Open Thread: Vacation Time

Vacation Time | CorporetteAs the close of 2015 is almost upon us, here’s a question: did you use your vacation time? If you did (congratulations), please regale us with stories — wheredja go, whadja do, how’d you find the time to plan/schedule it, which app/service would you recommend, etc. — but if you DIDN’T (which historically was me), why not? Did you just have too much work? Did you not feel comfortable scheduling something with your work calendar? Was it a budget/priority thing? For everyone — do you have any big plans for 2016?

For my $.02 — I almost never used all of my vacation time, and looking back it was largely because I worried it would reflect poorly on me at work. I also was worried that I would spend all this time/energy/money researching a vacation only to have it cancelled at the last minute due to work. I felt pretty comfortable in BigLaw scheduling trips to see my parents, both because we had religious reasons (Christmas, Easter) for the trips, as well as because I knew my parents had good Internet service and would understand if I had to turn it into a working vacation. And of course I would tack on a day or two here or there if I was traveling for a friend’s weekend wedding or whatnot.

But in terms of fun vacations, particularly in places without reliable Internet access? The stress usually stopped me from going. For example, my now husband took me to Paris a few months after we started dating, and I was terrified the trip would be cancelled, that there would somehow be a disaster ON the 5-day trip (I had nightmares of having to find an “Internet cafe” to work in for hours, paying in 15-minute increments with a dial-up modem). I worried that when I left I would be working without sleep to get all the work done — and I worried that when I returned there would be a mountain of work waiting for me. The trip turned out fine, of course. (Ok, I got food poisoning, which was less than awesome for a romantic vacation, and we totally failed to make it to Reims because I misunderstood the train schedule, but workwise it was fine.)

Another reason I didn’t travel much while working in BigLaw: I could never get the timing right to travel with friends, and I never dated anyone seriously enough to even ponder a vacation together (until I met my husband) — and I was hesitant to travel by myself as a single woman. In my non-profit job, I didn’t have nearly as much vacation time, I didn’t have seniority to choose when to take it, and we didn’t have the budget anyway to take vacation without some serious sacrifices. [Read more…]

Tales from the Wallet: Tips for Open Enrollment

Tips for Open Enrollment | CorporetteAs we’re coming up on the end of the year, I thought it might be interesting to talk about benefits — and specifically tips for the open enrollment period.  (One of our guest posters got into this a few years ago when she talked about using your benefits package at work to save $10K.) Interestingly, studies have found that people spend less than two minutes on benefit selection — but it really can make a difference (particularly if you’re thinking about getting pregnant or otherwise planning some health changes). (Pictured: the extremely well-reviewed Hobo’Sadie’ Wallet, $108-$118 at Nordstrom.)

To get some expert tips for navigating open enrollment, Kate talked to Shannon McLay, a financial planner and the founder and president of The Financial Gym, a company that offers classes on personal finance as well as one-on-one conversations with financial trainers. (Shannon previously gave us advice on finding a financial planner.) Here’s what she suggests: [Read more…]

Tales from the Wallet: Eldercare and Finances

eldercare-financesToday we’re bringing you our next installment of our Money Milestone series, where we’ve previously discussed paying for grad school, wedding finances, home buyingfinancially planning for a babyfinancial strategies for divorce, and saving for retirement.

Readers requested one on eldercare, finances, and aging parents — and I think that can certainly make an impact on one’s finances, so let’s have an open thread on it today. Have you had to help care for a parent, grandparent, or other loved one? What do you wish you’d known about it ahead of time in terms of finances (yours and theirs)? What were the best resources you found?  

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Negotiating a Salary (and Other Benefits)

negotiating salaryLadies, have you ever negotiated your salary or other benefits? Share your tales from the negotiating table with us — we want to hear your wins! This probably won’t be terribly relevant for all of the summer associates out there about to accept job offers, as those are usually lockstep/nonnegotiable offers — but perhaps one of you has a story about someone who actually did negotiate that offer.

Some thoughts out of the gate:

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Tales from the Wallet: Retirement

retirement-womenLadies, how much are you saving for retirement? How large does retirement loom in your thoughts — and where does it fall in your priorities?  Welcome to our next installment of our Money Milestone series, where we’ve discussed paying for grad school, wedding finances, home buyingfinancially planning for a baby, and financial strategies for divorce.

I haven’t retired yet, obviously, but it does loom fairly large in my thoughts and priorities just because getting enough saved by the time we want to retire — and hopefully meet a personal goal of paying for college for both boys — is not going to be a simple matter.  Constant vigilance is the key, I think!  Of course, you don’t want to save so much that you can’t enjoy your life right now — after all, not to get too dark on this sunny day, but not everyone will have to worry about retirement.  We max out my husband’s 401K and my SEP-IRA every year, and we save what else we can in tax-savvy investments and with automatic investing.  (I just started using a new app called Acorns, which is interesting: you can link it to bank and credit card accounts, and it will round up every transaction and invest the difference in Vanguard funds.  Spent $8.95 at the drugstore? It’ll take that $.05 and put it in a queue to invest when you get to $5.  It’s a bit wonky right now — it mysteriously hasn’t updated in 10 days — but I think it shows a lot of promise.)

Readers, are you throwing everything you can at retirement — or are you prioritizing other goals first (like keeping investments fairly liquid for a home purchase or other big expense like a wedding, or paying down debt)?  (Incidentally, we did try to answer what retirement assets you can use for a first home purchase in a previous post.) 

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Tales from the Wallet: Surviving Divorce, Financially

financially-surviving-divorceWe haven’t done a Money Milestone series in a while, in part because I’ve been a bit trepidatious about this one. I keep reading that divorce can decimate your finances, and there are numerous things you should do in advance of, during, and after a divorce. However: I’m happily married (knock on wood). I still think this is important for us to talk about here, both for readers who may be thinking about a divorce or going through one.  So let’s do this as an open thread (anonymous as always) — ladies who’ve been divorced (or seriously investigated getting one), please speak up. What are your best tips for financially surviving a divorce? What would you do differently with your finances during the marriage, if anything — and when would you have done it? What resources can you recommend, either on the finances side or otherwise?  

In this Money Milestone series, we’ve done grad school, weddings, home buying, and planning for a baby.  In terms of money and relationships, in the past we’ve also talked about pre-nups, shared accounts, married money management, dating someone with less money, dating a fellow busy overachiever, and more.

Further reading:

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