May 15, 2012

Stretch Your Retirement Dollars

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What if you’re nearing retirement and you determine that your retirement income may not be adequate to meet your retirement expenses? If retirement is just around the corner, you may need to drastically change your spending and saving habits. Saving even a little money can really add up if you do it consistently and earn a reasonable rate of return. And by making permanent changes to your spending habits, you’ll find that your savings will last even longer. Start by preparing a budget to see where your money is going. Here are some suggested ways to stretch your retirement dollars:

• Refinance your home mortgage if interest rates have dropped since you obtained your loan, or reduce your housing expenses by moving to a less expensive home or apartment.

• Access the equity in your home. Use the proceeds from a second mortgage or home equity line of credit to pay off higher-interest-rate debts, or consider a reverse mortgage.

• Sell one of your cars if you have two. When your remaining car needs to be replaced, consider buying a used one.

• Transfer credit card balances from higher-interest cards to a low- or no-interest card, and then cancel the old accounts.

• Ask about insurance discounts and review your insurance needs (e.g., your need for life insurance may have lessened).

• Reduce discretionary expenses such as lunches and dinners out.

By planning carefully, investing wisely, and spending thoughtfully, you can increase the likelihood that your retirement will be a financially secure one.

Retired Divas, in what ways have you stretched your dollar? Share with us in the comments below! xoxo

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May 13, 2012

Happy Mother’s Day: Tips For The Single Mama

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Mother's Day, 1991 {click to enlarge}

Happy Mothers Day, Divas!! We know you’re superhuman to be able to juggle EVERYTHING, including becoming your family’s Chief Financial Organizer, so we applaud you for all your efforts. We ask you today to focus on all of your accomplishments and blessings– not the messy closet you haven’t had a moment to organize or the perennial garden waiting to be planted. Who CARES?! The love and support you give your children is really all that matters. And for those mama Divas out there who are single moms, please, please make sure you take extra time to focus on your personal finances because your children only have you to count on.  Here are some simple things to do that will protect you and your children, and might even save you some money!

-Make sure your will is up to date, especially with respect to the person you have named as Guardian and Trustee. Believe it or not, the COURT will be left to decide the custody and guardianship of your child, as well as the division of your assets, if you don’t have a will. Now who wants that?  We recommend that you don’t name the same person to be both guardian (the upbringing) and trustee (the money) because it can cause conflicts but if you can’t think of a second trusted friend or family member then it’s ok, just not preferable.  (And if you are divorced then your ex may trump this anyway)

-Grab all the tax breaks you can get! Buckle your seat belt…here goes:

-Make sure you are filing Head of Household (and NOT single) if you qualify. Ask your CPA if you qualify but here’s a quick test:

1. If you are a US citizen and unmarried at the end of the year

2. You paid more than half the cost of keeping up a home

3. The home was the principal residence for more than half the year for your qualifying child (or qualifying relative)

4. And DON”T worry if you can’t claim the child dependency exemption due to a divorce. That won’t automatically knock you out.

Any other tax benefits for supporting a qualifying child?  YEP!

-Dependency Exemption:  Make sure you have taken the time to get a social security number for your child or you won’t be able to claim the child for a very valuable tax exemption.  Again, ask you CPA if you qualify.  Remember “no tickie, no shirtie”  Now it’s “No SSN, no tax benefit!”

-Child/dependent care credit: For working mom’s who need child care, don’t miss this opportunity to claim a valuable credit, not deduction! The child care must be for your child under the age 13. Wow….does the IRS think it’s safe to leave children home alone when we travel on business trips?? Get with the program!!

-Child Tax Credit

-Dependent care benefits exclusion

-Earned income credit

-Make sure you have enough life insurance, especially if your assets alone are inadequate to provide for your family if you die prematurely. What’s enough you ask? Enough to support your child through college years,  even if they will be supported by the guardian, to maintain the lifestyle they are accustomed to with you including possibly having enough to pay off the mortgage so they could remain in their home if the guardian lives in small apartment; and college of course.  If you have limited funds but are in great health now, you will be pleasantly surprised by how inexpensive term life insurance costs and likely to fit in your budget since you can pay it monthly in most cases. ALWAYS have it in trust and not paid outright to your minor child! Do this when you get your will done!

