Showing posts with label families. Show all posts
Showing posts with label families. Show all posts

Friday, February 18, 2022

Money Crashers: Five pieces

Money Crashers has posted a whole bunch of my articles in the past week, so here's a really quick roundup:

Should You Buy an Electric Car? – 5 Cost Considerations

Here's a topic that's on a lot of ecofrugal people's minds these days: Is it time to switch to an electric car? This piece focuses mostly on the financial side of that question (cost of buying, cost of maintenance, cost of charging at home and on the road), but I also go into the convenience and environmental costs of electric versus gas-powered vehicles.

Best Personal Finance Books for Kids

This is a companion to my earlier piece on personal finance books for teens and young adults. While that one included some books aimed at adults, this one focuses on books that help younger readers (ages 5 through 11) learn the basics about money.

What Is a Debt Consolidation Loan and How Does It Work?

Here's a topic ecofrugal people are unlikely to need, but I'll include it here anyway: debt consolidation loans. I explore how these loans work, what kind of debt you can use them for, who can qualify for one, and their costs and benefits.

Should You Buy a Fixer-Upper House? The Pros and Cons to Consider

And we're back firmly on ecofrugal ground with the costs and benefits of buying a fixer-upper. Does it really save you money? Does it save you enough to be worth the cost in time, sweat, and stress? (Should you decide the answer is yes, check out my earlier piece on how to do it.)

The Best Places to Buy Wine Online of 2022

Finally, here's one for frugal wine lovers. During the COVID pandemic, Americans discovered the benefits of buying our booze online, and many of us have stuck with it. In this roundup, I share eight of the best places to find great wine online.

Wednesday, February 9, 2022

Money Crashers: 3 new articles

A quick update here to tell you about my three latest pieces on Money Crashers. The first is about one of my favorite subjects, books — specifically, books to teach kids about money. I already have a piece on the best personal finance books for adults, and there's an upcoming one about the best books for younger children, but this one focuses on the tween and teen set: ages 11 to 20. 

These days, schools are teaching kids this age the facts of life about sex, but not about money, so it's up to parents to fill in the gap. My folks did this decades ago by giving me a subscription to Penny Power magazine, a version of Consumer Reports for kids. But that magazine is now sadly defunct, so books are the best way to go, and these seven books are the most-recommended of all. Together, they cover every aspect of financial life, from splitting the check at a restaurant from starting a business. With one exception ("Rich Dad, Poor Dad for Kids," which I included because of its popularity but honestly don't think much of), these are all books I wish I'd had the chance to read at this age.

Best Personal Finance Books for Young Adults (Teens and Tweens)

The second is on a topic I've frankly been a little behind the curve on: money transfer apps. The only one I currently use is PayPal, and according to my research, it's a good one overall — but there are lots of other options that can be better for specific uses, from splitting the check with friends to sending money overseas. No matter where and how you want to send money, there's bound to be an app here that works for you.

The Best Money Transfer Apps for Sending and Receiving Cash of 2022

And finally, there's a piece on the boring but highly necessary topic of health insurance. I've written on this subject before, but this piece covers the absolute basics: what health insurance actually does, what terms like "deductible" and "coinsurance" mean, what an insurance policy is required by law to cover, and what kind of limits insurers tend to place on their coverage to keep costs down. It goes into the many different types of health insurance in the higgledy-piggledy U.S. health-care system, from Medicare to HMOs, and answers some basic questions about what health insurance costs and how to get it. It's everything you always wanted to know about health insurance but weren't sure how to ask.

What Is Health Insurance and How Does It Work? 



Monday, January 24, 2022

Money Crashers: How to Afford Private School Tuition for Your Kids

In the U.S., a year of private school tuition costs $12,350 on average. But the average cost doesn’t have to be the cost you pay. 

Several years ago, I wrote a piece for Money Crashers on the relative costs of private and public school for your kids. This year, my editors had me split that older piece in two. The first part now offers a broader comparison of the pros and cons of public and private schools, weighing factors like class size, teacher qualifications, and extracurricular activities as well as cost. And a new companion piece delves more deeply into private school costs and ways to minimize them. It discusses how to find lower-cost private schools, apply for scholarships and aid programs, negotiate tuition costs, and apply for loans. If you're a parent interested in private school but anxious about the cost, this piece is for you.

