Start Talking Money with Your Partner Now

So, Valentine’s Day is just around the corner, and you’re racking your brain to think of a great gift to give your mate… Well, before you break the bank on fancy chocolates and Champagne, we suggest actually TALKING about the bank – because having a money talk is sort of like a fabulous bikini wax – painful at first, but then well worth it!

It’s easy to put off these financial convos, so we advise making Valentine’s Day your deadline – and since no one wants to have the Money Talk ON Valentine’s Day itself, you’d better get on it right now! But where to start?  Check out these great tips from our fab friend, President and CEO of Women & Co., Linda Descano!  We love her suggestions on how to talk money with your honey:

Money Matters

Talking about money can be an emotionally charged subject, but it’s an important conversation for couples to have regularly.  No, it’s not romantic in the traditional sense.  And yes, you may disagree, but it’s better to figure out all of the “rules” to your financial relationship before a big bill comes in the mail or a hot financial issue arises.  Whether you’re a new couple thinking about the next steps or already settled in a happy marriage, it’s never too early or too late to have the talk.  So remove the emotion by treating the conversation like you would a business meeting: set a date, prepare, and establish some ground rules to help foster a stronger dialogue.

Figure Out Your Financial Styles

Just like you have your own personal style, you probably also have your own financial style.  Are you a saver, but your partner lives paycheck to paycheck?  What are each of your short-term and long-term financial goals? When do you use your credit cards?  The answer to all of these questions can shed some light on your individual financial styles.

A couple of months ago, Diana did a little impulse shopping and bought a pair of killer dark blue suede ankle boots.  Although they felt a little snug when she tried them on, they were the last pair, and the sale price was a steal.  Besides, she was sure that they stretch by the weekend – but of course they didn’t…

Cut to last month…  Diana’s friend Renee stopped by for coffee one afternoon, and in the course of conversation, the two friends starting planning Renee’s wardrobe for her upcoming big date.  Diana brought out the perfect pair of boots that would make the entire outfit, and they seemed to fit Renee perfectly!  The boots looked so good on Renee, that Diana told her to just hold on to them – someone should be wearing them after all, right?

Cut to last week… Diana met her friend Carmen (who is also good friends with Renee) for dinner after work.  And there on Carmen’s feet were Diana’s blue suede boots.  “Nice boots,” Diana said with an edge of sarcasm.  Carmen replied, “Oh, yeah – they were originally yours, right?  The heel was too high for Renee so she gave them to me, and they fit me to a tee.  I love them, thank you!”

Diana was totally annoyed with her two friends for not asking her first if it was okay to circulate the boots amongst the group.  She chose not to say anything and let it go, but she secretly felt a little taken advantage of.  Did Diana have a right to be mad?  Should she have asked for the boots back?  Should Carmen have offered to buy them from her?  Or should Diana just be happy that one of her good friends gets to enjoy them – no matter how they ended up on her feet?

Tell us what you think!

by Alexandra Pauline – February 6, 2012

The Art of Tax Deductions

If you’re a freelancer, or you own a small business, the idea of getting a tax refund is likely a foreign concept.  Unlike our W2 bound friends, the art of understanding tax deductions is even more crucial for 1099ers when figuring out what you really owe each quarter and at the end of the year.  Consult with your accountant and take advantage of these Fab & Fru career specific tax tips – so you don’t end up paying more than you actually owe!

Writing-Off Your Home Office

What constitutes a home office anyway?  It doesn’t matter if you’re a musician, writer, financial consultant or a florist, if you work from home, you may be eligible to write off  portion of your rent or mortgage if your work space fits the IRS’s criteria.   According to the IRS, the key is your home office must be used for the business ­ purposes ONLY, and if audited, you must be able to prove it.   Even if your work area is part of larger room in your house, that space must be sanctioned off in some designated way.  –You can deduct up to 33% of your rent, so consult with your tax professional when trying to figure out the appropriate deduction to take.