-Consider purchasing Long term disability insurance, especially if it is offered at work

-Leave written instructions regarding the location of EVERYTHING!! Your two-year old may know his alphabet but has no clue where you keep the keys to the fire-box!

-Make sure you have a “Rainy Day” fund

-Take care of YOURSELF! Your child is counting on you not to get sick by running yourself down.  We all need fun so be on the lookout for DivaDocs which will be loaded with REWARDS for even little accomplishments. Who doesn’t need a pat on the back or a free something once in a while?

Happy mothers day from your mom/daughter diva duo! Let us know how you spent your Mother’s Day in the comments below! 

 

 

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May 10, 2012

An Update On Our Mobile App

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Things have been very busy around here! We’re currently in the first round of beta tests for our mobile app, DivaDocs, which is why we haven’t been posting 4-5x a week like we usually do. We’re expecting DivaDocs to hit the App Store this summer and can’t wait to share it with you all! In the meantime, check out our Mobile App page for updates. Here’s a sneak preview:

            

We’re sending you on the most important scavenger hunt of your life.

Find It!The first step to a financially sound future is locating all of your vital documents. We provide you with a comprehensive list so you know what you’re looking for and if you can’t find something, we tell you how to get a new one.

Learn It! Let us help you understand your vital documents by providing mini lessons and helpful tips on everything from an umbrella insurance policy to a living will.

File It! Access your information anytime, anywhere with the option to store important details on your device locally and scanned in versions of your vital documents in the cloud.

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May 7, 2012

Preparing Your High School Senior For Financial Independence

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The acceptance letters have arrived and high school seniors now know where they are headed in the fall.  While it seems like the hard part is over, now comes the business of living at college and how to manage the day-to-day expenses.  Students, will you make the college experience the launching point of your future financial independence?  Parents,  will you make college the launching point of your child’s independence?

College is a whole different ballgame than it was 20 years ago, and it’s not only the tuition prices that have changed. Without computers, cell phones or campus “spending cards,” you likely embarked on your college experience with a much different financial mindset than your child.

An effective way to teach your college-bound child about responsible spending is by encouraging a part-time job the summer before they head to school.  Coax them to save their earnings by offering to match whatever they put in a savings account. Your child’s first semester will come with plenty of new responsibilities and learning experiences, so I recommend holding off on a job until students are confident they can balance academics and extracurriculars. When the time for a job does come, on-campus work opportunities, such as checking students into the fitness center or working at the student call center, are wonderful options. On-campus jobs have several advantages over working off-campus such as, no commute time, a flexible work schedule and a boss that will be more understanding of exam week and other school commitments.

You should definitely speak to your child about debit and credit cards before sending them off to school. Campuses are filled with booths looking for students to sign up for a credit card. Be sure to check out the campus on move-in day to make sure your student’s university has plenty of their ATMs on campus that support their bank. (I went to a college that exclusively had Bank of America ATMs on campus and I had a card with Citibank. By my sophomore year I opened a debit card with Bank of America which made my life easier.) If you’re debating whether to send your child to school with a debit card, credit card or both, check out our post on teens and credit cards here.

Some parents see college as the right time to have their child take responsibility for their cell phone bill if they haven’t already. If this isn’t you, still consider discussing who will be responsible for apps, movies and music, as these expenses can add up quickly.

Transportation can be costly, but some schools, like the University of San Francisco, provide their students with a transit card to help them get around the city. Costs for the card are built into the tuition. This allows students to use the city’s public transportation without having to pay out-of-pocket each time. Find out if your child’s school provides a similar amenity or if they will be responsible for their own transportation fees. If your child has a car, you should discuss if they will be bringing it with them. Most colleges don’t permit freshman to keep a car on campus but if your child is eventually going to bring a car to school, you’ll want to go over who will take responsibility for parking fees and gas.

It wouldn’t be college without some fun, so it’s important to consider who will be responsible for  your child’s discretionary expenses and if a budget will be implemented. If you’ll be providing your child with an allowance, the most important thing is consistency. Choose an amount you find appropriate and a schedule to dispense the money and stick with it. Have an honest conversation about what is important to your child and help them predict how that will effect their budget. For example, if your child loves live music you’ll want to add concert fees to the budget.