How to Afford Private School Tuition for Your Kids

Wednesday, December 9, 2020

Money Crashers: More holiday articles

It looks like we can add the winter holidays to the list of events this year that are going to be, if not ruined, at least dramatically altered by the pandemic. So far, our Passover Seder, our May Day morning gathering, and our entire weekend of Thanksgiving festivities have all become Zoom meetings, and now Hanukkah and Christmas are going to be the same.

Since most people around the country are now in this same boat, I was a little wary when my editor at Money Crashers suggested an update of my five-year-old article on holiday entertaining. I pointed out that it probably wouldn't get much traffic this year, since not that many people are going to be inclined to throw holiday parties (and those who are probably shouldn't be encouraged). I proposed delaying that update for next year and, instead, doing a new article on ways to celebrate the holidays with family and friends during a pandemic.

This is that article. It offers a total of 25 suggestions on COVID-safe celebrations, grouped into three main categories: activities you can enjoy with just the immediate family, things to do outdoors, and ways to connect virtually. Across these three categories, I manage to suggest alternatives for nearly every part of a typical Christmas season, from visiting Santa at the mall to going caroling to opening stockings on Christmas morning. (We're planning to do virtual stockings with the family ourselves, and I'm cherishing a secret hope that the family will like it enough to suggest we go with smaller presents in future years as well.)

25 Fun & Frugal Family Activities to Safely Celebrate Christmas With Kids 

To go with this new article, I've also got freshly updated versions of three of my existing articles on holiday gift shopping:

23 Best Christmas Gift Ideas for Your Boyfriend (on Every Budget)

21 Best Christmas Gift Ideas for Your Girlfriend (on Every Budget)

31 Best Gift Ideas for Foodies (on Every Budget)

Hope these tips help you to enjoy the holidays with your family and friends as completely as social distancing allows.

Friday, November 13, 2020

Money Crashers: 12 Elder Fraud Scams That Target Senior Citizens

A quick post here to let you know about my latest Money Crashers article. This one focuses on scams that target senior citizens, who make particularly juicy targets because they often have both well-padded bank accounts and less-than-perfect memories. Some popular ones include:

  • The call from (allegedly) the Social Security Administration warning you that your Social Security Number has been "suspended" because it's been used improperly and you need to supply lots of personal information pronto to avoid losing your benefits
  • The call from your "favorite grandchild," who is in terrible trouble (a car accident, an arrest for marijuana possession, something like that) and needs money immediately, sent by an untraceable method, and also a pledge of secrecy because their parents would kill them if they knew
  • The one where you get three issues of a magazine for free, followed by a bill for your new "subscription" (what, you don't remember subscribing? Well, your memory isn't what it used to be.)
  • The particularly heinous one where you get a call immediately after a loved one's death to inform you that they owed a lot of money for which you are now on the hook, and threatening you with exposure, lawsuits, or arrest if you don't pay up

Don't let the bastards get away with it! Inform yourself, and your loved ones over 65, about these scams so you know what to be on the lookout for. And learn some tips for protecting yourself if you get a call that sounds suspicious, and for protecting your loved ones if they seem to keep falling for these cons. Get the skinny here:

12 Elder Fraud Scams That Target Senior Citizens – How to Stay Protected

 

Wednesday, September 23, 2020

Money Crashers: 12 Ways to Save Money on Cheap Kids’ Clothes for Boys & Girls

A week ago, when my piece on cheaper school uniforms came out, I promised a companion piece on shopping for kids' clothing in general. This is that piece. It covers two broad strategies for saving on kids' clothes: spending less on each piece (for instance, by taking advantage of sales, buying secondhand, and swapping clothes) and making those pieces last as long as possible (for instance, by careful wear, washing, and mending). If you're tired of blow your budget on clothes your kids will just outgrow in months, check it out.

