DailyFinance.comhttp://www.dailyfinance.comDailyFinance.comhttp://o.aolcdn.com/os/df/2013/img/2-dailyfinance_logo_m.pngDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/His Financial Goal: Dump His Bank and Join a Credit Unionhttp://www.dailyfinance.com/2013/03/02/financial-goal-dump-bank-join-credit-union/http://www.dailyfinance.com/2013/03/02/financial-goal-dump-bank-join-credit-union/http://www.dailyfinance.com/2013/03/02/financial-goal-dump-bank-join-credit-union/#commentsFiled under: , , ,

Credit Union Bruce WatsonEveryone has things they want to improve about their financial lives -- even those of us who are paid to write and think about money on a daily basis. To that end, some of the editors at AOL and Daily Finance have shared their financial goals for 2013. In return, I reached out to some experts for tips that can help these folks - and everyone who has a similar resolution - step-by-step their way toward making these goals reality.

"I want to finally pull the trigger and move my accounts to a credit union," says Bruce. "Also, I'm going to formally put away 10 percent of every paycheck, rather than just saving all my leftover money at the end of every month."

Here's what Jean advises:

Step 1: Have you already landed on a credit union to use? If not, you'll have to do a little bit of research. Bankrate.coms Greg McBride suggests checking to see if your employer is affiliated with one; if not, he says alumni associations, your community and your family might be a great way to get a good suggestion. If word-of-mouth isn't your thing, the National Credit Union Administration has a look-up tool that you can access here.

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Step 2: Once you've decided on a credit union and have opened the new accounts, make sure you change the direct deposit information for all your bills. Just to be safe -- and to make sure you haven't forgotten about a gym membership with a quarterly charge -- leave your old account open for at least three months before you completely close it.

Step 3: As for your savings goal, if you've heard it before, you'll hear it again, and again: If you want to hit that 10 percent mark every month, automate the savings process. Better yet, head to HR with the account number, routing number and bank info of the account you want to receive this 10 percent. They'll deduct it right from your paycheck, so you'll never even see the money (and be tempted to use it).

Read the previous article in the series: Her Financial Goal: Cut Out All Those Small Money Wasters

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]]>bank feesbank transfer dayBankrate Inccredit unionsDaily Financedump your bankfeaturedFinancejean chatzkyNational Credit Union Administrationpersonal financePower of Planningsave moneyswitching banksJean ChatzkySat, 02 Mar 2013 05:00:00 ESTHer Financial Goal: Cut Out All Those Small Money Wastershttp://www.dailyfinance.com/2013/03/01/financial-goal-cut-wasteful-spending/http://www.dailyfinance.com/2013/03/01/financial-goal-cut-wasteful-spending/http://www.dailyfinance.com/2013/03/01/financial-goal-cut-wasteful-spending/#commentsFiled under: , , ,

AOL Jobs editor Pam Kruger
Everyone has things they want to improve about their financial lives, even those of us who are paid to write and think about money on a daily basis. To that end, the editors at Daily Finance and other AOL sites shared their 2013 goals with personal finance expert Jean Chatzky. Today she offers some tips to help AOL Jobs editor Pam Kruger cut out all those small, everyday money wasters.

"I work in Manhattan and I have two daughters," says Pam, "and it just seems incredibly easy to drop money without thinking about it. I don't see myself having the time to keep a 'money diary,' but I still feel we could be saving more money than we do."

Here's what Jean advises:

Step 1: Find those "small money wasters" by grabbing a notebook and writing down every single thing you spend money on: the extra cookie at lunch that was $1.25, the items from the grocery store that weren't on your list, the magazine from the train station whose cover looked cool. Most people are surprised at the results.

Step 2: Tally up the money wasters and arrange for an automatic monthly transfer, in that amount, to a savings account. If you're set for emergency savings, you can earmark the money to a college savings account, IRA or brokerage account instead. Then visualize (yes, having an actual picture in your mind helps) what you're going to buy with all of this stockpiled loot. Focus on that when you feel the urge to (mindlessly) splurge.

-- With reporting by Maggie McGrath

Coming Saturday: A DailyFinance Reporter Is Ready to Break Up With His Bank

Or, read the previous article in the series: Her Financial Goal: Getting an Underwater Mortgage Afloat Again

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]]>AOLAOL Jobscutting spendingDaily FinancefeaturedFinancehousehold budgethousehold budget cutsPower of Planningsaving moneyspending diarywasting moneyJean ChatzkyFri, 01 Mar 2013 05:00:00 ESTHer Financial Goal: Getting an Underwater Mortgage Afloat Againhttp://www.dailyfinance.com/2013/02/28/underwater-mortgage-modification-financial-goals/http://www.dailyfinance.com/2013/02/28/underwater-mortgage-modification-financial-goals/http://www.dailyfinance.com/2013/02/28/underwater-mortgage-modification-financial-goals/#commentsFiled under: , , ,

Cassandra Hubbart, AOL Daily Finance
Everyone has things they want to improve about their financial lives -- even those of us who are paid to write and think about money on a daily basis. To that end, some of the editors at AOL and Daily Finance have shared their financial goals for 2013. In return, I reached out to some experts for tips that can help these folks - and everyone who has a similar resolution - step-by-step their way toward making these goals reality.

Cassandra Hubbart, photo editor for AOL Money and Finance, says she and her husband need to refinance a large underwater mortgage on their old home, which they are now renting out.

"Four years ago, my husband and I were driving 50 miles to work every day ... with a baby crying in the back of our car for the duration of the trip," says Cassandra. "We needed to move for our sanity, so we bought a new home. But the value of the property we left behind was over $100,000 less then it had been when we purchased it."

Unable to sell, they found a reliable family to rent to, but the rent they felt they could reasonably charge was less than the mortgage payment. And, since the home was a rental, the refinance rates they could qualify for were less than desirable for many years. But now, rates are rock bottom, and they want to take action. "It would be a huge relief to refinance," she says.

Here's what Jean advises:

Step 1: Contact your mortgage servicer. According to HSH.com mortgage expert Keith Gumbinger, this should be your first point of contact, because they can tell you whether or not you're eligible for HARP or HAMP, the government programs that can help you refinance that underwater mortgage or modify your payments. Only mortgages backed by Fannie and Freddie qualify for these programs.

Step 2: If your loan is not backed by Fannie or Freddie, you're not out of options. "Some lenders, but certainly not all," Gumbinger says, "have private programs where they can talk to you on a one-off basis. They might not have a blanket program. They may have a modification, a more or less formal modification [they can make] available to you." Again, your servicer is the place to get these answers.

Step 3: If you're insistent on getting that refinance, start by adjusting your expectations. "Refinancing is a different thing entirely, because you're asking the investor who holds the loan to take a hit," Gumbinger says of private lenders. "A delicate negotiation could occur. You can certainly inquire."

Step 4: In the event you fail to secure a modification or refinance using steps one through three, your next (and, aside from walking away from the property, only) option is to pay down the loan so it's no longer underwater. One way to help fund this move? Increase the rent you're charging your tenants.

Coming Friday: An AOL Jobs Editor Wants to Cut Back on Everyday Money Wasters

Or, read the previous article in the series: Her Financial Goal: Cutting Back on an Online Shopping Habit



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]]>AOLDaily Financefannie maeFinancefinancial advicefreddie macHAMPHARPHome Affordable MOdification Programhome affordable refinance programHousing Bubblejean chatzkymortgage modificationPower of PlanningRentalPropertyunderwater mortgagesJean ChatzkyThu, 28 Feb 2013 05:00:00 ESTHer Financial Goal: Cutting Back on an Online Shopping Habithttp://www.dailyfinance.com/2013/02/27/financial-goal-cutting-back-online-shopping-habit/http://www.dailyfinance.com/2013/02/27/financial-goal-cutting-back-online-shopping-habit/http://www.dailyfinance.com/2013/02/27/financial-goal-cutting-back-online-shopping-habit/#commentsFiled under: , ,

Krisanne Alcantara of AOL Real Estate
Everyone has things they want to improve about their financial lives -- even those of us who are paid to write and think about money on a daily basis. To that end, some of the editors at AOL and DailyFinance have shared their financial goals for 2013. In return, I reached out to some experts for tips that can help these folks -- and everyone who has a similar resolution -- step-by-step their way toward making these goals reality.

