Helping Employees Cope with Medical Bills

January 10, 2012

Flying home last week from the wintry northwest, I heard lots of sneezing and sniffles from my fellow travelers. Although we’ve been lucky to have such a mild winter so far, cold January weather usually brings with it the onslaught of cold and flu season. In a typical year, 5 to 20% of the population in the U.S. will get the flu, according to www.flufacts.com , and some of your employees may end up with flu complications that may require a trip to the doctor or even hospitalization. Continue reading “Helping Employees Cope with Medical Bills”

Are You Married to a Spender?

October 31, 2011

What do you do if you are married to a spender and you are a saver? Last week I met a woman (I’ll call her Paula) during a worksite financial planning session, and she complained about this very thing. Having money in savings is a high priority for her – she has four months of emergency funds saved and has a dent in the down payment for their future house. She is recently married to a spender (I’ll call him Rick) and is starting to feel resentful because the burden for saving is on her. Continue reading “Are You Married to a Spender?”

Why Adults Need Allowances Too

September 01, 2011

In previous blog posts, I covered each of the “fixed” expenses and how you can cut back on them to save more for your goals. This leaves discretionary expenses like food, entertainment, and shopping that you have more control over on a day-to-day basis. The problem here is that because the amount we spend on these items tends to change so much from month to month, they can actually be harder to manage.

There are lots of tips out there for how you can save money in these areas. Continue reading “Why Adults Need Allowances Too”

You Don’t Need to Spend a Million Bucks to Look Like It

August 29, 2011

The other day I was getting my nails done at the salon down the street, and a very nice classy looking lady walked in and asked a question to the owner. Why was I listening? Well, you need to know that when you are getting your nails done, there isn’t anything to do. They’re usually playing a soap opera on TV, or some random program that you have no interest in. There are magazines to read, but think about how difficult it is to do because you have to put the slippery magazine in your lap making it difficult to turn the pages. Remember why you are there also; you have to keep changing hands while the manicurist works on you. So the best way to pass the time is to people watch. That is what I was doing when I overheard the conversation between the classy patron and the salon owner. Continue reading “You Don’t Need to Spend a Million Bucks to Look Like It”

How to Lower Your Bills

August 25, 2011

One of the great things about your 401(k) is that it allows you to put away a small amount of money each month and end up saving quite a bit of money over time. The “fixed” expenses I’ll write about in this post work the same way, except in reverse. While they individually aren’t as big an expense in most people’s budgets as the housing and transportation costs discussed earlier, these relatively small costs can still add up to a lot of lost savings each month: Continue reading “How to Lower Your Bills”

How to Be Financially Independent in 5 Years (No Matter What Age You Are)

August 04, 2011

Updated June 14, 2017

One of the things that makes the lives of financial planners so difficult is that we usually have to get people to do what they don’t want to do, so that they can get what they want. In other businesses and professions, you’re generally either providing a good or service that will provide some immediate pleasure or alleviate some immediate pain.

Financial planning is more like dieting and exercise. Almost all the pain (saving money, taking a little more investment risk, diversifying out of your favorite stock, or taking the time to draft boring estate planning documents) is upfront for a gain (being debt free, having enough money to retire, or making sure your family is taken care of in case something happens to you) that often seems distant and far away. Continue reading “How to Be Financially Independent in 5 Years (No Matter What Age You Are)”

Cash Management: The Price of Our “Toys” is High

July 18, 2011

I was talking to my 23 year old son, Brian, last night and had to smile when he told me of his latest financial mistakes. I say smile because this young man really has his act together – he is happily married to a sweet young lady, just graduated top of his class from the nuclear program with the United States Navy in South Carolina, and they are keeping him on to teach for two years. This guy is no slouch. Earlier this year, when the federal government hadn’t passed a budget and threatened to withhold pay from the military until it was passed, he called to let me know he was fine and had 4 months of emergency savings. The rest of his buddies were scrambling. Continue reading “Cash Management: The Price of Our “Toys” is High”

