Useful article: 10 ways to boost your retirement savings

This article describing 10 ways to boost your retirement savings is a great read.  It is easy to understand and doesn't contain as much financial jargon as many other articles on retirement planning that I have seen.  However, the advice to save at least a quarter of your income is daunting, especially for parents.  We have so many competing priorities that it is difficult to save such a staggering percentage of our income.  My advice is to save as much as you can, with a goal of increasing it by at least 1% each year.

Men vs. Women on Finance

As you may have figured out by now, men and women are very different in a lot of ways.  In this article, a study is described that compared the attitudes of women and men toward dealing with money.  Interestingly, women view things more historically, which can actually make us better investors.  Unfortunately, many women also lack confidence and fail to get involved in financial matters.  Wake up ladies!  There is no reason that the man in the relationship needs to control all of the finances unless you are a hopeless spending addict or a hoarder.  Otherwise, it is time to get involved and make more joint money-related decisions. 

Saving does have some limits

While purchasing second-hand items from consignment shops and garage sales has become the frugal mother's friend, there are some items that should only be purchased new, mostly for safety reasons.  This slideshow from Reader's Digest shows 21 items that you should avoid purchasing from garage sales or other resale means.  Find them on sale, purchase them from a discount retailer, use a coupon, or try any other means to save, but do not try to save money by making a purchase of a used bicycle helmet or any of the other 20 items shown.  This is one case where being frugal can actually do more harm than good.

Are you House Poor?

This is a photo of my home.  OK, maybe not really, but it certainly could be the mansion of my dreams. We have all looked at celebrity homes and luxurious mansions and wondered what it might be like to live in a mansion, on a beach, with a pool overlooking the crisp blue water.  We long for exotic hardwood floors and closets the size of department stores.  This dreaming is helpful in that it inspires us to work harder, with a goal of living in more comfortable surroundings. However, it can also lead us to overextend ourselves when we purchase a home or sign a lease. 

Most Expensive Homes in Fort Lauderdale

Fort Lauderdale Fort Lauderdale

Are you struggling to make your monthly mortgage payments?  Skimping on dinners out or kids' activities to save money just to pay the bills?  You are not alone.  Our society's obsession with all things bling has resulted in us overpaying for just about anything - and not even realizing it.  Simply qualifying for a mortgage does not mean that you can afford to pay it for 20 or 30 years.  For example, mortgage brokers do not routinely collect information on child care costs.  If you are employed, establishing eligibility is based on your salary and credit history, but does not necessarily take into account the fact that you might be spending $15,000 per year on daycare.  That large expense cuts significantly into your ability to comfortably afford your home and the upkeep that goes with it.  Before making any real estate purchase, I suggest using a calculator to help determine how much home you can afford.  Then use a payment calculator to see what your monthly payments will be.  List all of your monthly household bills on a piece of paper, along with your monthly take-home pay, and see if this fits within your budget.  You may find that the house you could afford is not the house that you should.  Keeping housing costs down to an amount that is reasonable for your situation will help you to be more financially secure in the long run. 

Our CEO numbers are low, but there are 5 workplaces where women rule

Fortune Magazine put out a great list of 5 professions that are dominated by women.  Seeing photographers on the list was not surprising, given the number of stay-at-home moms who seem to be breaking into this industry due to its flexibility.  I was fairly surprised to see accountants on the list.  Several of my friends and family members are accountants and they work many long nights and weekends during certain parts of the year.  This seems like it would be a difficult job for working mothers, so I imagine that women in this field must have great support systems at home.  Seeking pharmacists on the list was also somewhat of a surprise given the length of schooling required to become a pharmacist, but with a hefty starting salary and high demand for pharmacists, it seems that many women have chosen to pursue careers in a hot field.  If you are a working mother, or a stay-at-home parent who is interested in returning to the workforce, see if any of the professions on this list are suited to your talents.  In an industry where women already hold a majority of the positions, there may be fewer barriers to moving up the chain in your career.

How to be more like the super savers

While shows such as Extreme Couponing perpetuate the idea that saving money requires extensive amounts of time and hyperfocus, there are actually many people who manage to amass large amounts of savings without resorting to extreme measures.  This list shows common traits that have been shown by researchers to be shared among people who manage to save a large amount of money.  While some of these ideas can't help you now (starting to save as a child, for example), they can help to inspire you to make some changes.  Also, seeing this list may give you some ideas of characteristics that you might want to instill in your own children.  In addition to clipping coupons, you may want to read up on these traits and think about ways to modify your own savings habits.  One piece of advice that I strongly suggest that you follow is to make savings automatic.  I have a set amount taken out of each paycheck and deposited directly into a savings account.  Since I have never seen that money, I don't feel like I have it.  Meanwhile, with every paycheck my savings keeps growing.  It's like the "set it and forget it" plan!

No amount of Botox will keep you from getting old

Picture it: Retirement. 2043. 

As much as we try to fight it, every day we are getting older.  Some may try to use the aid of plastic surgery, facial creams, and personal trainers to keep up a more youthful appearance, but the fact remains that we can't prevent the aging process.  There are staggering numbers of American women who are not saving for retirement.  According to the U.S. Department of Labor, only approximately 45% of working women participate in retirement plans.  This is a dismal number, considering that we live on average more than 3 years longer than men.  Some studies suggest that seeing an age-progressed image of your future self will actually inspire you to save more for retirement.  Allowing your brain to think about yourself growing old and facing retirement in some way may inspire you to begin to save or to increase your savings. 

Try this at home: think about yourself as an elderly person.  What will you look like?  What will you do with your time if you retire?  If you aren't saving money, how do you plan to support yourself when you do retire?  Or will you ever be able to afford to retire?  Asking yourself these questions now will (hopefully) influence your savings habits for the future.