Krisanne Alcantara of AOL Real Estate wants to set aside 20 percent of every paycheck automatically in high interest online savings account. But her more challenging goal may be to curb her online shopping habit.

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"Like most 26-year-old females, I've got Asos.com, and Net-a-Porter.com, and Shopbop.com, and Amazon.com, bookmarked for easy lunchtime retail therapy without leaving my desk," says Krisanne. "And while it's convenient and fun to shop online -- and on my iPhone -- retailers make it too easy to get sucked into impulse buys and overspending. I want to save money by actively curbing my online shopping expenditures, or at least learn how to shop more responsibly."

Here's what Jean had to say:

Step 1: To automatically deduct the 20 percent directly from your paycheck, you'll need to visit your company's HR department. This process is similar to the one you went through when you set up direct deposit to your checking account, says financial planner Stacy Francis, founder of SavvyLadies.com. "You'll need to give them the bank name, the bank address, routing number, and the savings account number," she says.

Step 2: Think about why you shop online in the first place. Do you visit Rue La La when you're bored? Sad? Angry? Maybe it's even simpler than that; maybe you shop because the emails you get from your favorite websites are too hard to resist. Unsubscribe! (That's what I did!). Then find another coping mechanism for emotions that lead you to shopping. Whether you pick running, yoga or kickboxing, chances are your new activity will be good for the wallet and the body.

Coming Thursday: A Photo Editor Hoping to Modify an Underwater Mortgage

Or, read the previous article in the series: Her Financial Goal: Win at the Refinancing Game


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]]>Amazon.comAOLAsosasos.comDaily Financedirect deposite-commercefinancial plannerhow to save moneyIPhoneNet-a-porter.comonline shoppingPower of PlanningReal Estateretail therapyRue La LaSci/TechShopbopShopbop.comJean ChatzkyWed, 27 Feb 2013 05:00:00 ESTHer Financial Goal: Win at the Refinancing Gamehttp://www.dailyfinance.com/2013/02/26/financial-goal-refinancing-mortgage-tips/http://www.dailyfinance.com/2013/02/26/financial-goal-refinancing-mortgage-tips/http://www.dailyfinance.com/2013/02/26/financial-goal-refinancing-mortgage-tips/#commentsFiled under: , ,

DailyFinance editor Laura Goldstein - Credit: DailyFinance
Everyone has things they want to improve about their financial lives, even those of us who are paid to write and think about money on a daily basis. To that end, the editors at DailyFinance and other AOL sites shared their 2013 goals with personal finance expert Jean Chatzky. Today she offers some tips to help DailyFinance editor Laura Goldstein lower her monthly mortgage payments.

"I know I can lower my rate," says Laura, "but I'm already 15 years in, and the principal balance isn't very high, so I'm not sure it's worth it. Plus, I hate the idea of starting the clock all over again."

Here's what Jean had to say:

Step 1: Before you do anything, HSH.com mortgage expert Keith Gumbinger suggests asking yourself two questions. One: How far along are you in your mortgage already? And two: How long do you plan on remaining in the home? Those answers will not only dictate which product is most suitable, but can also determine if there's value in refinancing at all. If you're going to be in the house for fewer than five years, the fees you'll pay during the refinance process often aren't worth the lower rate. But if you're far along in your current mortgage, you can get a significantly better rate on a 10- or 15-year loan, which could save you money now and cut years off your repayment.

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Step 2: Go to your current lender and see what they can offer you. Some lenders offer a form of streamlined refinancing if you provide dated income documentation and get an appraisal on the property. "You won't necessarily get a rock bottom interest rate," Gumbinger cautions. "The market's at 3.5%, you're at 5%, they could offer 4%. [But] there can be tremendous value in doing that."

Step 3: If you don't like what your current mortgage-holder has to offer, shop around -- and beyond the other big banks, check out your local banks and credit unions. Gumbinger notes that doing this could make for a better overall experience: "They might give you some deals. And because they work in your local marketplace, they might give you better service and make for a smoother process."

Wednesday: An AOL Real Estate Editor Who Wants to Curb Her Online Shopping Habit.

Or, read the previous article in the series: His Financial Goals: Saving More and Paying Down Credit Card Debt

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]]>AOLcredit unionsFinancefinancial goalshome loansinterest ratesjean chatzkyLaura Goldsteinlocal banksPower of PlanningpowerofplanningReal Estaterefinance mortgagerefinancingJean ChatzkyTue, 26 Feb 2013 10:00:00 ESTHis Financial Goals: Saving More and Paying Down Credit Card Debthttp://www.dailyfinance.com/2013/02/25/financial-goals-saving-more-paying-down-credit-card-debt/http://www.dailyfinance.com/2013/02/25/financial-goals-saving-more-paying-down-credit-card-debt/http://www.dailyfinance.com/2013/02/25/financial-goals-saving-more-paying-down-credit-card-debt/#commentsFiled under: , , ,

Graham Wood, AOL Real Estate
Everyone has things they want to improve about their financial lives, even those of us who are paid to write and think about money on a daily basis. To that end, the editors at DailyFinance and other AOL sites shared their 2013 goals with personal finance expert Jean Chatzky. Today she offers some tips to help AOL Real Estate editor-in-chief Graham Wood, who wants to be more disciplined about saving so he can wipe out his credit-card debt.

Here's what Jean suggested:

Step 1: Here's a helpful way to think about saving: It doesn't require "discipline" if you automate the process. You make the decision to save just once, and then you never have to think about it again. If you want the 10 percent to come directly out of your paycheck (versus an electronic transfer from checking to savings), head to your HR department with the account number, routing number and bank information of the account to which you want to direct that 10 percent.

Step 2: Paying off the credit card debt in the cheapest, fastest way possible is a four-step process. First, call your credit card company to see if you can negotiate lower interest rates on those cards (if you can't, look into a balance transfer). Next, figure out how much free cash you can throw against your debt each month -- the more, the better. Tracking your spending will help. Third, put that extra money toward the credit card with the highest interest rates, while still making minimum payments on the rest. Fourth, once that highest-interest card is paid off, repeat the process with the card with the next highest interest rate until all your debt is wiped out.

-- With reporting by Maggie McGrath

Tuesday: DailyFinance's Editor Wants to Lower Her Monthly Mortgage Payments.

Or, read the previous article in the series: Her Financial Goal: Get a Handle on Retirement Planning

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]]>AOLFinancejean chatzkypaying down credit cardspaying down debtpersonal financepersonal finance advicePower of PlanningReal Estatesaving for retirementsaving moneyJean ChatzkyMon, 25 Feb 2013 05:00:00 ESTHer Financial Goal: Get a Handle on Retirement Planninghttp://www.dailyfinance.com/2013/02/22/financial-goal-401k-retirement-planning/http://www.dailyfinance.com/2013/02/22/financial-goal-401k-retirement-planning/http://www.dailyfinance.com/2013/02/22/financial-goal-401k-retirement-planning/#commentsFiled under: , , ,

Sarah Chazan, AOL MusicEveryone has things they want to improve about their financial lives -- even those of us who are paid to write and think about money on a daily basis. To that end, the editors at DailyFinance and a few other AOL sites shared their 2013 goals with personal finance expert Jean Chatzky. Today she offers some tips to help Sarah Chazan, editor-in-chief of AOL Music, take control of her retirement plan.

"For years, I've blindly been putting money into a 401(k) but have neglected to learn about what I'm investing in and if that's even the best course for my long-term goals," Sarah says. "Since Social Security isn't a given for my generation, it's really up to me to make sure I'll be financially secure when I decide to hang up my editors' shoes."

Here's what Jean had to say:

Step 1: Don't give up on Social Security just yet, but taking a more active role in planning your retirement is a necessity. The first thing I'd recommend is to take a good look at your 401(k) statement. You have information at your fingertips, and it arrives in the mail every month. You just might not know how to read it, which brings us to...

Step 2: Reach out to your HR department. "Many times, HR departments offer classes that walk people through the 401(k) and through the investment options that are available to them," says Financial Advisor Stacy Francis. If you're unhappy with what you've learned about the fees you're paying or the funds you're investing in, this is a good chance to get a clear picture of all your options.

Step 3: Do your own research. If you're comparing mutual funds, Francis recommends Morningstar's "Snapshot Report," which tells you about fund expenses, performance, the fund manager and where the funds are invested. Try to do this type of research about once a year, because funds could change and managers could leave -- and you'll want to know when this happens.

