Money Mom
I’m sure you’ve noticed that Halloween has become quite the expensive holiday – a pumpkin-printed garbage bag stuffed with leaves or a ghost fashioned out of a white sheet will no longer do.
And even beyond the costumes, you have the parities, decorations, and candy. All told, the average American is expected to spend $66 this year, according to the National Retail Federation.
Despite what economists say, I know that money is still tight, and that $66 could be put to better use. So here’s how to save rather than spend this year:
- Set your own rules. Halloween – and other major holidays – has become a competitive sport, complete with yard decorations and king size candy bars. Why not be the one in your neighborhood to put an end to it? More…
I wanted to take some time this week to let you know about my latest book, out this week. This book isn’t written for you though, at least not directly. It’s for your kids, and it’s called Not Your Parents’ Money Book: Making, Saving, and Spending Your Own Money.
I spend a lot of time and ink talking about the importance of teaching your kids about money, and a huge part of that lesson is simply having a conversation, or a series of conversations, with them. This book will supplement those talks.
Before I started writing it, I spent months hosting focus groups with junior high and middle school students around the country so I could find out exactly what they’re interested in when it comes to money. I asked whether they have bank accounts, how much a concert ticket costs, and what they think President Obama’s salary is. And then I listened, while they asked questions of me. They wanted to know where, exactly, money comes from, why it makes people crazy, and whether banks are really a safe place to keep it. More…
If you were watching Today this morning, you know that today marks the end of my sixperiment (if you don’t know what I’m talking about, click that link for a briefer). I’ve officially made it through 30 days of wearing only six items of clothing, often updating Facebook, Twitter and this blog with my progress. It was fun, monotonous, frustrating, a little boring, and very often a bit of a relief. My morning routine was, to say the least, streamlined.
I also learned a lot about how to edit my closet – what I need, what I don’t need – and I have a few bags ready to be donated. To that end, I thought I’d share some tips with you. Even if you’re not ready or willing to limit yourself to six items of clothing – trust me, I understand – it can be really freeing to clean out your closet and live a little more simply, whatever that means to you. The extra money in your pocket is just icing on the cake. More…
Last week, we hit on budgeting. This week, it’s all about the future – college, yes, but also preparing for the unexpected. What does it take?
A will. When you’re a parent, you need a basic estate plan, and that means writing a will. It’s the only document that allows you to name guardians for your children, which means you’ll be able to select who will take care of them if something happens to you. If you don’t have a will, the choice may be up to the court and the rules in your state. If your financial situation is rather simple, you can make an inexpensive will on a website like LegalZoom. If things are more complicated – you have a lot of assets – you’re better off seeing an attorney. It will cost you about $1,000 for a basic estate plan, but it’s more than worth it. More…
I get a lot of questions about preparing financially for a baby. We’ve all heard that if you wait until you’re financially ready to have kids, you’ll never have any, and I think that’s good advice. But it doesn’t mean you can’t do a few things to pad your savings account before the new addition comes along. Having a baby means two things, financially speaking: You need to start preparing for the future, and you’re going to have more – and different – drains on your wallet. We’re going to tackle both, starting with how to handle and prepare for new expenses. Check back next week for part two, when I’ll cover preparing for the future.
Here are my favorite tips when it comes for budgeting for baby:
Use your pregnancy to save. This is going to be a long nine months – trust me, I’ve been there. Twice. So use it to your advantage by setting a goal to put away as much money as you can in extra savings by the time you go into labor. This is especially useful if one of you would like to become a stay at home parent – I highly suggest you “practice” living on only the income of the parent who will continue to work while you’re pregnant so you can see if it’s possible. Bank the other income for that nine months, and not only will you be able to give your new arrangement a trial run, but you’ll supercharge your savings. More…
Earlier this year, the CARD Act went into effect, changing the credit card market as we knew it. Many of the changes were in favor of the consumer: a grace period is now required on interest rate increases, there are new notification rules, and creditors have to consider payments made before 5pm on the due date as on time.
Another provision, though, was a huge game changer for college students: In order to get a credit card under age 21, you have to prove you have the income to make the payments, or get a co-signer. More…
I often receive questions from divorced mothers who are having trouble getting child support out of their ex-husbands. I think this is something that happens all too often (and it works both ways – I also get letters from fathers who are trying to collect from their ex-wives) so I thought I’d address it here.
This question isn’t easy to answer, because child support laws vary pretty widely by state. Across the board, however, the district or state attorney is required to help you collect if you’re owed money, so that’s where I want you to start if you fall into this kind of situation. Once you’ve spoken to them and they’ve confirmed the court’s orders, they’ll serve your ex with papers. He’ll be required to contact their office to arrange a payment schedule. More…
It’s not new news that kids are a big investment. According to estimates from the U.S. Department of Agriculture, it’ll cost parents anywhere between $205,460 and $475,680 to support a child born in 2009 until they’re 17 – estimates that do not include college tuition (an expense I’ll be facing in the next few years). And it’s not just money you’re expending, it’s time. The financial impact, researchers note, corresponds with the time spent on kids and their various activities.
The mother of a tennis player and a horseback rider, I know all too well what a new racket or pair of riding boots will set me back, in both minutes and dollars. But after a recent conversation with a friend, who’s three children participate in a collective 13 extracurricular activities, including (but not limited to) youth hockey, lacrosse, ballet, and swimming – I feel like I might be getting off easy. More…
As the mother of two growing teenagers, I’m always on the lookout for ways to keep our household’s food costs down, while keeping our household’s food healthy. And this time of year, that’s not so hard – local produce is abundant, and that very often makes it cheaper.
But the choice of where to buy that produce has always overwhelmed me a little bit. Last year, I joined a local CSA, which stands for Community Supported Agriculture. If you’re not familiar with the concept, it basically involves buying a share in a local farm. Then each week – or every two weeks, depending on the plan you sign up for and the farm you purchase it from – you receive a box brimming with produce. I was able to experiment with vegetables (kale, swiss chard) that I probably wouldn’t pick up in my local grocery store. But it had its downfalls – one week, we got a single ear of corn, which is hard to make use of in a family of four. More…
A few weeks ago, I wrote about writing a will and naming guardians for your children, acknowledging that, as a parent, it’s a hard subject to talk about. Today we’re going to tackle another that I’d file under the same category: Life insurance.
If you have children, or anyone relying on your income, for that matter, life insurance is a must. It doesn’t have to be expensive, or complicated, or scary. In fact, it’s rather simple: A good term policy is enough to cover the needs of most people.
Term life insurance is very much what it sounds like – a policy that terminates at a set point in time. It includes a death benefit, with no investment attached, and when the amount of time you’ve purchased the policy for (you can buy 1 year, 10 years, 20 or 30 years) lapses, your coverage ends. Because of this, it’s significantly cheaper than many other options. The average 40-year-old’s annual premium for a 20 year policy is $198. More…
