What age should children start having their own savings and checking accounts? -Mia

I think children can start having their own savings account as early as 4 years old.  It is a great way to teach kids about money.  But don’t make it a one time event. Regular deposits and watching the balance grow is an important part of the learning process.

As for checking –  you may not want to be in such a hurry.  If your child has a job and has a lot of their own bills to pay- then it could make sense to create one.

Before that time- you can start introducing your child to the idea of checking– by letting them watch you fill out a check and the ledger.

When they are ready- you can let them fill out the checks while you watch.

Once your child has the math skills then-  show them how to balance a checkbook.

That is the real money lesson- when you learn to manage how much goes out versus what you bring in. Good Luck! – Mary Caraccioli

For more money tips watch Mary Talks Money daily on LiveWellHD TV network. To find it on the dial in your area visit

http://www.livewellhd.com/feature?id=6775183

Date:  January 7, 2010  Release Date:  Immediately

6abc Rolls Out New Program on Live Well HD Network

Locally Produced Mary Talks Money – Debuts Jan 11^th

—————–

(Philadelphia, PA) – Who doesn’t need a little help managing their money in this economy?  6abc’s hot new show, Mary Talks Money, gives you real solutions to the real kinds of problems we all face!  From credit card debt to what to do if you lose your job…from how to talk to kids about money to where financial planners are putting their own funds…host Mary Caraccioli tackles the topics that can help you start off the New Year on the right foot…and stay there all year long.

Do you have a New Year’s resolution to save more and spend less?  Mary Talks Money debuts Monday, January 11th on the Live Well HD Network, 6abc’s digital channel 6.2, just in time for you to start organizing your budget for 2010!  Viewers can also watch a special presentation of Mary Talks Money on 6abc’s primary channel (6.1), Saturday, January 16^th at 7:30pm.

Mary knows money.  She sits on the Board for the Delaware Financial Literacy Institute, one of the nation’s most comprehensive financial literacy non-profits.  Her financial journalism career started at CNBC, where she helped launch the nationally syndicated radio show Lou Dobbs Financial Report.  She went on to create and host Comcast’s Money Matters Today.

Mary is currently finishing a Master’s Degree at the University of Pennsylvania and a Certified Financial Planning curriculum at Boston University.  She earned her MBA from Drexel University’s LeBow College of Business

Mary Talks Money is filmed and produced locally at the WPVI studios on City Avenue, Philadelphia.  For more information on Mary Talks Money and other Live Well HD Network programs go to www.livewellhd.com.

###

WPVI-TV is the ABC owned station serving the Delaware and Lehigh Valleys.

Contact:  Mike Monsell, 215-581-4466

I have noticed an interesting trend as the nation continues to claw out of the ugly recession.  While the job picture remains bleak, those who do have jobs seem to be ready to exhale and do a little shopping.  The financial collapse of a year ago triggered a period of uncertainty that lasted thru most of July. Even if you had a job, you probably knew someone who lost theirs, or you looked at your retirement savings and saw 10 years worth of growth wiped out. That alone can rain on a shopping spree parade.  But as the stock market has improved (the Dow up 28% over the past 6 months. It saw a 15% jump in the 3rd Quarter alone – its best quarter since 1939) that has helped those who aren’t looking for work– feel better. As a result– they are cautiously loosening the purse strings and giving into that pent up demand to shop. Many economists have asked whether we can have a sustained recovery with such high unemployment? It is a good question, but one of the best things the people with jobs can do to help those without jobs, is to  dip their toe back in the water and spend a little. I don’t mean the out of control, over-extended spending we saw in the boom that led to the bust. Most of us couldn’t do that today, even if we wanted to. What appears to be happening is that rational spending is once again taking place. As businesses and consumers invest their cash in worthy products and services– more people will be needed to meet that demand.

Most forecasters say the recession is over, and their focus now is on the future. How can we have sustained growth, that creates jobs, that does not lead to runaway inflation? Consumers are starting to do their part, and so are some businesses (more need to step up). It’s also time for rational spending to return to Washington, in this case– it’s reigning in the purse– not loosening it. A case was made at the height of the crisis, that huge spending was needed to right the ship. That appears to be happening. If those in-charge want to end up as heroes in the history books, they need to show a smart strategy for deficit reduction that keeps the U.S. competitive in the global economy.  Smart programs that will pay dividends to our children are worth the investment. But spending to spend– can no longer be justified. The American consumer  appears to have learned their lesson.. lets hope our lawmakers have too. -Mary

BTW here is Economist Joel Naroff’s take on today’s August Spending and Income Report. Joel’s commentary has been right on this year. He is the President of Naroff Economic Advisors.

INDICATOR: August Spending and Income

KEY DATA: Consumption: +1.3%; Disposable Personal Income: +0.1%

IN A NUTSHELL: “The wallets were dusted off and it wasn’t just to trade in the clunkers for cash.”

