by Brandi Savitt – March 15, 2012

Inheriting Money 101

I’m so enjoying catching up on episodes of my new – not so guilty – TV pleasure, Downton Abbey!  Watching this British based period drama, I can’t seem to shake the thought of the arcane, sexist inheritance laws that haunt the Crawley family.  –Don’t worry, I won’t spoil the show…

Historically Speaking

For those of you not familiar with Downton Abbey, the series begins in England during the years leading up to World War I.  The show touches on so many money related issues, it’s mind boggling, but the family’s main money conflict is two fold…

The Earl of Grantham (and head of the family estate), Robert Crawley, is married to Cora, an American heiress.  To ensure that Cora would not divorce Robert and take her money with her, Robert’s father made a deed of transference that locked Cora’s money into the family’s estate.  At the time, no one involved worried about the possible consequences.  The couple was expected to produce a male heir who would inherit Robert’s title and therefore keep all of the family’s wealth intact.  The problem…  Robert and Cora had three girls, and in England, girls could not inherit their father’s title or estate.  Now, in order for the family to keep their money, Mary, the eldest daughter, must marry the next inline to inherit Robert’s title: her cousin…  Bummer (or maybe not)?

While we thankfully don’t have the same disadvantages today as the Crawley women, there are a few things you should know if you find yourself named as a beneficiary in someone’s last will and testament…

Taxes not Title

Inheriting money in modern America has nothing legally to do with titles, birth order or sex. It’s state and federal TAXES that become the most complicated issue.  Passing assets to a loved one can be extremely expensive if not properly planned for.  According to attorney Tom Hession of New York’s Hession, Bekoff, & LoPiccolo, “if you own anything of significant value, consulting with an estate planning expert to avoid unnecessary taxes can be worth the price in gold.”  –Keep in mind, while every state has slightly different capital gains and tax laws, the federal government has extended that there is NO Estate Tax due on inherited money through the end of 2012 (of course this is subject to change next year).

What Does This All Mean If You Inherit Something?

If you inherit money or property, the burden to pay the transfer tax is not on you, but rather the estate of the person who has passed away.  If you inherit anything of any amount this year, there will be no transfer tax due to the IRS – therefore giving you more money in your pocket.  Regardless of when you inherit money or property, a flush, well planned estate will have the means to pay any taxes and debts before passing assets to its beneficiary.

Save on Your Next Vacation or Staycation

Did I mention that I am turning the big 4-0 in just a few short weeks? And while I could be anguishing over laugh lines, I’m way more focused on how I am going to celebrate!  As much as I love spending time with my 4 & 6 year old boys, mama needs a B-Day getaway - sans children…

Fab & Fru Money Saving Discoveries!

One of the best things about turning 40 is that I stumbled upon a couple of money saving websites & apps to help me book my B-Day adventure.  I am deciding between going away or just having a MAJOR spa day right here in Los Angeles.  And lucky for me, both Yapta.com and Lifebooker.com have made my decision making process a whole lot easier – and cheaper!

Yapta

I can’t believe I waited until now to use Yapta - which stands for ”Your Amazing Personal Travel Assistant”.   Powered by Kayak.com, Yapta tracks the prices of flights before and after you book your trip. One of the most Fab & Fru features?  If the price of your airline ticket decreases, Yapta lets you know when you’re eligible for a voucher or refund!

To be honest, I didn’t even know airlines offered refunds for price drops.  But according to Yapta, Alaska and Jet Blue will refund for any price drop, Virgin America if it drops $75 or more, Hawaiian if it drops $100 or more, and Delta, American, USAir and United for drops of $150 or more!

Lifebooker

There is nothing I like more than spa treatments – (except maybe spa treatments in Paris).  So,  I am also considering celebrating my big day with a tres indulgent staycation: a day of beauty treatments.  But here in LA, a day of pampering can basically cost as much as a trip to Paris – which is why I am so excited about Lifebooker!

