from each paycheck will make it much more manageable. This year, take stock of all your finances and what you spent most on last year, and see where you can make cuts. If you can, try to put at least $25 from each paycheck directly into a savings account that is labeled and designated for emergencies. (If you're already doing this, try putting an additional $25 into it each paycheck.) Even small amounts will start to add up over time, and you'll be so glad you have that money when, say, your tire goes flat, or your dog needs emergency surgery.

Resolution No. 2: Clean Out Your Wallet

If you've noticed that your wallet is feeling a bit, well, heavier these days, it may be time to give it a good cleansing. Some things to keep in mind include:

Cash. It's always a good idea to have some cash on hand for those last-minute dinner and drinks with friends that come up, but you don't want to keep too much in your wallet in case you lose it. Sticking with $75-$100 should keep you covered.
Credit Cards. There's no reason to carry around every single credit card you have. For your everyday expenses, keep the credit card you use most frequently with you at all times, and leave the others at home until you need them.
Gift Cards. If you can, try only bringing gift cards with you when you know you're going to use them. Remember, gift cards are just like cash, so if you lose them, you won't be able to get that money back.
Personal Items. We'll admit it—we've been known to take off our earrings or rings and stash them in our wallet. Not only does that put you in danger of losing or forgetting about them, but again, if you lost your wallet, those personal possessions would be lost right along with it.

Resolution No. 3: Opt for Your Company's 401(K) Match

This is a super easy resolution that only requires a little bit of paperwork. If your company offers a match in their 401(K), or any other, retirement plan, you're only throwing away free money if you don't sign up for it. Check with your human resources department to find out if your company does a match, and if they do, sign up as soon as possible to start cashing in on that retirement gift.

Resolution No. 4: Learn a 'Go-To' Recipe

Okay, so this resolution is tangentially related to personal finance, but here it goes. Make is a 2013 goal to learn at least one tasty go-to recipe that you can whip out for parties and pot lucks, and then promise yourself that you will substitute that go-to meal with one of your usual take-out or eating out nights. Cooking is healthier than eating out (if you make it that way), and it's a lot cheaper, as well. Plus, you never know, you could be a budding chef in waiting.

Resolution No. 5: Never Miss Another Payment

One of the easiest ways to rack up extra fees or get in trouble with your credit score is to miss credit card payments. This year vow to stay on track by taking 15-20 minutes now to go through all your bills and set them to automatic payment plans. If you're worried about having money automatically deducted from your checking account, at least go through your bills and set reminders 7-10 days in advance of every payment so you'll know when it's coming up.

Stick with these five easy resolutions this year and your personal finances will have a fantastic 2013.

Cheryl Lock is a personal finance writer at and former editor at LearnVest and Parents magazine. When she's not writing, she enjoys travel, which she blogs about at wearywanderer.wordpress.com.

(Source: Savings.com)
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10 Financial Secrets of Happy Moms

LearnVest — Sun, 30 Sep 2012 13:00:00 GMT

I've been known to be a bit of a complainer about my family's financial situation.

With my husband out of work and my freelance income in constant flux, my household exists in a permanent state of financial anxiety.

At least we're in good company: it seems like all our friends are in similar straits, though some folks just seem to have a can-do attitude about money management. We're all scrimping and saving, but not everyone has the desperate, fearful attitude that marks my interactions with the cost of living.

One thing I have done to reduce anxiety a bit is to ramp up my bargain shopping. I'm afraid of food-borne illness and passionate about ethical farming, so I still buy meat at Whole Foods--but I no longer get chicken breasts, only thighs (much cheaper!), and I buy in bulk.

(We talked about whether buying organic is worth it more in this story.)

My other shopping is parceled out among the stores that are cheapest: diapers, wipes, milk, eggs from Costco, weekly specials (organized with their new smartphone app) from Safeway, flour from the restaurant-supply store or Trader Joe's. I keep a constantly updated list that tells me where things are cheapest.

Basically, I ease my anxiety by shifting my obsessing to a specific, hobby-like activity.

Turns out, lots of other moms have systems in place to help keep them sane throughout the year, too. We've rounded up ten of the best ideas we've heard.

(P.S. Those are my kids in the photo above! They're pretty happy all the time.)