WHAT IT MEANS: The iceberg is melting. Consumers had given the malls the cold shoulder but that seems to have changed. In August, spending grew at the fastest pace in eight years. Yes, “Cash for Clunkers” played a major role in generating the huge increase but it was not the only reason people parted with their hard-earned cash. They also went out and spent a lot on soft goods. In addition, demand for services rose solidly. In other words, we shopped ‘till we got tired. Can households keep up this level of spending? That is not clear. Incomes rose only modestly. However, one good sign was that wages and salaries continue to post gains despite the declining number of jobs. As the payroll losses ease, we could see income growth improve and that would put a floor under spending. In the interim, people are drawing down their savings, which fell for the third consecutive month. As for inflation, there was a large rise in energy costs that pumped up the rate but excluding food and energy, prices remain well contained.

MARKETS AND FED POLICY IMPLICATIONS: Instead of restraining growth, consumption is likely added solidly to GDP in the third quarter. While government policies, especially “Cash for Clunkers” hyped spending, the good news was that people are out buying lots of other things. However, as I have warned in my discussion of the coming “head fake”, don’t expect the solid growth we should get to be repeated. Ultimately, income growth will drive consumer spending and businesses seem to be intent on watching their wage costs carefully. Thus, while new claims for unemployment insurance are generally edging downward, they are doing so only slowly. It will be quite a few months before we see job increases rather than losses and even then the increase could be modest. That argues for minimal income gains and sluggish consumption growth. Still, it is nice to see that there are ways to get people to buy, even if it takes taxpayers dollars. Now they have to start standing on their own. The Fed is taking this all in but so far is in no hurry to start raising rates. But I still believe that once they start, they will do so with “alacrity”, as Dallas Fed President Fisher recently stated. Maybe that limb I am out on is not that thin.

In this final installment of our 3 part series, we put it all together for you. After completing this series you will have a stronger foundation and practical tools to help you to not only get over your negotiating fears, but to actually create stronger more powerful deals for you and your partners. -Mary

Saying Goodbye After Our Final Show

 I am my lead story.

As my staff and I reported on the world’s economic turmoil for my nightly TV show Money Matters Today, we got the news. Our network, show, and jobs were being eliminated. Three-hundred-and-fifty of us would be thrown back into searching for a job at a time when it felt as though there was no job market. For my staff, the news was particularly hard.

Day-in and day-out we covered the story of the bad economy…we knew the economic forecasts and they were downright ugly. The irony was not lost on us. We had become our lead story.

As we reported the rise of unemployment, some of us would soon be filing for first-time jobless claims. Our fears were real. Would we lose our homes too? Could we even sell them now even if we wanted to? These were questions we had tried to answer for a viewers every night. And now, we had to answer them for ourselves.

At this moment it occurred to me how important a nation’s psyche really is. This is America. We pick ourselves up by our bootstraps. While headlines blared about bailouts, I decided bailouts had no appeal to me personally. What the big banks and the auto industry are learning now is that bailouts come with strings attached. I prefer to write my own script. But how do I pull it together when my industry is cutting back across the board?

Fresh layoffs occur by the day. Newspapers are folding, television news departments are no longer competing with each other. They are sharing material to stay on the air. My predicament is very similar to my friends in financial services and in the auto industry. Smart, hard-working, talented people are paying the cost for a situation caused by a bad economy and,in some cases, colossally bad management.

Worrying about how this happened—is a story for another day. Today, the only story I am concerned about is picking up the pieces as best I can and re-focusing on what really matters. I am focusing on things I can control. There is good that comes from a job loss. Now, you can magically cut through the noise and the trivial and gain clarity about what matters. So, how can you and I turn this situation around and make it work for us? I have three ideas I’d like to present and get your feedback.

1) Re-focus your long-range plan. What really matters now? Once you let go of goals from the past and accept that things have changed, think long term. What are your long-range priorities now? Your goals for yourself and the other people that matter to you – children, parents, community, etc. So often when we are in the middle of a job loss, we think about all we have to, or may have to, give up. I say reshape the discussion. It’s not giving up on things. It’s re-thinking the priorities. It’s not about deliberately shrinking goals, they may be even more grand than before. By acknowledging our world has changed you may also discover some of your long-range goals also have changed.

2) Re-focus your time. Recently, a friend told me that her job search was so time-consuming she had no time to network. I suspected that she was spending hours on Internet job boards as an excuse for not reaching out. When I pushed her on this she said her network no longer existed. She said her co-workers were her network and now they are either laid-off too or aren’t returning calls. I reminded her that she is much more than the title she had on her last job. She has family, neighbors and access to a larger community that she has yet to tap into. I asked if she had won the lottery instead of being laid-off what would she be doing with her time? She told me she always wanted to do non-profit work and that she loved cycling and would do a cross-country trip. I reminded her that her job search took time, but not eight hours a day. She had time to work in 10-20 hours of non-profit work per week. The work would be rewarding and create even more contacts for her network. Joining the local cycling club would allow her to train, stay fit and, again, meet new people. You never know where that next job will come from, but it often comes from personal referrals not a classified ad or Internet job board. Those tools are good, but the pros tell me to spend no more than 10% of your time looking through ads to find a job. Networking—which is simply reaching out to those in your circle—is the best way to get that job.