Lifebooker is the pampering portal when it comes to spa deals and beautification in your home city.  They scout out the top locations and hook you up with the best spas and practitioners in your area of interest.  Whether it be microdermabrasion, massages or manicures – Lifebooker offers deals for up to 80% the standard prices! Even more beautiful… It’s 100% FREE to sign up.  Not only that, but you can also gain $1 in reward dollars just by rating the places you’ve been, and $10 for recommending the site to your friends.

Fabulous, Frugal, & 40

Saving big bucks while still spoiling myself silly?  40 is sounding better by the minute. Now all I have to do is convince my husband to take me to Paris for the weekend to say Bon Voyage to my thirties.  Check out these sites, and let them help you splurge without waking up the next day with a financial hangover!

What are your favorite money saving travel & spa sites?

by Brandi Savitt – January 25, 2012

The Cost of Traveling Abroad

Last week, in the dead of a long dark winter, I was fortunate enough to travel up to to the Arctic Circle in Norway to attend a film festival.  And while I didn’t get to see the Northern Lights, I did try whale sashimi (…is that legal?) and took a picture with a life size taxidermy Polar Bear…

Work brings me to Europe several times a year.  And while any chance I get to write off sipping wine on the Rivera is a dream come true,  my bank and credit card companies just love to find any sneaky excuse they can to charge me extra fees.  So, if you’re planning a trip to a foreign land, here’s what you need to budget for so you have NO surprises when you go to pay your credit bill when you get home!

What is a Foreign Transaction Fee?

According to Credit Card Hub, the credit card foreign transaction (or international) fee is the combination of a fee that Master Card, Visa, etc charges to handle the transaction between the overseas merchant and your credit card issuer (eg. Chase, Citi, Bank of America), and the fee that your credit card issuer charges on top of that.  Depending on the type of card, and its issuer, this fee is typically 2-3% of every purchase made!

Not So Hidden Fees

If you’ve used your credit card recently while traveling, or even if you’ve purchased something online from a foreign company, you may have noticed this separate, hefty surprise fee on your statement.  I thought this was just a new type of fee that credit cards could now pass onto their customers, but I was wrong.  It’s always been there.  But now the credit card companies are forced to point it out.

American Express explained to me that they’ve always charged a fee for foreign purchases, but they used to roll it into the total purchase number on the statement – essentially hiding their 2.7% foreign transaction fee from the naked eye!  Luckily for us, now we can see for ourselves just how much extra we’re getting charged for the privilege of traveling and spending money abroad!

Call Your Credit Card Company Before You Travel

Before you travel to another country, call each of your credit card companies and see which of your cards has the lowest foreign transaction fee.  Then add that fee into your travel budget. 

If you have an American Express Platinum Card, or another premium card, your international fee may be automatically waived.  But don’t rush out and apply for a premium card just to avoid the fees.  Unless you travel abroad extensively, these premium cards may not be the worth the high annual fee.

…And just as a general note,  while you have someone on the phone, you should always alert your card company that you will be leaving the country.  This will help avoid them from freezing your card in fear that it was stolen.

by Stephanie Berenbaum – January 5, 2012

Avoid the Price of the Boot & Tow

It’s not even a week into the new year, and already our friend Samantha has broken one of her New Year’s resolutions!  2012 was the year she was finally going to get more organized, not let mail pile up, and stay on top of her bills.  She had the best of intentions, really…

But her optimistic outlook on 2012 was already totally threatened by January 3rd when she looked out her window to see a big orange BOOT being placed on her car!  To make matters worse, it turned out the boot was the least of her troubles.  Because, as the Los Angeles City employee told her, the tow company was on their way…

Beware of Unpaid Parking Tickets..

SERIOUSLY!  As Sam learned the hard way, the current rule in LA is if you have FIVE unpaid parking tickets, your car can be booted and towed – even if the ticket is just a month old.  If you know anything about driving and living in Los Angeles – getting parking tickets should be a budgeted cost of living in this town.  And it’s not just Los Angeles – if you live or work near any large city, chances are you’ve had to pay big bucks for a parking violation at some point or another.