Start With the Basics

"My husband and I nearly lost everything after a three-year economic crisis. A financial coach gave us four specific strategies: Set up a $1,500 cash reserve that's our "credit card" for emergencies. We budget, which means we pre-allocate our spending in each category and adjust as needed. We take out cash for all our needs and never use the ATM card--it gives both us and our kids a concrete visual about money. And we committed to paying off debt, which has gone quicker than you'd think. After just five months, this has become second nature, and I'm amazed at how much it has changed us."
-- Lynn, 47, California (mom to Miles, 8, and Audrey, 6)

Photo courtesy of Lynn

Get Friends on Board

"A long time ago, a friend told me to take care of the singles and the hundreds will take care of themselves. I think of that every time I want to make a small splurge."
-- Jenifer, 39, Connecticut (mom to Frances, 9, and Kathleen and Woody, 6)

"When friends ask us to go out to this or that fabulous restaurant, we tend to say, 'Come over, we'll make dinner, you bring some wine.' Too many times I've eaten some $20 pasta dish only to think, 'Wow, I could have made that at home for $2.'"
-- Darien, 50, California (mom to Annika, 10)

Create a System That Works

"We got out of crazy debt by consulting with a debt-management expert and holding each other's credit cards. I mean that literally: I have his credit card in my wallet, and he has mine. So neither of us can make a big purchase without asking the other--er, I mean discussing it."-- Lea, 33, California (mom to Amelia, 2)

"My husband and I keep separate accounts. We both pay into the household budget, and we have separate retirement accounts; whatever we have on top of that, it's up to us to decide how to spend it. This has cut down dramatically on nagging and judging each other."
-- Judy, 39, New York (mom to Indy, 15 mo)

Photo courtesy of Lea

See the Good in Simple Things

"The answer for me wasn't to just stop spending. When you have a kid, or even when you're single, you still have to pay bills. So rather than feeling like a jerk every time a dollar left my hand, I look at what I have to spend, decide how to spend it and know what credit is for. It seems obvious, but really, it took some doing to get here."
-- Dee, 55, Idaho (mom to Angela, 25)

"I navigated a Byzantine system to get both my kids into good public schools. I'm Queen of the WORLD!"
-- Lynn, 43, New York (mom to Bess, 6, and Sam, 4)

"When I stress out about finances--and believe me, I do--I stop and think about how I am this minute. I am fine. I have food in my belly and a roof and the kids are wearing clothes."
-- Jenifer, 39, Connecticut (mom to Frances, 9, and Kathleen and Woody, 6)

Stop Comparing Yourself to Others

"Money and I are good friends because I refuse to feel social pressure to buy something simply because everyone else does. Here in San Francisco, you can feel like a freak if you don't own a Prius, but I've stuck to owning used cars that were fuel-efficient and donating some of the difference in price to green causes."
-- Darien, 50, California (mom to Annika, 10)

Photo courtesy of Darien

Save for What's Important

"I pay myself first. Since I work from home, I have a SEP-IRA, which is a tax-deductible retirement account, and a 529 to save for my daughter's college. I pay those first, and plan the rest of my budget based on that lower number."
-- Judy, 39, New York (mom to Indy, 15 months)

Find out more about 529s here, and we have more resources for retirement for stay-at-home and work-from-home moms here.

Photo courtesy of Judy

Tell us--what are your money secrets that keep you and your family happy?

LearnVest is the leading personal finance site for women. Need help managing your money? Our free Money Center will help you create a budget. Our free bootcamps will help you take control of your money, cut your costs or get out of debt. And our premium financial plans—managed by LearnVest Certified Financial Planners—can help you chart a course for the future you want.

This article originally appeared on LearnVest.com

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Keeping Your Kids Healthy Throughout the School Year

LearnVest — Sun, 23 Sep 2012 13:00:00 GMT

By now your kids are probably geared up for school, and everyone is in the process of getting used to a new schedule (hopefully). The last thing you need is to have your child wake up one morning with a high fever or, even worse, that dreaded call from the school nurse telling you to pick up your ill child ASAP.

Come on! School just started!

Still, many parents find themselves dealing with a sick child early into the school year. Think about it: Schools are filled with kids (some of whom may be sniffling and snotting), and as any mom knows, when one kid comes down with something…anything … it can and will spread like wildfire.

Therefore, it's not uncommon for kids to miss school (and for to you miss work, by extension) within the first couple of months due to colds, strep throat, the flu or stomach bugs.

To keep your child healthy throughout the school year–from the beginning to the end–here's what you need to do.

Schedule These Appointments

You may have booked these doctor visits over the summer to get them out of the way (kudos!), but if you didn't, do it now.