Every child is different, and their budgets will be too. Here are some other spending areas to consider discussing with your child:

    • Laundry. Will you provide your child with a weekly fund for laundry or will it be up to them? If you’re considering an allowance you may want to include this expense.
    • Books. Your student will likely need to purchase textbooks for each new semester and they aren’t cheap! Will you split the bill? Is the cost on you for freshman year? The campus store may not be your best option for buying books. Compare prices at used bookstores and online.
    • Student Loans. It may seem early to start thinking about the debt your child will likely leave college with, but it’s not! Include your child in the student loan process so he/she won’t be shocked come graduation.
    • Going Greek. If your child hopes to take part in a sorority or fraternity, discuss with them how you expect to pay their dues which come in at an estimated $600 per year.
    • Study Abroad. If your child is interested in a semester or year abroad, refer to his/her school’s study abroad office for information on programs the university offers. Compare tuition prices, the cost of living in the desired location, traveling fees and exchange rates.
Remember, budgets are meant to be reevaluated and updated. After your child has experienced a few months of college life, revisit the predictions you had for his/her budget and make any necessary changes.  A huge thanks to Louise for suggesting this important and timely topic! Do you have something you’d like us to write about? Let us know in the comments below!!

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May 2, 2012

The 5D’s: Debt

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We always say the 5D’s can happen to anyone at anytime and Debt is no exception. More often than not debt comes with another D, denial, which leads us to Teresa Guidice’s story. The Real Housewives of New Jersey reality star and her husband, Joe Guidicee, made headlines  when they filed for bankruptcy after accumulating 11 million (!!) dollars in debt. The press continuously criticized Teresa for her excessive spending during the period leading up to the bankruptcy.

Notorious for being extravagant, it may come as no surprise that Teresa racked up $20,000 of debt on her Bloomingdales credit card and more than $100,000 on others. In an attempt to justify her excessive spending, Teresa stated in multiple interviews that she had no idea that her family was in deep debt.

“Joe kept me in the dark about our financial situation because didn’t want to worry me,” she told People Magazine. “He didn’t tell me at first because he thought things were going to get better.” 

Teresa addressed her family’s current financial situation on her blog for BravoTV, “The economy was really tough two years ago, especially if you were in construction and owned buildings like Joe and I did. When our tenants couldn’t pay their mortgage, we couldn’t pay the building mortgage. We filed for bankruptcy, and the amount was huge because it included the full mortgage on several buildings. Of course, good news isn’t reported as often as bad news, but here’s our good news: the banks were able to sell our buildings, which was most of our debt, so we withdrew our bankruptcy petition and are working on paying off the rest of our debt ourselves!”

Life After Bankruptcy: Not So Hot

Teresa addressed her family’s current financial situation on her blog for BravoTV, A bankruptcy notation will appear on your credit report for 10 years. It’s a serious blemish that can affect you in many ways. Aside from the difficulty it will cause when you try to get new credit, insurance companies may correlate your ability to pay your debts with your ability to make premium payments. As a result, a bankruptcy notation on your credit report may make it difficult (and more expensive) to get certain types of insurance. What’s more, an employer may take your credit history into account when deciding to hire or promote you. Instead focus on living within your means and managing your debt!

If you have a lot of debt, you’re not alone. Today, more and more Americans are burdened with credit card and loan payments. So whether you are trying to improve your money management, having difficulty making ends meet, want to lower your monthly loan payments, or just can’t seem to keep up with all of your credit card bills, you may be looking for a way to make debt repayment easier. Debt consolidation may be the answer.

What Is Debt Consolidation?

Debt consolidation is when you roll all of your smaller individual loans into one large loan, usually with a longer term and a lower interest rate. This allows you to write one check for a loan payment instead of many, while lowering your total monthly payments.

How To  Consolidate Your Debts 

There are many ways to consolidate your debts. One way is to transfer them to a credit card with a lower interest rate. Most credit card companies allow you to transfer balances by providing them with information, such as the issuing bank, account number, and approximate balance. Or, your credit card company may send you convenience checks that you can use to pay off your old balances. Keep in mind, however, that there is usually a fee for this type of transaction, and the lower rate may last only for a certain period of time (e.g., six months).