Step 4: Make the most of your match. In the course of your research into your own 401(k), you're going to want to find out whether or not there's an employer match you've been ignoring. "I would say that's the most important thing, because that is free money on the table," Francis says. And if you can't contribute the maximum annual amount to your 401(k), aim to contribute enough so you can at least grab the full match.

-- With reporting by Maggie McGrath

Monday: AOL Real Estate's Editor Wants to Pay Down His Credit Card Debt

Or, read the previous article in the series: His Financial Goal: Get Ahead of the High Cost of Higher Education


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]]>401k401K company match401k fees401k match401k plansAOLDailyFinanceFinancefinancial goalsfinancial planningjean chatzkyMorningstar Incmutual fundsPower of PlanningpowerofplanningReal EstateSocial SecurityJean ChatzkyFri, 22 Feb 2013 09:30:00 ESTHis Financial Goal: Get in Front of the High Cost of Higher Educationhttp://www.dailyfinance.com/2013/02/21/financial-goal-planning-for-college/http://www.dailyfinance.com/2013/02/21/financial-goal-planning-for-college/http://www.dailyfinance.com/2013/02/21/financial-goal-planning-for-college/#commentsFiled under: , , , ,

Mathew Schwartz (DailyFinance)

Everyone has things they want to improve about their financial lives, even those of us who are paid to write and think about money on a daily basis. To that end, the editors at DailyFinance and other AOL sites shared their 2013 goals with personal finance expert Jean Chatzky. Today she offers some tips to help DailyFinance deputy editor Mathew Schwartz set aside more of each paycheck for his daughters' college education.

"We have two girls, 5-year-old, and an 18-month-old," says Mathew. "On the one hand, that means my wife and I have a lot of time to figure this out, and we're already setting money aside. But on the other hand, we'll have eight straight years of college tuition bills to deal with, and you can't start planning soon enough for something like that."

Here's what Jean had to say:

Step 1: Figure out exactly how much you're trying to save. The College Board puts the four-year total for tuition and fees at an in-state public school at $37,800 for the 2012-2013 school year. Whether you have one child or more than that, that no doubt looks like an unwieldy sum (particularly when you're trying to save for retirement simultaneously.) Nonetheless, planting a stake in the ground and giving yourself a number to aim for actually makes saving easier. So decide ... $100 a month, $200 a month, whatever you can afford. Then head to savingforcollege.com to see how far that will get you.

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Step 2: Take a look at what you're spending each month, and trim your budget in ways that will allow you to hit the monthly number you calculated in Step 1. Tracking your spending dollar for dollar for a few weeks will open your eyes to where you can cut back.

Step 3: Find the college savings account that's right for you. I like 529 accounts or Roth IRAs, the latter being a great option for those focusing on college and retirement savings simultaneously. Many states offer more than one type of 529 plan. Again, savingforcollege.com is a good place to compare. And note: You don't have to go with your own state's plan(s) if they're not top-notch.

Step 4: Automate. Arrange an online electronic funds transfer from your checking account to your college savings plan.

-- With reporting by Maggie McGrath


Tomorrow: AOL Music's Editor Wants to Take Control of Her Retirement Planning

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]]>529 plansAOLCollege Boardcollege tuitionDailyFinanceFinancefinancial goalsfinancial planningjean chatzkypaying for collegepersonal financePower of PlanningpowerofplanningRoth IRAsaving for collegesaving moneysaving money tipsJean ChatzkyThu, 21 Feb 2013 09:30:00 ESTExpert Tips for Taming the High Price of College Prephttp://www.dailyfinance.com/2012/10/01/expert-tips-for-taming-the-high-price-of-college-prep/http://www.dailyfinance.com/2012/10/01/expert-tips-for-taming-the-high-price-of-college-prep/http://www.dailyfinance.com/2012/10/01/expert-tips-for-taming-the-high-price-of-college-prep/#commentsFiled under: , ,

SAT testThe other day, a colleague was lamenting the fact that her daughter is feeling pressured to enroll in an SAT prep course. All of her friends are taking one, the young woman said, which means she'll be at a disadvantage if she doesn't take one, too. Yet she gets good grades, so won't this extra course be a waste of money?

Having just sent my first child off to college for his freshman year, I'm all too familiar with the extra strains on the wallet that occur in the years leading up to move-in day: prep courses, application essay tutors, campus visits, application costs. It can add up to a small fortune.

So I reached out to some experts to get their best tips on how to tame the growing costs of college prep. Here's what you need to know.

SAT/ACT Prep: The average price of a test prep course varies depending on the intensity of the class. Kaplan, for instance, offers an 18-hour SAT-only course for $599. If your child wants help on all the tests (PSAT, SAT, ACT), you'll pay $999 for Kaplan's standard course. But for individualized attention, you'll likely pay a lot more: Private SAT tutoring through the Princeton Review, for example, starts at $2,760.

The good news? "There are Groupons for SAT classes and test prep, so you can keep your eyes out for that," notes Jennifer Bloom, an author and co-founder of Entryway Educational Consulting. "Personally I think the best thing you can do is take practice tests on Saturday mornings, timed, under test conditions, over and over and over," she added. Then tabulate the scores to make sure they're heading in the right direction. With a little bit of self-discipline, you and your child could avoid a prep course entirely.

Essay Tutors: Ah, the college essay. One of the biggest sources of stress for students, and therefore, one that leads to some of the biggest outlays from parents. The cost to hire an essay tutors varies widely depending on where you live and who the tutor is: I've seen prices that start around $50 per hour and go as high as $500 per hour. And that's just for one session.

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Don Fraser, director of education and training at the National Association for College Admission Counseling, says that they question of whether or not to hire an essay tutor really comes down to time management.

"Families and students are saying they want to hire someone to help with the essay because they haven't started yet," he says. "Students really have to use between the spring of junior year and fall of senior year wisely." If your teen starts the writing process early but still wants someone else's feedback, Fraser suggests getting tips from a guidance counselor, or an English teacher the student likes and respects.

Campus Visits: How much you'll spend on campus visits also varies widely, depending on where you're visiting, how you're getting there and how many schools you're seeing. I've heard horror stories of travel bills hitting the $4,000 mark. However, with a little creativity, you can save big bucks. One little-known trick is that Amtrak has a buy one, get one 50% off discount to help parents and kids traveling together -- but it only applies to kids up to age 15. For students 16 and over, there's the Student Advantage Card, which nets a 15% discount.

Fraser also suggests seeing if your teen's high school has resources for getting its students to campuses. If 20 kids in one class are interested in the same college, there's no harm in asking guidance counselors or principal if there's any way to get a bus or organize a school trip for them to see it as group.

Lillian Luterman, Entryway Educational Consulting's other co-founder, also suggests coordinating with classmates. "If there's another student in your class who's visiting similar schools, you can carpool," she says. "But if you're staying overnight, you can call the admissions office and they can arrange for you to stay with a [college] student. They can also arrange for vouchers for the dining hall, which is another way you can save money."

Parents, you don't need to tag along on this kind of overnight trip. Not only will it save you money, but it'll be good practice for when your student is a real undergrad.

The Bottom Line: There are many pre-collegiate services battling for your attention and your wallet. Your best bet is to budget according to your child's needs. If your son has a good relationship with a high school English teacher but is a poor test taker, skip the essay tutor and focus on the test prep classes. If your daughter aced the PSAT but can't imagine applying to a school she hasn't seen in person, skip the prep class and spend the money on campus visits. Like all good budgeting, it simply comes down to not buying what you don't need, and resisting social pressure to do otherwise.

-- With Maggie McGrath

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]]>Amtrakapplication essaycampus visitcollege admissions expertscollege applicationcollege essaycollege prepEssay Tutorskaplan test prepPrinceton Review IncSAT prepJean ChatzkyMon, 01 Oct 2012 16:45:00 ESTThe Dog Ate Your Wallet? How to Cut the Costs of Pet Ownershiphttp://www.dailyfinance.com/2012/09/24/the-dog-ate-your-wallet-how-to-cut-the-costs-of-pet-ownership/http://www.dailyfinance.com/2012/09/24/the-dog-ate-your-wallet-how-to-cut-the-costs-of-pet-ownership/http://www.dailyfinance.com/2012/09/24/the-dog-ate-your-wallet-how-to-cut-the-costs-of-pet-ownership/#commentsFiled under: ,

dog financesIn 2012, Americans will spend $52.87 billion on their pets, the American Pet Products Association calculates.

