The problem I had with my bank that I had posted about the other day has finally come to a close. I did have to make additional phone calls and I did have to complete a complaint form with the FDIC, but the ending was in my favor.
First, let me back up to the events leading to this happy ending. I spoke with a customer service representative of the bank who after not being able to answer why on their online banking site, the check in question was listed as being posted on the 26th and not the 24th as they insisted, she accused me of tampering with their online banking website. Can you imagine? I was so furious, I just hung up the phone.
Instead of faxing the complaint to the FDIC right away, I decided to fax the complaint to the VP of The Provident Bank. Of course I included the details of the accusation that I tampered with the Banks website.
Well, within 20 minutes of faxing that complaint, I received a phone call from the assistant to the VP. She apologized profusely, explained a few things that made things a bit more clear on how the bank operates as far as transactions go, but in the end, I did receive the credit I believed I deserved.
So...it helps to not give up when you believe in something. And not accept any ole answer you receive from a company. Sure this a whole mess took some time, but it was worth it.
Showing posts with label Finances. Show all posts
Showing posts with label Finances. Show all posts
Friday, January 9, 2009
Sunday, January 4, 2009
Banking Lesson ~ Pay Close Attention to Your Account Details
Something I will be doing in 2009 is to watch over my bills and banking even closer than I have been. Due to identity theft last year, I pay close attention to all the details of my accounts.
I use the toll free automated account information my bank offers almost on a daily basis to make sure all is well. I guess it became a nervous habit since the identity theft situation.
On Friday I had a dispute with my bank. I knew my balance was wrong for some reason and when I called the bank, they said a 'fee' was taken out of my account because it was overdrawn when a check was presented. I knew that wasn't true, so I looked further into this situation.
Calling the bank again, I received the most ridicules response. I was told the automated system is not current for debit card use and I shouldn't depend on that for current balance information. What? Why would a bank then offer such account information? I depend on my bank to give me 'current' information. Then it was suggested that I use my ledger to keep track of my transactions. Duh...Thank you for the advice... I do, but I also have everything in my head. That is why I knew something wasn't right with my balance. I use my debit card for most of my transactions. Writing checks only about once or twice a month. And, I happen to know that debt card purchases ARE immediately taken from your account.
Anyway, not caring for the silly replies I was receiving, I spoke to a manager, who insisted I was overdrawn when a check was presented on 12/26. um...I have a deposit slip from the same day showing hundreds of dollars. How is this possible? The manager suggested I use their online banking to actually see the transactions that have posted, are pending etc..., which affect my balance.
I was a bit leary to do this due for fear of identity theft, but I thought... let me see what this manager is speaking about. It was the best thing I did! I was able to find not only one mistake, but TWO!
The check that supposedly overdrawn my account on the 26th, the bank took the fee out on 12/24...um, wait a minute. Then they took another fee out on the 26th. I couldn't believe it. The online banking was showing a positive balance on the 24th, why take out a fee? Meanwhile, looking at the deposits, I noticed they had me in arrears online on the 26th (even though there were 3 deposits on that day).I also had in my hand, a deposit slip showing a balance with hundreds of dollars from that same day.
I got in my car Saturday and headed to the bank with a print out of the online banking and my deposit slip. The woman at the bank didn't know what to say, but did offer that what they look at on their screen, is different than my online banking.
What????? Is she now saying that not only is the automated information not current, but the online banking system isn't either??? She said the check was really presented on the 24th even though it states otherwise on the online system. It really doesn't matter because there was money in my account either day. I was questioning the fees taken from me.
She couldn't put back the fees in my account until it was approved from her supervisor, who of course wasn't working that day. Now it has to wait until tomorrow.
The lesson here and my suggestion to all is to really pay attention to your account details. So what if it takes alittle extra time. There are possibilities of error. And I'd much rather have the money in my pocket than give it to companies for errors 'they' cause. Those fees removed from my account amount to over $70...Can you imagine the money that bank makes if they do this to even half their customers nationwide????
Be smart...be on top of things and don't just settle for explanations the company gives you. If something doesn't sound right or make sense, dig further until it does.
PS: The bank I'm speaking about is The Provident Bank and if they do not immediately put back those fees on Monday, I will be making a complaint with my State Banking and Insurance Department, so they can look into my banks unique practices. I have proof in black and white, so I doubt there will be any problems.
I use the toll free automated account information my bank offers almost on a daily basis to make sure all is well. I guess it became a nervous habit since the identity theft situation.