What to Watch for…

So, it got us thinking, there are so many different types of parking violations that cities enforce because the profit margin for them is just so gigantic – what sort of parking rules and tips do you need to be aware of, aside from the obvious?  Of course each city has its own special violation nuances, but here are things to think about wherever you drive!

The Broken Parking Meter

I always assumed that a broken parking meter meant you get a free pass – I mean, it’s not your fault it’s broken, right?  But many of our friends have told tales of getting ticketed while parked at these broken meters!  What gives? While rules differ by city, one thing we learned is that even if a meter is broken, you still have to adhere to the time limits – so be careful not to overstay your welcome.

How Many Tickets Before You Get the Boot & Tow?

This was our friend Samantha’s downfall.  Apparently, many cities are reducing the number of unpaid tickets you’re allowed before you get towed.  As we mentioned, Los Angeles will now boot and tow you if you have 5 unpaid parking tickets – and there is a movement to reduce the number of tickets even lower.  SO – be sure to find out what your city’s limit is – and pay up before you hit it the limit!

How Many Days To Doubling?

If a ticket goes unpaid for a certain number of days – surprise – the fine DOUBLES.  But you may not be aware that many cities are also reducing the number of days you have to pay before the add another fine.  Make sure you know how quickly you need to pay in your town before your parking budget is completely busted!

By Brandi Savitt – October 27, 2011

Paying More than Your Fair Share

Last week, after finishing a major project at the office, our dear friend Jo went out with a few work buddies to celebrate.  Everyone ordered a cocktail and began chatting about how thrilled they all were with the outcome of the project.  Jo, who was enjoying her time unwinding, was nursing a cold and decided to sit the next round of drinks out.  As these things go, round two progressed to round three, and after a couple of bottles of wine and multiple tapas for the table, the gang finally called it quits for the night.

When the bill came the cards came out, and before Jo knew it, the waitress had split the bill equally on all of the cards.  Embarrassed to speak up that she only had one drink and no food, yet upset she had to pay 4x what she owed, Jo didn’t want to complicate the situation.  So, she did what so many of us do – she said nothing – and then called me the next day to complain….

Been There, Done That

I don’t know anyone who hasn’t been in awkward money situation with friends at one point or another.  Whether it’s splitting the bill or getting reimbursed for fronting the money for something, it’s always tough to be the one asking to be paid back or having to announce you want to pay less than everyone else.  Let’s face it, who wants to seem cheap?  But on the other hand, the only person who can control your budget is you…  So, how should you handle it?

Tactfully Speaking

Communication and managing expectations (yours and your friends) are key.  In casual situations with friends, there is nothing wrong with letting your pals know that you would prefer to pay for your share only.   This is true if someone owes you money as well.  Whether we like it or not, people are not always as observant or mindful as we would hope.  We all can be forgetful, and most of us actually appreciate a gentle reminder.  In most cases, your friends are not looking to screw you, and if they are — they’re obviously not really your friends!

Own Your Silence

Sure, it sounds easy to just speak up, but we all know that there are those times when it’s not appropriate, or you’d still rather not say anything and just cough up the cash.  And that’s fine, but that’s also your choice.  You can’t expect other people to take the lead for you, and you can’t get upset in awkward money situations if they don’t.  That’s not fair, either.  The only person’s actions you can be responsible for are your own.  So, if you choose to let things slide, you also need to accept that choice.  Suck it up and don’t go talking about the situation to your other friends as if someone wronged you.  Your only enemy is you….

Take Control of Your Wallet

The truth is, you will likely have to face many more awkward money moments in the years to come, and good communication can only go so far.  You are the only one who really knows what’s in your bank account.  If you can’t afford to take the risk that you might have to pay more than you planned, avoid putting yourself in that position in the first place.  If you feel certain friends constantly take advantage of money situations, avoid big ticket nights with those friends.  Choose activities that you can afford and enjoy doing.  Finding that balance is not easy, but it’s absolutely worth it to your friendships – and your wallet – in the end!