To put that figure in perspective, let's break it down: The average dog owner spends about $248 a year on routine vet visits, $407 on surgical vet visits, $419 on food, treats and vitamins, $274 on boarding, $78 on travel expenses and $73 on grooming.

Add it up, and you get $1,251. That's close to what we spend on electricity to run our homes ($1,413), telephone services ($1,178) or household furnishings ($1,467) each year, according to the Bureau of Labor Statistics' latest Consumer Expenditure Survey.

If you're surprised, you must not own a dog. Or a cat, fish or turtle. Keeping one of these friends under your roof adds up fast. Trust me. I've been to the emergency vet in the middle of the night, and my wallet has the battle scars to prove it.

I don't think there's a pet owner out there who isn't looking to cut costs. Here's how to do it:

o. Don't pick a pricey pooch. For some of you, it's too late, so file this away for next time. But if you're in the market for a pet and you're undecided about what to get, remember: As a general rule of thumb, the bigger the animal, the more expensive it is to shelter and care for. So, if your budget is tight, a cat or small dog may be your best bet.

According to APPA's latest survey, cats are cheaper than dogs in nearly every category, including boarding, vitamins, grooming, food and routine vet exams. Large dogs come with large expenses: They cost more to feed. They cost more to board. You may have to pay a heftier pet deposit if you rent, or more in homeowners' insurance if you don't. Consider breed, as well, says Dr. Douglas Aspros, a Westchester, NY-based vet and president of the American Veterinary Medical Association. "It's worthwhile to do a little research and find out what problems the breed you're interested in is prone to. Breeds that have more arthritis, for example, may mean x-rays, anti-inflammatory drugs, even new hips."

o. Fido doesn't need the fanciest food. Of the expenses that come with owning an animal, food is one of the biggest. And feeding your pet high-quality food may save you money on medical care down the road. But don't be fooled by shiny packaging and flashy slogans. "It's important to be critical here; some brands spend a lot more money on marketing than they do on the food itself," explains Aspros. Pick one that is made by a manufacturer you trust, and lists animal protein high on the list of ingredients. Then save some cash by clipping coupons and stocking up when the brand your pet likes is on sale. Finally, don't overfeed. It will save you money on food now, and on pricey medical bills due to obesity later.

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o. Put preventative care in your calendar. This can really cut costs in the long-run. Spay and neuter early on, shell out the cash for necessary vaccines, and subscribe to regular check-ups. And you can save here, too, mainly by calling around and comparing prices among vets. Other tips: Keep an eye on the calendars of local animal organizations -- many host events with free or low-cost shots. And ask your vet if her or she has samples of medications or manufacturer's rebates.

o. Consider pet insurance. I like Aspros's rule of thumb: "Pet insurance makes the most sense for people who know that when a problem occurs, they're going to want to do the best thing for their pet, and yet they're going to have a hard time saving enough money to handle that calamity when it happens." In other words, if you would drain your bank account and max out your credit cards to save your pet's life, it's probably worth getting insurance.

o. Shear the grooming expenses. When it comes to grooming, it goes without saying that I'm for DIY. Regular brushing will cut down on visits, and when you do visit the groomer, get their fur cut short -- it will take longer to grow out, thus pushing off your next visit. And if you board your dog, it's time to make friends with other pet owners, so you can swap care instead: They watch your pup while you're out of town this summer, you return the favor when they travel for business in the fall.

o. Don't buy supplies new. Both Craigslist and yard sales are overflowing with leashes, bowls, collars and other items you need for less.

-- With Arielle O'Shea

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]]>Catscost of petsdog boardingdog fooddog groomingdogspet carepet expensespet foodpet health insurancesaving moneyJean ChatzkyMon, 24 Sep 2012 06:00:00 ESTHelp Your Kids Buy Financial Savvy With Their Allowanceshttp://www.dailyfinance.com/2012/09/17/help-your-kids-buy-financial-savvy-with-their-allowances/http://www.dailyfinance.com/2012/09/17/help-your-kids-buy-financial-savvy-with-their-allowances/http://www.dailyfinance.com/2012/09/17/help-your-kids-buy-financial-savvy-with-their-allowances/#commentsFiled under:

AllowanceHow much does it "pay" to be a kid? According to a new survey, quite a bit: an average of $16 a week, or $780 a year.

That's what the American Institute of CPAs discovered when they teamed up with Harris Interactive to explore the ways parents handle their children's allowances. But the study also showed that parents aren't using allowances to do the very thing they're meant accomplish -- to teach kids how to handle money.

If your child is getting an allowance, but not getting a financial education, here's how to begin correcting that:

Start With This Idea -- Money Is a Limited Resource: In my mind, the primary purpose of an allowance is to teach kids that money is a limited resource. Throughout your life, you will have a finite amount of money to work with -- whether it comes from a paycheck, a pension, a Social Security check, or some other source -- and you need to be able to manage that amount to cover your needs and build up a cushion for the future (i.e. savings). How well you do this dictates how much you'll have left over for the things you want. An allowance gives kids a way to replicate that process ... with training wheels. Except that most parents don't know how to handle allowances.

A Paycheck That Comes With a List: To do it right, parents need to take a look at the things each of their kids asks for money for right now -- be it snacks, Silly Bandz and Kooky Penz for the littler ones; or bigger snacks, iTunes downloads and nail polish for the older ones. Figure out how much you're already shelling out to each kid for these things, as well as any other categories you want to include (entertainment with friends, school store, gas, whatever) and add it up. That sum is a starting point for calculating allowance. Tell your kids what they'll be getting, and what they're now expected to pay for -- the items you'll no longer cover. And keep tabs.

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The Bank Is Closed, But Youngsters Can Still Work: After you give out the allowance for the week (and it is vital that you pay it in full and on time -- electronic transfers onto a debit card for teens can help parents manage this process), close the bank. The survey showed that parents who give allowance are also much more likely than other parents to shell out for other discretionary items like movie rentals and digital downloads. Don't.

If their allowance isn't enough for your kids to pay for the things they want to buy, they need to learn to reallocate their resources -- or they need to work. I don't mean working for the allowance. The survey showed that 89% of parents make their kids do chores for their allowance -- and 48% pay for good grades. I don't do either because I believe both are simply part of their responsibilities as a family member, though I've known parents who've had success with both. What I will do is pay for work I'd pay others to do. For example, if my high-school-aged son would stop home during his free period to walk the dog so I didn't have to pay the dog walker, I'd happily pay him instead.

Gross Up To Force Savings: Perhaps the most stunning piece of data from the research is that only 1% of parents say their child saves the allowance -- 1%! Our generation has more responsibility for our finances -- health care, retirement -- than our parents did. Chances are, our kids will have more responsibility than us. The only way for them to succeed is to learn to save. So, gross up the allowance by 10% and tell your kids that 10% must be saved for the long-term. Then check. (You can do this electronically by linking your kids accounts to your own -- which is how you facilitate online transfers in the first place -- then monitor the whole shebang online.)

Give Incentives for Other Goals: If you want your kids to donate part of their allowances to charity (something about one-quarter of kids do), make sure they have enough for that as well. And if they are trying to save for bigger purchases, consider implementing a matching program like employers do with 401(k)s that applies only to savings, to help them get there faster. If kids don't feel they're making progress, they'll give up, and that's completely counterproductive.

Finally, Maintain A Running Dialogue: According to the research, we're more likely to talk with our kids about good manners, shunning tobacco, eating well, and the dangers of drugs and drinking than we are to talk to them about money. You need to do all of the above -- even if you don't feel like you're under financial pressure yourself. Interestingly, parents who didn't graduate from college were significantly more likely to talk money with their kids than were college grads. The survey didn't ask why, but I suspect it's that resources are tighter in the homes of non-college grads. Those parents need their kids to be with the program in order to keep the family finances in line. And their kids will be better off in the long run.

-- With Maggie McGrath

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]]>allowanceAmerican Institute of Certified Public Accountantschildren and allowancefinancial educationHarris Interactive Incmoney and kidsWhJean ChatzkyMon, 17 Sep 2012 12:00:00 ESTThe Money Secrets Your College Student Is Keepinghttp://www.dailyfinance.com/2012/08/27/the-money-secrets-your-college-student-is-keeping/http://www.dailyfinance.com/2012/08/27/the-money-secrets-your-college-student-is-keeping/http://www.dailyfinance.com/2012/08/27/the-money-secrets-your-college-student-is-keeping/#commentsFiled under: ,

college money
When it comes to college and money, there's not much that is a secret these days. Tuition is transparent -- pricey, but transparent -- and the costs of room and board are readily available with a few clicks of a mouse. Likewise, it's no secret that our young people struggle to manage their money. Survey after survey (most recently, a joint one from the U.S Treasury and the Department of Education) has revealed that the financial literacy of millennials is at an all-time low.