The Cost of Doing Business… At Home

In addition, Michael Carney of MWC Accounting states that: “If an entrepreneur or small business owner operates their business from their home, there are many expenses that they can deduct.  Office furniture, heat, air conditioning costs, electric bills, and related home repairs are just examples of potentially eligible deductions.”  Frugal freelance writer Robert Ellis-Smith even added, “When I first opened my business – publishing a newsletter – I deducted the cost of firewood because that is how I heated my separate home office!”

Let Your Money Take Center Stage

If you are an actor, comedian, dancer or musician, there are many unexpected deductions you can take as a working performer.  While working hard to try and make it big doesn’t come cheap, you are entitled to some substantial deductions that may make tax time a little easier.  Did you know that your union dues, head shots, costumes, gym membership, monologue books, sheet music, haircuts and reels may all be eligible to be written off within the year of purchase?

On a recent trip to Norway, I experienced something that would NEVER happen here in the States.  I was out for a working dinner with nine other people at a lovely sushi restaurant.  I assumed that our bill would be covered by the company who invited us, but we were informed during the meal that each of us would be responsible for our own portion of the check.  When we were finished, a very unexpected Norwegian phenomenon ensued…

The waitress literally walked around the table to make sure that she had everybody’s entrees straight (not so strange), and everyone of us told her how much of each appetizers and portion of each bottle of wine ordered that we consumed.   For example, I told her I had 1/4 of the seaweed salad and one glass of from the each bottle ordered at my end of the table.  And she went through this with all ten of us!  It ended with her bringing us all separate checks.

As an American, unless a diner or big chain restaurant was asked to do separate checks from the get go, I can not begin to imagine a restaurant in the States being willing to split the bill more than 3 ways – let alone allow people to say they ate a quarter portion of something!  Is this a brilliant concept that makes splitting the bill ultra fair and precise?  Or, is it just kinda cheap and cumbersome?  In the end, is it the restaurant that makes out the best?

Should we adopt this idea here at home?? Tell us what you think!

Last week, Tracy and her husband Joe received an invitation in the mail for the Bar Mitzvah of the son of Joe’s childhood friend Adam.  Joe has not seen or heard from Adam in a good ten years, but none the less, he was touched to be invited to the celebration.  Tracy and Joe sent their regrets – not only are they not close to the family, but the Bar Mitzvah is all the way across the country.

Although Joe reveres his old pal, Tracy told us she is NOT sending a gift to the Bar Mitzvah boy.  She feels that Adam sent the invitation for the sole purpose of soliciting more gifts for his son.  It’s not like Adam even sent a personal note trying to reconnect with Joe on a more personal level…

However, some of us at Fab & Fru disagree with Tracy’s reaction….  Did Adam really only invite them to get a gift for his kid?  Or did he truly hope that Joe and Tracy could make it?  Regardless, are there times when an invitation to a major celebration does NOT require sending a gift – or is Tracy in the right not to send one?

Tell us what you think!

by Stephanie Berenbaum – January 19, 2012

Buggin’ Out?

Given the rotten job market and downer economy, I am happy to say I have recently encountered a business which gives me confidence that this country is going to be ok: I am speaking, of course, about Professional Lice Removal.

In general, I try not to make impulse purchases.  But when I got a call from my son’s school that his hair was infested with lice – well, let’s just say all logic (and money) went out the window!

Pricey Lice!

Instead of weighing my options, I immediately called a salon near me we’ll call “Pricey Lice” – yes, a professional lice removal salon.  In that instant I lost all faith in my motherly abilities to de-louse my child and assumed only a professional could do the trick.  At this point I was sure all of our family members, babysitters and close friends had also been infested by associating with our family, and I just wanted them GONE.

So, of course, in my frenzy, did I even stop to ask about price?  No, I didn’t.  I was just thrilled to get an appointment and we rushed right over…

Back In The Day

If I had stopped to think about it, I might have recalled having lice back in the 70s, when my mother took on the role of cheif de-louser with Rid shampoo and a fine toothed metal comb.  There were no lice salons back in the 70s, of that I am pretty sure!