12 Ways to Save Money on Cheap Kids’ Clothes for Boys & Girls

Tuesday, September 15, 2020

Money Crashers: Where to Buy Cheap School Uniforms for Kids and Save Money

I realize that school has already started for most parents, so this article is coming a bit late. And for many parents, it may be irrelevant, since most public schools don't have uniforms, and those that do may not be requiring them for remote learning. But for anyone who is currently worrying about how to send the kids back to school in the required dress while money is so tight, this new Money Crashers article is for you. It covers a variety of shopping strategies to find school-uniform-appropriate attire — both secondhand and new — at a price that won't break the bank. (And, for those whose kids don't wear school uniforms, I've got another new piece on clothes shopping for kids in general that should be coming out soon. I'll keep you posted.)

Where to Buy Cheap School Uniforms for Kids and Save Money

Wednesday, July 1, 2020

Money Crashers: Living With Your Adult Children – How to Make It Work

Last month, Money Crashers published a piece of mine on the perils of moving back in with your parents as an adult. This month, they've published a companion piece that they asked me to split off from the original, which addresses the same situation from the parents' point of view. (This led me to the alarming realization that my target audience for this article is probably about my age, as people in their late forties who married and had children fairly early are now in a position to have college graduates moving back in with them. How can I possibly be the peer of the parents with adult children when I barely feel like an adult myself?)

Anyway, if you've already read the first piece, you have an idea what to expect from the second. But if you're (gulp) my age, you may find the second one a bit more relevant to your viewpoint. It offers advice for parents who are now, or may soon be, taking a college graduate back into their home on how to ensure that they aren't stuck in the parenting role for life — and that they and their adult child can live together as adults in the meantime.

Living With Your Adult Children Moving Back Home – How to Make It Work

Thursday, June 11, 2020

Money Crashers: Moving Back Home With Your Parents After College


When Money Crashers asked me to update an old article on moving back home with your parents after college, it sounded like an ideal job for me. I'd done exactly that myself, twenty-five years ago (oh good heavens, has it really been that long?), and it had worked out just fine. I knew I didn't intend to stay with Mom and Dad forever, but spending a year there while I looked for a job and then for an apartment I could afford on my starting salary seemed perfectly reasonable. I made a point of contributing to the household by paying them a nominal amount for rent and doing my share of household chores, and they never imposed any unreasonable rules on me.

But when I started to research the article, I discovered my experience hadn't exactly been typical. That is, living with parents after college is typical — more than ever, in fact — but feeling comfortable with the arrangement isn't. Parents often resent "freeloading" kids who don't do their share, and the younger generation often resent parents who continue to treat them like children. Studies have found that young adults living with their parents are more likely to have symptoms of depression than their peers who live on their own. And even financially, this arrangement isn't always helpful. Adults who are still living with parents between the ages of 25 and 34 are less likely to become homeowners within 10 years, and over 30% of them still aren't out on their own at that point.

The focus of this piece is how to get the benefits of living with parents while avoiding the downsides. The key, based on my own experience and those of other young adults who've tried it more recently, is for parents and children to learn to interact as adults. Kids have to act like adults – cleaning up after themselves, paying rent, and contributing to the household in other ways — and make it clear they expect to be treated that way. And, most of all, they should have a clear plan to get out so they don't get stuck in their parents' home forever.

Moving Back Home With Your Parents After College – How to Make It Work

Friday, May 8, 2020

Money Crashers: 13 Best Educational Tools & Apps to Teach Kids About Managing Money

Here's another new Money Crashers post. It was originally conceived as just an update to an older article on websites for teaching kids about money, expanded to cover money-management apps as well. But now, with so many kids studying at home, I guess it can also double as useful information for parents looking for more things their kids can learn about online.

The piece covers 13 tools for teaching kids about money. The first six are websites and apps that teach about general money skills — from counting coins to starting a business. There are tools here for kids of all ages, from pre-literate preschoolers to teens. The last seven are apps for helping kids manage their own money — the modern equivalent of the old-fashioned piggy bank. These apps can perform a variety of tasks, from tracking chores and allowance payments to budgeting. Some are linked to a parent's bank account, so the kids are still dependent on Mom or Dad for access to their own money; others give the kids access to their own money via prepaid cards they can use in stores or online. One even lets them invest their money in stocks — yes, real ones — with a parent's approval.

