organization Archives - Monterey Bay Parent

Just as you get an annual physical to keep your health in tip-top shape, you should set aside time to go through your finances. This ensures that you are in charge of your money. The earlier in the month you start, the better, so it does not interfere with your holiday festivities. A task as simple as verifying your car and health insurance coverage and making or updating a personal or family budget can make 2019 go much smoother. Before you file your papers away and start to write on your brand new calendar, it is a good idea to go down this quick list and make sure your finances are up to speed.

1. Assess your progress toward your goals. Take a look at where you have been, where you are and where you want to be in the future. “Before the year ends take advantage of any gains or losses that should be recognized within the year,” said Milda Iliscupidez, a financial advisor with Edward Jones in Monterey. Having a power team including an attorney, certified public accountant and financial planner go through your portfolio can make things easier.

2. Contribute to an IRA. You cannot open a joint IRA with your spouse, but you can each open one and claim double the tax deduction. U.S. News & World Report said that those who are not provided with retirement benefits at work could contribute to an IRA regardless of how much they earn. They added that if you are eligible for a traditional pension plan or workplace retirement plan like a 401(k) you can additionally make a tax-deductible contribution to an IRA only if your income falls below specific cutoffs.

3. Contribute to a 529 education savings plan. “A lot of people have family that is far away or do not like to send gifts so contributing to an education savings plan is a wonderful way to show someone how much you care,” said Iliscupidez. It is never too early or too late to give a child’s brain a boost.

4. Review your insurance coverage. Every year your needs change such as if you have paid off your home or just bought one. Go down the checklist of property insurance, auto insurance, health insurance, life insurance, and long-term care insurance. Make sure you are familiar with policy numbers, premiums and customer service numbers.

5. Get your child to start saving. At the holidays make sure it is not just about giving money to your child so he can pick something out at the toy store. Instead, it should be about earning it and teaching a way to save. “Every time there is good behavior, or something deserving of praise put money in a piggy bank so your child understands that things are paid for, and you cannot just write a check or use a credit card,” said Iliscupidez. It helps if you set a goal such as an entertainment system or video game that your child wants and save up to be able to make the purchase.

6. Understand how required minimum distribution works. At the age of 70, if you have a retirement account, you are required by law to take out a certain amount every year. It increases every year, and if you do not take it out, it is taxable by almost 50 percent. It is the second highest tax penalty next to fraud.

7. Pick a charity. You can help homeless animals find forever homes or raise funds for medical research to eradicate a disease. You can also give household items that you no longer use anymore to an organization that distributes to people in need. Fidelity Investments stated that for non-cash charitable contributions over 250 dollars you would need a receipt that includes a description of the item and details.

8. Declutter. Know what to keep and what you can discard. AARP said that there are two general rules. First, anything tax-related should be saved for at least three years, and anything tax-related that reflects a loss should be saved for seven years. For insurance policies, AARP instructed to get rid of old versions when new versions arrive. This helps to avoid confusion. Keep monthly statements until you get year-end reconciliation. When you get rid of papers, shred them to prevent fraud.

9. Create an organization system. You can make this fun and use anything from file cabinets to decorative boxes. Once you master how your system works, you will need to maintain it. You may have a file for incoming bills for example. Put the due date on your calendar, and when you have taken care of it write paid on it.

10. Find a professional you can trust. Forbes named some pros of having a certified financial planner. They described the advantage as having expert management of your portfolio taking into account goals and cash needs and a partner to help you navigate complex financial situations, answer questions as they come up and provide continuous financial planning. They also said the planner could bring peace of mind because you know that a professional is monitoring the market and your portfolio and making needed changes. Of course, you can manage your own money, but some mistakes can be expensive. You may miss out on tax savings opportunities, make poor investment choices or pay hidden fees and not realize it.

Jamie Lober, author of Pink Power (www.getpinkpower.com), is dedicated to providing information on women’s and pediatric health topics. She can be reached at jamie@getpinkpower.com.