Well-child exam. One of the easiest ways to know your child is off to a healthy start is to take him in for a visit with the pediatrician or family doctor. "Routine physicals will vary based on age, but as a standard, your child should be examined from head to toe," says Nancie Fitch, D.O., Regional Medical Director at MedExpress in Stroudsburg, Pennsylvania. The doctor should check your child's eyes, ears, nose, throat, listen to his heart beat and breathing, check reflexes, do screenings for vision, hearing and hernias, and possibly perform blood and urine tests, Dr. Fitch says. Any needed immunizations will also happen during this visit, so don't forget to bring the shot record. As feared as they may be, immunizations protect your child again common childhood diseases and illnesses. (Plus, getting them done now means you won't get the "deadline" letter from the school nurse!)

Sports physical. Speaking of letters, if your child participates in sports, expect to provide a doctor-signed note of approval to the school. The sports physical, performed during the well-child exam or at a visit to a clinic, is extremely important for children preparing for competition and practice, says Kevin R. Campbell, M.D., assistant professor of cardiology at the University of North Carolina at Chapel Hill School of Medicine. The exam screens students for cardiovascular abnormalities, lung problems and hernias, which may make sports unsafe for them, Dr. Campbell says.

Eye exam. Although the general checkup included a brief eye exam, it's a good idea to have a more thorough screening performed by a specialist, as a child's eye health is critical to her learning experience. "The health of the eye can affect how the brain processes visual information, which in turn, can affect a child's ability to focus and digest information," says Cal Roberts, M.D., a clinical professor of ophthalmology and the Chief Medical Officer at Bausch + Lomb. An eye exam can also possibly detect non-eye-related health issues. (We talked more in depth about children's eye health here.)

Dental exam. Your child's oral health can affect her academic life in a number of ways. Cavities can be painful and may cause difficulty concentrating, and black or discolored teeth may put kids at risk for teasing or make them feel self-conscious, says Shehzad Sheikh, DMD, a family dentist at Dominion Dental Care in Sterling, Virginia. Kids should have a dental exam every six months. (There's more about your kid's dental health here.)

Specialty appointments. According to the American College of Allergy, Asthma and Immunology, allergies and asthma account for more than 14 million school day absences annually. If your child suffers from allergies or asthma, an appointment at the beginning of the school year to discuss any concerns or needed medication changes can help prevent or reduce flare-ups and school absences. Other appointments to consider scheduling (if they're needed) may include the dermatologist or an ear, nose and throat specialist.

Keep Up the Good Health

Suds up. Handwashing is one of the most important parts of preventing illnesses. Teach your child to wash his hands for at least 20 seconds (have him sing or hum the "Happy Birthday" song twice) before eating foods or snacks, after using the restroom, after recess, and after blowing his nose, coughing or sneezing. For those times when there is no soap and water available, give him a small bottle of hand sanitizer to keep in his backpack.

Feed 'em right. Children who eat a well-balanced diet are less likely to get sick and more likely to have quicker recovery times when they do. To ensure your child is getting the nutrients she needs, follow the USDA's MyPlate guidelines and have her drink plenty of water. Breakfast is especially important for students. "After a night of rest the body needs fuel to get all our systems going," Dr. Fitch says. She recommends kids jumpstart their day with a meal that consists of protein, carbs and a fruit. (If you have a picky eater, try these healthy food substitutions that your kid will hardly even notice!)

Work up a sweat. As with proper nutrition, exercise helps boost the immune system. The Centers for Disease Control and Prevention recommends children and teens get at least one hour of physical activity per day. However, with many schools reducing recess time (or slashing it altogether), a lot of kids aren't getting enough exercise. To get your child's heart pumping, make it a habit of engaging in some type of physical activity–a family bike ride, a dance-off, a game of volleyball–on most days of the week.

Get some shut-eye. During sleep, the body releases hormones that aid growth, build muscles and repair cells and tissues. So, if your child is short on slumber, her body won't work to its full potential, meaning it may have a harder time fighting off infections. The National Sleep Foundation says children ages five to 12 need 10-11 hours of sleep and teens need 8 ½ – 9 ¼ hours of sleep. You can encourage healthy sleep habits by maintaining a consistent sleep schedule, making cell phones, TVs and other electronic gadgets off limits an hour or two before bedtime and establishing a relaxing bedtime routine.

Prevent lice. The CDC estimates 6 to 12 million lice infestations occur each year among children ages 3 to 11 in the U.S. You can reduce your child's chances of catching these tiny critters by telling her not to share scarves, hats, combs, brushes, hair bows or other hair accessories.

