- RT @moneycrush: Ooo, ING is offering a $100 bonus for opening a business savings account with code BSA324. Guess what I’ll be opening… #
- My kids have pinkeye and are willing to share, if anyone is interested. #
- RT @bitterwallet: If you haven’t yet, pop over to http://enemiesofreason.co.uk/ to see how @antonvowl dealt with lousy content thieves. #
- RT @zen_habits: Excellent: No One Knows What the F*** They’re Doing http://bit.ly/9fsZim #
- @bargainr RE:Hypocrites. No, they aren’t. They have paid for those services, even if unwillingly. in reply to bargainr #
- RT @PhilVillarreal: If vegetables tasted good, there would be no such thing as salad dressing. #
- RT @The_Weakonomist: w00t RT @BreakingNews: Obama announces $8 billion in loan guarantees to build first U.S. nuclear plant in three decades #
- @SuburbanDollar CutePDF. PDF export as a printer. in reply to SuburbanDollar #
- RT @bargainr: There are stocks that have paid out dividends consistently for 50+ years… they’re Dividend Champions http://bit.ly/cSYXrY #
- “Four M&M’s if I poop” Economics lessons from a toddler. http://su.pr/2akWF9 #
- @The_Weakonomist Is seaweed a meat, now? in reply to The_Weakonomist #
Let me check….
A few days ago, I asked a coworker if she wanted to go out for lunch. She said she’d have to check her bank account before she decided.
What?
If you have to check your bank balance to know if you can afford something, you can’t afford it. It really is that simple.
Now, strict budgets aren’t for everyone, but everyone should know how much money they have available to spend. If you don’t know what you have to spare, you need to set up a budget.
Period.
After you’ve done that, you can ignore it, with the exception of knowing how much you have available to blow on groceries, entertainment, and other discretionary purchases.
If you don’t know where your money needs to go, how can you determine how much you can spend on the things you want?
Olivia Wilde is Having a Baby: What are the first-month expenses?
Olivia Wilde recently announced her pregnancy with fiance Jason Sudeikis as she’s due with her first child in the coming year. Although the couple have declined to reveal their due date, they likely are expecting to set aside a budget for their baby, even with their high incomes. With forty percent of moms saying that having a baby is more expensive than they initially assumed, it’s important to look at the overall costs in the first month for plenty of preparation and financial planning.
Food
The first-month’s expenses can slightly range, depending on if the mother is using formula to feed the baby or is breastfeeding.
Breastfeeding is free and will not cost a dime, besides the breastfeeding supplies that cost an average of $15 in the first month due to nursing pads and milk storage bags for freezing.
Name-brand formula can be expensive, an average cost of $25 a week as the baby will be feeding on it several times a day, totaling about $100 in the first month. Generic brands of formula cost half the amount, an average of $12 a week.
Medical
Health insurance is one of the most expensive costs for newborn babies with 39 percent of mothers paying $1,000 with their childbirth. Some even pay at least $5,000. Health insurance will also likely increase to $200 a month for the child with co-pays that range from $30 to $100 per visit. Some health insurance will refuse to cover certain costs, which include vaccines and immunizations.
Daycare
Paid maternity leave is considered a luxury in the U.S. and is often unavailable for mothers who are self-employeed or do freelance work, making daycare a necessity. Daycare for newborns averages to $100 a month, but can be at least $1,000 for celebrities that use an in-home nanny.
General Care
Wipes will cost an average of $13 in the first month with a $5 increase in the water bill for the baby’s laundry and baths.
Diapers are one of the scariest expenses that are priced at $80 for basic Pamper diapers for newborns. Using cloth diapers are a one-time expense, so if provided by a friend or relative at a baby shower, they are free to use consistently and do not require much water or detergent to wash every other day.
Bath soap, detergent, and baby-safe shampoo will cost $30 a month to maintain the hygiene of your baby.
Although Olivia Wilde’s baby will be unique in its feeding habits and the materials for diapers used, the average cost in the first month will likely total $200 and can go as high as $4,000 for a celebrity. Many of the costs simply depend on the baby and are determined by the type of diapers used, the amount of doctor visits, daycare that may be needed, and whether the baby prefers breastfeeding or feeding on formula.
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The Value of Hiding Money From Your Spouse
I have a confession, but it’s probably not going to be a big shocker if you read the title of this post.
I hide money from my wife.
Some of you just started screaming at your monitor that I’m a horrible person.
That’s cool.
You’re wrong, but the fact that I got that reaction out of you makes me smile.
Ok, I might be a little bit horrible, but not because I hide money.
My wife has an admitted shopping problem. If she thinks we’re broke, she shops less. That’s a win and allows me to save up for our long-term goals and provide for our financial security.
