Honey, have a nice trip-2

If you have read the section "What?! I am a mom now??," you might wonder how we can afford all
those international trips and that special baby/toddler travel gear on one income (and still set aside
money for a nest egg). One simple answer: sound financial planning. When I moved to the U.S., I
took several courses, including a book keeping and income tax course. While I was waiting for my
temporary work permit and social security number (I was not allowed to work legally for several
months), I spent hours at the library and local book stores reading about money, investing and
taxes. At first I did not feel good about myself, having a master degree from a top college, and being
just a homemaker. I was raised to have a career, be "someone."

My attitude changed when I came across the book "Millionaire Women Next Door" by Thomas J.
Stanley. Although I do not agree with everything in the book, I definitely recommend chapter 17
"Why Not Run the Family Office?" All the sudden I realized that I was not just a homemaker, but I
was a tax specialist, a financial adviser and an investment planner all in one. Since my husband was
often not at home, it only made sense I handled the finances. At the end of each year we draw up a
wish list and see what we can incorporate in our annual budget. It demands a lot of discipline (and
sometimes we do cheat), but it has paid off. We can save more, and now we can also afford all
those international trips, travel gear and other extras. If you are new to budgetting, you can set up
a simple budget using EXCEL or purchase a software package like YNAB (You Need A Budget). And
finally, if you love great deals and free samples, check out the website Money Saving Mom.

As a new immigrant, you enter the country with no credit history. The quickest way to build up a
credit history is to apply for a credit card (and use it!). when you apply, make sure the card is in
your name, and your spouse is only co-signing. If the card is in your spouse's name, you will get no
credit for using your credit card. You can check your credit report for free annually at
www.annualcreditreport.com. If you are a new immigrant, it might take one or two years before
the credit agencies give you an actual score. Obviously you first need to build up a history.
As a new immigrant, you also enter the country with no driving record. You can quickly reduce
your car insurance by taking a defensive driving course. The certificate is valid for 3 years, and you
can save several hundreds of dollars.