29 Jun Start thinking of “smart spending” when divorcing

If you are divorcing or newly divorced, and trying to figure out how you’ll manage financially, it’s hard to think about your spending along with all the other issues in divorce. However, while you’re working through your settlement, you can start to think about how to save in many ways without feeling like you are “penny pinching”.  Each savings will add up more than you could believe possible.

Did you know that every minute water flows down the drain wastes up to 2.5 gallons? So turn off the water while brushing your teeth or shaving. Only run the dishwasher and washing machine when you have full loads, water plants in the morning when the water is less likely to evaporate.

Drive the speed limit, go easy on the brakes, and carpool when you can. The more moderate your speed, and the less you rev the engine, the less gas you are going to use. This could save you $4 to $40 a month depending on how much you drive.

Almost a third of gift cards go unused. And more get used too late. If you read the fine print on the back of the card, you may be shocked to see that some cards expire as quickly as six months after their purchase. Others charge $1 to $2.50 for dormancy, maintenance, or inactivity fees if they’re not used within 6 to 24 months. Solution: Shop and save the face value of your card!

The average household gets 15 bills a month. At 61 cents a stamp that’s over $100 a year. See if your bank offers free online bill payments.

It may not seem like a lot, but most out-of-network banks charge $1.50 to $3.00 for a bank withdrawal. Would you like to take out money and only get 97 percent of what you asked for? That’s what you get if you take out $100. Plan ahead and go to your bank’s ATM. You could save as much as $30 a year.

The point of insurance is to protect you when something really bad happens, not for small claims. Raise that deductible on your car or homeowner insurance and save $200 to $300 a year.

If you followed all of these tips, you could save hundred a year!

05 Jun Measuring Your Lifestyle

A business metric is any type of measurement used to gauge some quantifiable component of a company’s performance. Business metrics are part of the broad area of business intelligence, which comprises a wide variety of applications and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better business decisions. Creating a “metrics” to measure family lifestyle can be a valuable tool when you are separating. It useful information to have and it is usually part of the financial disclosure information required.

A family’s “lifestyle metrics” includes

  • The day to day living expenses incurred during the marriage
  • Spending habits of the individual family members
  • Recurring  expenses by category of expense
  • Unusual , non recurring seasonal expenses

Benefits to you :

  • Information is accurate rather than “best guesses”
  • Provides a reality check for couples of where their money is really going
  • Uncovers any gaps /discrepancies between reported income and non reported income
  • Provides more accurate picture of what is required by each spouse post separation
  •  Starting point for  each spouse to develop their own individual future budgets

Speak to me about the possibility of creating a metrics of your family’s lifestyle.

 

10 Aug Do I need Financial Advice in my Divorce?

The other day I  got a call from Sue (not her real name)   who wasn’t sure if she needed independent financial advice as she was getting ready to divorce  her spouse.   Based on my discussion with her, I thought I share this  check list with you.

If any one of the situations listed below is your case, you have good reason to get some expert financial advice;   if you face two or more, going without seeking advice, is risky.

Personal

  • You don’t understand your situation
  • You have a good income and a busy schedule, so you would be better off if someone else did the paperwork
  • You want to be sure you’re doing the right thing and have the confidence of knowing it’s being done right

 Property

  • The division of marital assets and debts is unequal
  • Home or real estate  is being kept to sell later
  • Major asset is being divided or sold
  • You aren’t sure how to value some assets
  • You aren’t sure how to value pension from employment during marriage
  • One or both spouses are self-employed owners of a business or professional practice

Your spouse

  • You can’t agree about important issues
  • You can’t get information from your spouse about assets or income
  • You suspect your spouse may be hiding assets
  • Your incomes  differ by more than 20%
  • There are special needs or health problems

How many of these apply to your situation?

 Total Number  _________________