LilSugar

Thoughtful Ways to Celebrate Mother's Day Without Breaking the Bank

babysugar — Thu, 07 May 2009 13:00:00 PDT

While children and fathers are scrambling to paint a piece of pottery and buy the right card before Mother's Day arrives this weekend, drop them one of these economical hints. Instead of treating you to a swanky spa day, tell them the lady of the house would appreciate a festivity that doesn't involve breaking the bank. Or pamper your own mother with one of these activities:

Picked flowers only last so long. Forgo a trip to the florist and take mom to the botanical gardens where the entire family can enjoy the brilliant blossoms.
Rather than taking mom out to the movies, rent her favorite classic flick and stock up on her candy cravings. When the kids are sent to bed, she can relax in pure peace and pleasure.
Who needs a five-star hotel when camping is an option? Pack up the tent, campfire tools and a satchel for a night in the wilderness. Spoil her with s'mores and hot chocolate while soaking up all that nature has to offer.

To see other ways to celebrate mum,

Maybe We Should We All Move to France?

babysugar — Wed, 27 Aug 2008 07:00:56 PDT

If you want to spark a debate, just gab about America's health and child care systems. While many countries offer new mothers a year of maternity leave, most American women get three months maximum. And in regard to financial benefits, there are few. The child tax credit offers parents a small relief, but for most, it is negligible. In France, however, it's a different story.

Even two of the world's most famous and wealthy movie stars, Angelina Jolie and Brad Pitt, are eligible for relief from the French government. While I can only assume they would reject it, People reports:

They are technically eligible for a "nanny payment" of $975.84 a month, not to mention an "orphan allowance" of $508.97 for each of their three adopted children. The grand total, $2,592.81, would be payable by check each month.

The total of their child care assistance is high due to the number of children they have, but I am still impressed that people of their stature would qualify for such aid. In addition to noshing on baguettes, wine, and cheese, France sounds like such a nice place to raise a family.
Source

Who Foots the Bill For Babe?

LilSugar — Fri, 02 May 2008 11:00:21 PDT

Families come in all shapes and sizes - from married couples to single parents to blended families and beyond.

And, this leads to all sorts of inventive financial arrangements.

Whether it's government-ordered child support or a specific verbal agreement, money can create chaos between all those involved especially when there are dependents.

So when it comes to your babe's expenses, who whips out their wallet?
Source

6 Ways Couples Can Tell They're Financially Ready to Live Together

Business Insider — Tue, 31 Jan 2012 00:15:47 PST

We're thrilled to present this smart Business Insider story here on Savvy!

Moving in together as a couple is more than deciding who gets the "good side" of the bed and finding the best spot to stash the PlayStation.

Not only will you be sharing household bills and probably setting up a joint bank account, but you'll also get up close and personal with your partner's money demons for the first time.

"A husband or wife, even a boyfriend or a girlfriend, is not a financial plan," says Dr. Taffy Wagner, CEO of Money Talk Matters. "We've seen enough drama on Court TV shows."

As a certified personal finance educator and author of Bride and Groom Money Talk FAQ, Wagner's an expert on all things relationships and finances.

Before you start building a bigger closet, make sure you're both ready to merge your finances by checking for these six signs:

1. You can talk money without arguing. Per Wagner: "When you can openly discuss finances without arguing and blaming the other person when there is a financial issue," you're on the right track. "The people in this situation would also be able to discuss a financial issue and reach a viable solution that is best for the overall relationship."

Read on for more.

How to Stop Keeping Up With the Joneses

LearnVest — Wed, 25 Jan 2012 00:15:16 PST

We're thrilled to present this smart LearnVest story here on Savvy!

At first glance, it doesn’t seem like there are many money lessons to learn from The Real Housewives.

One spent a season building a $1.8 million mansion and driving around a $1,280-per-month Escalade, only to file for bankruptcy with almost $11 million in debt.

Shortly postbankruptcy, she dropped another $60,000 on a shopping spree so she could continue to fit in with those in her social circle.

Even if you don’t end up with millions of dollars in debt - or have friends who are millionaires - trying to keep up with the Joneses (or the Gorgas, in this case) can not only make you feel lousy about yourself, but also inspire bad spending decisions. We call this phenomenon “money comparisonitis.”

How Having "Comparisonitis" Affects Us

In our own lives, the dangers of gazing enviously at the Real Housewives’ spending sprees, our neighbor’s new car, or that family down the street who can send their kids to private school are not only the fact that it makes us feel bad, but that it literally distorts our view of reality.

In other words, we look at celebrities like the Kardashians or the wealthier people we know, and we try to emulate their spending habits. “You’re not being truthful with yourself,” says Susan L. Hirshman, president of She Ltd., a consulting firm focused on enhancing women’s wealth, and the author of Does This Make My Assets Look Fat?. “As they make more money, that allows them to live a certain lifestyle.” In other words, you have to face facts and spend in accordance with your own budget, rather than feeling entitled to live a certain way just because other people do.

Read on for more.

8 Things Couples Should Consider Before Setting Up a Joint Bank Account

Business Insider — Tue, 24 Jan 2012 00:15:24 PST

We're thrilled to present this smart Business Insider story here on Savvy!

When it comes to marriage or a long-term domestic partnership, the whole "what's mine is yours" idea isn't always the wisest way to approach your finances.

That doesn't mean there isn't a way to make joint bank accounts work, but Dr. Taffy Wagner, CEO of Money Talk Matters, cautions partners against ditching their financial independence altogether.

"Couples are all in love and want everything to be joint," Wagner says. "But when they automatically put all of their money in one account and one person is managing it, a lot of the time the other person has no idea what is going on."

That's no way to start the beginning of your lives together, so we asked a few experts for tips every couple should consider before merging their finances.

