Moms, Get Financially Fit!

Personal finances used to be a very private matter - something we rarely discussed in detail with anyone but our spouses and financial advisors. Today, however, personal finance is on everyone's minds – especially those of moms. With the country deep in recession and unemployment at record levels, moms are no longer thinking about long-term financial goals. Our minds are now on how do we feed a family of 4 on an ever-tighter budget? How do we tell our friends that going out to eat just isn’t an option this week? And how do we tell our kids that we’ve had to cancel the trip to Monkey Joe’s just to make sure we can fill our gas tanks this week?

So how can we avoid smashing open that piggy bank and cut back in the short-term, while still preparing for the long-term?

Galia Gichon, founder of Down-To-Earth Finance, offers these helpful tips in a recent JobsandMoms.com article:

1. Take a financial snapshot.

2. Deal with your debt and credit report head on.

3. Create a spending plan.

4. Make saving for retirement a priority.

5. Set up automatic savings.

6. Take a look at how you plan to save for your children’s college education.

7. Examine your insurance.

8. Change a money habit.

Citi Smith Barney Vice President of Wealth Management Lisa Boone and Clearbridge Advisors Product Specialist Director Caroline Smith brought the disparity between short-term and long-term financial planning into sharp focus at a recent Atlanta Woman Magazine event, Personal Finance 101. The overall theme was that just because times are tough doesn’t mean we should completely ignore the future.

This theme was summed up best by Smith's quote from Warren Buffet: "Bad news can be an investor's friend." The core message being that despite current volatility in the markets, there is still opportunity.

To take advantage of that opportunity, it is important to find a financial advisor you can trust, someone who can guide you through the process of identifying:

• Your specific investment needs


• How your assets are allocated


• Your short-term and long-term goals and priorities, and


• Investment strategies that will help you meet your goals.

When looking for an advisor, Boone recommends seeking out money managers with consistent track records who can take the emotion out of the market. Ask for referrals from friends, look for credentials such as financial planning certification, and understand how they get paid on your investments so that there are no conflicts of interest.

Personal finance doesn't have to be an overwhelming, confusing thing. There are plenty of resources out there for women looking to fully take control of their wealth:

• AtlantaWomanMag.com's Financially Sound section


• Newspapers - Boone recommends staying up on the latest investment events so you don't have to totally rely on other people's advice. Check out "Seven Questions to Ask When Picking a Financial Advisor," recently posted at WSJ.com.


• Self-help books such as "A Woman's Guide to Financial Planning: The Seven Essential Ingredients for Your Best Financial Recipe," by Shak Hill, founder of Lantern Wealth Management LLC. (Yes, it's written by a man, but one who was inspired by his mother's financial hardship to write this book.)


• Websites. Check out "You Can Find Easy Money Management" on CNN.com.


• See how you stack up against other moms by taking the Top Money Wasters quiz at TheMomsBuzz.com. I discovered my biggest spending blind spot was spending too much on groceries. Someone please show me how to master the art of clipping coupons!

Counting Down To Maternity Leave

The countdown has begun! Just about six weeks left until I start my second maternity leave. Needless to say, I’m counting down the days, and trying my best to prepare everyone and everything for my absence.

My checklist includes:
* Let my employer know the date I expect to stop working and when I expect to return
* Discuss with HR what my options are in terms of pay during maternity leave (if any), short-term disability payments available to me, how I will pay my insurance premiums during my leave
* Contact my insurance company representative – it’s a good idea to speak with a real, live person to find out if there are any forms to fill out before leave starts, how insurance deductibles and premiums will work as a result of labor and delivery, and how to add your new little one to an existing insurance policy
* Make a list of all my job duties, and meet with each person who will be taking those over so that the transition will be as smooth as possible.

But surely there are other surprises waiting for me – things I haven’t thought of? I decided to ask other mothers on MamaSource.com for advice in the hopes of making maternity leave every bit as relaxing as it can be – with a newborn and toddler, that is!

They didn’t let me down. Here are some of their suggestions:

* Ask for the maximum amount of time off that you can. Maybe more. You can always come back earlier (yeah, right!), but it's hard to ask for more time once you're out. – Susanna M.

* Find out which person will be your claim representative because they will be your point of contact for all things dealing with short-term disability. – Renee G.

* The day that you go into labor, have someone at your work notify HR so they know when to start your paperwork. If you have a certain number of days before short-term disability starts, they will start the clock right after you leave. – Renee G.

* Talk to your employer now about what you will need to pump when you return to work. And don't take "the employee bathroom" for an answer. – Susanna M.

* If you haven't found a day care, get on a list IMMEDIATELY! No one told my husband and I this, and we searched for MONTHS to find quality caregivers. – Renee G.

* Be sure to understand your company policy regarding maternity leave, short-term disability, the difference between FMLA and non-FMLA. I thought I understood the policy but when I had to go out early on bed rest things got complicated as to when the various types of leave started and stopped. – Mindy S.