Watch their backs. Sure, backpacks make it easier for kids to tote essentials to and from school, but Joshua Evans, M.D., a pediatrician at the Children's Hospital of Michigan, says some kids experience back pain because they're lugging around an entire locker's worth of books, school supplies and personal items. To keep your child's back straight, pick a backpack with two wide, padded shoulder straps and show your child the proper way to wear it–using both straps, with the straps tightened so that the backpack lies flat against the back. Another way to save your child's back: lighten the load. "A child's backpack should never weigh more than 10-20% of her body weight," Dr. Evans says.

Keep stress in check. Stress not only affects children psychologically, it can also cause physical effects, like stomachaches, headaches, changes in eating habits and problems sleeping. While you can't eliminate all stressors in your child's life, you can reduce her stress level (and help her manage it better) by making sure she isn't overscheduled, taking time to talk with her and listen, encouraging physical activity and modeling healthy ways to deal with stress. When children have minimal stress, they're more likely to have a better academic year and better health. (Another way to be on lookout for this is to know the ten signs that your child may be too busy.)

This article originally appeared on LearnVest.com

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5 money-related things your kids do not need to know

LearnVest — Sun, 16 Sep 2012 13:10:00 GMT

You already know why you should have ongoing discussions about money with your child.

It teaches kids to be responsible with spending and saving. They can learn from your mistakes. It sets them on the path for financial success.

On the flip side, your kid doesn't need to know everything you're thinking, at all times, when it comes to finance. "There is no question that bombarding your kids with facts, feelings and information about money all at once, or too early, can be overwhelming for children," says Jaclyn Weitzberg, CFP®, President of Money MindEd, a financial education company for parents and teens.

So what should you keep to yourself? Below, experts comment on when to stay mum … and when it's appropriate to share.

1. What You Earn

The first time your kid asks how much you earn, you may freeze. Should you tell her? "It's important to educate your kids about the different salary levels and career choices that can add to higher income, but I don't believe it's necessary for your kids to know exactly how much you're earning," says Weitzberg.

Why You Should Stay Mum: First, there's no benefit from it, says Weitzberg, plus, depending on your child's age, whatever number you name may make her think you're rich. "Prior to working, kids often have difficulty wrapping their heads around dollar amounts that are out of their reach," Weitzberg says. "One thousand dollars can seem like a fortune to them, so you can imagine what $35,000 or $100,000 might seem like," she says. And, when kids think their parents have money to blow, they tend to ask for more (and more expensive) stuff. Then you'll face the issue of saying no, which we talked about here.

What to Say Instead: Instead of saying, "I make [amount] each month," or, "That's not your business," Betsy Brown Braun, author of "Just Tell Me What to Say: Sensible Tips and Scripts for Perplexed Parents", suggests the following response: "I make enough money so that we can afford to pay all of our bills, pay for the car, and pay for …" This provides your child enough information to know you are able to take care of him–and you won't have to worry about him spilling your financial business to his classmates. It's also a good opportunity to present your values as a family: Explain the things that matter to you most—like healthy, home-cooked food and enjoying dinner together—and how money helps pay for them.

When to Tell the Truth: There's no magical age to reveal your salary–it depends on your child's maturity level and his motivation for knowing, Weitzberg says. Before sharing, ask yourself, "Why does he want to know?" "Once you've answered this question, use your best judgment to decide whether a specific number, an income range or just stories of how you started out and got to where you are today are most appropriate," Weitzberg says.

2. How Much Debt You Have

"Discuss debt to the point where your kids have an understanding of what it is, but the amount that your family may be in debt is unnecessary to disclose," says Ken Damato, founder and CEO of DoughMain, a family financial education website. A dollar amount can be alarming for kids, especially at a young age, he says.

Why You Should Stay Mum: Even if you don't give an exact amount, if your child often hears you talking about how high your student loan debt is, how old you'll be when you finally pay off your mortgage or how close you are to losing your home/car/whatever, it could make her feel insecure. Children need to feel like they are safe, and that parents will take care of them.

What to Say Instead: Rather than talking about how much debt your family has, Damato says it's better to teach kids about debt in general, and ways to try to avoid or manage it. "First, explain exactly what debt is and how people find themselves in debt—like not paying off credit cards in full," he said. "Then, explain that if you do find yourself in debt, it's very important to work hard to pay it off immediately because the amount grows larger as interest is accrued."

When to Tell the Truth: There's never really a time when parents need to reveal their exact amount of debt to kids, says Damato, unless it's of critical importance to the child (as in an adult child will soon be taking care of the parents financially).