Fast forward to Pricey Lice, where our whole family  got checked and miraculously only one son had it.  The checkers were as nice as could be, and even my 6 year old was relatively happy, sitting there for several hours playing video games and eating snacks …and no, the snacks were not free.  As they combed product through his hair and checked through it all in tiny sections, I have to say I was relieved to have this resource right around the corner!  That is, until…

Feeling Like A Nit-Wit

I went to pay the bill – and I honestly thought there was an error – it was almost $400.  This included the de-lousing for my son, which took a couple hours, checks for the other 3 of us at $30 a head, and purchase of the deluxe home care product kit they sell, for $80.  Plus a few more bucks for goldfish crackers and Yoo-Hoo.  I did then what I should have done in the first place – looked at the pricing!

They, like many lice removal services,  charge by the hour – this includes evaluating, removal and treatment.  It’s $95 for the first hour (the minimum) and then $23.75 for each 15 minutes thereafter.  Keep in mind only one of my sons needed lice removal – he has long hair for a boy but nowhere near as long as the girls in his class – so I can only imagine how much it cost for them or multiple siblings to get treated!

Due to his level of infestation, we were told to come back for a second treatment a few days later – priced the same way as the first visit (but took less time).  The second check ran us about $100, so, in all we’re talking about a staggering $500 total.  And as far as I could tell, they didn’t offer financing plans – though apparently they said many customers were able to get partial reimbursement from insurance…

A few months ago Daniela bought concert tickets for herself and her boyfriend, plus two other couples.  She didn’t give a second thought to fronting the money for all the tickets, and didn’t ask anyone for the money until the night of the actual show.  Finally, the big night arrived.  The tickets had been $25 bucks a head plus the service charge.  The problem was that so much time had past, Daniela couldn’t quite remember off hand the total per ticket including the extra fees, so she just rounded up and asked everyone for $30.

When she got home, she realized that it was really only $27 per person, and she had accidentally overcharged everyone by $3 bucks.  It’s just a few dollars, but should Daniela tell her friends, or just keep the change?  Tell us what you think!

by Alexandra Pauline – January 16, 2012

Sleep & Your Savings Plan

It’s no secret that getting enough sleep helps to keep us healthy and functioning at our finest.  But what you may not know is that losing sleep may also lead to you losing money.  See how getting enough rest is a Fab & Fru way to keep help you keep more money in the bank!

Do Wealthier People Sleep More?

We’ve all pulled an all nighter or two in our day.  And while they are sometimes unavoidable, many experts would argue that people who are tired all of the time are not as successful as their well rested colleagues.  It may seem obvious, but not only does getting seven to nine hours a night help you avoid getting sick, it helps you to get more done during the day with a whole lot less effort.  And the better you are at leveraging your time, the more likely to are to reach all your goals – including your financial ones!

The Insomniac’s Shopping Dilemma

Chronic fatigue can bog down your budget more than you think.   People who have trouble sleeping run the risk of wasting money because they tend to make more impulsive decisions than the well-rested do.  Many people who can’t sleep at night surf the web and home shopping stations.  Things often look more enticing to the late night shopper than they may in the light of day.  And according to savingadvice.com, when you are sleep deprived, “Your thinking is slowed, you’re too tired to listen to advice, and you sometimes aren’t fully understanding what you’re reading or hearing.  When you’re making big financial decisions you need all your brain power so that you don’t get caught up in a scam and agree to unfavorable terms.”  -If you have serious trouble sleeping, please contact your health care provider.

Take The Time To Wind Down

As women who want to have it all, our mental to-do-list is never ending.  Between work, kids, friends and family, there is often no sleep for the weary.  And even when we’re totally exhausted and can’t wait to sleep, the pressures of everyday life can keep us wound up for hours.  The key – really take the time to clear your mind.  Whether it’s a hot bath,  a cup of Sleepy Time tea or reading a gossip magazine, giving yourself a hour or so before bedtime to wind down will help you sleep better and sleep through night.  To paraphrase the wise words of Ben Franklin: Early to bed, early to rise, helps keep a woman healthy, wealthy and wise!