On Friday I had a dispute with my bank. I knew my balance was wrong for some reason and when I called the bank, they said a 'fee' was taken out of my account because it was overdrawn when a check was presented. I knew that wasn't true, so I looked further into this situation.
Calling the bank again, I received the most ridicules response. I was told the automated system is not current for debit card use and I shouldn't depend on that for current balance information. What? Why would a bank then offer such account information? I depend on my bank to give me 'current' information. Then it was suggested that I use my ledger to keep track of my transactions. Duh...Thank you for the advice... I do, but I also have everything in my head. That is why I knew something wasn't right with my balance. I use my debit card for most of my transactions. Writing checks only about once or twice a month. And, I happen to know that debt card purchases ARE immediately taken from your account.
Anyway, not caring for the silly replies I was receiving, I spoke to a manager, who insisted I was overdrawn when a check was presented on 12/26. um...I have a deposit slip from the same day showing hundreds of dollars. How is this possible? The manager suggested I use their online banking to actually see the transactions that have posted, are pending etc..., which affect my balance.
I was a bit leary to do this due for fear of identity theft, but I thought... let me see what this manager is speaking about. It was the best thing I did! I was able to find not only one mistake, but TWO!
The check that supposedly overdrawn my account on the 26th, the bank took the fee out on 12/24...um, wait a minute. Then they took another fee out on the 26th. I couldn't believe it. The online banking was showing a positive balance on the 24th, why take out a fee? Meanwhile, looking at the deposits, I noticed they had me in arrears online on the 26th (even though there were 3 deposits on that day).I also had in my hand, a deposit slip showing a balance with hundreds of dollars from that same day.
I got in my car Saturday and headed to the bank with a print out of the online banking and my deposit slip. The woman at the bank didn't know what to say, but did offer that what they look at on their screen, is different than my online banking.
What????? Is she now saying that not only is the automated information not current, but the online banking system isn't either??? She said the check was really presented on the 24th even though it states otherwise on the online system. It really doesn't matter because there was money in my account either day. I was questioning the fees taken from me.
She couldn't put back the fees in my account until it was approved from her supervisor, who of course wasn't working that day. Now it has to wait until tomorrow.
The lesson here and my suggestion to all is to really pay attention to your account details. So what if it takes alittle extra time. There are possibilities of error. And I'd much rather have the money in my pocket than give it to companies for errors 'they' cause. Those fees removed from my account amount to over $70...Can you imagine the money that bank makes if they do this to even half their customers nationwide????
Be smart...be on top of things and don't just settle for explanations the company gives you. If something doesn't sound right or make sense, dig further until it does.
PS: The bank I'm speaking about is The Provident Bank and if they do not immediately put back those fees on Monday, I will be making a complaint with my State Banking and Insurance Department, so they can look into my banks unique practices. I have proof in black and white, so I doubt there will be any problems.
Sunday, November 2, 2008
College Tuition Out of Control
I was at a family gathering last weekend and one thing that hasn't left my mind is a discussion that took place regarding college tuition.
Learning that my younger cousin is in debt $70,000 from college tuition just upset me. Here is someone that wanted to further his education and try to create a future for himself in a field he enjoys, but now has to start life with so much debt. I can't even imagine having that amount of debt hanging over me. He has to repay this debt at quite a substantial amount each month. How will he afford just 'living'?! buy a house or even a car?
To make matters worse, he isn't even working in the field he received his degree in. Jobs are hard to come by, especially now. Students coming right out of college are forced to take jobs that pay less or are finding it hard to even find employment.
How sad...of course this subject brought other topics to mind, but I will keep those opinions to myself.
I also wonder what will happen in years to come.How will our children be able to afford going to college? If the parents cannot afford to help with expenses, how will they do it?
The children that are just reaching high school age and for those already in their senior year and looking to
further their education...what will happen to them?
Are the teachers or professors getting a fair salary? I doubt it...who is getting all this money from college tuition?
These thoughts keep creeping in my mind...it is just so sad that our world is in this state...
Learning that my younger cousin is in debt $70,000 from college tuition just upset me. Here is someone that wanted to further his education and try to create a future for himself in a field he enjoys, but now has to start life with so much debt. I can't even imagine having that amount of debt hanging over me. He has to repay this debt at quite a substantial amount each month. How will he afford just 'living'?! buy a house or even a car?
To make matters worse, he isn't even working in the field he received his degree in. Jobs are hard to come by, especially now. Students coming right out of college are forced to take jobs that pay less or are finding it hard to even find employment.