Check them out here: 13 Best Educational Tools & Apps to Teach Kids About Managing Money

Tuesday, May 5, 2020

Money Crashers: How Much Does a Divorce Cost? – Types & Ways to Save

Here's a new Money Crashers post on a topic that has, sadly, been deemed COVID-adjacent: divorce. According to the New York Post, attorneys in New York City — the epicenter of the COVID outbreak in America – are being "flooded" with calls from couples who have decided, after weeks of being cooped up together 24/7, that they just can't stand each other anymore. And ABC says divorce attorneys anticipate a similar surge nationwide.

Getting a divorce may or may not be the right choice for all these couples, but they've already made one expensive mistake: hiring a lawyer to handle it. According to a 2019 Nolo survey, people who used lawyers to handle their divorces in 2019 paid an average of $13,000, or a median of $7,500. That's a significant sum to lose at a time when you’re preparing to split your assets in half and take on the expense of living on your own again — particularly in the middle of a recession.

Fortunately, there are cheaper alternatives. The key to saving money on a divorce is to use lawyers as little as possible, and in particular, to keep it out of court if you can. If you and your partner agree on all the major issues, you can potentially save thousands with an uncontested divorce (average cost $4,100) or a DIY divorce (possibly as little as $500). If you still have some issues to work through, hiring a mediator (average cost $970) can cost much less than battling it out with lawyers (average cost $11,300). And if you absolutely need a lawyer, you can save by paying them only for the jobs that really require legal expertise and not for routine tasks like phone and email correspondence (average cost $4,600).

Here's hoping that none of you readers need information about divorce any time soon. But if you do, here's hoping for the next best thing: a quick, easy, and relatively inexpensive route to a fresh start.

How Much Does a Divorce Cost? – Types & Ways to Save

Tuesday, March 10, 2020

Money Crashers: 8 Best Kid-Friendly Family Restaurants – How Affordable Are They?

Brian and I have reached that stage of life where most of our friends have kids. Some of them have quite young kids. And when we go out to eat with them, we have to find a place that's kid-friendly — ideally, without being too adult-unfriendly.

My latest Money Crashers article is all about how to handle this situation. It lists the eight chain family restaurants that consistently get the highest marks for food quality, affordability, and menu options that make both kids and adults happy. They have locations across the country, their prices are reasonable, and most of them offer a decent array of choices for people those on special diets like vegetarian, vegan, low-carb, or gluten-free. Plus, many of them provide special perks for kids, like crayons and placemats with activities.

If you have a family outing coming up any time soon — with your own kids, or with the kids of a friend — this list should come in handy.

8 Best Kid-Friendly Family Restaurants – How Affordable Are They?

Wednesday, January 15, 2020

Money Crashers: Two kid-themed articles

The new articles on Money Crashers just keep popping. Today, two articles on gift ideas for kids that didn't quite make it in time for the holiday season hit the site. The first, 15 Best Magazine Subscriptions for Kids of All Ages, names the best magazines for different age groups — preschool, primary school, tweens, and teens — based on recommendations from parents, booksellers, and educators. Getting your kids hooked on one of these magazines (such as Cricket, which I avidly read from ages 6 through 16) is a great way to give them the gift of a lifelong love of reading, which will stand them in good stead in school and throughout their lives.

The second article, 13 Subscription Gift Boxes for Kids That Keep on Giving, is about subscriptions of a different sort: those monthly boxes that give you a new surprise treat every month. Personally, I've never found one of these I considered to be a good value for me as an adult, but I can see how they could make great gifts for kids. Instead of giving a child just one toy, which that may or may not be a hit, you can give them a whole new surprise to open to each month. If one of them turns out to be less than exciting, perhaps the next will be better — plus they get the pleasure of anticipating the next one all month long. These 13 subscription boxes — featuring child-friendly clothing, books, toys, and educational activities — are parents' favorites.




Friday, October 26, 2018

Money Crashers: How to Prevent Child Identity Theft

While doing research for my article on freezing your credit, I discovered that it's also possible to set up a credit freeze for a child younger than 17. On the face of it, this seems like a puzzling thing to do, since kids that young can't legally borrow money and shouldn't have a credit report in the first place. And it's true, they can't open credit accounts for themselves—but that doesn't stop other people from creating accounts using their information. In fact, the very fact that kids can't create their own credit reports makes them particularly appealing targets for identity thieves, because they can create a fake credit profile with a young child's data and use it for years without getting caught.