So, if you're sending Junior off to school this fall, you might think that you know everything there is to know about where your money is likely to go. Right? Wrong. After talking with a few recent grads and doing some digging, I've discovered there are a few things your college student doesn't want you to know.

Money Secret #1: Books don't really cost $2,000 per semester. According to CollegeBoard, books for classes cost an average of roughly $1,200 per year. That means $600 per semester. Now that's an average, and if your budding engineer has taken on seven classes, the bookstore bill will likely be fairly high. But if your son or daughter is following a regular course load, he or she shouldn't be spending two grand per semester.

So where is the money going? Sweatshirts. Ipods. Computers. You name it. Bookstores aren't just bookstores these days, and college students know that. Some schools -- like my alma mater, the University of Pennsylvania -- allow students to charge their books directly to their bursar bill, but all that you see on the bill is the lump sum, so it's easy to slip in a DVD here and an iHome there. "We learned about it as mere freshmen; we were told it was a convenient way to charge iPods to our unsuspecting parents," wrote a student on a UPenn blog. Well, now you're not so unsuspecting.

Money Secret #2: Your kid is spending the money you send for groceries on beer. Okay, maybe this isn't the biggest secret in the world, but you might be surprised at how much college students are spending on alcohol. According the the U.S Department of Health, college students spend a total of $5.5 billion per year on booze. By some estimates, that breaks down to $50 per student per month just on beer. Maybe you should send a care package instead.

Money Secret #3: Out-of-network ATM fees add up fast! This happens because students don't know any better. Many student centers and campus hubs now have ATMs, but unless that ATM is in your network, you'll get hit with a fee. Make sure your child understands this. The best thing to do is open an account with an area bank that has plenty of branch locations near the campus.

Money Secret #4: Procrastination carries a high price. As I note in my new book, Money Rules, "Doing nothing can be very expensive." Case in point: Your child forgets to buy a book for a class and has to rush order it before an exam and pay for express shipping. Or he has the list of course materials weeks ahead of time but only hits the bookstore the night before, when all the "used" options are gone and only new is available. As one mom ranted on CollegeConfidential.com, "Nothing beat the first term when she spent $1,200 on her books. She bought them all at the bookstore. She didn't have any idea what she needed until the last minute. Not good!"

Money Secret #5: They're not taking a full course load. This may be the biggest financial sinkhole (I mean secret) of all. Graduation rates vary depending upon the school, but in general, it's taking kids longer and longer to finish their degrees -- as many as six years, in some cases. At many schools, taking just three courses per semester is considered taking classes "full time," and as a result, will cost you full-time tuition -- the same amount you would pay for four or five courses per semester (which is what most students need to take to finish in four years). Make sure your child knows that the three-course minimum is unacceptable, and that you won't be paying tuition for a fifth year of school.

With reporting by Maggie McGrath

Gallery: Here's A Quick Guide To Selling, Swapping, Buying And Renting Textbooks

Don't Buy A Book For It's Cover PriceRent Choice:Rent Choice:Rent Choice:Rent Choice:

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]]>collegecollege expensescollege studentstarting collegeJean ChatzkyMon, 27 Aug 2012 09:00:00 EST5 Ways to Save Money When Your Kid Heads to College (And 1 Way Not To)http://www.dailyfinance.com/2012/08/07/save-money-kid-college-parents/http://www.dailyfinance.com/2012/08/07/save-money-kid-college-parents/http://www.dailyfinance.com/2012/08/07/save-money-kid-college-parents/#commentsFiled under:

Saving when your kids go off to college
When you see articles with the words "college" and "money" in the headline, the news that follows isn't typically very comforting. The stories usually also contain words like "debt" and "loans," and phrases like "growing cost," and "over $1 trillion dollars."

So I'll forgive you for not believing me the first time I tell you that you can actually save money when your son or daughter goes off to school.

How much? Well, it's not going to make up for the large tuition check you had to write. But it will make you feel a little bit better. Here are five areas where you can find extra cash -- plus one "cost-cutting" trick that you should actually avoid:

1. Rethink Your Auto insurance. If your child is going to school full-time at least 100 miles away from your house and won't have a car on campus, you could qualify for a discount. Some insurance providers, like Travelers Personal Insurance, call this the "Student Away at School" discount. Others don't call it by that name, but they will re-rate your policy if you meet the 100-mile distance criteria. The amount you save will depend entirely on your insurance provider.

And even if your child didn't drive while home, instead depending on you to play chauffeur, you may still be able to save on car insurance by switching to a mileage-based auto insurance program. Depending upon how much less driving you'll actually be doing, you'll typically save 5% to 20% by switching to a low-mileage plan.

2. Cut the Cable. First, you added HBO just so your daughter could watch Boardwalk Empire for a history class. Then you caved and got a TV for her room -- which meant an extra cable box on the family bill. But now, the person who wanted all of this will be out of the house for nine months of the year. Don't pay for what you are not using. Cancel those no-longer-watched premium channels and remove the extra box. Depending on your cable provider and the extra services you've ordered just for your teens, you could save $40 to $50 a month.

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3. Go Lighter on Groceries. According the latest numbers from the USDA, the average cost of feeding boys ages 14 to 18 on a "moderate-cost" grocery budget is $298.60 per month. The cost of feeding girls in that same age range is $243.30. This is a huge monthly savings -- but only if you don't keep buying things out of habit. Put down the Pringles (your waistline and wallet will thank you).

4. Scale Back the Gym Memberships. The average cost of a gym membership is $55 per month, according to Club Manager Central, a software maker for health clubs. This was a good investment when your kids were in high school and their own gym classes at school did little more than teach them how to play ping pong. However, your child will have access to gyms at college, so this is $55 per month that you should not be paying. Likewise, if you're on a family plan and this child is your last out of the house, see if you can scale back to a membership for couples or singles. If and when your offspring returns, head to the local YMCA, which typically offers month-to-month policies and student discounts, both of which are perfect for breaks.

5. Skip the Subscriptions. You ordered a Sports Illustrated subscription for your athlete, and you get the local paper to keep up with all the high school happenings. Come September, you know you won't be reading either. Cancel SI and save $39 per year. Cancel the town paper and save another $50 or so (depending on the town). Not a ton of money -- but every bit helps.


And that one thing you shouldn't do... Now, you might be tempted to look at your child's empty room and, after getting past the lump in your throat, think, "Well, since no one lives here now, I don't need to heat or cool the room. Let's close the vents to save money on the utility bills!" Don't. According to Lou Manfredini, host of the syndicated TV show House Smarts, this will backfire. "The system works harder to heat that air that you now didn't heat because [this cold air] circulates through the home," he said. Saving on electricity and utilities will happen naturally simply because there is one fewer person in the house.

Gallery: Private Colleges With the Lowest Student Graduating Debt

1. Princeton University2. Berea College3. Williams College4. Yale University5. Scripps College


With reporting by Maggie McGrath


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]]>Boardwalk Empirecable billcar insurancecollege money saving tipscost cuttingfood billsgroceriesgym membershipHBOLou Manfredinisaving tips for parentsSports Illustratedstarting collegesubscriptionsJean ChatzkyTue, 07 Aug 2012 14:14:00 EST4 Tips to Beat the Back-to-School Shopping Blueshttp://www.dailyfinance.com/2012/07/31/back-to-school-shopping-tips/http://www.dailyfinance.com/2012/07/31/back-to-school-shopping-tips/http://www.dailyfinance.com/2012/07/31/back-to-school-shopping-tips/#commentsFiled under: , , , ,

Back to school shopping
Whether you want to believe it or not -- and I certainly don't -- we're already entering back-to-school season. This retail bonanza, like the Christmas season, seems to begin earlier every year, and you have to play the game if you want to catch the sales.