How sad...of course this subject brought other topics to mind, but I will keep those opinions to myself.
I also wonder what will happen in years to come.How will our children be able to afford going to college? If the parents cannot afford to help with expenses, how will they do it?
The children that are just reaching high school age and for those already in their senior year and looking to
further their education...what will happen to them?
Are the teachers or professors getting a fair salary? I doubt it...who is getting all this money from college tuition?
These thoughts keep creeping in my mind...it is just so sad that our world is in this state...
Saturday, June 21, 2008
Resources to Consider
Protect Yourself Against Identity Theft
Identity theft is one of the fastest growing crimes in America, victimizing over 10 million people a year and costing billions of dollars.
Did you know that stolen identities are used up to 30 times, with most victims only discovering the theft after they've been turned down for a loan or contacted by a collection agency. You may already be a victim, many times over, and not even know it
Choose The LifeLock Protection That's Right For You! Enroll For As Little As $10 Per Month! LifeLock.com
Learn How LifeLock can protect you from Identity Theft and protect your good name.
****
Save Money With Foreclosure Properties
If you are looking to purchase property in today's market, one might consider buying a foreclosure property. First-time home buyers are looking into foreclosures because this is an excellent opportunity to buy a house at a lower than market-value price.
The resets of adjustable mortgages have home owners scrambling to pay their mortgage each month, which is causing foreclosures to reach an all time high. But, this could still be a win-win situation. If you approach a homeowner facing foreclosure, you can offer less than it's current market value, but still offer more than what they owe the bank.
Browse The Country’s Largest, Most Comprehensive Foreclosure Database Free Today at RealtyTrac.com!
RealtyTrac offers information on the buying and selling of foreclosed properties. They provide Coaching and learning services, which includes an education section, questions and answers, MLS listings, search by state and pre-foreclosure information.
A 7 day free trial offer can be found on their site enabling you to search over 650,00 properties. Once a member of this free trial, you can search the properties in the state you wish and receive all the property details.
Identity theft is one of the fastest growing crimes in America, victimizing over 10 million people a year and costing billions of dollars.
Did you know that stolen identities are used up to 30 times, with most victims only discovering the theft after they've been turned down for a loan or contacted by a collection agency. You may already be a victim, many times over, and not even know it
Choose The LifeLock Protection That's Right For You! Enroll For As Little As $10 Per Month! LifeLock.com
Learn How LifeLock can protect you from Identity Theft and protect your good name.
Save Money With Foreclosure Properties
If you are looking to purchase property in today's market, one might consider buying a foreclosure property. First-time home buyers are looking into foreclosures because this is an excellent opportunity to buy a house at a lower than market-value price.
The resets of adjustable mortgages have home owners scrambling to pay their mortgage each month, which is causing foreclosures to reach an all time high. But, this could still be a win-win situation. If you approach a homeowner facing foreclosure, you can offer less than it's current market value, but still offer more than what they owe the bank.
RealtyTrac offers information on the buying and selling of foreclosed properties. They provide Coaching and learning services, which includes an education section, questions and answers, MLS listings, search by state and pre-foreclosure information.
A 7 day free trial offer can be found on their site enabling you to search over 650,00 properties. Once a member of this free trial, you can search the properties in the state you wish and receive all the property details.
Saturday, March 8, 2008
Confused by Insurance Options?
When it comes to insurance, there are so many options. You can insure just about anything these days. People often think that it's better to be safe than sorry, but sometimes end up spending more money than they should on coverage they don't really need. If you own a business, there are options for Business Insurance as well.
You should cover the big risks in your life. Those being your life, your health, your home and your car if you have one.
You can save money on insurance. Shopping around for the best deal is one good way. Companies also give discounts to customers who buy more than one type of coverage from them. Raising your deductible will lower your insurance monthly payment. You should make sure that you have coverage that's both comprehensive and covers catastrophic events that would cause hardship, such as the death of a spouse.
According to Robert Hunter, director of insurance for the Consumer Federation of America, there are common types of insurance that he and other experts believe people should avoid:
Life insurance for children- Losing a child, may be the hardest and toughest experience a parent can go through, but the experience does not lead to economic hardship. I would think you do not rely on your children to provide income for your survival.
Cancer insurance- This policy does cover one risk, but it is better to just have good insurance. Death comes in various ways...why pay for protection just for cancer?
Accidental death- Again, this is covering a risk, but having a good policy will be adequate. Unless, you are in a dangerous profession.