How to Buy a Bike and Other Major Purchases

July 11, 2011

The other day I was talking to an extreme saver , Jonathan Fogel, an attorney in Brooklyn who follows something called “Retirement Extreme” where he is living off of 25% of his income and saving 75%. Until I talked to him, I thought he might be a little crazy! I must admit I have a bit of an anti-frugal bias because of some bad experiences when I was a young woman – having to buy everything at yard sales and shopping at the bulk stores. As a financial planner and financial educator, savings is highly valued, of course, but “extreme savings” has always been associated with “extreme pain” and deprivation. So, that is what I was expecting when I talked to Jonathan about his experience. Continue reading “How to Buy a Bike and Other Major Purchases”

Couponing: How to Double Your Savings with the “Rain Check”

June 20, 2011

There are some things you can always count on:

You’ll hit every traffic light when you are in a hurry.

You’ll be called on in a meeting on the only agenda item you are not prepared for.

Someone will show up at a party in your very same new dress.

And…the store will be sold out of the sale item you specifically came in for. Continue reading “Couponing: How to Double Your Savings with the “Rain Check””

Couponing 101: How to Get Expensive Stuff for Free

June 06, 2011

My husband hates it when I buy vitamins (well he used to). It is not that he doesn’t want us to be healthy and he is not a “purist” thinking you should get all of your vitamins from the food you eat. He just hates to pay for them since they are expensive and of course, he’s right, they are. So when I used to come home with a multi-vitamin pack and our Vitamin C, he wasn’t happy. Now, well it is another story. Since I am no longer a coupon snob, I now get my vitamins compliments of Walgreens or CVS with three added benefits – we are healthier, wealthier and happier (I bet you thought I was going to say “wiser”). Continue reading “Couponing 101: How to Get Expensive Stuff for Free”

Priceless vs. Pricey

June 01, 2011

You’ve probably seen the commercial. A father and son enter the ballpark as the voiceover says:

Two tickets = $46

Two hot dogs, two sodas, two popcorns = $27

One autographed baseball = $50

Real conversation with eleven-year-old son = Priceless Continue reading “Priceless vs. Pricey”

Cash Management: Saving Money Without Sacrifice

May 30, 2011

Over the years, I have unknowingly wasted thousands of dollars at the grocery store and the pharmacy. If I knew then what I know now, I could have saved AT LEAST $1200 per year by using coupons. If you add that up over 25 years that I’ve been a financial planner, it makes me cringe. Those lost dollars will never come back; they are lost forever but I am just glad that I know now and certainly don’ t want anyone else making the same mistake. As a financial planner, I’ve always paid attention to the big things in my financial life—my training gave me a keen focus on making sure I had low fees and low interest rates on loans such as my mortgage and auto, managing my 401k for the optimal risk/return ratio, and to make sure my family was protected should something happen to me. I felt like carrying around a 50 cent coupon for a laundry detergent was a waste of time. Continue reading “Cash Management: Saving Money Without Sacrifice”

Budgeting: You May not Think You Like it, but Give it a Try

May 27, 2011

So, this just might be the most embarrassing thing I have ever written. This is one blog I hope that NONE of my friends read, because this is just far too much information for them to have at their disposal. Here it is, my confession, I really like the show “Glee.” I can’t believe I’m admitting that. I watched one episode to see if it was acceptable for my kids to watch, and I won’t share my opinions about that part, but my daughter and all of her friends are huge Gleeks (fans of Glee), and now…so am I. Why do I tell you this most embarrassing of admissions? Continue reading “Budgeting: You May not Think You Like it, but Give it a Try”