This seemed like a big enough deal to deserve an article of its own. So my latest Money Crashers article is all about the problem of identity theft. It covers:

  • How child identity theft happens, and how it differs from adult identity theft
  • Who commits this crime and why
  • Which children are most at risk
  • What it can cost the victims and their families
  • Warning signs of child identity theft
  • Ways to prevent it, including checking and/or freezing your kids' credit reports, protecting their personal information, being aware of risky situations, and talking to your kids about it
  • What to do if your child is a victim
This information is vital for anyone who has kids, and useful for anyone who knows anyone who has kids. I'm thinking of passing the article along to my sister and my sibs-in-law, just to give them a heads-up so none of our niblings (did I mention that this is the official gender-neutral plural for nieces and nephews?) ever have to deal with this problem.

How to Prevent & Avoid Child Identity Theft – Protection For Your Kids

Sunday, July 29, 2018

Money Crashers: How to Deal with a Lying Spouse – Financial Infidelity in Marriage

Once again, my latest Money Crashers article is about a subject I hope you'll never have to deal with personally: financial infidelity. This term refers to lying or keeping secrets about money from your partner—and just like regular infidelity, it's a matter of degree. Minor transgressions, like concealing a small purchase or fudging about the price, are kind of the equivalent of flirting with a coworker: probably no big deal, as long as it doesn't get out of hand. At the other end of the spectrum, there are cases of spouses who have secretly accumulated tens of thousands of dollars in debt, kept entire bank and credit card accounts hidden from their partners, or even lied about having a job.

These more extreme cases of financial infidelity, experts say, can be just as destructive to a marriage as physical infidelity, if not more so. As one victim points out, if you find out your partner is having an affair, you can either decide to work through it or split up. Either way, you get past it. But if your partner has masses of debt you don't know about, that affects your finances too. Even if you walk away from the relationship, you can't escape from that debt burden.

In the article, I discuss the various types of financial infidelity, the reasons it can happen, and the ways it can hurt couples both financially and emotionally. Then I offer some practical advice on how to deal with your joint finances so financial infidelity never becomes a problem—or to deal with it if it's already happened.

If you're already doing everything right—communicating clearly and sharing responsibility for your money—then this article will make you feel good about the problems you're avoiding. And if, by any chance, there is something amiss in your joint financial life, it can help you spot the problem and deal with it before it destroys your relationship.

How to Deal with a Lying Spouse – Financial Infidelity in Marriage

Saturday, February 24, 2018

Money Crashers: Should You Pay for Your Child’s College Education?

In our progress toward financial independence, Brian and I have had one big advantage over many of our peers, which I can sum up in one word: DINK. For those who aren't familiar with that term, it's an acronym for "dual income, no kids." Basically, it means we're like the owners of the second car in this XKCD cartoon.

Kids are, let's face it, expensive. One estimate from 2015 found that the tab for raising just one child comes to more than $233,000. And that's only for the first 17 years, so it doesn't include the real killer cost: sending that kid to college. According to the College Board, the average cost of a year of college ranges from $3,520 at a public two-year college to $45,370 at a private, four-year college—so the total cost of a four-year college degree could easily come to $180,000 or more.

All this has got some folks our age asking the once-unthinkable question: "Is sending my kids to college even worth the cost?"

It turns out, that's a pretty complicated question to answer—so complicated that I've devoted a whole article on Money Crashers to exploring it. First, I outline both the advantages of footing the bill for your child's tuition (such as tax benefits and better job opportunities for your kid) and the disadvantages (such as sabotaging your retirement savings and, surprisingly, perhaps your kid's grades as well). Then I discuss some of the alternatives to paying your child's way through college, such as having them work through school, financial aid, free colleges (covered more fully in in this earlier article), and alternative careers that offer a respectable salary without a degree.

To help parents decide which decision is best for them, I provide a list of questions to consider, such as, "Are your finances solid?" and "What are your child's career plans?" And finally, I outline some strategies to help reduce the burden on parents who have decided to shoulder the cost of tuition.

For all my peers out there behind the wheel of the other car in the cartoon, I hope this will be useful.

Should You Pay for Your Child’s College Education?