Or do you? The best strategy may be to wait it out, something I'm planning to do with my kids this year. One is bound for college -- in need of shower caddies and extra-long sheets -- and the other heads back to high school. Both require the standard notebooks, folders, and pens and pencils (What happened to last year's? I'll never understand.) Here's my plan:

o. Hold off on the computer. This isn't the best time to buy a new computer -- prices drop further during the holiday shopping season, particularly for Black Friday. So if you can wait, it makes sense to do so.

If that's not an option, look for a bundle deal, says Lindsay Sakraida, features director for dealnews.com. "A really great way to get a value this time of year is to look for promotions that include a gaming console, printer, or gift card. It's pretty common to see these deals with Windows-based systems." Dell (DELL) is currently running a promotion for students that throws in an Xbox 360 4GB or a $200 Dell eGift card with eligible laptops -- all you have to provide is your student email address. Just be sure to read the fine print -- a quick glance at Dell's website tells me that the promotional gift card may expire in just 90 days in some states.

One caveat to this: If you're an Apple (AAPL) fan -- like me -- you know that discounts on their hardware are few and far between. However, they do offer special pricing for students (all year round), and, through Sept. 21, a $100 gift card to the Apple Store with a Mac purchase ($50 with an iPad, though I wouldn't say that's a necessary back-to-school expense, as much as my kids might try to convince me otherwise).

o. September means sales. In general, things are going to get cheaper the longer you wait, says Sakraida. "Items that are very specific to back-to-school, like backpacks and dorm furniture, will immediately be put on clearance once school starts." Retailers take advantage of the fact that parents don't want to wait. So if you're driving your kid to college -- or he or she will have a car on campus -- pick up larger items like the mini fridge when you get there or even a few weeks after. (And compare retailers' prices with those at the college bookstore -- it may have some good deals.)

o. Don't settle for "back-to-school" prices. Those advertised prices look pretty good. But that doesn't mean you should forsake all your savvy shopping habits -- many retailers let you layer coupons or discount codes on top of a sale, saving you even more.

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"A lot of student-friendly apparel retailers, like Aeropostale (ARO) and Abercrombie & Fitch (ANF) will offer the best sale of the year, at least up until that point, in mid-to-late August. But a lot of times there are coupons out there that can sweeten the deal even more," explains Sakraida. It requires an extra step on your part -- simply typing "coupon" and the name of the store into your browser, in most cases -- but you might get free shipping or an extra 10% off.

o. Know what to buy now. Sometimes, it doesn't make sense to wait. Office supply stores are running huge discounts right now, designed to get you in the door. I'm not even talking cheap; I'm talking free. "About two weeks ago, the typical summer back-to-school sales began at Staples (SPLS), Office Max (OMX) and Office Depot (ODP). They tend to have free stuff after rebates, and penny, nickel and dollar sales. Historically, these weeks in July and into August are the best time of the year to buy because you'll see the biggest discounts," says Edgar Dworsky, founder of ConsumerWorld.org. Recently, Staples advertised mechanical pencils and ballpoint pens, both free with a rebate that can be submitted easily online.

o. One last quick tip for parents: If you have an office, this is a good time to stock up for yourself as well. As I write this, OfficeMax is advertising a 10-ream case of copy paper for $14.99, after a $29 discount for their rewards program.

-- With Arielle O'Shea



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]]>Abercrombie & FitchAeropostale IncApple ComputerApple Storeback to schoolback to school salesback-to-schoolBack-to-School shoppingcollege studentscouponsDelldiscount codesFinanceiPadOffice DepotOfficeMaxschool clothesschool suppliesshopping for collegeStaples Inc.Jean ChatzkyTue, 31 Jul 2012 14:37:00 ESTListen Up, Ladies: Tips for Closing the Financial Gender Gaphttp://www.dailyfinance.com/2012/07/12/listen-up-ladies-tips-for-closing-the-financial-gender-gap/http://www.dailyfinance.com/2012/07/12/listen-up-ladies-tips-for-closing-the-financial-gender-gap/http://www.dailyfinance.com/2012/07/12/listen-up-ladies-tips-for-closing-the-financial-gender-gap/#commentsFiled under: , , ,

Income gapThis week, I bring you good news and bad news, both of which come from a study by the folks at Financial Finesse. For three years, they've been analyzing the gender gap in financial literacy. The bad news is that after some progress in 2011, the gap appears to be widening in 2012. Women are falling behind, specifically when it comes to money management and investing.

Only 43% of women reported having an emergency fund in place (compared to 63% of men) and just over half felt comfortable with the amount of non-mortgage debt they were carrying (compared to 71% of men). About half of the men surveyed say they rebalance their investment portfolios, while among women, it was only a quarter.

Now for the good news: Women are slightly more likely to report participating in their employer's retirement plan, says Liz Davidson, CEO and founder of Financial Finesse. "We're doing a better job with some of those longer term issues, and at least at the rate we're participating, we're in line with men there. That hasn't always been the case."

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That, of course, doesn't mean we're contributing the same amount in dollars and percentages, which is the next hurdle to tackle. "We ideally should be contributing more than men, because we live longer. And that makes the gap even more concerning, because women have pressures that men do not have," says Davidson.

One of those pressures: A high likelihood of having to be solely responsible for our own finances at some point. The National Center for Women and Retirement Research reports that nine out of 10 women will end up in this position, either after a divorce or the death of a spouse.

Those possibilities are no fun to think about, but you'll feel better if you prepare for the unexpected. Here's how to start.

o. Put yourself first. We have a problem doing this in general, not just financially. If you don't prioritize yourself, you'll put the needs and wants of your family over your own -- whether that means saving for college or buying your teenager those pricey shoes has to have. One easy fix is to set up the contributions to your retirement account -- a 401(k) if you have access to one; an IRA if you don't -- so they are pulled automatically every month. Do the same for an emergency fund. That money is off limits.

o. Get risky. Women are more likely to avoid risky investments -- recent research from Northwestern Mutual showed that 44% of women prefer lower risk choices, compared to only 35% of men. But low risk often means low return, and any gains you do see can be eaten away by inflation. It's important to have a good mix in your portfolio -- both equities and safer investments like bonds.

o. Find (good) help. We're not afraid to ask for help, which is great. But often, that help arrives in the form of a financial adviser spewing jargon that does us no good, because we don't really understand it. I've said this before: If your financial adviser can't explain things in plain English and answer your questions, it's time to find a new one. Ask friends and co-workers for recommendations, meet with a few of advisers, and then go with your gut instinct.

o. Do your own research. Maybe CNBC is intimidating to you. That's fine -- I'd tend to agree. But there are a ton of websites (like this one) and books (like my latest, Money Rules) that break down financial information into manageable pieces. Find one that speaks your language.

Gallery: The Worst-Paying Cities for Women

10. Palm Bay-Melbourne-Titusville, Fla.9. Allentown-Bethlehem-Easton, Pa.8. Boise City-Nampa, Idaho7. Chattanooga, Tenn.6. Colorado Springs, Colo.



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]]>401kdivorceemergency fundEmergencyFundFinancial FinesseFinancialFinessehow to choose a financial adviserHowToChooseAFinancialAdviserIRANational Center for Women and Retirement ResearchNationalCenterForWomenAndRetirementResearchNorthwestern Mutual Financial Networkrebalancing a portfolioRebalancingAPortfolioretirement planningRetirementPlanningrisk takingRiskTakingRoth IRARothIrawidowJean ChatzkyThu, 12 Jul 2012 10:24:00 ESTTwentysomethings: It's Time to Declare Your Financial Independencehttp://www.dailyfinance.com/2012/07/02/twentysomethings-declare-financial-independen/http://www.dailyfinance.com/2012/07/02/twentysomethings-declare-financial-independen/http://www.dailyfinance.com/2012/07/02/twentysomethings-declare-financial-independen/#commentsFiled under: ,

Anne SlaughterThe Fourth of July is one of my favorite holidays (though, I must admit, I prefer it when it's attached to a weekend, not floating on a Wednesday). Who doesn't love a day spent with family, grilling and watching fireworks?

But this year, it has taken on a bit of a different meaning for me. I've been thinking not just of our country's independence, but our own individual declarations of financial independence (or our lack thereof). Blame the recent media rehashing of the ongoing debate over whether women can have it all, kicked off by Anne-Marie Slaughter's cover story in The Atlantic about her decision to leave her job in the State Department.

Anne SlaughterIn that debate, I side squarely with Team Slaughter. She argues that "juggling high-level government work with the needs of two teenage boys was not possible." I don't have experience in government, but I know I've had to skip career opportunities in order to have a happy home life with my own two teenagers (and my husband).

