Money Momma – Page 3 – Rockland NY Mom

Daycare Dilemma

Posted on June 2, 2014 by RocklandNYMom Posted in Money Momma, Out and about..., Thoughts.., Uncategorized .

Disclosure: This is an unsponsored post. All opinions expressed are my own.

Whether it’s full time work because of need, full time work because of desire, part-time work, or flexible schedule, at some point almost every parent experiences the question of what type of childcare is best for the family. Most of my friends and the parents who I speak to have crossed this hurdle at one time or another. Some have gone through it more than once, realizing that their current arrangement doesn’t make the most sense when they add another child to the mix or have a change in schedule. As a new parent or a veteran with years of experience, choosing the right childcare arrangement can be very overwhelming. Many parents don’t know about the various options available to them.

This piece is meant as a resource to shed some light on the different options available to parents and the benefits of each. The hope being that it will aid you in being able to sort out which type of childcare works best for your family. Local families can also reference our childcare directory which offers choices in each of the categories discussed.

In YOUR home (Nanny or Au Pair) –

No age requirement
Light Housework (laundry, meals for kids)
Au Pair (lives with you), flexible hours (nights/weekends)
Nanny (can live with or out), set hours
Very personalized, they are YOUR childcare, they don’t take on other clients.
Your home, comfortable and safe.
You pick and choose classes or activities for your child to attend (at an additional cost).
Nap at home
Control over what children are eating.

In-home (small daycare in someone’s home)

In a home, so often very comfortable.
Food prepared for you and covered in cost.
Flexible hours.
Usually smaller numbers
Some follow curriculum, most complete crafts etc.
With other children, so offers socialization.

Childcare/Learning Center

Children can often begin around 6 weeks of age.
Follow a curriculum.
Hours mimic those of a parent’s job from roughly 6:30-6:30
Food is included
Many have extended hour programs if needed.

A great guide that I found that has questions you should be asking before choosing a childcare is http://www.dccda.org/referralquestions.shtml there is also a local resource called Childcare Resources of Rockland that you can reach out to if you are feeling overwhelmed.

A special thank you to Cultural Care Au Pair, Here we Grow Childcare, and Julie Cappuccilli for their help during the research portion of this piece.

Pocketbook Policies

Posted on May 8, 2014 by RocklandNYMom Posted in Main Page, Money Momma, Thoughts.. .

Disclaimer: This is an unsponsored post. This article is intended to be a general resource only and is not intended to be nor does it constitute financial advice. Any recommendations are based on personal, not professional, opinion only. Past performance is not indicative of future results. For illustrative purposes only.

Think about the number of purses and pocketbooks you own as a mom. I quickly counted the other day and my collection totals 23 pocketbooks in various styles, colors, designers (from Louis Vuitton to Target), and of course, uses. A closer look shows that the pocketbooks seem to fall into 3 categories: everyday use, purpose driven, and finally special occasion. Each category of pocketbooks has its own purpose and we carry them accordingly. We would not want to carry a formal evening bag to take our children to the park. That would make no sense. Your finances should be treated similarly. Each category of money has its own purpose and therefore should be treated accordingly. This month, the Money Momma explains what she calls the Pocketbook Policies; a guide to viewing your money in terms of function, just like your purses and pocketbooks.

-Written by Jamie Flesher, New York’s Money Momma

The Everyday Pocketbook (Purse #1): the bags that get the most wear and tear and we use them often (this is a diaper bag for me).

This is your checking account. The money in this account gets used on a daily basis. Paychecks typically come in and regular monthly expenses; mortgage/rent, food, car payments, household bills etc. come out of this account. What is unique about purse #1 is that the money ebbs and flows on an almost daily basis. Money is constantly flowing in, and constantly flowing out.

The Purpose Driven Pocketbook (Purse #2): fashionable computer and work bags, gym bags, beach bags etc.

This is the savings account or safety net, that hopefully has 6 -12 months’ worth of expenses being housed (see “How Prepared Are You?”). Even if the account does not have a full 6 months, it is still the account that gets used when there is some type of large expense coming up, such as a home renovation or loss of a relied upon paycheck. This also applies to your vacation or holiday club accounts. Money hangs out earning a little bit of interest and just waiting until it is needed. If money is coming out, it’s for a very specific reason that is not part of your everyday spending. Was there a loss of a household paycheck? In that case, slowly pour the contents of the purpose driven pocketbook, into the everyday pocketbook, until that income is replaced. What is unique about purse #2 is that if you put a dollar in, you will get a dollar out. There is no investment risk in purse #2. This is simply an interest bearing savings account.

The Special Occasion Pocketbook (Purse #3): the dressy bags we bring out only once in a while for events such as weddings, parties and date nights

This is your investment account that holds assets that can fluctuate in value such as stocks or bonds. 401K accounts typically fall into this category of pocketbook. I call this the special occasion pocketbook because it rarely comes off the shelf. Money that is put into these types of accounts is money that is going to be there for at least a five year period (that’s an estimate) without any need to be withdrawn. What is unique about purse #3 is that it’s the only one of the 3 that has risk. If one dollar is put in, it’s not guaranteed that you will get that dollar back out. Stocks don’t always go up in value and therefore there will be periods where this pocketbook actually goes down in value. That is why I advise clients to leave it on the shelf for 5 years. On average, that is how long it takes to move through a full market cycle and see an increase in value.