Travel insurance- This coverage would only be useful if you are aware of a serious illness or if you would not be able to reschedule.
Whole life insurance- Term insurance provides an investment option that might be a better choice. If you have a spouse working from home, make sure they are also covered due to their death causing a financial hardship.
Insurance against inconveniences- Are they really worth paying monthly for? Would it be the end of the world? Probably not...
Identity theft-Reguarly check your credit report, which can be done for free. Take precautionary steps to avoid someone being able to access your personal information.
Insuring your clunker- It doesn't make sense to have full insurance coverage on an old car unless of course it is a classic and worth a lot of money. If your old car gets totaled in an accident, you will only receive the value regardless. Would your monthly payments over the years exceed the value?
Extended warranties- Quality purchases should not fail while under warranty
Payment protection insurance- You pay a lot of money each month for this protection. This coverage pays your credit card or mortgage payments in case of illness or job loss, but what you have already and will continue to pay be more than having made sure you had just saved enough for a 'rainy day'?
If you own one of the above policies, you may want to reconsider. Is this policy truly necessary in protecting you from a financial hardship? If it isn't, why throw your hard earned money toward a monthly expense?
You should cover the big risks in your life. Those being your life, your health, your home and your car if you have one.
You can save money on insurance. Shopping around for the best deal is one good way. Companies also give discounts to customers who buy more than one type of coverage from them. Raising your deductible will lower your insurance monthly payment. You should make sure that you have coverage that's both comprehensive and covers catastrophic events that would cause hardship, such as the death of a spouse.
According to Robert Hunter, director of insurance for the Consumer Federation of America, there are common types of insurance that he and other experts believe people should avoid:
Life insurance for children- Losing a child, may be the hardest and toughest experience a parent can go through, but the experience does not lead to economic hardship. I would think you do not rely on your children to provide income for your survival.
Cancer insurance- This policy does cover one risk, but it is better to just have good insurance. Death comes in various ways...why pay for protection just for cancer?
Accidental death- Again, this is covering a risk, but having a good policy will be adequate. Unless, you are in a dangerous profession.
Travel insurance- This coverage would only be useful if you are aware of a serious illness or if you would not be able to reschedule.
Whole life insurance- Term insurance provides an investment option that might be a better choice. If you have a spouse working from home, make sure they are also covered due to their death causing a financial hardship.
Insurance against inconveniences- Are they really worth paying monthly for? Would it be the end of the world? Probably not...
Identity theft-Reguarly check your credit report, which can be done for free. Take precautionary steps to avoid someone being able to access your personal information.
Insuring your clunker- It doesn't make sense to have full insurance coverage on an old car unless of course it is a classic and worth a lot of money. If your old car gets totaled in an accident, you will only receive the value regardless. Would your monthly payments over the years exceed the value?
Extended warranties- Quality purchases should not fail while under warranty
Payment protection insurance- You pay a lot of money each month for this protection. This coverage pays your credit card or mortgage payments in case of illness or job loss, but what you have already and will continue to pay be more than having made sure you had just saved enough for a 'rainy day'?
If you own one of the above policies, you may want to reconsider. Is this policy truly necessary in protecting you from a financial hardship? If it isn't, why throw your hard earned money toward a monthly expense?
Thursday, July 5, 2007
Shop & Earn Mall
Let’s start with some facts you may not be aware of. There are more women on the Internet than men. Women do more online shopping than men. And women are responsible for three-fourths of the purchases made online. These facts tell me what I already know – WOMEN are the power behind Online Shopping!
I came across this interesting and totally FREE way to make some extra money online. In the many blogs I have come across recently that share tips to earn some spending money, I have yet to see this out there. I decided to share this potential money maker. You check it out and let me know what you think.
It is really free and you earn as YOU (or family/friends) shop. Crazy, right? But really, if I'm about to make a purchase online, why not make something on it. Like a discount...
The holidays will be here before you know it (did I just mention the holidays?! geez..I'm just starting to enjoy the warm weather, but this shop & earn idea has me thinking) and if I shop at this Shop & Earn mall, I'll see a cash return on my gift purchases. Hmm...
Woman you should be able to benefit from what has been created with MY POWER MALL.
Featured Shops:
Bidz.com, Stamps.com, VistaPrint.com, Avon, Kohl's, 911HealthShop.com, Adagio Teas, Inkgrabber.com, Auto Parts Warehouse, Drugstore.com, FragranceNet.com
The directory search includes:
Automotive, Beauty & Fragrances, Books/CD/DVD/Movies, Business/Office Supplies/Clothing & Accessories, Computers, Education & Family, Financial Services, Food & Drink, Health & Personal Care, Home & Garden, Pet Supplies, Specialty/Dept Stores, Sports & Fitness, Telecommunications, Travel and Web Services.