But I also acknowledge -- as does Slaughter -- that it's not possible to make choices like those without financial security and independence. Many, many parents must work long hours to put food on the table for their children. And the next generation is off to a rocky start: In a recent survey of 20-somethings from PNC Bank, only 23% rated themselves as totally independent financially.

So if you feel like your finances are out of your control -- your debt is spiraling, you don't know where your money is going, you're leaning heavily on your parents -- take some time after the barbecue to consider what you can do to win your own independence. Here are a few things you can do to get started:

o. Get in the game. When you're part of a couple, you fall into a rhythm. He takes care of the lawn, she cleans the bathrooms. He does the Fourth of July grilling, she makes the potato salad. Something similar happens with finances, and often not in a good way: One person tends to steer the ship, and the other becomes inattentive. If you're the partner who's not at the helm, it's time to change that. Start paying attention to bill paying and money managing. Ask questions. Set up a new arrangement, where you each manage things for six months, then switch. If the unthinkable happens -- death, divorce, severe disability -- you won't be caught unaware of the family's finances.

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o. Run your numbers, and set up a plan. Often, the root of our money problems is that we don't know where the money is going. Whether you're trying to build up some savings so you can move out of mom and dad's house, or if you want to pay down debt, it helps to track your spending, says Stacy Francis, a New York financial adviser. Then you can put a plan in place to get you where you want to go: If tracking reveals you're burning $200 a month on pay-per-view movies, smartphone data plan overages, and dinners out, trim that spending and put the money you save toward your goal. You'll instantly feel better.

o. Steel yourself for the unexpected. That means having an emergency cushion -- even if it's just $1,000, though the smart money recommends having a fund equal to three to six months worth of your usual expenses -- and other protections. "Do you need to stop and think more closely about your insurance?" asks Francis. "What happens if you get hit by a bus tomorrow? What if you are disabled?" Having policies in place -- even if they're just for a minimum amount of coverage - will help you sleep better at night.

o. Automate. If you take your eyes off the grill for too long, those burgers are going to burn. But in some cases, you can take your eyes of your finances and actually end up in better shape: Ask your bank to automatically transfer money into your emergency fund and retirement accounts every time you get paid. The money won't pass through your hands, so you can't spend it. You can do the same thing with bill payments, so long as you do periodic spot checks to make sure you're not paying for services you're no longer using.

-- With Arielle O'Shea

Gallery: Do America's Most Valuable Companies Welcome Women Executives?

Representation24/7 Wall St. Findings1. Exxon Mobil2. Apple3. Microsoft



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]]>20SomethingsAnne-Marie Slaughteremergency fundEmergencyFundfamily moneyFamilyMoneyfinancial independenceFinancialIndependencehousehold budgetHouseholdBudgetIndependence Dayjean chatzkyJeanChatzkypersonal financePersonalFinanceself sufficiencySelfSufficiencyspendingThe PNC Financial Services Group IncJean ChatzkyMon, 02 Jul 2012 11:55:00 EST5 Surefire Tips for Saving on Summer Air Travelhttp://www.dailyfinance.com/2012/06/18/5-surefire-tips-for-saving-on-summer-air-travel/http://www.dailyfinance.com/2012/06/18/5-surefire-tips-for-saving-on-summer-air-travel/http://www.dailyfinance.com/2012/06/18/5-surefire-tips-for-saving-on-summer-air-travel/#commentsFiled under: ,

Summer TravelingAmericans are planning to spend more on summer travel this year - 53% of you say you'll spend upwards of $1,500, compared to 39% last year -- and I'm betting more of you will also be taking to the friendly skies. Or perhaps we should call them the not-so-friendly-and-sometimes-downright-maddening skies. You'll pay extra for nearly everything but the pleasure of a security pat down.

The biggest U.S. airlines pulled in $3.4 billion in baggage fees alone in 2011, according to the Department of Transportation. The Wall Street Journal reported that on Spirit Airlines, the average passenger paid $51.68 in non-ticket revenue for each flight segment, or a total of $103.36 above the ticket price.

As you might imagine, all that nickel and diming makes it hard to set a budget. So the best strategy, it seems, is two pronged: Shop smart, then avoid extras whenever possible. Here are five foolproof tips:

Gallery: 5 Ways to Save on Summer Air Travel

1. Tuesday Is the Ticket.2. Get Friendly with Carriers.3. Put It in Perspective.4. Use Miles Wisely.5. Get Your Seat Assignment for Free.

-- With Arielle O'Shea

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]]>airline feesAirlineFeesbaggage feesBaggageFeesbest airlinesBestAirlinescheap airfareCheapAirfareFacebookfacebook dealsFacebookDealsFareCompareFinancefrequent flyer milesFrequentFlyerMilesKayaklowest airfareLowestAirfarePlane ticketsPlaneTicketsSeat AssignmentSeatAssignmentSpirit AirlinesTravel & AutosTwitterJean ChatzkyMon, 18 Jun 2012 15:10:00 ESTHow to Find a Work-From-Home Job That Pays (Or Make Your Current Job One)http://www.dailyfinance.com/2012/06/07/how-to-find-a-work-from-home-job-that-pays-or-make-your-current/http://www.dailyfinance.com/2012/06/07/how-to-find-a-work-from-home-job-that-pays-or-make-your-current/http://www.dailyfinance.com/2012/06/07/how-to-find-a-work-from-home-job-that-pays-or-make-your-current/#commentsFiled under:

work from homeCan I tell you a secret? I'm writing this article from the comfort of my own living room, with my feet propped up on an ottoman and pillows resting at my sides. I am -- for the record -- wearing actual clothes, not pajamas. But I'm not here because I'm working through a sick day. It's because ever since I had my first child nearly 18 years ago, I've been able to work from home at least some of the time.

I've always felt fortunate to be able to do this, as not every job can be done outside of the office and not every boss is quite as accommodating as mine were. However, recent research suggests that telecommuting's popularity is surging: According to statistics from Global Workplace Analytics, there are currently 2.9 million telecommuters in the U.S -- a 66% increase over just seven years.

The benefits to working from home are many. Aside from having the flexibility to pick your kids up from school or check on your elderly parents (if they live nearby), there is a tremendous savings factor. Kate Lister, president of Global Workplace Analytics, developed this personal savings calculator, told me that cutting back on a 30-mile round-trip commute and working from home just one day a week could save someone $794 per year. Cutting back on that commute five days a week could save a person over $5,000 per year. (Give it a whirl for yourself to see how much money you could save.)

So why aren't more people working from home? For those with jobs, it's a matter of making a good case to your boss (more on that in a bit). But for those who are out of work and looking for a telecommuting job, it comes down to one word: scams. "There are an average of 70 [work at home] scams to one real job," says Sara Sutton Fell, CEO of FlexJobs.com. "I was really shocked at how many scams there are."

The good news is there are ways to cut through all the cons and find something legitimate. Here's what you should do:

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o. Double-check every link and email address. A good work-from-home scam will try to mimic the web address of a legitimate company, so put your detective skills to work before you click on anything. "You should be seeing the primary domain name," says Fell. "Is it a plain company name, or does it have extended characters? When in doubt, type the company name into Google to see what the real website looks like."

o. Be wary of any email addresses you see in a suspicious job posting, too. "If the company name is hidden, or you're asked to send your resume to a Hotmail or Gmail address, why are they not sending you to a dot-company address?" asks Fell.

o. Use a reputable resource. Particularly good websites include Undress4Success.com, WorkOptions.com and FlexJobs.com. FlexJobs.com actually researches and screens job postings, so it's your best bet for finding a legitimate opportunity. They do charge a small monthly fee, but you can find jobs in a wide range of specialties and types. For example, on the site now are posts for an events coordinator for the Parkinson Foundation of the National Capital Area (a full time telecommuting job), a technical support advisor (a part-time telecommuting job) and freelance marketing director position for an e-commerce company.

Gallery: 25 Unusual Ways To Make Quick Money

When You're In Dire StraitsSell Your Body Parts: Plasma, Hair And Breast MilkOffer To Watch Children, Pets, or House-sitCollect Your ChangeSell Stuff On Craigslist
Finally, Lister told me that 45% of the U.S workforce holds jobs that are compatible with telecommuting at least part time. If you have an office job you love, but would love to do it from home once or twice a week, the key is to craft your pitch so your boss and company can see the benefit they'll derive from the arrangement. Inventory the hours you spend in the office; detail how you use your time. If colleagues distract you two hours a day, and you commute two hours a day, that's four hours a day that could be otherwise spent working. Make your pitch as detailed as possible: Include the schedule you would keep, a plan for how you'll handle interruptions, and your strategy for protecting important data outside the office. The more prepared you are, the more likely it is that your home office will finally start getting some use.

