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How to Set Financial Goals for the Year

How to Set Financial Goals for the Year | CorporetteToday’s topic in Tales from the Wallet: do you set financial goals for the year? I started setting explicit financial goals when I left my cushy BigLaw job a few years ago — I had been so comfortable there that I could easily move every other paycheck to an interest-bearing money market fund, and then I took a job at a nonprofit, making about a third of my former salary. Suddenly faced with the prospect of austerity, I decided to set financial goals for the year.

Every year, I’ve kept my goals short, choosing just three or four, and I’ve gone back at the end of the year to see how I did. In 2010, my goals were to “1) bank all Corporette income, 2) renovate kitchen within budget, 3) max out 401Ks, and 4) pay down at least $10K of (my husband’s) student debt.” A few years later, when my first son J. came along, the goals were to “1) save 10% of our income, 2) max out J.’s 529 on top of our savings, and 3) assess all investments and figure out fees, performance, etc.” (That last one was a doozy and I wrote about it in our post on asset reallocation.)

(Pictured: Everyone says Comme des Garçons makes the best wallets — this gorgeous red continental wallet looks lovely.)

The “save X% of our income” goal is a mainstay on the goal list for me (sometimes 10, sometimes 15) and I’ve usually done a bit of planning to figure out how to get there. For example:

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Resolutions for 2017 – What Are Yours?

Resolutions for Busy Women | CorporetteResolutions: Do you do ’em? We talked last year about how some people have a resolution theme instead of a list (I had to read my post to remember that “hungry” was my resolution — sad!), but I think this year I’m back to a simple list of things, all aimed at finally losing the baby weight and trying to grow my business.

Like I did last year, I thought I’d round up some of our posts that might help you with popular resolutions, like looking more polished, moving more, growing your career, and more.  Ladies, what are your resolutions for 2017? How did you do on your resolutions from 2016? Did anyone have any breakthroughs that you’d care to share?

Look More Polished

Appreciate More, Stress Less

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Tales from the Wallet: How to React to a Stock Market Drop

How to React to a Stock Market DropDo you know what to do with your investments when the stock market takes a dive — how to react to a stock market drop? Were you worried about what would happen with the markets today? Late last night, as Donald Trump was getting close to winning the presidential election, the headlines began to announce dire predictions: “Trump’s win turns stock market into shock market,” from CBS News. “Be very scared for your 401(k) right now,” from Mother Jones. “Stock Futures Plunge as Donald Trump Posts Surprising Win,” from the Wall Street Journal.

Not everything about such a situation is bad, as Shannon McLay, founder and president of The Financial Gym, told us this morning before the markets opened:

I think that today will be a gift to investors as the stock market will likely drop on the uncertainty of a Trump presidency, but what that means for investors is that they have the opportunity to buy stocks, ETF’s, mutual funds, etc., on sale. Who doesn’t love a sale? If you have cash in your investment accounts, you should consider investing in the uncertainty, especially if you are investing for the long run.

Now that it’s late morning, we know that things aren’t as bad as expected. Under the headline, “Markets meltdown fails to materialise,” the BBC reported,”The S&P 500, Dow Jones, and Nasdaq stock indexes were little changed after the first hour of trading.” The Chicago Tribune reported that the “conciliatory comments” in Trump’s victory speech “helped global stock markets recover a large chunk of their earlier losses Wednesday.”

If there had been a big drop in the stock market, what would you have done? Do you know what the best things to do are? These are some of the experts’ tips:

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7 Financial Steps to Take Before the End of the Year

Six Financial Steps to Take Before the End of the YearLadies, what end-of-year financial steps do you plan to take in the next few months? Besides making sure to buy a new planner (if you’re a paper-planner person, that is) and finish your holiday shopping, another thing to do before the end of the year is to take time to focus on your financial situation. Besides quick things like reviewing your W-4 deductions to decide if they’re still appropriate and checking that your employer has your current address on file so that you’ll definitely receive your W-2, taking these seven year-end career and financial steps will build a good foundation for the months to come:

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What Should Your Monthly Housing Costs Be?

housing costsHow much of your salary should you be spending on housing costs? What do you actually spend? We decided to devote a post to this topic after seeing an interesting discussion about readers’ rent/mortgage payments as compared to their incomes.

Before getting to specifics about housing: The general 50/20/30 rule for budgeting is still commonly accepted advice. The guideline was made popular by Senator Elizabeth Warren (who happens to be a bankruptcy law expert) in her book All Your Worth: The Ultimate Lifetime Money Plan. As described in this LearnVest article, you should:

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Tales from the Wallet: What to Do When You’re Facing “Frugal Fatigue”

frugal fatigueHow do you prevent “frugal fatigue,” also sometimes called “savings burnout”? It’s that feeling that you’ve been scrimping and saving and you have no money and the debts are still there and you’re not getting anywhere and dammit you just want to not think about it and buy what you want for a little while? I know readers have talked about this, and when I was writing the post about my budget spreadsheet, I realized that I have another spreadsheet I use also that, for me, prevents this kind of frugal fatigue: my “snapshot spreadsheet.”  This is how I personally prevent frugal fatigue, but I’m curious to hear from you guys — ladies, how do you prevent savings burnout? Do you rely on Mint or YNAB to give you an accurate picture of your net worth? How do you track net worth changes? Do you have similar ways of recognizing and patting yourself on the back for major monetary accomplishments, like debt payment or saving? (These particularly are helpful in guarding against savings burnout!) 

Pictured: Vera Bradley Georgia Wallet, $98 at Zappos in six colors. Love the fun inside lining! 

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