A Dad’s Attempt to Teach a Money Lesson

May 20, 2011

On my last flight, I had the opportunity to listen to one of the podcasts (Your Money Minute podcast, see Episode 38) with Mary Karges about a really cool product called the Moonjar. The Moonjar is a tool that can help teach children about money and how it can be used. I wish I had one of these when I was younger! There are 3 “slots” for a kid’s money in the Moonjar…Share, Spend, Save. The goal is to teach kids that money spent can’t be shared with others (like giving to your favorite cause) or saved (for a bigger goal like a car when you’re of driving age). It’s a great way to have conversations with kids about money and that money doesn’t grow on trees, or come from the magical ATM, there has to be an actual source of funds behind the ATM. Listening to the Moonjar podcast though, reminded me of something I did with my daughter a long time ago when the subject of “allowance” came up. I wanted to do two things, respect her desire for an allowance and teach her a lesson about the real world. Continue reading “A Dad’s Attempt to Teach a Money Lesson”

Christmas Toy with a Financial Purpose

January 07, 2011

As the father of three kids, the whole concept of toys for Christmas can sometimes be frightening. The words “some assembly required” put fear into the hearts of parents all over the world. I’d love to know what the line is between “some” assembly required and “MAJOR” assembly required! But, I digress.

One of the coolest things I saw this year was a gift that my girlfriend’s son received. It was a piggy bank that counts money as it is placed into the bank. It was cool to hear “ten cents, you now have one dollar and fourteen cents” when I put a dime in the bank. Continue reading “Christmas Toy with a Financial Purpose”

Are Bundled Packages Really a Money Saver?

January 05, 2011

Conventional wisdom suggests that buying things together in a prearranged package is better than buying items separately. For example, if I’m hosting a super bowl party at my house, I could buy individual slices of meat, cheese, and vegetables, or I could just pick up a party tray.

If I’m tuning up my car I could buy the spark plugs, air filter, motor oil and everything else, or simply look for a tune-up kit. The upside to the prearranged package is you generally get everything you need in a cost-effective way. On the downside, Continue reading “Are Bundled Packages Really a Money Saver?”

Coupons: Money Saver or Scam?

December 01, 2010

I’ve seen a lot of buzz recently about saving money by cutting coupons, and so I approached my wife with the idea and let me just say it wasn’t quite the reaction that I was expecting. I mean I figured there would be a little push back, but after 30+ minutes of heated discussion, I felt that I had to defend the holdouts to the coupon revolution (and thus regain my moniker as “The Rebel”). Now I confess, I don’t know exactly what is involved in “couponing,” but I’m pretty sure it has something to do with saving money, and that is what piqued my original support for the cause. So here’s how it went down: Continue reading “Coupons: Money Saver or Scam?”

Have Bags, Will Travel (and Save Money While Doing it)

November 17, 2010

In my line of work you get to see the inside of the airport an awful lot, but over the years I’ve learned how to travel for less. Here are some ways I’ve learned to save when it comes to flights, hotels, and rental cars.

Flights

When it comes to saving money on flights, sometimes you have to go the extra mile – literally. Continue reading “Have Bags, Will Travel (and Save Money While Doing it)”

Hopping the Hurdles Toward Retirement (the series)

November 10, 2010

When it comes to saving money for retirement, the sooner you can save the better. But that’s not always possible. There may be circumstances in your life that prevent you from being able to save when you are younger, and as a result you get a late start. In this week’s blog I’ll address what things may need to be done when faced with the challenge of a late start.

Hurdle #4: Late Start Continue reading “Hopping the Hurdles Toward Retirement (the series)”

More is ALWAYS Better…(or is it?)

November 05, 2010

I saw the movie “Supersize Me” recently. (Yeah, it’s been out a long time and I’m just now getting around to it! But I HAVE seen every Disney and Pixar movie made in the last 10 years.) One part of the message that I heard in the movie was that “We’re Americans! Bigger is better!!!”

The “bigger is better” mentality permeates our society, and excess is often rewarded. Just look at any Red Carpet event and the attention heaped on celebrities for proof. But, can this culture of excess be a bad thing financially? I think so. Continue reading “More is ALWAYS Better…(or is it?)”