-- With Maggie McGrath




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]]>commuting costsCommutingCostsFlexJobs.comGmailGoogleHotmailhow to find a jobHowToFindAJobjean chatzkyJeanChatzkySara Sutton FelltelecommutingUndress4Success.comwork at homework from home jobswork from home scamsWorkAtHomeWorkFromHomeJobsWorkFromHomeScamsWorkOptions.comJean ChatzkyThu, 07 Jun 2012 16:11:00 EST4 Easy Ways for Young Adults to Get a Handle on Their Credit Scoreshttp://www.dailyfinance.com/2012/05/29/how-to-get-a-handle-on-credit-sco/http://www.dailyfinance.com/2012/05/29/how-to-get-a-handle-on-credit-sco/http://www.dailyfinance.com/2012/05/29/how-to-get-a-handle-on-credit-sco/#commentsFiled under: ,

credit cardsRecent college grads, I know some of you thought your test-taking days were over, but I have one final pop quiz for you: It's a bit of a credit score challenge.

1. Who collects the information on which credit scores are most frequently based?
2. Does each consumer have just one generic credit score?
3. How important is it to check the accuracy of your credit reports at the three main credit bureaus?

If your answers were Experian, Equifax and TransUnion (the three main credit bureaus); no; and very, you'd have done well on the Credit Score Quiz conducted by VantageScore and the Consumer Federation of America. The recently released results show that consumer knowledge about credit scores improved significantly over the past year. And quiz takers in the youngest bracket -- ages 18 to 34 -- are overall more knowledgeable than any other group. "They are more likely to understand that if they have a low score, that would be very costly to them, and they're more aware of the ways to raise their score," says Stephen Brobeck, the CFA's executive director.

Unfortunately, those young people often carry some misconceptions that could make them easy prey for credit-related scam artists. When questioned about credit repair companies, which often promise to erase your bad credit, 60% said that they believe they are "always" or "usually" helpful. In reality, these companies very often make promises they can't keep.


So how do you keep on top of your credit, at this crucial stage? After all, college graduates these days are walking across the stage with record levels of student loan debt. You may want to buy a car soon, and perhaps a house. You'll be getting married and climbing up the career ladder. (And, newsflash: many potential employers check applicants' credit reports.)

Here are four free tricks:

o. Pull your credit report. Each credit bureau offers you one free credit report a year - so three total - through the website
annualcreditreport.com. Pull yours ASAP to see what others are seeing. And if you answered question number three above wrong, here's your chance to redeem yourself: Go over your report, highlight any mistakes, and then contact the bureau to help you fix them.

o. View your FICO score. The FICO score is the gold standard, but it's not free. However, you can avoid charges by signing up for a free trial at myFICO.com. You won't pay a penny unless you fail to cancel your trial within 10 days, at which point you'll be locked in to a three-month minimum subscription to FICO's Score Watch (a credit monitoring and alert service) at $14.95 a month. In other words, set a reminder on every calendar you own, twice. If that's too risky for you, you can pull a close approximation of your score from CreditKarma.com or CreditSesame.com.

Gallery: Top Signs You May Have Been a Victim of ID Theft

You Could Be a Victim and Not Even Know ItRed Flag No. 1:Red Flag No. 2:Red Flag No. 3:Red Flag No. 4:

o. Monitor it. CreditKarma.com also offers free credit monitoring, which will alert you if there are any major changes on your report. It can help you prevent identity theft, which can be severely damaging to your credit.

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o. Use it. This might seem like a no brainer, but to have decent credit, you have to use credit. The best place to start when you're a young adult is with a credit card. Now that you know your score, you'll be able to estimate what kind of card you'd qualify for at a site like NerdWallet.com or LowCards.com. Choose one with a low interest rate and no annual fee, then use it and pay it off every single month.

-- With Arielle O'Shea

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]]>Consumer Federation of Americacredit reportCreditReportCreditsesame.comEquifaxExperianFICO scoreFicoScorefree credit reportFreeCreditReportimprove my credit scoreImproveMyCreditScorejean chatzkyJeanChatzkyNerdWalletTransUnionVantageScoreJean ChatzkyTue, 29 May 2012 14:45:00 ESTJean Chatzky's Gift to Moms: 3 Tips for a More Secure Retirementhttp://www.dailyfinance.com/2012/05/09/the-perfect-gift-for-mom-a-3-step-plan-to-a-more-secure-retirem/http://www.dailyfinance.com/2012/05/09/the-perfect-gift-for-mom-a-3-step-plan-to-a-more-secure-retirem/http://www.dailyfinance.com/2012/05/09/the-perfect-gift-for-mom-a-3-step-plan-to-a-more-secure-retirem/#commentsFiled under: ,

Mother's Day MoneyLast week, ING released some new research on women and retirement:
On average, women have nearly $41,000 less socked away for their future than men.

I wasn't completely shocked by the finding, nor will you be, I'm sure. The root of the problem is pretty clear: We women are still paid less than our male counterparts. We're more likely to be single parents, and if we're not, we still spend more time out of the workforce caring for children, for which we'll be celebrated come Mother's Day on
Sunday.

All told, we work about 32 years to a man's average 44. And we're more likely to be in part-time positions, working for employers who don't offer retirement plans.

"Women end up with a lower income, and less time spent in the workforce, which means they get lower Social Security benefits -- 26% less in Social Security benefits than men," says Delia deLisser, director of women's programs at ING U.S.

The rub is that women will need more retirement savings than men, not less. We tend to live longer, meaning we face years of living alone and caring for ourselves. And because of that, we have higher medical costs in retirement: A recent report from the Insured Retirement Institute found that a 65-year-old man can expect to spend $350,000 for health care expenses throughout the remainder of his life. The average woman will need $417,000.

Luckily, we're also used to working hard, because getting to your retirement goals takes a little hard work and dedication. I'm giving you Sunday to put your feet up, bask in the glow of your family and eat breakfast in bed. But come Monday, it's time to buckle down about retirement. Here are three things you can do to get on track, no matter what your income is:

1. Find the right way to save. If you have a retirement plan at work, and your employer offers matching contributions, that's the place to start. Begin by contributing as much as it takes to get the maximum amount of that free money, then slowly work your way up from there. The best trick is to increase your contribution each time you get a raise, and ask your HR department to deposit bonuses directly into your 401(k).

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If an employer plan isn't an option, you want an IRA. That includes all of you stay-at-home mothers: You're eligible to open and fund a spousal IRA as long as you and your spouse file a joint tax return and his income is at least as much as your contribution. You can put up to $5,000 a year in that account.

2. Set a budget that includes retirement contributions. This is a common mistake: You budget first, then save later. But your budget should include retirement as a line item, right next to groceries, the mortgage, and your cell phone bill. It's just as nonnegotiable.

"Make sure that you're setting aside money for retirement at the same time as your household expenses," says deLisser. If you don't, you'll always find another use for that cash. This is easy if you have a 401(k): Contributions are pulled out before you receive your paycheck. If you don't, set up your IRA to automatically pull contributions from your checking account each month.

3. Get some guidance. To save effectively, it helps to have a plan -- a roadmap for the future. The best place to start is an online calculator that will help you draw up an estimate of what you'll need in retirement. I like the Ballpark E$timate or T. Rowe Price's Retirement Income Calculator. Once you have that, you should get some outside help to get there. Talk to friends and family members who are good with their money, says deLisser. " That's a great way to get started learning about this - you can find out what they're doing and what works and doesn't work for them. As you need more guidance, you can work with a professional." NAPFA.org is a great resource for finding a financial planner in your area.


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]]>401kadvicebudgeting for retirementBudgetingForRetirementemployer matching fundsEmployerMatchingFundsHealthhow much money do I need to retireHowMuchMoneyDoINeedToRetireIRAjean chatzkyJeanChatzkyMother's Dayretirement calculatorRetirementCalculatorSocial SecurityT Rowe Price Group Incwomen and retirement planningWomenAndRetirementPlanningJean ChatzkyWed, 09 May 2012 13:35:00 EST