Tuesday, September 19, 2017

Money Crashers: Top 13 Tuition-Free Colleges

As the old joke goes, the best way to succeed in life is to choose your parents wisely. Brian and I are a case in point. We were both lucky enough to have parents who could afford to put us through college, so we didn't emerge into the real world carrying a huge load of student debt like so many of our generation. And since we don't have kids of our own, the ever-higher cost of college tuition isn't a problem we've had to worry about since then.

However, I know that many others aren't as fortunate. There are plenty of folks in my age group who are now facing the daunting prospect of dealing with sky-high college costs for the second time with their kids—sometimes while they're still working on paying off their own student loans. So for them, I've written a Money Crashers article that explores an unusual and intriguing solution to the problem of college costs: tuition-free colleges.

Schools like this are rare, and they're not easy to get into. Some of them take only top-level students; others are limited to low-income students from specific areas of the country. Some of them focus specifically on training students for a particular career, such as music, the ministry, or naval architecture. And most of them require students to work in exchange for their free tuition, either while they're at school or by committing to some form of service (for instance, in the military) after they graduate.

However, if you or your offspring are lucky enough to meet the strict requirements for one of these schools, you have a chance of hitting the jackpot: a college education at no cost. (Okay, most of these schools aren't 100 percent free; while there's no tuition cost, they do charge a fee for room and board. But in many cases, you can pay for that with a scholarship or some form of work-study, as well.)

In this article, I describe 13 colleges across the U.S. where you can—with a bit of luck—earn your degree for free. For each one, I outline the requirements to get in, areas of study, and features of campus life. I also discuss the free tuition movement in a growing number of states, which aims to offer at least two years at a community college at no charge to in-state students.

Read about it here: Top 13 Tuition-Free Colleges: How to Get a Degree for Free

Tuesday, February 9, 2016

Money Crashers: Private School vs. Public School

Following on the heels of my Money Crashers article about how to compare types of diapers, here's one on another topic that becomes important to parents pretty much the minute those kids are out of diapers: education. Specifically, the choice between public schools and private schools, and the cost of each.

We all know, of course, that private school costs money. But sending your kids to a top-rated public school costs money too, because houses in those districts are expensive. So the question is, which actually costs more: ponying up for private school tuition, or taking on a hefty mortgage so your kids can go to the best public school?

The short answer seems to be that if you have just one child, private school is cheaper, but with two or more, public school is a better deal. But that's just a general rule, because there are all kinds of factors that come into play, such as where you live, what kind of school you're considering, and what financial aid options might be open to you.

So to get the details on the relative costs of public and private school, check out the full article: Private School vs. Public School – Cost & Comparison

Saturday, February 6, 2016

Money Crashers: Cloth Diapers vs. Disposable

When I gave my sister a set of cloth diapers as a Hanukkah gift three years ago, I was intrigued to see just how far cloth diapers have come since my childhood. The flat, white rectangles we wore as babies, with all their attendant apparatus of safety pins and plastic pants, have given way to elaborate - and expensive - "diaper systems" in a breathtaking array of styles and colors. This led me to wonder: are disposable diapers still more convenient than cloth, or have these fancy new diapers closed the gap? And are cloth diapers still cheaper, or do these pricey diaper systems end up costing just as much?

Eventually, my job with Money Crashers gave me the chance to research all those questions in painstaking detail. I learned about the many different types of cloth diapers now on the market and how much they cost to use, as well as the advances in disposable diaper technology and how to evaluate "green" claims. I then compared home-laundered cloth diapers, disposable diapers, and diaper services to see how they measure up in four areas:
  • Cost
  • Convenience
  • Environment
  • Health
Based on my research, I think I can safely conclude that the most ecofrugal choice for new parents—the one that offers the best overall savings in cash, natural resources, and time—is a hybrid diaper, laundered at home. Let's break it down quickly:

If you're an eco-conscious parent, then you presumably won't consider any disposable diaper unless you're confident that it's free of any kind of toxins that could harm your baby. A detailed study at Baby Gear Lab, which I relied on heavily for this article, shows that the best value in a "green" diaper is a brand called Earth's Best Tender Care, which costs 36 cents per diaper, or about $2,160 for three years' worth. Add in the cost of a large diaper pail ($125) and disposable wipes ($360), and your total cost for diapering one baby for three years comes to $2,645.