3. What Your Family Has vs. Others

Yes, your kid will notice if the neighbor has a pool and you don't, or that his cousins wear super expensive shoes that he doesn't have, but there's no reason for you to point out what your family has compared to others.

Why You Should Stay Mum: If your family is lucky enough to be able to afford lots of luxuries, your child may think your family is superior and start bragging. If your family has less, he may feel embarrassed, or may even get mad at you because you don't earn more. Regardless of whether your family has more or less than others, comparisons make a child feel it's important to keep up with (or beat) the Joneses. Kids who pick up this habit tend to have financial troubles as adults, Weitzberg says.

What to Say Instead: When your child starts asking why others have things that your family doesn't, you don't have to make excuses, or get offended. "What parents should say is, 'every family has its own way of doing things,'" says Brown Braun. Then, you can explain: "We, as a family, don't choose to spend our money that way. We'd rather save our money to go on a trip, or we'd rather use our money to buy special food for the family." Keeping the conversation about your own household helps your child focus more on what your family is doing, and less on what someone else's is.

When to Tell the Truth: There's never really a need to compare your family to others–just keep the conversation about being thankful for what your own family has.

4. What Investing Is

Parents of young children should put this area of discussion on hold. Understanding how investing works can be confusing to some adults, so for children, it can be especially difficult (or impossible) to grasp.

Why You Should Stay Mum: If you start talking about stocks, bonds and mutual funds, your child may become overwhelmed and think dealing with money is hard (and boring).

What to Say Instead: "When educating your kids about finances, it's important to build financial knowledge in steps," says Weitzberg. She suggests parents start by talking about what money is and how it's earned, then move to concepts like saving and budgeting, then credit and debt, and finally investing.

When to Tell the Truth: We have an age-by-age timeline for the money milestones you should teach your kids here, and we suggest an easy way to start introducing stock market concepts in the teen years, at around age 13.

5. Large Financial Losses

Although the reality is there will always be financial ups and downs, experts say too many (or large) losses shouldn't be shared with children.

Why You Should Stay Mum: Remember, security and stability are essential to a child's well-being, so if your child hears you just lost $5,000 in the stock market, or you make a comment like, "Well, there goes your college fund" after a loss, it can be worrisome for the child, Damato says.

What to Say Instead: When you need to tighten up the purse strings after a setback, there's no need to alarm your child by telling her how much was lost. A simple explanation should work: "We're trying to save a little more these days, so there will be less eating out and going to the movies."

When to Tell the Truth: The only time parents should alert a child to a large financial loss is when the child is of working age and it's of critical importance to him, Damato says. "For example, if the child will have to take out college loans because of the family's financial loss, it becomes more important to discuss the issue with him, and then talk about the next steps the family needs to take," he explained.

LearnVest is the leading personal finance site for women. Need help managing your money? Our free Money Center will help you create a budget. Our free bootcamps will help you take control of your money, cut your costs or get out of debt. And our premium financial plans—managed by LearnVest Certified Financial Planners—can help you chart a course for the future you want.

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Better Leftovers, Better Savings

savingtools.com — Tue, 22 May 2012 00:08:18 GMT

Stretching your food budget is as easy as learning to take those leftovers that usually get pushed to the back of the fridge and using them to create a new and exciting dish. The key to doing this successfully is planning your meals to take full advantage of everything in your kitchen. Following a few simple rules will ensure that you don't end up with a refrigerator full of plastic leftover containers.

Plan Ahead

There are literally thousands of ways to take main course leftovers and turn them into something dramatically different. One of the easiest ideas is making tacos, which can be done with shredded beef, chicken or even turkey. Soups are another easy transformation for a former main course meat. The tried and true pot pie is also a great choice. A bit of filo dough can create a nice package for wrapping leftover meats with rice and vegetables.

The great thing about these options is that you don't have to set a food schedule that locks you into meals. Adding some simple staples to your kitchen will allow you to create these meals on a moments notice so you can use them whenever you want, keeping flexibility in your dinner schedule.

Make a List

When you are planning your trip to the store make sure you include taco seasoning, taco shells or tortillas, filo dough, chicken or vegetable stock and rice. Write out a shopping list before you leave and make sure to stick to it in the store. This can be hard to do because grocery stores are set up to make you want to spend more money. They place high impulse items right in your face at every turn. If you do find yourself grabbing things that aren't on your list take an extra lap around the store and think about whether you really need the item. This extra time will help you overcome the impulse that made you put the item in your cart in the first place.

