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Tales from the Wallet: Wedding Finances

Wedding, Finances, and Budget | CorporetteWhat are the financial implications of getting married — and how does your wedding budget affect your overall financial health? What other major milestones affect your financial health?  I’ve often read that how you handle a few major milestones in your life — wedding!  grad school!  baby!  buying a house!  divorce!  retirement! — can have a significant impact on your overall financial health.  So I thought we’d start a series on Money Milestones.  (We’ve already talked about how where you live affects your finances, as well as what a general money roadmap, through life, should look like.)

First up:  the financial implications of getting married.  The question to everyone who’s been through this: what choices did you make that affected finances? What would your advice be to someone just going through it (either for the first time or again)? To those of you who decided NOT to get married because of the financial implications — please share some of your thoughts with us!

For my $.02, these are my best tips:

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Tales from the Wallet: Finding a Financial Planner

How to Find a Financial Planner | CorporetteWhen should I get a financial planner? How do I find a financial planner I like? These are some of the biggest personal finance questions we’ve gotten over the years — but I’ve never hired one, so I asked Corporette editor Kate Antoniades to ask the experts for us.  This is her first post for Corporette, so a big welcome, Kate! (If you prefer to manage your own money like me, we’ve talked about some of the best starter personal finance books, how to manage multiple accounts, and even what our general money roadmaps look like.)  – Kat.

How do you find the right financial planner? And once you do, then what? Reader K, one half of childfree couple (also known as DINK, double-income-no-kids),  asks:

My husband and I are early 30s, both professionals, and we are what are considered a childfree couple. We’ve known for many years that we don’t want to have children. We’re at a stage in our lives, financially, where we’d like to consult a financial planner to start mapping out our next money moves. The thing is, we can’t seem to find anyone who might specifically cater to childfree couples. The considerations are different than those with children — estate planning comes to mind first and foremost — and yet, the closest we can get is the LGBT financial planning niche, where the considerations are still not quite the same. Long term health planning is not one of the concerns we find most pressing, actually, so we’re more focusing on retirement and estate planning.

This is a great question that most likely applies to many Corporette readers. Here are the answers to some common questions about finding a financial planner to meet your needs:

Do I need a financial planner?

Choosing to work with a financial advisor is a smart move, says Farnoosh Torabi, financial expert and author of When She Makes More. (She recently shared some relationship advice with us for women breadwinners). “A financial planner can help prioritize your spending, saving, and investing to help you achieve your goals.” He or she can also act as a mediator for couples who are having disagreements about money, she says.

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Tales from the Wallet: What’s Worth the Splurge (And What Isn’t)

When to Splurge, When to Save | CorporetteSomething that I’ve wanted to do for a while is talk about what’s worth the “splurge” (on a big or small level) versus what’s NOT worth the splurge. For example: I always joke that life is too short for cheap liquor and cheap toilet paper. On the flip side, I rarely notice the difference with a “fine” wine (ahem), and “good” coffee is wasted on me also — Folgers is just fine for my one cup a day. At the grocery store, I often buy store brands (or whatever’s cheapest).

On a day to day level, my cleaning lady (who now comes once a fortnight) is non-negotiable and an absolute essential (we love you Olga!), and I will give up other splurges (such as frequent dinners out) to keep room for her in the budget. (Pictured:  Fossil ‘Key-Per’ Wristlet, was $40, now $29.98.)

On a grander level, I think education is worth the splurge if other factors align; in other words, the more expensive program may be worth it if it offers enhanced networking capabilities / alumni base / career services / etc. In terms of housing, I’ve always prioritized living space over location or amenities (e.g., I’ve never lived in a glitzy apartment building in a super chic area but rather the largest apartment I could get in the safest area near where I wanted to live).

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Fashion Math: How to Know if That Pair of Shoes is Really Worth It

One of the things I’ve employed for YEARS now is what I call “fashion math.” I use a simple equation to figure out if a purchase is “worth it” to me. So let’s take this recent purchase — a cashmere sweater at Brooks Brothers marked down from $398 to $89 (pictured below).  The circumstances: it’s hot outside, I am hugely pregnant, and if all goes as planned, I’ll be breastfeeding through the fall and winter. This sweater will probably only be worn a few times in the immediate future, so was it a good purchase? Brooks Brothers Long Sleeve Cashmere V-Neck Sweater

To start with, the dealbreaker question: do I have the money to pay for the item NOW? As always, avoid credit card debt at all costs. Here, the answer is yes, so let’s move on… [Read more…]

Tales from the Wallet: Different Money Management Methods for Marriage and Partnerships

Managing Money after Marriage or Partnership | CorporetteWe’ve talked about how to keep track of many accounts — but I don’t think we’ve ever talked about which money management method Corporette readers prefer, once married or partnered.  There are a number of different methods that I’ve heard about through the years, and I’m curious to hear from you guys (particularly those of you who are the breadwinners):  what is your family’s method for sharing money?  (Pictured: Cole Haan Parker Exotic Tech Snap Wallet, on sale at 6pm for $59 (was $128).)  There was a great series in Slate a few years ago (now available as a Kindle book) that defined these main types:

  • Common Potters – people who combine all of their money
  • Sometime Sharers – people who have both separate and joint accounts (usually with an automatic percentage going into the joint account)
  • Independent Operators – people who have completely separate accounts

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Tales from the Wallet: How to Invest $10K

How to Invest $10K | CorporetteHow should you invest $10K? Readers were talking about this on our money roadmap post, and I thought it might be helpful to talk about more. Maybe you’ve recently gotten a bonus or small inheritance… maybe you’ve just been saving for a while and are now saying, OK, let’s invest this sucker. So what are the options? (Pictured: I’m kind of obsessed with this metallic teal wallet from Marc by Marc Jacobs (there’s a phone wristlet too!) The wallet was $208 but is now marked to $104 at Nordstrom.) I’m not a personal finance expert, of course, but here’s what I’d do (assuming you already have a fully-funded emergency fund and no credit card debt.  If you still have student loan debt, you may want to look at your interest rates and pay off all or part of a loan that has a particularly high interest rate.) Beyond that, though: [Read more…]

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