By Megan Segura – September 26, 2011

Saving the Fab & Fru Way

Once the school year begins, it doesn’t take long before we find ourselves whining, “I need a vacation.” Unfortunately, we don’t always have the funds handy to whisk the family away for a long weekend abroad.  It’s possible to take your dream vacation, but us Fab & Fru gals have to put in the leg work ahead of time to make our money stretch.

Honesty Is the Best Policy

Be honest with yourself (no matter how much it hurts!) on how much money you are spending on budget-wrecking habits. Start breaking these habits now, so you can put that money toward a fun trip.  If you feel like there isn’t a significant amount of money there, try looking over your bank statement to find other places you can save.  Ask yourself what you can give up for a week away – maybe your weekly manicure or your premium cable package.

Organize Your Funds

It is best to keep your vacation money away from your checking and savings accounts, especially if you’re using your savings account for other things, like taxes or rent, etc.  If your employer offers direct deposit, then MHN recommends linking more than one account, so a certain percentage of your check automatically goes into your vacation savings account. Since there is paperwork involved with setting up another direct deposit account, you will be less tempted to go back and lower the percentage transferred to your vacation fund.

Certain cruise companies allow customers to put money toward their trip early by exchanging real money for “vacation money.” Doing this keeps you from spending money that has already been set aside for your vacation.

Look For Discounts

Once you have chosen your dream destination, Nicole Hockin suggests signing up for Airfarewatchdog.  This site will alert you to great deals on flights to your destination.

Andrea Woroch suggests you consider getting a rental house or hotel room that comes with a kitchen. This will help you save money on snacks and small meals, so you can splurge on bigger meals.

Final Tips for Budgeting for a Vacation

• Sign up for any loyalty clubs that you come across when planning your vacation. These clubs help you to get discounts on the next vacation you plan.
• Take 20% of your vacation budget and add it to the fund. This extra money will account for unexpected costs that may sneak up on you
• Call your bank and tell them where you are going before you leave for vacation. Some banks will see that your card is being used in another country and assume it has been stolen and stop transactions from going through.

Do you have your eye on a particular vacation destination? Tell us about it!

By Megan Segura – September 14, 2011

New With Nothing to Do

As someone who has moved around a bit, I can tell you that after each relocation I have found myself with a lot of lonely downtime left to fill.  Once the stress and excitement dies down, finding some fun, fast – and affordable – ways to enjoy my new town is essential if I’m ever going to acclimate.

Sure, if you have all the money in the world, you can buy your way into a ton of exciting events, but that’s not always the case.  Throughout my own travels and experiences, here are some tips that have helped me explore my new digs while keeping me entertained on a budget!

Get Into Your Hobby

Your personal hobby is the key to finding fun. For example, I love movies, so I started following a local film center on Twitter. Through this small act, I was able to find out about a small screening of a movie with a Q & A afterward with its star-studded cast. The best part? It was completely free!

Another idea would be joining a book club or another hobby-related organization. When I lived in Austin (pet-friendly capital of the world), I saw a group of 20 people gathering at a park. Each had a cute little pug in tow. Upon further investigation, I found out they met through a pug owner Meetup group. No matter how specific or absurd your personal interest may be, there is most definitely a group you.

Be A Tourist in Your Own City

It wasn’t until about 5 years after I left my hometown of Dallas, TX that I learned you can take a JFK Assassination Tour. Morbid? Yes. More surprising, however, was that I never knew that sort of thing existed! We tend to get into ruts and complain that we’re bored.  So, when you find yourself looking for something to do, look up your city’s tourism sites. You might be surprised to find a cheap, fun activity to do on a Saturday afternoon that will take you to a part of you city you’ve never explored before!