It is totally new, totally FREE, very simple, and can be done in conjunction with anything else you are doing to generate financial freedom.
You could easily be making $4 - $6000 a month, but your income potential is unlimited. If you're Interested ~ Click the button below! It will only take a few minutes to determine if their FREE program will work for you.
SHOP & EARN MALL
I came across this interesting and totally FREE way to make some extra money online. In the many blogs I have come across recently that share tips to earn some spending money, I have yet to see this out there. I decided to share this potential money maker. You check it out and let me know what you think.
It is really free and you earn as YOU (or family/friends) shop. Crazy, right? But really, if I'm about to make a purchase online, why not make something on it. Like a discount...
The holidays will be here before you know it (did I just mention the holidays?! geez..I'm just starting to enjoy the warm weather, but this shop & earn idea has me thinking) and if I shop at this Shop & Earn mall, I'll see a cash return on my gift purchases. Hmm...
Woman you should be able to benefit from what has been created with MY POWER MALL.
Featured Shops:
Bidz.com, Stamps.com, VistaPrint.com, Avon, Kohl's, 911HealthShop.com, Adagio Teas, Inkgrabber.com, Auto Parts Warehouse, Drugstore.com, FragranceNet.com
The directory search includes:
Automotive, Beauty & Fragrances, Books/CD/DVD/Movies, Business/Office Supplies/Clothing & Accessories, Computers, Education & Family, Financial Services, Food & Drink, Health & Personal Care, Home & Garden, Pet Supplies, Specialty/Dept Stores, Sports & Fitness, Telecommunications, Travel and Web Services.
It is totally new, totally FREE, very simple, and can be done in conjunction with anything else you are doing to generate financial freedom.
You could easily be making $4 - $6000 a month, but your income potential is unlimited. If you're Interested ~ Click the button below! It will only take a few minutes to determine if their FREE program will work for you.
SHOP & EARN MALL
Wednesday, July 4, 2007
Take Charge of Your Finances 
“I am woman… hear me roar!” sang Helen Reddy back in the 1970s. Today women are roaring all right, but all too often it’s from the pain of addressing their financial state. Did you know that over 70% of women say that money is a source of stress in their lives today? Or that women are 2x more likely than men to live out their golden years in poverty?
It’s time for women to roar with financial strength.
I met Manisha and Sharon, who are co-authors of ON MY OWN TWO FEET on MySpace. Together they are teaching women to take charge of her finances.
ON MY OWN TWO FEET is all about teaching women how to live their lives from a position of financial strength. Learning a few simple yet powerful financial lessons while you are in your 20s and 30s will both increase your confidence today and your financial security tomorrow.
The shocking truth is that most Americans live paycheck to paycheck. That means they are waiting for their next paycheck to pay bills like their rent or mortgage. If an emergency should arise, most don't even have enough in their savings to cover the unexpected expense. It is suggested that one has 3-6 months in savings as an emergency fund.
From the American Payroll Association’s “National Payroll Week 2005 Survey.” In this 9/9/05 survey of 29,955 individuals, a whopping 73.9% of respondents said they would find it “very” or “somewhat” difficult to meet their current financial obligations if their paycheck were delayed by a week (americanpayroll.org).
Tip on how to payoff debt:
Concentrate on the smallest debt first. Pay what you can on it, over the minimum payment. Once the smallest debt is gone, add that former payment to the next outstanding debt payment...and so on...and so on (the "debt snowball").
On My Own Two Feet will Teach You:
On My Own Two Feet Web site
It’s time for women to roar with financial strength.
I met Manisha and Sharon, who are co-authors of ON MY OWN TWO FEET on MySpace. Together they are teaching women to take charge of her finances.
ON MY OWN TWO FEET is all about teaching women how to live their lives from a position of financial strength. Learning a few simple yet powerful financial lessons while you are in your 20s and 30s will both increase your confidence today and your financial security tomorrow.
The shocking truth is that most Americans live paycheck to paycheck. That means they are waiting for their next paycheck to pay bills like their rent or mortgage. If an emergency should arise, most don't even have enough in their savings to cover the unexpected expense. It is suggested that one has 3-6 months in savings as an emergency fund.