Sharing is caring. One way to treat a joint bank account is like a mutual money pot for household bills and other expenses, such as groceries and vacations. Financial planner Casey Weade said he and his wife maintain joint savings accounts for big budget goals like vacations, which they both contribute to equally each month. (See eight tips for drafting a budget.)

Don't ditch your own piggy bank. "Each person should have an individual account that they can use to
pamper each other or themselves without it affecting the household bills," Wagner says. "The key to their individual accounts is both would have access to each other's account if needed so there are no secrets."

Read on for more.

Dislike: How Facebook Can Hurt Your Credit

LearnVest — Fri, 20 Jan 2012 00:15:04 PST

We're thrilled to present this smart LearnVest story here on Savvy!

Forget “you are what you eat.” When it comes to your trustworthiness as as borrower, you are who you know . . . online.

Social networks are now being used by some lenders to evaluate whether you’re likely to pay them back.

The New York Observer reports that, while this methodology is still a few years away from common use by major banks, smaller institutions such as microlender Lenddo already use an algorithm based on input from a person’s various social networks to determine her creditworthiness. And more are likely to adopt the practice in the future.

Here’s the kicker: the information used by the algorithm isn’t just what you’ve made public - the banks are requiring your log-in information. Everything you can see, they can see. And they could even potentially send messages to your contacts.

Read on to find out about how Facebook can hurt your credit.

How to Fight Your Financial Demons

LearnVest — Wed, 18 Jan 2012 00:15:23 PST

We're thrilled to present this smart LearnVest story here on Savvy!

We all have our demons.

Some just lurk under the bed, but others bare their teeth as we go about our day - say, every time we pull out our wallet.

Financial demons are particularly vicious because their effects aren’t confined to the pages of our journal or emails to our best friend. Our finances permeate just about every aspect of our lives, from where we live to the job and lifestyle we choose.

And for that reason, our financial demons can be particularly invasive - and toxic.

But the good news is that demons can definitely be vanquished (or subdued, at the very least). As with anything, they can be worn down with the right tools and the right mind-set. Fortunately, we have both.

First, identify your demon . . . or demons. Then we’ll show you exactly how to send them packing.

If You Have Shopping Demons . . .

The Tools: As you know, “just stop shopping” isn’t helpful advice. Instead, look at your habit from the other end: Your closet. Your makeup bag. Or your gadget collection, depending on the spending that’s most problematic for you. Use our process from Priceless Style Boot Camp to evaluate your 10 most recent purchases. If lots of your recent buys are rated “not worth it,” it’s time to reevaluate your spending patterns. The first step is to avoid letting one bad spending choice drag you into a downward spiral. If you suspect you’re currently in such a phase, you can use this tool to spiral back up. If your purchases are all rated “worth it,” but you know you’re shopping too much, take a close look at your last month of spending and ask yourself whether you’re truly happy with everything you bought, or if that same amount of money could have been applied to a different financial goal, whether it's bulking up your emergency fund or beginning to invest.

Read on for more.

10 Really Surprising Things That Hurt Your Credit Score

LearnVest — Wed, 04 Jan 2012 00:15:05 PST

We're thrilled to present this smart LearnVest story here on Savvy!

Most people know the typical credit no-nos:

Don't make a late payment. Don't allow an account to go into collections. Avoid tax liens, bankruptcies and foreclosures.

And of course, paying off credit card debt should be one of your top financial priorities. (To find out your other top financial priorities, use this simple tool.)

But there are also lesser-known ways you could unintentionally damage your credit score.

Here are ten actions-from least to most harmful-that could make your number take a plunge.

10. Renting a Car With a Debit Card

While many rental agencies require that you pay your deposit with a credit card, some will accept your debit card instead. However, agencies typically have a clause in the contract stating that they can pull your credit report if you choose to pay with a debit card. That credit check causes a hard inquiry, which will ding your score a few points.

A hard inquiry is when a lender, credit card issuer or other financial institution requests a credit check in order to decide whether or not to extend a line of credit to you, such as a credit card or home loan. Each hard inquiry usually drops your credit score by a few points and will remain on your credit report for two years. The other kind of inquiry, soft inquiries, are made by people who don't intend to take action, such as your landlord checking your credit, and won't have any effect on your credit score.

Read on to find out more.

Say No to That Free Sample! The Rule of Reciprocity

LearnVest — Wed, 21 Dec 2011 10:30:56 PST

We're thrilled to present this smart LearnVest story here on Savvy!
There are little tricks businesses use to get us to buy.

Some are pretty obvious, like sales and coupons.

Others are more subtle and nefarious, and may prey on the very good spirit of our human nature. A tad dramatic? Maybe not.

Recall those free address labels from the Disabled American Veterans? In the 1970s, they decided to send potential donors personalized labels in the mail, while soliciting donations. Their generous approach? They told people to keep the labels even if they didn't make a donation. After they did this, the number of people who made contributions nearly doubled - jumping from 18 to 35 percent.

Why was this marketing tactic so successful? Because of a little phenomenon called the rule of reciprocity.

It's not the end of the world if you end up donating to a great cause, but chances are you've been suckered into buying some random stuff you don't need because of this really powerful psychological phenomenon.

The Rule of Reciprocity: The Law of Give and Take

Made popular by Robert Cialdini's book Influence: The Psychology of Persuasion, the rule of reciprocity is the deeply ingrained human instinct to repay a debt.

According to Steve J. Martin, who coauthored the book Yes! 50 Secrets From the Science of Persuasion with Cialdini, the rule of reciprocity is fundamental to human nature. Every culture and ethnicity trains its children to abide by the rule of give and take. If someone gives something to us, we feel obligated to repay that debt. This rule operates not only with people you know, but also with strangers

Read on for more on free samples and reciprocity.