Try Store Brands

Staple foods don't vary much in quality from brand to brand. Try to buy store and generic brands for items like rice and seasoning mix. While the savings might be only a few cents per package, this kind of savings adds up. If you shop twice a week, saving two or three dollars per shopping trip adds up to hundreds in savings every year.

Sign Up for Reward Cards

Most stores offer rewards cards. They use these to track what you buy at the store and target you for special deals. As long as you stick to your list and don't grab up everything that is "on special" a reward card can be a great tool. Coupons are also a great way to save as long as you do it correctly. Remember, coupons are designed to make you want to buy something that you normally wouldn't. Using them only for items that are already on your list will add extra savings to your shopping experience.

Understanding and using these simple techniques can lead to hundreds of dollars in savings while shopping not to mention the money you'll save on main course items by reusing them for a second meal.
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Extreme Couponing Myths

sistersshopping — Mon, 21 May 2012 18:54:00 GMT

Extreme Couponing is coming back for another season on TLC, bringing with it even more attention on some of the negative perceptions of the couponing world. When you get weird looks in the store for walking around with a coupon binder or having a stack of coupons at checkout, you can thank some of the more "extreme" people who tend to get lots of attention on TV.

In reality, most couponers are ethical, use coupon etiquitte, and don't displace their children's play areas for paper towel storage. Here are a few myths people believe about people who use coupons, and some ideas for setting people straight.

Myth #1: Couponers don't feed their families healthy food.

Are there lots of coupons for processed food? Sure. Does that mean all couponers feed their kids a steady diet of Totino's Pizza Rolls and Froot Loops? No way. There are also lots of coupons for frozen veggies, yogurt, cheese, whole grain cereal like Cheerios, and even organic products like the DeLallo pasta and organic granola I've bought within the past few weeks.

Sure, this week I'm taking advantage of the fruit snack deal at Giant Eagle, but I'm not feeding them to my kids in lieu of actual fruit! (They're my go-to "ssshhh snack" for church!) Moderation is the key, and I find that most people use coupons for as many nutritious foods as possible, pick up a few snacks or treats when coupons match with a sale, then use the savings from those deals to help pay for meat and fresh produce. Savvy shoppers also watch the sales and plan meals around the meat and produce that are on sale for the week.

Myth #2: Couponers are crazy people who clear shelves and hoard 10 years' worth of deodorant.
Those people are out there, but they're not the vast majority. In fact, this site and most coupon sites encourage coupon etiquette and reasonable stockpiling. This means taking only what you'll need to get by until the next sale (usually around 4-8 weeks depending on the item). If there's a great deal, 4 deodorants is reasonable. 40 is probably a little inconsiderate of other couponers, unless you've done a pre-order with the store manager.

Myth #3: Couponers are rude and ruin my day by taking forever to check out.
I'm sure the "rude" part is a myth amongst our Sister and Mister family–you all are the best! Occasionally we need to explain something to a cashier, or even speak to a manager, but hopefully we do so with patience and courtesy. It's a great idea to have stores' coupon policies with you in these instances so you can base your discussion on facts and point them out if necessary. Hopefully any issues can be resolved with kindness and respect.

As for taking forever to check out…you know that saying "If she has a binder, don't stand behind her?" Guilty as charged–sorry! A handful of coupons certainly adds time to checking out. That being said, courteous couponers allow the guy buying only a gallon of milk to go first, and we don't hold up a busy drug store line with multiple transactions; we head to the back of the line for round 2 or 3.

Myth #4: Couponers are cheating the system getting things for free.
Ethical coupon use is not cheating the system. As long as you follow the stores' coupon policies (find links on each week's deal matchups), snagging the deals that result in free products or profits is just smart use of the offers made available by the stores and manufacturers. Stores offer "loss leaders" to get you in the door, hoping you'll buy other full-priced items. If you're smart enough not to fall into their trap, that's will power, not cheating. Manufacturers offer great coupons to build brand loyalty. Sometimes it works (although many of us wait till the next coupon!), and sometimes we try the product, say thank you, and move on. If you read the fine print on the coupons, you'll see that the stores are reimbursed by the manufacturers for coupon redemption. Coupons are essentially the same as money when it comes to paying for a product. We might be working the system a little, cherry picking the best deals and forgetting the rest, but as long as we're using coupons ethically we're not cheating it.

Have you encountered any other Coupon Myths in your shopping adventures? How do you explain to others the difference between what you do and "Extreme Couponing?" And will you watch the show?

Written by Megan Frederick, writer for Sisters Shopping on a Shoestring

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