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In Memory of My Dad

I lost my dad in January. We did not always see eye to eye but I know he loved me and his passing has left a large hole in my heart.

Checklist for Personal and Financial Matters

When you lose a loved one, it can be a daunting task to take care of all of the things that need to be done and still maintain your sanity. I am still trying to hold onto mine. Here is a checklist I used that helped me stay on track:

Compile important documents, including:

Will or living trust
Deeds
Titles
Licenses
Insurance policies
Financial records
Tax returns
Identification papers
Military certificates
My life was made a lot easier because I had all of this info compiled in advance.

Put a freeze on all credit reports so no new accounts can be opened.
Close accounts and notify financial institutions.
Notify public agencies, i.e., Social Security, VA, etc.
Notify third parties, creditors and bill collectors.
Contact the attorney and/or executor named in the will to handle probate court or estate matters.
Check all insurance policies for death-related benefits.
Request a refund of any policies paid in advance that will no longer be used such as auto insurance.
Transfer assets and property titles if you are a surviving spouse, partner or dependent.
Contact accountant or tax advisor about filing taxes, preparing a budget and valuing assets.
Locate an safe deposit box(es).
Open individual bank accounts if you are a surviving spouse or partner.
Contact insurance agents to change your policies and beneficiaries, if necessary.
Cancel individual credit cards; but don’t remove the name from joint accounts for six months.
Change all home utilities to your name if you shared a home or cancel service.
Update your will. ps!

If You Want to Know Where Your Money is Going – Follow It!

Money often has a way of disappearing right before your eyes so if you want to know where it is going, follow it by keeping a money journal. I suggest that all of my clients do this at least once a year to see if their spending habits are still on track or if they are running free.

To get a good handle on where your money is going you will need a journal, check register, or notepad. (Your cell phone is also a great place to make daily notes but you will need to transfer them to a hardcopy to complete this exercise.) Give yourself a month to complete this exercise. Then once you start, write down the following items every time you spend anything, even if it’s just for a coffee or chewing gum:

the date
the time
what you bought
the category it falls in (i.e., food, clothing, entertainment, charity, kids, parents, housing, etc.)
the amount of the purchase
how you paid for it
how you were feeling before and after the purchase

This last item is very important because it can help you identify how your emotions play into your spending. At the end of each week add up the amount you spent in each category and compare it to what you projected or would like to spend in each category to see how close you are. And if you find that your money is not going in the places you want it to, try to make some adjustments the following week.

At the end of four weeks you should have a good idea of where your money is going and who is in control – you or your money. If it’s you, congrats! On the other hand, if it’s your money, I suggest you take a look at my new Squeeze book. It will walk you through the steps of taking control and taking charge of your money to achieve your goals. ps!

Sorting Through the Mortgage Maze

If you have decided that it’s time for you to buy a house, there is one big hurdle you will need to overcome and that is getting a mortgage. While there is no shortage of mortgages, it may sure seem that way when potential lenders start to grill you.

The best time to apply for a mortgage is actually before you go house hunting. This will give you an idea of how much house you can afford in the eyes of the lender as well as a better idea of just what you can expect to pay monthly. However, before you call or visit a prospective lender prepare yourself and do your homework. Note: You will have additional hurdles if you have a low down payment, a low credit score, a high debt-to-income ratio, or a small cash cushion so check for these first.

Start by getting a copy of your credit report. Report any errors to the credit bureaus so they can be corrected before you go to a lender. Then create a budget to determine how much you can really afford to pay each month. You can use one of the calculators on sites like Bankrate.com to determine what this translates to in terms of a house price. Then stay in your safe zone. This is not the time to stretch your budget into a bigger house than you can afford. Next, check out prospective lenders. Rates are a good indicator but they are not the only indicator to look for in a prospective lender. Some other things to look for include:

The lender’s reputation in dealing with customers. Thanks to the internet you can find comments and other information before you call them.
Look on their website to see the types of mortgage options they have available. There are so many possibilities. Take some time to get familiar with some of the terms so that you can ask follow up questions and make informed decisions. Once you become familiar with the options make some initial decisions like whether you want a fixed mortgage or an adjustable one. There are pros and cons to each, make sure you know the difference before making a final decision.
How receptive they are to you and working with you. If they start out by pointing out all of your flaws in terms of credit or income then this might not be a good fit. Or this might not be a good time for you to get a mortgage. It is much tougher to get a mortgage today so be prepared to jump through some pretty tall hoops but rudeness and poor customer service don’t have to be a part of the process.

Finally, be aware that most lenders will want to run a credit check before you get too far in the process so do your homework to minimize the number inquiries and try to do them all within a 30 day period. Inquiries like these will lower your credit score and possibly cause you to pay a higher rate, however when you can keep them within a 30 day period they don’t take off as much. ps!

New Year — New Blog Design!

We’ve re-designed the Squeeze Your Money Blog to make it easier to use. Each Monday, Wednesday and Friday we will feature a specific topic. Visit us each week for one or all of the special features. OR, better yet sign up for our mailing list and we’ll email you the links each week.

So here is the new line-up:

Monday – Minding Your Money

Wednesday – Money Concepts & Terms

Friday – Squeeze Your Money Tips

P.S. Don’t forget to leave us your comments. ps!

Shame on You, IDT – Part 2

Last week I told you that the long distance phone company, IDT, had almost $800 of my fathers money that he had sent to them in error last winter when he mixed up the payment $8.50 monthly bill that he usually sends to them with his gas bill and they were dragging their feet about returning it. They have instead opted to give him a credit on his bill. (That’s almost 92 months of payments or almost 8 years!). He had been requesting the return of the money for months but it was not until last week when I called in that it was escalated. I feel silly now because I thought escalating something meant that they would actually do something like realizing the errors of their ways and return the money. But not so with IDT.