From the American Payroll Association’s “National Payroll Week 2005 Survey.” In this 9/9/05 survey of 29,955 individuals, a whopping 73.9% of respondents said they would find it “very” or “somewhat” difficult to meet their current financial obligations if their paycheck were delayed by a week (americanpayroll.org).
Tip on how to payoff debt:
Concentrate on the smallest debt first. Pay what you can on it, over the minimum payment. Once the smallest debt is gone, add that former payment to the next outstanding debt payment...and so on...and so on (the "debt snowball").
On My Own Two Feet will Teach You:
- How much of your income to save
- How to avoid the perils of credit card debt
- How to create a budget you can live with (and still have fun!)
- How to invest wisely using a powerful, keep-it-simple plan
- How to deal with real life situations - such as figuring out how much home or car you can afford & how to handle money when you couple up with that someone special
Whether you are going to run a corporation, a household, or your own extraordinary life, women should learn how to be financially secure.
Check out their profile here
On My Own Two Feet Web site
Saturday, May 26, 2007
What Every Married Woman Should Know About Money
With close to 50% of marriages ending in divorce, letting your spouse handle all the financial matters is a risk that could leave you financially vulnerable. No one wants to live as though she's just waiting for her relationship to end, but you should know that there are simple, effective and not at all hostile—ways to protect yourself…just in case.
1. Carry your own plastic.
If every bank account and credit card is in your husband's name, you will be a financial nobody without him. Before you do anything else, open a bank account and get a credit card in your name.
2. Read the fine print.
Look over all tax returns, investment agreements, real estate contracts and legal documents carefully. Get a credit report annually so that there are no surprises in your family's debt situation.
3. Define what's yours, mine, and ours.
A postnuptial agreement can protect assets accrued after the marriage, such as an inheritance. Make sure that you're listed on the deed to your home as joint owner or that the house is classified as community property.
4. Don't give up bill-paying duties.
Sometimes women who aren't working feel uncomfortable participating in financial decisions. For your protection, be aware of how the money comes in and where it goes out. Some couples take turns paying bills on an annual basis.
5. Get to know your financial advisers.
Attend any meetings with an investment planner, lawyer or accountant. Should there ever be a problem, you'll have the network you need to make important decisions.
6. Make plans for the future.
Make sure you and your spouse each have adequate life insurance, a will and a living trust. Consider putting aside money for long-term care (women tend to outlive men). Don't neglect your own retirement—if you and your husband file a joint return, you can contribute up to $4,000 a year to a spousal IRA.
7. Keep your professional hat in the ring.
Even if you plan to stay home for good, maintain your networks and stay in touch with colleagues. Whether through divorce or widowhood, the odds are real that you'll be financially responsible for yourself again. At the nonprofit Women's Institute for Financial Education (WIFE, wife.org), they have a slogan: "A man is not a financial plan." It's the truth.
From the March 2005 issue of O, The Oprah Magazine.
1. Carry your own plastic.
If every bank account and credit card is in your husband's name, you will be a financial nobody without him. Before you do anything else, open a bank account and get a credit card in your name.
2. Read the fine print.
Look over all tax returns, investment agreements, real estate contracts and legal documents carefully. Get a credit report annually so that there are no surprises in your family's debt situation.
3. Define what's yours, mine, and ours.
A postnuptial agreement can protect assets accrued after the marriage, such as an inheritance. Make sure that you're listed on the deed to your home as joint owner or that the house is classified as community property.
4. Don't give up bill-paying duties.
Sometimes women who aren't working feel uncomfortable participating in financial decisions. For your protection, be aware of how the money comes in and where it goes out. Some couples take turns paying bills on an annual basis.
5. Get to know your financial advisers.
Attend any meetings with an investment planner, lawyer or accountant. Should there ever be a problem, you'll have the network you need to make important decisions.
6. Make plans for the future.
Make sure you and your spouse each have adequate life insurance, a will and a living trust. Consider putting aside money for long-term care (women tend to outlive men). Don't neglect your own retirement—if you and your husband file a joint return, you can contribute up to $4,000 a year to a spousal IRA.
7. Keep your professional hat in the ring.
Even if you plan to stay home for good, maintain your networks and stay in touch with colleagues. Whether through divorce or widowhood, the odds are real that you'll be financially responsible for yourself again. At the nonprofit Women's Institute for Financial Education (WIFE, wife.org), they have a slogan: "A man is not a financial plan." It's the truth.
From the March 2005 issue of O, The Oprah Magazine.
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