The key to making the Pocketbook Policies work is to know how much money should go into each purse. To begin this process you should create and track your monthly budget. This will help you to get a better idea of how to save and make realistic changes in your spending. The Money Momma’s firm, Flesher Financial Services, has a special formula that we use to help figure out which purse should have which funds based on your family’s specific needs. Jamie Flesher can be contacted at nymoneymomma@gmail.com, or 917-647-8267 for any questions regarding the Pocketbook Policies or assistance getting your financial purses set up.

Remember, submit specific topics you would like to see the Money Momma address to nymoneymomma@gmail.com or RocklandNYMom@yahoo.com.

Being a Mom Means Always Being Prepared

Posted on April 17, 2014 by RocklandNYMom Posted in Money Momma, Uncategorized .

It’s no mystery that being prepared is every mom’s best talent and most utilized skill. We have the diaper bags, cars, and purses packed with anything that we think we just might point need: including but not limited to; diapers, clothes, snacks, drinks, wipes, entertainment, strollers and extra booster seats. We know exactly what to do in the event of an emergency with our children, our homes, or our families. So why do we not spend a bit of time preparing for a potential financial emergency? Research shows that the majority of Moms don’t know what to do to prepare for such an event, even though we know that the issue is real. This week the Money Momma is going to get you started on preparing the plan using her exclusive tool kit that is meant to make financial plan a relatively painless task.

A family financial emergency can be anything that affects your money and lifestyle, such as losing a relied upon paycheck, an unexpected yet necessary large purchase, a new addition to the family, receipt of a large inheritance, or sadly the loss of the family member who manages the money. It’s important to be just as prepared for this type of emergency as you are for any other. Money Momma’s business (Flesher Financial Services or FFS) has kindly allowed me to share her tips and check list developed specifically for moms. Below are her top 3 recommended items.

Item #1: Your list of who to call. Much like your pediatrician’s phone number is stored in your phone, so should be your family’s accountant, investment manager, and bank where your checking account is. In the event of any type of financial emergency, these are the people to call and they will know how to proceed. You want to have their names and phone numbers within your reach at all times. Put this list in a safe place in your kit along with account numbers and any passwords you or your significant other use to access accounts online.

Item #2: As hard as this sounds, it is really important to have 6 to 12 months’ worth of household expenses put aside in an interest earning savings account. Having this money put aside is akin to carrying an extra set of clothes for the kids; it won’t be needed often, but when it is you will be very glad that it is there. This money helps lessen the impact of any of the most common financial emergencies such as loss of paycheck, unexpected large purchase, or funds held up in probate court. Keep a copy of this account statement and a way to access these funds in your kit. you don’t have this kind of cash on hand now? Sound like an unattainable goal? There are some very simple steps that can be taken to reach this goal, we (FFS) can work with you to develop a plan to save up this amount over the coming year.

Item #3: A copy of your family’s monthly and annual budget. This is your financial GPS. It tells you who gets paid for what, how much, and when. This is your bird’s eye view of your family’s money and its flow. Using this, you can back into whether or not something needs to be cut out or narrowed down and whether or not some categories can be increased. Place a printed copy of this budget in your kit and an electronic copy in your files.

The above items are just a few of the items on the Money Momma’s checklist. The full checklist of 20+ items was developed specifically to help Moms navigate a financial emergency. Missed out introduction of Money Momma? Click Here to read about her.

Being a Mom means always having all the necessary tools, even in our financial lives.

Need some help getting these above items in order? Want to see the financial checklist in its entirety? Or do you have an issue you want the Money Momma to address in a coming issue? Contact Jamie Flesher at Nymoneymomma@gmail.com or 917-647-8267.

Introducing Jamie…The Money Momma!

Posted on April 8, 2014 by RocklandNYMom Posted in Money Momma, Uncategorized .

I am naturally inquisitive, I have so many questions about so many topics. I always seek out people that I know in order to get my information. Jamie is one such friend. A mommy who I met because our children attend the same Pre-School (BUSY BEE!!) she has an extensive background in finance and is constantly getting bombarded with questions from making major purchases, to planning for college and retirement. We had an idea while out to lunch one day, why not make this information available to everyone?! This idea has developed and I am very proud to announce that Jamie will be guesting on RocklandNYMom.com and giving advice, information and answering your financial questions as the “Money Momma”!

So now…. RNYM is pleased to introduce a new contributor to its blog. Jamie Flesher, otherwise known as the MONEY MOMMA will be hosting a new column and written Q and A session to assist all moms with their most pressing financial needs. Jamie is the Principal owner of Flesher Financial Services LLC, a family budgeting and investment analytics practice. She has over 15 years of experience helping families plan for the here and now, the future, and the next generation. Ms. Flesher holds a BA in Economics from the University of Maryland and an MBA in Finance and Business economics from Fordham University. She has held positions at some of Wall Street’s top firms and was most recently serving as Senior Strategist at an independent Financial Planning practice when she left to focus on her family and the financial issues that affect young families today. The MONEY MOMMA will focus on a variety of family budgeting and financial decision making topics as well as take direct questions from our readers. Questions for the MONEY MOMMA can be sent to…NYmoneymomma@gmail.com

Jaime has extensive experience in finance and business.

Jamies little ones S and R.

Jamie Flesher and Flesher Financial Services can be reached at 917.647.8267 or NYmoneymomma@gmail.com to schedule an appointment for family budgeting services.

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