Another option is to obtain a home equity loan. Most banks and mortgage companies offer home equity loans. You’ll need to fill out an application and demonstrate to the lender that you’ll be able to make regular monthly payments. Your home will then be appraised to determine the amount of your equity. Typically, you can borrow an amount equal to 80 percent of the value of the equity in your home. Interest rates and terms for home equity loans vary, so you should shop around and compare lenders.

Some lenders offer loans specifically designed for debt consolidation. Again, you’ll need to fill out an application and demonstrate to the lender that you’ll be able to make regular monthly payments. Keep in mind, however, that these loans usually come with higher interest rates than home equity loans and, depending on the amount you borrow, may require collateral on the loan (e.g., your car or bank account).

Should You Consolidate? 

For debt consolidation to be worthwhile, the monthly payment on your consolidation loan should be less than the sum of the monthly payments on your individual loans. If this isn’t the case, consolidation may not be your best option. Moreover, the interest rate on your consolidation loan should be lower than the average of the interest rates on your individual loans. This allows you not only to save money but also to lower your monthly payment.

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Apr 27, 2012

The 5D’s: Disaster

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“I was starting to make my way down the flights of stairs when the PA system came on and told everyone to go upstairs and head back to their office,” remembers Lisa Stone, New York native, “It seemed to be a reasonable request considering no one had any idea what was going on and the emergency workers were busy evacuating people from Tower One.”

Lisa wasn’t convinced; her gut was telling her to get out of the building. The 25-time marathon runner steadily made her way down 83 flights of stairs to safety on Sept. 11, 2001.

“I had never even thought about my mortality before 9/11,” says Lisa, “so that was a real wake up call for me to take charge of my whole life.”

In 2001, Lisa was 32-years old. She was healthy, extremely active and successful. She was married with two young children and the breadwinner of her family. Lisa saw little reason to contemplate or plan for her death.  She had no life insurance and admits to being unaware of the insurance she had through work. If Lisa hadn’t listened to her gut that day, she knows she would have left her husband and two children in a state of financial confusion. She promised herself that she would change things from there on out.

Lisa with her two kids in Cabo, March 2011

“It’s so traumatic to lose a loved one,” says Lisa, “and it makes it that much more difficult for everyone if they are left in a financial mess trying to piece together documents.”

She now has a will, the appropriate amount of life insurance and an emergency escape plan with her children.

Having been a full-time employee in the World Trade Center and lifetime Manhattan resident, Lisa lost several friends and coworkers in 9/11. At the time of the attacks the CEO of the company she worked for had just been replaced, so as head of sales, Lisa was pushed into the role of meeting with families who had lost a loved one.  Many had left their families hunting for documents and in a state of confusion.

Lisa remembers one of her female coworkers who decided to listen to the PA announcement and return to her office that day. The woman was raised by her single mother and had a humble financial upbringing. She had no children. Only months prior to the attacks the woman had bought her elderly mother an apartment, but now that she was gone who was going to take care of the payments? Luckily, she had the sense to buy mortgage insurance in advance. This enables her mother to enjoy the rest of her life as much as she can and grieve the loss of her daughter without financial burden.

What is most impressive about Lisa’s coworker is that most women begin to think in terms of the future when they have children {that’s what encouraged Erin to pursue her financial battles in our Death post}. This gives us the opportunity to address something very important: you don’t have to have children to care about your financial future. Lisa puts it perfectly,

“I think everyone has someone or something that they care about. I have friends that don’t have any children but who are obsessed with their pet.” It’s all about caring for and  protecting the people you love.

Women are naturally caregivers and we’re constantly putting everyone else’s needs before our own. So why is there a disconnect when it comes to planning for after we’re gone? It all boils down to this:

“It’s easy to bury your head in the sand because the truth is, if it happened to you you wouldn’t be there to deal with it,” Lisa says. “But when looking at it from a rational perspective, I think most women would want to make sure their loved ones are taken care of.”

Do the people you love a favor and create YOUR plan today. Have a great weekend, Divas.

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Apr 26, 2012

Did You Take Your Child To Work Today?

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Don Draper takes his daughter, Sally, to work with him on AMC's hit series Mad Men.

Today is the 20th anniversary of “Take Your Son Or Daughter To Work Day” and the tradition is alive and well; last  year more than 3.5 million workplaces participated. I have fond memories of skipping school and tagging along with my parents for the day at work. Never did I expect that years later I would actually be working with my mom! So corporate Divas, what do you think of the day? Did you participate? Let us know in the comments below!