Do you have a move in your near future? I’ve made 4 (yes, 4!) moves in the past ten months. I sold my home in May, moved into a temporary furnished condo for two months in June, moved into another temporary apartment in September (after a cross-country move), then moved into an apartment I thought I would be in for a year while I looked for a home to buy. That move turned out to be more short term than anticipated so I moved yet again, this time to a house I leased for the coming year. All of these moves came after being in the same home for almost 20 years. Stressful? Heck, yes!

What I learned over the past ten months is that a) moving isn’t fun and b) moving is definitely less stressful when I’m organized.

Here are a few tips I wish I had known before starting on this adventure:

Purge first. This is one I followed and I am so happy I did. I moved from a 2,000 square foot house knowing the next place would most likely be a smaller cottage or a condo so I was pretty ruthless in getting rid of extras. I was also committed to buying new furniture for my living, dining, and guest rooms so that made things easier. I carefully culled books, linens, kitchen items, decorative items, and the general clutter. I’m guessing that I donated (or sold) at least half of my belongings. My goal had been to keep just what I loved or absolutely needed and I think I met that goal.

But don’t purge too much. This might seem contradictory but when I moved into the unfurnished apartment and my belongings were finally delivered, I realized that in my quest to lighten the load I had dumped some things that weren’t all that heavy and that I now needed to replace–items like a mop, broom, organizing bins that had held cleaning supplies, an ironing board–all had to be replaced and it quickly got expensive. Think carefully about tossing items that you know you’ll need no matter where you live unless they are ready to be replaced. It’s probably cheaper to ship them then it is to buy them new.

Pack a suitcase. The first thing you should pack is a suitcase with the same items you would take on a trip: clothing for a few days, all medicines you might need, extra eye glasses or contacts, toiletries, a few towels and any other items you know you’ll need in the first few days. Even if the move is local, that suitcase should be in your car so you can access everything quickly.

Pack a “get unpacked” box. Fill one box with all the things you’ll need to help you unpack and get settled: scissors, measuring tape, basic tools, nails, paper towels, garbage bags, bottled water. Put this box in your car as well or mark it clearly and ask the movers to put it in the truck last so it comes out first.

Label, label, label. Don’t just write “kitchen” on the box, be specific. Write “everyday dishes” or “wine glasses” on the box so you know exactly what’s inside. This allows you to prioritize the order of unpacking. There’s no need to unpack the holiday platters when you haven’t yet unpacked the dishes or the coffee mugs you need for breakfast.

Use your cell phone. Take pictures of the back of your TV and your computer so you know how to set it up in the new place. And, don’t forget to take photos of your apartment or house after you empty it out and clean up so you have evidence in case of a claim.

Hire a sitter for your kids and send your dog or cat to daycare. Moving is stressful enough without having a toddler or a Golden Retriever underfoot. Arrange to have a sitter take care of your child– you can hire someone through an online resource and have them watch your child at your new home if you don’t know anyone in your new city. Take your dog to daycare for the day as well. You’ll get so much more accomplished if you aren’t dealing with kids and pets on moving in day!

Use smaller boxes for heavier items. It seems like a no-brainer but I made the mistake of packing two large boxes with books. The movers didn’t have a problem with the boxes but I certainly did. I couldn’t move the boxes out of the way as I was unpacking and had to empty them before I was ready to put them in their new spot.

If possible, have the movers put all boxes in one, out of the way spot. If you have a garage, this is probably the best spot. Otherwise, a dining room, office, or guest room would work. Organize the boxes by room and then get to work. I found it easier to work on one room at a time. I started with the bedroom, making the bed and arranging my nightstand first so that I could get a good night’s sleep. After that I got my clothing put away leaving decorative items for later. I moved on to the basic kitchen unpacking–daily dishes and glasses, pots & pans, and silverware. With boxes clearly labeled, it was easy to grab the right box, put the items in their new spot, and then dispose of the box. Having the unpacked boxes out of the way made it easy to see progress and not get caught up in finding homes for items I didn’t need yet.

Yes, moving is stressful but if you take your time and stay organized you can lighten the load and be comfortable and snug in your new home no time!

Year-End Financial Advice for Monterey and Santa Cruz Families

Moving Tips (from someone who just suffered through it!)