Planning for the week ahead
When you are in the Wife CFO hat is always important to have plan when it comes to the family’s finances and the many roles it play.
As I look towards this upcoming week – which no doubt started today, I look at the following:
1) What are the errands that I need to take care of this week?
2) What the expenses I will have this week?
3) Is there something I need to purchase for the twins when it comes to school or extracurricular activities? When you have some busy kids, there could always be something.
Then I shift to my other hat of CEO/CFO and say what decisions do I need to make about business:
1) Are there articles that I need to write and submit?
2) Do I need to place a marketing ad on a site that is within my target market? What is the cost, how many will see it and what could I expect in the way of a return on my investment?
3) Do I need to connect with other business professionals that are like-minded?
4) Are there any seminars that I need to conduct this week?
How do you plan your week or are you a wife that deals with things as they happen? Share your comments.
Norms
Wives, I have not been a person who likes to go along with the norm. So when I saw this article today about “Five new normals that really will stick” – I can’t say that I was pleased. Why? Because what is considered the norm does not necessarily mean it is a good thing.
Let me give you an example of one of the “New Normals”
1) Long-term unemployment – Says, “With the jobless rate standing stubbornly close to 10%, it’s tough not to wonder if high unemployment could be a long-term fixture of the American economy”. What do I think about this – let’s not pull any punches – I do believe if anyone wants a job even in these difficult times they can find one. Sure, it might not be the job they want but when it comes down to paying bills, putting food on the table and keeping on – there are jobs at McDonald’s, retail outlets needing shelve stockers, etc. I have spent a little bit of time reviewing even some of the online job sites and there’s work out there. People have to decide what is important to them!
2) Saving over spending – People have overspent for too long. I must say this is one of the ones that I could see happening and SHOULD have been happening prior to this economy shift. I know it is difficult to save and that is the reason I started the 24 week Savings Financial Challenge. We have to start SOMEWHERE! When you choose not to save you tend to open the door for emergency to happen and you will be caught unprepared financially.
I have not ever been one to follow the crowd and do something just to please a group. When it comes to your being the Wife CFO be honest with yourself about what the financial picture is, what changes and/or adjustments need to be made. Do not let the media dictate to you, how you should handle your finances or your marriage.
Do what is opposite of the norm in order to get a better result. The norm I believe tends to box you in and say there is only one way things can happen! Hmmm, not true! There is more than one way to accomplish what you want done. Put on your thinking caps as they say and brain storm for a more creative way!
Credit Card practices – Beware
I could not resist writing about this as soon as I saw it this morning. The story was titled Credit Card practices cleaned up. Wellllllll….. there would be something more to this story. I wanted you to find out just as soon as I did.
According to the Manager for the Pew Health Group, issuers have been increasing fees for cash advances and balance transfers. Banks have hiked those fees to a median 4% as of March from 3% in July 2009, according to the study. Credit union cash advance fees rose to 2% from 2.5%.
Have you noticed on your bank statements that the fees were higher when you got a cash advance? I don’t do cash advances; however my husband does and this is going to make me go back and re-assess what he has been paying in fees. Then have a discussion with him and see if there needs to be an adjustment in how he gets cash. There’s no fee for walking inside the bank and making a withdrawal! Hmmmm.
Pew researchers also found that penalty rate increases, which are not subject to CARD Act rules, remain widespread. According to the study 94% of bank cards and 46% of credit union cards included penalty rate terms. The median penalty rate, when disclosed, rose to 29.99% in March from 28.99% in July 2009.
I encourage you to read all of those pamphlets that come in the mail with your bank statement. I will be the first to admit, I’ve gotten those envelopes in the mail and not read them because it was not my bank statement..only later to learn there was some very important information in those envelopes. Let’s be honest there are times when you get bombarded by sooo much mail – this person offering you life insurance, or this person offering you a credit card that it just seems like another advertisement.
Ladies, when it comes to your finances, bank statements, letters from the bank PLEASE take the time to read and take the necessary action. Armed with information and utilizing that information is what will make the difference when it comes to your money and marriage. As the Wife CFO, it is important that you HANDLE business!