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Apr 25, 2012

The 5D’s: Divorce

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Be Prepared, Not Scared is our motto at DivaCFO but divorce isn’t something anyone hopes or plans for. Unfortunately, divorce is a reality that many of us go through. .Our close friend, Cindy*, and her husband of almost 20 years divorced in 2010. Their divorce was cordial, without mud-slinging or petty drama, but that isn’t to say it was a walk in the park. Divorce not only comes with several emotional hurdles, it comes with major financial ones too.

 “People going into divorce are emotionally wiped out,” Tracy Stewart, Divorce CPA, tells us, “which makes it hard to think with financial clarity.”

Cindy admits that the huge challenge of divorce is that, “You have to come to a financial agreement with your ex that accounts for today AND tomorrow.” She quickly realized that she did not want to go through this alone and found a CPA who not only specialized in divorce, but focuses her practice on women in divorce.

 “The first step for anyone who is facing a divorce is to find a CPA who specializes in divorce,” Stewart says. “They will help you understand what your financial situation looks like and give you their honest opinion of local attorneys.”

Working with a CPA will help you make your time with your attorney as efficient as possible and they are typically much less expensive to work with. Stewart helps her clients estimate their post-divorce expenses with a Divorce Budget Spreadsheet (here). To get an idea of their budget, Stewart asks her clients to pull 12 months of bank statements and list every single transaction. She then helps them figure out what percentage of the spending is theirs, what percentage is their spouse’s and what percentage is the children’s.

 “It’s so overwhelming!” Cindy admits. “My husband and I didn’t live on a budget when we were married. I had no sense on what I was spending on something as simple as groceries.  So I put a sticky note in my wallet and every time I went to the grocery store I would write down how much I spent.”

Divorce is a marathon not a sprint.  Cindy avoided getting overwhelmed by doing a bit at a time. “I would take ten items and get those done. Then I would stop, reward myself with retail therapy and go back next week and do another ten. “

Cindy was kind enough to share some financial details of her split. Remember, no divorce is the same, and what worked for Cindy and her husband may not be the best choice for you.

Joint Ownership of the House

Even though they’ve been divorced for two years, Cindy and her husband jointly own their house. This was part of their settlement for investment and tax reasons. “When women go through divorce one of the most traumatic things for them would be for the children to have to leave the house that they grew up in,” says Cindy. But often times the woman can’t afford the house on her own, so the husband helps finance the home and keeps partial ownership. Cindy and her husband have agreed to revisit this situation after their two high-schoolers head off to college.

Their Budget

Cindy’s husband contributes 50% to all household related expenses, including utility and grocery bills. They have agreed to contribute equally to their children’s higher education and, heaven forbid, serious medical expenses. Cindy points out that their budget will have to be updated as their life changes. For example, her children will be on her health insurance until they are 26, meaning her husband will have to offset that item until then. After that, the budget will have to be revised accordingly.

Their Credit

As a member of a dual income household, Cindy and her husband contributed equally to the bills.  Over the past two decades they had built up a lot of great credit buying homes, cars, and paying everything on time. But once they got divorced, Cindy realized that she no longer had good credit-  all of the  bills {besides the house} she was contributing to were under her husband’s name.

“My car is still in his name. We didn’t buy the car thinking we were getting divorced. So every time I pay my car bill on time, I don’t get credit for it, he does. It’s very frustrating.”

Our advice for every woman out there is to build your OWN credit by having your name on the bill as the primary payer so good credit isn’t only built for your husband. This is true even if you are a stay at home mom and not financially contributing to pay those bills. Don’t worry, we know your job is harder and more important  than any other out there, so don’t undervalue yourself here! You deserve to build a strong credit score for yourself and should, in case any of the 5D’s hit!

*Name has been changed to protect the identity of our divorced Diva
Have you been through a divorce? What did you learn? Was your experience similar to Cindy’s? Share your stories with us in the comments below! For more on the 5D’s or divorce visit here or here.

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Apr 24, 2012

The 5D’s: Death

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Erin and her three beautiful children, Sean, Bridget and Ryan.

