I’ll never forget holding my infant son in my arms and rocking him back to sleep in the middle of the night by the fireplace. In that moment, life stood still for me.
Whenever I think of those early days, that wonderful memory of holding my tiny boy comes back to me as if it were yesterday, even though it was 28 years ago.
Your life will change a lot in your first year as a parent. As with most life milestones, there are a couple of very important financial moves to make during that time.
Continue reading “New Parents: Here Are Your First Two Money Moves When Baby Arrives”
This story originally appeared on Forbes.com as New Parents: Which Comes First, Saving For Your Kid’s College Or Funding Your Retirement?
Saving for college before funding retirement seems like a no-brainer for new parents.
When a new baby is born, you may think, “College is only 18 years away, while retirement is way down the line!” You may even think you’ll never retire at all, so why worry about it now? You certainly don’t want your kids burdened with student loans like you were.
This knee-jerk reaction could pose problems later. Regardless of your gut instinct, saving for retirement comes first.
You may be wondering why a financial planner is discouraging new parents from saving for college — aren’t planners always telling people to save for their goals?
Continue reading “New Parents Dilemma: Should I Save For My Child’s College Or My Retirement?”
In this episode of Tightwad Tuesday, I share my story of avoiding a unibrow, fraud alert, and the resulting love connection.
When your paycheck hits your bank account, it might not look like much.
Federal, State, Social Security and Medicare taxes are taken out. Medical, dental and vision insurance and your 401(k) contribution are withdrawn before you even see your check.
Automatic deductions such as your Employee Stock Purchase Plan, car payment and transfer to savings hit, too. Your net pay looks a lot different than your gross pay. Don’t let that fool you though.
When you look at one single net paycheck, your income stream might look small but when you look at how much money you make over your lifetime, it’s astounding!
Continue reading “5 Easy Ways To Keep Some Of Your Money”
I used to be excited when I bought something on sale. The “deal” was my indication of success. In hind sight, I wasted a lot of money with this mindset. Price is only one part of the equation.
A better way to think about your purchases is to determine the cost per use.
For example, when I changed jobs 3 years ago, I needed a lap top bag for client appointments. Professional looking was a must and something sturdy was vital. I decided on a black Michael Kors tote so it could double as a purse. I’ve used it just about every day for three years now and it looks brand new. I anticipate it will last at least another two years.
That tote was a great purchase. It was about $250.00 at the Michael Kors factory outlet store (not on sale.) Since the purse is a classic style, made to last many seasons and goes with everything I own, it was a winner.
Continue reading “Smart Shoppers Guide: Look Fabulous For Less Money”
In Episode 10 of Tightwad Tuesdays, I share thinking behind making a major purchase.
Skiing is my favorite sport so I bought new boots this season.
Were they an expense or an investment? You tell me!
What was your very best sporting goods purchase?
Have you heard of The Project 333 Challenge: Reduce your wardrobe to 33 total items?
The system consists of paring down the clothes in your closet to the items you love the most, fit the best and go together well. Now that’s a sensible idea! Courtney Carver, the mastermind behind Be More With Less, recommends 33 total items including footwear, accessories and jewelry. Workout clothes, pajamas, and sportswear are exempt.
Why would I pare down my closet to 33 pieces?
Continue reading “5 Benefits Of Building A Winter Wardrobe Capsule”
Are you looking to make your financial life easier? I just came across a tip you might have heard but forgotten.
Review your credit reports to spot errors – for free.
There are a lot of errors, by the way. A Federal Trade Commission’s study showed 25% of credit reports had errors and 80% of disputed claims produced some kind of modification. Since it is free, it’s worth it. Check your credit report at least once a year.
Guess what? I just got mine and it only took me 5 minutes from start to download. Most of that time was spent answering questions to verify my identity such as streets I’d lived on and dates of financial accounts I’d opened.
Continue reading “One Easy Financial Move To Start Your Year Off Right”