I also created a list of questions for Lindy Harrison, my BCBS representative, and she gave me some invaluable tips on what to expect from the insurance side of things:

When should I expect the bill?
“Usually the first statement arrives a week after delivery stating the hospital filed with insurance. Bill statements start arriving about 30 days later.”

What kind of out-of-pocket expenses can I expect to incur during my hospital stay?
For those of you who plan on delivering at Northside:
“If you ask for a private room you will pay the difference between private versus non-private (this was around $40 three years ago). Keep in mind that all the rooms at Northside are now private. So, if you don’t ask for the private room and you get it, BCBS will pay the difference. We will have to appeal to have them cover it, but will win. So my advice is not to ask for it.”

And her final nuggets of advice:
“Don’t forget to send in the forms (so many parents get caught up in the birth of the child, they forget to send in insurance forms to cover the child.”

“Don’t pay any claim until you have an EOB that matches the payment due.”

And finally, here is a list of other resources I found useful. Because, as I learned the first time around, there’s nothing that makes a mom’s life easier than being organized!

Maternity Leave: The Basics
http://www.babycenter.com/0_maternity-leave-the-basics_449.bc

Preparing for Maternity Leave: Countdown
http://workplaceculture.suite101.com/article.cfm/preparing_for_maternity_leave

Prepare Early For Maternity Leave
http://career-advice.monster.com/in-the-office/Work-Life-Balance/Prepare-for-Maternity-Leave/article.aspx

Why Didn't Somebody Tell Me Potty Training Would Be This Frustrating!

TMI Warning - If you don't feel like reading about tee tee, poo poo, bottoms, backsides and wiping techniques, then move along!

Little did I know when my mother-in-law so helpfully handed me Toilet Training In Less Than A Day of the ordeal me, my husband and my toddler would be in for over not just that next 24 hours, but the next six months (and counting). I've come to find out that potty training doesn't involve just the wee one (pun intended) still in diapers, but the entire family unit.

And, needless to say, none of us mastered the process in a day.

It's taken a good six months to get my daughter comfortable enough to use the potty by herself - and I'm talking just #1 here. We've gone through various stages - scared of the flushing noise, to needing assistance from anyone nearby, and finally to "I'm going to do it all by myself" but five seconds later my presence is requested. It's exhausting!

She is still having trouble with #2, and it's having a trickle-down effect, leaving me and my husband frustrated at having to wipe her backside, throw away unusable panties, and wash an inordinate amount of bottoms.

Here's how it goes, as my daughter likes to preface many of her statements these days:
She exhibits a few tell-tale signs that the time for a bm is drawing near: her eyes redden or water, she begins to run around the house, hides and/or becomes unusually quiet, or crosses her legs. Then we know it's time to strip off everything below the waist so that she will REALLY know she has to go. But often we miss the signs and don't get to her in time, and end up cleaning a poopy mess.

We've tried bribes of course, and taking things away like tv, trips to the playground and library, etc., but nothing seems to be getting through to her. And with a newborn expected in a matter of weeks, I really want to nip this in the bud ASAP!

Does anyone out there in the blogosphere care to share some wisdom with me about this? Many moms have shared advice on Mamapedia, and I'm hoping I can gather more. It would be much appreciated, by everyone in the family!

If you are also in the market for advice, I highly recommend this video from Dad Labs, called Potty Training Stinks. Hilarious!

Ready To Hire A Babysitter? Here's How

Recently I was blessed to find myself sitting in a pedicure chair next to my best friend, chatting away while our feet were massaged by professionals – such a luxury! That experience was worth every penny, as, being almost eight months pregnant, getting to my toes with any sort of grace is no longer possible.

During our conversation, my friend asked when I first left my child with a babysitter. My husband and I, like my friend, are fortunate enough to have relatives close by with whom we feel completely comfortable leaving our daughter. We haven’t yet had to hire a babysitter that’s not a relative.

As our polish was applied, my friend and I further discussed the matter. How do you find a reliable, in-home babysitter?

I decided to do a bit of research, as I am thinking about hiring a neighborhood girl to come over and play with my daughter this summer while I’m at home tending to our newborn. What expectations should I have? What sort of qualifications do babysitters need to realistically have, especially when they are usually teenagers that live down the block?

Real Simple’s Jenny Rosenstrach offers invaluable tips in her article, “How To Prepare for a Babysitter.” It even includes a link to a babysitter-hiring checklist.

Moms on Mamapdedia.com also have great advice:

• have a get-to-know you session with the prospective sitter and your child so that you can make sure they “click”
• make it clear they are not to be on the cell phone while on the job
• provide firm instructions on what to do if they can’t get your child to eat his meal or take a nap
• ask for references and actually call them!
• and don’t be afraid to take your time making a decision.

There are great resources for finding a babysitter online as well. Check out this video from Parents tv.

Do you have any tips? Please share them with me! I’ve got just a few months left to find someone reliable, affordable and fun!