Although all 5D’s are difficult (death, divorce, disaster, disability, debt), we can pretty safely say that death trumps them all. Coping with the death of a loved one is perhaps the hardest thing we have to encounter in our lives. But when your spouse or a family member dies, you’ll also need to handle numerous financial and legal matters. One of our favorite divas, Erin O’Toole, has not only coped with the loss of her husband, but has done so with incredible grace and dignity. Here is her story.

As if loosing her mother to cancer as a young woman wasn’t enough, Erin faced the “big C” a second time when her husband John fell ill. Erin and John were still newlyweds, only married for a year and a half, when he was diagnosed with brain cancer. John battled six and a half long years after his diagnosis. You wouldn’t blame Erin if she allowed her life to go haywire.  But instead, she took the bull by the horns and saddled up, all while raising her three young children.

“Emotionally, it was a total mess. A nightmare,” Erin remembers. Despite the whirlwind of emotion she was feeling, Erin knew she had to face several financial matters for the sake of her husband and children. “I wanted to make sure the finances weren’t a burden on John while he was sick,” she shared, “At the end, he wasn’t even aware enough to know it was all taken care of.”

How She Got Through It

Luckily, Erin had a financial background and was already very involved in her family’s finances. “When we got married, I told John to hand over his wallet,” Erin joked, “He was always a big spender.”   Even if you’ve always handled your family’s finances like Erin, you may be overwhelmed by the number of matters you have to settle leading up to and following your loved one’s death. Here’s what she did:

  • Worked closely with the family CPA and their attorney.
  • Learned new financial concepts, such as refinancing a mortgage & budgeting a household with someone being sick and dying.
  • Stopped working. (An obvious luxury and not an option for everyone).
  • Became aware of John’s financial situation. “Thankfully John had upped his 401k to the max level and bought supplemental life insurance prior to getting sick. We would not be where we are today, living comfortably, had he not done that,” Erin says.
  • Located paperwork and made sure forms were up to date before John passed. “John was always really good about updating his records throughout the years. He always made sure his will was aligned with our family goals,” she says.

And most importantly:

  • Erin never stopped asking questions. John was on long-term disability leave and Erin remembers worrying  about whether she would get his full life insurance if he died while on disability. Although calling the insurance company was very difficult for Erin, she knew that it couldn’t wait. {The answer is yes, she would get his full life insurance even if he was on disability at the time of his death.}

Her Advice

  • Don’t make any important financial decisions soon after someone dies. You won’t be thinking clearly and you will make bad decisions. “I panicked. I took John’s 401k and cashed it in instead of rolling it over. I did this all without talking to my accountant or lawyer and ended up paying $35,000 in taxes.” Erin admits that this mistake could have easily been avoided with a quick call to her CPA.
  • Get a copy of the beneficiary designation form of the life insurance policy and retirement plan to confirm that you are the primary beneficiary and your kids (or a trust for their benefit) are the contingent beneficiary. If you do this before your loved one dies, it can be changed if need be.
  • Estate planning is really, really important. ” I never realized it until it slapped me in the face,” Erin admits. Be involved in the estate planning process, if not fully, at least 50%. Erin says that she reviewed her will five years ago and is currently reviewing it for an update.
  • Manage the finances together in a relationship.
Ps…while John was battling cancer he never felt sorry for himself. He and Erin not only took care of their own family but also raised thousands and thousands of dollars for The Lance Armstrong Foundation. An inspiration to all!
For more on the 5D’s or Death, click here or here. 

 

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Apr 20, 2012

What Are The 5D’s?

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 I wish I could tell you that our 5 D’s stood for diamonds, detox, denim, David Beckham & Dior, but our D’s stand for death, divorce, disability, disaster & debt. While nothing can prepare you for the emotional aspects of these life changers, a Diva should always be prepared  financially.  (With our help, of course!)

Now, it’s time to stop being left out of the loop! Demand to know what you have and what you need to protect yourself and your family. And spend the time to really understand and not rely on others to handle your financial affairs. Empower yourself NOW before any of the 5D’s strike. We will provide you with the appropriate questions to ask to find out the answers you need.

Next week we’ll be doing a series of posts on the 5 D’s: one D per day. Our posts will include our personal experiences with each subject and we encourage you to chime in too.

Have a fantastic weekend, Divas! xoxo

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