Get Sporty

A couple of years ago in Texas, I joined a co-ed adult softball league. Trust me when I tell you I am not athletic in the least, but I was told it’s more about the drinking and socializing than the actual playing – and they were right!  My husband and I just joined up with a team in NYC and have already met some great friends.  Again, nobody cares if you can’t play – they’re in it to make friends and have fun, too.

Check Out the Blogs

I, myself, am no expert when it comes to finding amazing entertainment-oriented deals, but since my recent move to NYC, I’m learning fast.  I have found that a simple search on Google can actually lead you to the real experts – people who make a living out of searching for fun, free things to do on the weekends.  A great example of this is Daily Candy. Their newsletters are great for alerting residents of a new business or local happenings.  Also, sign up for Groupon and Living Social.  Their daily deals lead you to the new hot spots in town – all at a substantial discount!

What’s your favorite cheap & fun activity?

By Brandi Savitt – September 8, 2011

Budget to Save Face

Several years ago I was producing a movie in New York.  At some point during post production, my lovely Italian co-producer flew in for a meeting and wanted to take a few of our key people out to dinner.  I chose a gem of a spot in the East Village where I knew the manager, and knew we’d be treated impressively well – and we were.  My co-producer was so enchanted by the food and the service that he wanted to leave an ‘outstanding’ tip.  So, when the bill came, he threw down his card, added in the tip, and proudly handed the waitress the signed slip.  Knowing that the European tradition is to tip way less than us Americans, I excused myself to use the ladies room so I could sneak a peak at his final tally.  My suspicion was correct and my dear friend only left 10% (which he truly thought was the highest honor).  I didn’t want to embarrass him in front of our co-workers, so I quickly made up the difference, and we all happily went on our way.

The reality is, gratuity customs vary all over the world.  So, if you’re planning a trip abroad for business or pleasure and want to be in the know, we have some Fab & Fru tipping tips that may help you save some cash, and more importantly, save some face while traveling in foreign territory!

Australia

Tipping is not a mandatory custom in Australia.  However, a tip for good service is often given as a thank you.

Restaurants- 10% for good service at a restaurant, and always leave loose change for the bar staff at the pub.

Hotels - Tipping is uncommon.

Taxis – Taxi drivers do not expect to be tipped, but it is customary to `round-up’ the fare to the nearest dollar or two – especially if you have a lot of luggage and the driver has been helpful. –It is not unheard of that some cabbies actually round down the fare if they have a really a good chat with you!

Tour Guides - Tips are not expected, but a small tip is appreciated.

Canada

Tipping in Canada is similar to our customs in the United States….

Restaurants -  Gratuities are seldom included in restaurants prices, but you may find it has been included on the check if you have a large party.  It is customary to tip approximately 15% on the total bill before tax, and 20% for exceptional service.

Hotels - $2-5 per night for housekeeping, $1-2 per bag for the bell hop, $2-3 for the valet, and $5 per request for the concierge

Taxis - A minimum of 10% for the total fare

By Stephanie Berenbaum – July 29, 2011

Is Medical Tourism Worth the Risk?

My friend Dan recently got back from El Salvador, but his trip wasn’t exactly a vacation…. Dan, like many Americans, traveled abroad to have dental work done! The reason, of course: COST.  As many of you well know, dental insurance – if you even have it – covers very little, and if you need any significant procedure at all, well, you need the money to pay for it.

After many years of suffering from Bruxism (grinding your teeth & clenching your jaw while sleeping), Dan’s teeth were a disaster and his health was at risk.  In fact, every single tooth was in need of some kind of repair!