Stay Away from the Late Night Snacks

According to Joyce Daoust, a Certified Nutritionist and national best selling co-author of “The Formula, A Personalized 40-30-30 Weight Loss Program,” the key foods to avoid eating at night include: sugar, alcohol, and high-carbohydrate snacks that can spike blood sugar and insulin levels.  “These foods can block the release of human growth hormone, inhibiting proper repair and recovery of your body, disrupting sleep patterns, and waking you after only a few hours of sleep.”  Nutrition expert Tina Ruggiero, MS, RD, LD also added, “Do something after eating — light chores, laundry, etc.  Don’t go right to bed.  That will also help guarantee a good night’s rest.”

Last Saturday night, Kari and her friends Josie and Stella were out for a night on the town in lower Manhattan.  Because they all lived in the same neighborhood, the ladies decided to share a taxi home to Brooklyn at the end of the night.  The total cab ride, with tip, came to about $20, but the problem came when Josie and Stella realized they had no cash – and you can’t split a taxi ride on three credit cards…  Luckily Kari had the cash to cover the ride.

When Kari saw her friends a few evenings later, neither of them offered to pay her back their share.  This unwritten rule among the friends had developed that if you fronted money for a taxi or drinks, it would eventually come back to you - assuming you were at the right place at the right time.  However, this rule kind of bothered Kari, and she thought it was rather unfair.  But still, she decided to keep her feelings to herself and let the whole thing slide.

Was Kari right to let things go and assume that her friends will eventually pick up her tab too at some point?  Or should she politely speak up and change the friends’ money borrowing policy before any more resentment builds.  What would you do?  Tell us what you think!

by Brandi Savitt – January 9, 2012

5 Ways to Get Healthy & Lose Weight

It’s hard to believe when you hear celebrities – who are the size of your left pinky – say that they eat healthy, but they never ever diet.  What does that even mean? If they eat at all, they have a celery stalk and sip some organic vegetable broth, right?  It sounds ridiculous, but stop rolling your eyes – these health conscious celebs are actually onto something – and it may have more to do with getting healthy than squeezing into to a size two…

Start Eating More…

It’s no secret, if you want to reach your ideal weight, and look &  feel your best, start focusing on eating, not dieting.  What we consume affects more than our waistline, it affects our overall health and ability to fight disease.  Eating as many unprocessed whole foods as possible not only has less calories, but unprocessed foods typically have many more nutrients and fiber.  The more of the needed nutrients we get, the less hungry we feel.  And while eating high quality organic fruits, veggies, eggs, and meats may cost a little more upfront, it is an expense that is worth it in the long run.  –To save money, eat fresh, and save on fuel, buy local produce and animal products from the grocery or your local farmers market whenever possible.

Are You Too Sensitive?

Maybe it’s because all of the processed foods we’ve been eating for decades, or maybe it’s because our culture just eats too much in general, but as a result, many of us have developed food sensitivities over time that may be keeping us from losing weight and keeping our immune system from functioning at its optimal level.  If you suffer from constant colds, sinus pressure, bloating, gas, stomach pain, even skin problems such as eczema, your diet may be playing a role!  Gluten (wheat & wheat products), dairy and soy are common food sensitives that may be causing unnecessary inflammation in your body - and they’re in shocking places so start reading those labels…

Consider consulting with a Naturopath or nutritionist who can help you determine if these foods are getting in the way of your optimal health.  Also check Kris Carr’s Crazy Sexy Diet and Dr. Andrew Weil’s Anti-Inflammatory Diet .  Don’t worry – you may not have to give up these foods forever.  Sometimes giving your body a break for awhile, will do the trick (if you don’t overindulge too often)...