After a week of follow-up phone calls we are not much further in the process. Someone from the Finance Dept finally called but instead of calling me as requested they have opted to call my father who is almost 90 years old to try to negotiate with him.

Here is the latest twist in the story: They want to send him a form to sign and he (the finance dept guy) said that this form declared that he would not go back to the money order company and request the return of his money once they sent him a payment. Please correct me if I am wrong but I have never heard of anyone being successful at going back to a money order provider and requesting their money back months after it has been cashed. And how is that different than if he had sent them a check? Also, they do not want to return the money in one lump sum. They want to break it up in two payments and send him another form to sign once they send the first payment. Another delay tactic and what is in that form that he would not send to me?

PEOPLE we are talking about $800! I am starting to seriously doubt the solvency of this company that is listed on the New York Stock Exchange (IDT). Why are they fighting so hard not to return $800 that does not belong to them?

Next Steps: Here are some next steps, I am considering: (1) Lodging a complaint with the Better Business Bureau. (2) Checking with AARP to see if they have had similar complaints about IDT. (3) Finally, if that has no impact, getting an attorney to get the money back. This is getting to be the height of ridiculousness. IDT, do the right thing. Just return the money and be done with it. ps!

A little advice here: Which one of the three options do you think I should pursue first?

Answering 11 Alive Viewer Questions

Got a money question? I’ll be answering viewer questions on NBC affiliate WXIA-TV, 11 Alive’s live chat at 11 pm EST with Valerie Hoff on Ways to Save on Wednesday, November 16th in Atlanta.

Shame on You IDT

This is a follow up to Friday’s post regarding IDT and the almost $800 of my fathers money that they are stalling on returning. For the past few months they have ignored my father and my mothers request to return the money that was sent to them in error so I called on Friday and the request was escalated and I was told they would not have any info until Monday.

Here is what happened yesterday (Monday):

I was on hold for almost an hour. Hung up on twice. Apparently asking to speak to a supervisor is code for hang up or transfer to purgatory where you can remain on hold forever, but I finally learned to maneuver around this ploy.

At the end of the day, after numerous calls, here is what I found out. It seems that they just can’t write a check and return the money. They need to have their bank transfer the money to a holding account which could take 24-48 hours. Then they need to decide how to return the money since my father sent them a money order. They do not deny that they have the money, they just can’t quite seem to decide how to return it.

Wow! A multi-million dollar company who has to go through a bizallion steps to return an $800 check – UNBELIEVABLE. That just seems so wasteful. I know they have wasted enough of my time. But I will be calling back again today. Stay tuned for the next installment of this IDT saga. ps!

Tuesday’s Update:

In keeping with my promise to keep calling until I get a resolution – here is my update for Tues. Not a lot of progress, they are still waiting on their bank, Wachovia, to either set up the special account for the money or decide how to return it. I got conflicting messages along with a promise to call me as soon as any news comes in. So I will be calling back tomorrow. ps!

If Your Parents Are Seniors, You May Need To Step Up To The Plate

I don’t know when I have been so angry. I just found out that my father’s long distance carrier (IDT) is keeping a large sum of money that he sent to them in error. My father, who is almost 90, mixed up his gas bill payment and his phone bill payment last winter. So IDT received a $300+ dollar payment for an $8 service. I’m not sure of all the details but he asked them to return his money and they said they would. But the check never arrived. In the meantime, they sent him a bill that said that he had a $300+ credit on his bill. He misunderstood and thought he owed them $300+ dollars and sent them another payment. At this point they have almost $800 of his money and they have started to give him and my mother the run around asking them to call back day after day. I found out about this today and I called the company. They said the the finance department was closed and they could not give me a resolution until Monday. This has been going on for months and they still want to play. I will most assuredly call back on Monday. It is just unconscionable for any one to treat seniors this way, especially a veteran on veteran’s day.

On a calmer note: If your parents are like mine, they want to be independent. And that’s great but this incident tells me that I need to be prepared to step in more often and to not only help my parents remain independent but financially healthy because there are so many companies and scams out there that prey on the elderly. Also, there are a ton of decisions they need to make and they need guidance. I have been pretty good with the guidance stuff, but I have always tried to stay out of their current affairs because they are really private people. But maybe that position needs to be moderated. Maybe what I need to do, and you need to do also if you have elderly parents, is to take on a watchdog persona, whether it’s in the forefront or behind the scenes. Our parents need us more than ever, so this is not the time wimp out or declare that we are just too busy. They were there for us, now it’s our turn to be there for them.

Has something similar to this happened to your parents? What are your ideas on this topic? Tune in Monday for my IDT update. ps!

Squeeze Won!

Squeeze wins the first ever Global eBook Award in Finance. The award was presented by founder Dan Poynter. Mr. Poynter is a self-publishing guru with over 100 books to his credit. Visit the Press Room or click here to read about Squeeze and the Global eBook Award.

SQUEEZE is Here!

After many months of writing, rewriting, and waiting, Squeeze is finally here! When the first copy arrived I felt like I had just gotten a great present and I immediately forgot about the long hours it took to produce.

Squeeze consists of two basic parts: one to track what’s coming in, what’s going out, and where it is going; and a second part that uses the information from the first part to help you manage all of the areas of your financial life. It is a combination text, workbook, and reference manual that you can refer to over and over again.

Click on the links before to hear more highlights from a recent radio interview:

GA Campus Interview – Part 1

GA Campus Interview – Part 2

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