By contrast, the best buy in a cloth diaper is the Flip Hybrid, which costs just $300 for three years of use. Since you'll already be laundering the diapers, you can also use reusable cloth wipes (about $45 for a three-year supply) and a smaller diaper pail with a pair of cloth liners ($100). You also need to spend $70 on a diaper sprayer and shield to prep the diapers for cleaning, and about $200 for additional laundry costs. That comes to $715 total, less than one-third the cost of disposables—and all the diapers and accessories can be reused for a second baby, reducing your cost still more.

Of course, the cloth diapers are also more work. In addition to a couple of extra loads of laundry per week, you have to spend a minute or so dumping and spraying the diaper before dumping it in the pail —though the editors at Baby Gear Lab point out that, in theory, you should do that with a disposable diaper too, as it's illegal in most states to put human feces into a landfill. So if you're a truly eco-conscious parent, the disposable diapers might not actually be any more convenient in that regard. But there's also another way to eliminate this part of the job: use a removable, flushable diaper liner that you can simply lift out and deposit in the toilet. That adds another $420 to the three-year cost of the cloth diapers, but your total is still only $1,065, less than half the cost of disposables. And you can also compromise by using a diaper sprayer at home and liners when you're on the road, for a cost somewhere in between.

How about environmental costs? Well, according to my research, as far as global warming is concerned, it's kind of a wash. According to a British study from 2008, cloth diapers have a lower carbon footprint if you wash them in cold water, dry them on a line, and reuse them for a second child—but if you wash in extra-hot water and tumble dry, the cloth diapers actually have a significantly larger carbon footprint than the disposables. Of course, greenhouse gases aren't the only consideration; you also have to consider the amount of water used for laundering and the amount of landfill space used by disposables—both of which may or may not be a concern, depending on where you live. And there's also the resources involved in the actual manufacture of the disposables, which studies show significantly outweighs the resource use for cloth—though all these studies are at least 10 years old, so the numbers may not apply anymore. But when you factor in the whole "poop in a landfill" problem, it becomes pretty clear that cloth diapers are definitely greener overall, making them a win on both counts.

If you want more details (lots more), you can read the entire article at Cloth Diapers vs. Disposable – Cost, Types & How to Choose for Your Baby. It tells you everything you ever wanted to know about choosing a diaper, and probably a lot more.


Thursday, December 31, 2015

Money Crashers: What Is Considered Middle Class in America?

Last year, I ran across Bob Sullivan's "Restless Project" series on Money Talks News, in which he argued that today, a middle-class family needs to spend at least $100,000 a year "just to feel like it's paying all the bills." I took issue with some of his calculations, and you can read about why in the original post, but I was interested by his attempt to pin down the idea of just what a middle-class lifestyle means. According to his argument, a typical middle-class family has:
  • Two working parents
  • One child in day care
  • One child in private school
  • A 3-bedroom apartment "near one of America's largest cities - Washington, D.C., or Seattle, or Chicago"
  • $500 per month in student loan debt
I had this picture in the back of my mind as I worked on my latest Money Crashers article, which explores just what it means to be middle class. As it turns out, defining the middle class is an extremely touchy subject, and no two authorities seem to agree on what the term really means. I explored news articles, academics, and opinion surveys, and I found many different definitions based on many different factors, from income and net worth to lifestyle and life goals.

I find this topic interesting from a personal point of view, because I'm always trying to figure out where exactly in the American class structure I personally belong. I've never been entirely sure whether the term "middle-class" really fits me or not, and I feel like my research on this article has only muddied the waters further. According to some definitions, like Robert Reich's (which defines a household as middle-class if its annual income falls anywhere between $21,433 and $112,262), Brian and I are solidly middle-class. Yet according to other guidelines, like this interactive graphic in the New York Times, our combination of income, wealth, jobs, and education makes us upper-middle-class rather than middle-class. And our lifestyle makes us middle-class in some ways (owning a home, having health insurance, saving for retirement) but not others (no kids, no regular vacations, annual spending below $38,000 per year). So I still can't say definitively whether I belong to the middle class or not—but at least I can explain why I'm not sure.

Anyway, if you're interested in the same question, whether from a personal standpoint or a purely academic one, you can examine the topic from all angles here:

What Is Considered Middle Class in America? – Definition, Income Range & Jobs