The Price of New Pearly Whites

As I well know, major dental work is wildly expensive.  So, I wasn’t entirely shocked when Dan told me that the estimate he’d received from an LA dentist was a whopping … $75,000!  -That is not a typo...  After receiving the news,  Dan researched other potential options in LA.  He looked into having grad students do the work at dental schools, or the possibility of having temporary work done at a lower price.  The bottom line:  the savings just didn’t add up. The discounts weren’t substantial enough to really make a difference in the long run…

From Beverly Hills to El Salvador

After researching his predicament online, Dan found a news article about a dentist in El Salvador – a specialist in just the type of work that Dan needed to have done.  However, what really caught his attention was the praise and positive comments from all of the American patients who specifically traveled to El Salvador to have him transform their teeth!  Dan was intrigued.  Was this his ticket to a healthier, more attractive smile for less?

Medical Tourism

As Dan delved more into what is known as Medical Tourism, he realized how popular it was becoming.  From plastic surgery to dental work to vital organ replacement, there is a thriving trade in medical tourism.

The Risk & the Reward

The more Dan read about the El Salvadorian dentist, the more serious he became about going abroad to get his teeth fixed.   The dentist had worked in the U.S. and was Board Certified.  And the ultimate clincher.. the savings! After sending the doctor molds of his mouth,  Dan was quoted $10,000 for ALL the work he needed done - a savings of $65,000!

Of course there were other expenses to take into consideration -  travel expenses (airfare and hotel) and the extra time off he’d need to take off from his freelance job.  But even all in, Dan estimated it would cost him a grand total $20k – STILL a $55,000 savings.  He decided to go for it!

By Megan Segura – July 27, 2011

Fun & Affordable U.S. Destinations

You don’t need to go the tropics to have a memorable vacation. Even on a tight budget, there are plenty of Fab & Fru travel opportunities in your own backyard. We found some spectacular U.S. cities to visit this year, and guess what? Getting there won’t cost you an arm and a leg.  Whether you want to hit the trails or go out on the town, check out these unexpected hot spots that offer thrifty travelers tons to do while giving you a BIG bang for their buck!

For the Outdoor Adventurer

If you have an adventurous spirit, we have a few places that fit the bill!

Lynchburg, Virginia is packed with thrilling outdoor activities. If you’re visiting during the summer, take an unguided tube, canoe, kayak, or batteau trip down the James River to cool off. See the views of Lynchburg by taking a hike through the Blackwater Creek Trail System or ride a bike through 9 miles of natural trails. The best part? Lynchburg offers the only year-round outdoor snow-sports slope in the nation! This particular destination is even more affordable during the fall when package deals and discount admissions become available at local lodging.

If Life Magazine names it one of the “100 Places To See In Your Lifetime,” then you know it has to be good, which is why we recommend McCurtain County’s Beavers Ben in Broken Bow, Oklahoma. Beaver’s Bend State Park contains mountain lakes surrounded by national forests, log cabins and camping grounds nestled in the towering pines and clear running rivers. Not only is this state park affordable – it’s FREE! Hike the miles and miles of trails through the Kiamichi Mountains or go parasailing in the Broken Bow lake. Kyaking and fishing are also available. And don’t worry if you can’t take time off until after summer, because Southern Living Magazine named this area one of the top three places in the South to see fall colors.

Discover a Cosmopolitan Gem

If good food and relaxation is more in line with your vacation style, then San Diego might just be calling your name. Begin planning now to save big on the San Diego Wine & Food Festival, which takes place Nov. 16-20. Named one of the “Top 100 Events” by BizBash Magazine, this get-together features 170 fine wineries, craft breweries & spirits purveyors, as well as 70 of San Diego’s top fine dining restaurants and 30 gourmet food companies. This seemingly fancy town actually has some amazingly affordable finds! –Don’t forget to pack some loose-fitting clothes for the trip back!

Memphis, Tennessee is known for its music and the notorious Graceland, but there is so much to do in this city – and most of it’s FREE! Visit the Beale Street Walk of Fame or take one of the historic walking tours through sites like the famous Peabody hotel. At night, there’s Beale Street Historic District, which is full of restaurants and clubs. There is also tons of unique shopping and delicious restaurants to choose from. Find great rates on hotels by looking outside the city – the drive into Memphis is quick and easy.