I don’t lie about it. If she asks how we’re doing, I tell her. At least in general terms.
But I didn’t tell her about my annual bonus, until we had a bunch of car repairs come up that would have swamped our emergency fund.
I also haven’t told her about the cash I’ve been stockpiling.
A couple of years ago, the power went out here for four days. It wasn’t just our house, it was 75% of everything within 5 miles of our house.
When the power came on in some places after a day or two, the phone lines were still down, which meant gas stations couldn’t process credit cards.
Quick, look in your wallet and tell me how much cash you have on you….
Most people live on their credit or debit cards.
Could you buy food or water if your plastic was gone?
I could that week, but not for long, so I started taking the cash payments from my side hustle and putting it aside. I’d come home, give my wife a little cash, keep a little cash for myself, and put at least 80% of it away. I absolutely refuse to touch that money for anything.
Part of the “set it aside and forget about” means not revealing its existence. It would be too easy to dip into it to pay the pizza guy or when we go to Rennfest.
So I don’t talk about, and it gets to sit all by itself in the safe, comfy and warm. It’s my security blanket, and nobody gets to touch my binky.
What to Take Away From John Cleese’s Divorce
If you haven’t been kept under a rock your whole life, you’re likely familiar with actor and comedian John Cleese. Part of the infamous Monty Python crew, he starred in films such as Monty Python’s Quest for the Holy Grail, and television shows such as Faulty Towers. However, are you familiar with what has happened to Mr. Cleese financially over the past few years?
When Cleese divorced his third wife she ended up with a divorce settlement that quite literally made her richer than him, despite the fact that they were married for only 16 years and had produced no children.
Divorce is, unfortunately, a fixture of modern society, and people of both sexes need to know how they can protect their personal finances in case of a divorce. After all, these days more than 50% of marriages end in divorce, so not preparing yourself financially for it is engaging is some rather wishful thinking. So how best to protect yourself and your personal finances, should you be unfortunate enough to have to go through one?
If you are the higher-earning party, get a pre-nup prior to marriage; this simply cannot be overemphasized. Cleese himself, already married to wife number four, incidentally, was told that he should have her sign a prenuptial agreement, he initially didn’t want to, despite having just been taken to the proverbial cleaners. He only reluctantly had one written up when his legal team essentially insisted. Even though prenups can be challenged or modified in court, if you are the party bringing more assets to the relationship, it is irresponsible of you not to solicit a prenuptial agreement from a potential spouse.
Another thing to keep in mind is that you should protect assets you have in joint accounts with your spouse, and also begin to actively monitor your credit, if things become acrimonious between you two. This way, you will prevent them from absconding with the totality of your shared funds, or ruining your credit if they are feeling malicious. If you need further information on how to do this properly, speak with a qualified financial planner.
So if you find yourself considering marriage and either have significant assets to protect or suspect you might have them in the future, you owe it to yourself to look into the legalities surrounding prenuptial agreements, and other thorny issues related to personal finance. Failure to do so can end up seriously impacting your life in a negative way, should you ever be faced with a vindictive or greedy spouse; protect yourself!
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Do 1 Thing
- Image by Sailing “Footprints: Real to Reel” (Ronn ashore) via Flickr
I’m lazy.
Really, I am. When I get home from work, I want nothing more than to plop down on the couch, dial up a movie and ignore the world for a few hours. I need some downtime to relax.
While I am keeping the couch from flying away, my wife gets home, makes dinner, does the dishes, changes the cat litter and maybe vacuums the floor. Once dinner is cooking, she usually throws in a load of laundry. Three kids is a great way to guarantee a lot of laundry needs to get washed.
I have just two things to say about that:
- It makes me feel really lazy.
- I love you, honey!
I’ve never considered it a problem because I work my butt off on the weekend. My wife isn’t happy with the arrangement because I tend to do next to nothing during the week. I think it’s a good balance. I’m productive on the weekend, she’s productive during the week. Unfortunately, my habitual laziness has caused a bit of tension. We’ve had a few “discussions” about that balance. It’s obviously not working.
Over the past few weeks, I’ve been trying something new. When I get home from work I’ve been doing just 1 thing. I do one thing per day. One day, I fold laundry, another day I do the dishes. Some days, I pick a room to organize. It’s never very much, but it’s always something that needs to be done and, possibly most important, it looks like I’m doing more so my wife feels less abandoned to the housework. I’m not actually doing more, but it gets spread out over the week, so it looks like more. Slowly, surely, all of the work is getting done.
It’s not a perfect solution, but it seems to be working. More is getting done, my wife feels like I’m helping out more and I get more time on the weekends to pursue whatever I feel like pursuing. It’s a win for each of us.
How do you balance relaxation and a shared workload?