3) Re-focus your spending. What really matters now? Do you need the cable TV and internet? Maybe just one will do. Look at your spending. Where were you wasteful because you were so busy, you gave yourself permission to be wasteful? What can you do to lower bills or bring in more income. Things like conserving energy can lead to a very quick return on your investment in any season. Adjusting the thermostat or being diligent about turning off lights pays you back immediately. Take a look at things like your auto insurance. A woman I know was spending a fortune to insure a 13-year-old car. Good liability was important—but why pay to insure a car when your deductable is more than the car is worth? Shop around and make sure you have the right coverage. I am not saying skimp here, I am saying don’t be wasteful. Spend what you need and no more. Re-think your cell phone plan. To do this right you need to take a methodical and hard look at your spending. I would take a look at every dollar spent over the last 3 months. I am sure a lot of the wasteful stuff you could list without doing this. But, every time I do this exercise I find new ways to save. It’s tedious and it pays off. Do it.

You will also know exactly how much money you need to earn to stay afloat. Guessing isn’t good enough. If you have to negotiate a salary for your next job, it will be helpful to know what you really need to make, rather than what your ego needs you to make.

Finally, on the subject of our ego. The only thing more bruising to your ego than losing your job is getting dumped by a guy (or gal) that you didn’t really like all that much anyway. It stinks and you can’t help but feel insulted by a pink slip. I am better than this –right? Thoughts can really go down a negative road if you spend too much time serving your ego here. Tell yourself you will deal with the injustice later. Today is about moving on. I promise you there is something on the other side of unemployment. We are different people on the other side, often sharper, more interesting and far more compassionate than before.

I know that won’t pay the bills today, but it is your reward for continuing to work hard to right your ship. You are doing the right thing—keep doing it. It will pay off. In the meantime, I am right there with you. Let me know how you’re doing by visiting me at MaryandMoney.com. – Mary Caraccioli

ASSOCIATED PRESS CONTEST WINNERS 
AP announces 2007 broadcast news contest award winners 
TELEVISION A – MAJOR MARKET STATIONS 
PUBLIC AFFAIRS 
      
     1st Place – CN8, Philadelphia 
     “Money Matters Today: MMT Job Search” 
     Mary Caraccioli, Reporter/Host & Executive Producer; 
     Judges’ Comments: Host has great energy; topic is timeless and relevant, with great 
takeaways for viewers.
Inqlings: There’ll be doctors in the house
By Michael Klein, Philadelphia Inquirer
6/12/08

Mayor Nutter is a man of degrees.

Two weeks after getting an honorary doctor of laws degree from Philadelphia College of Osteopathic Medicine, the 1979 Wharton grad will get an honorary doctor of public service from Drexel U. at Saturday’s commencement, where he’ll address the College of Engineering and School of Biomedical Engineering, Science and Health Systems. 

Also Saturday, Mary Caraccioli, who hosts CN8’s Money Matters Today, will get an MBA (one she studied for) from Drexel’s LeBow College of Business.
Sideshow
By Mike Klein, Philadelphia Inquirer
6/16/08
A degree and a get 
Not only did CN8’s Mary Caraccioli graduate from Drexel’s LeBow College of Business on Saturday, she scored an interview with commencement speaker Carl Icahn, the billionaire corporate raider involved in the Yahoo/Microsoft discussions. It will be on CN8’s Money Matters Today at 11 tonight.

      
Mary Caraccioli Helps Tennis Foundation 
LauraNachman.net
4/14/08

CN8’s Mary Caraccioli co-chairs the “25th Anniversary Arthur Ashe Youth Tennis & Education” benefit gala,  themed “Breaking Barriers,” on Friday, April 25 at 6 p.m. For the past year, Caraccioli has been following one of the youngsters in AAYTE’s “Love to Serve” program, which provides tennis instruction, academic tutoring, and dinner for boys and girls from three North Philadelphia playgrounds.
Sarah Bloomquist of 6ABC, John Bolaris of Fox29, John Clark of NBC10, Beasley Reece of CBS3, Michael Barkann and Leslie Gudel of CSN and Howard Eskin of WIP 610-AM are scheduled to act as auctioneers for the event. 

Caraccioli’s long running “Money Matters Today,” recently moved to a new timeslot, airing live at 11 p.m. weeknights.
 
CN8, The Comcast Network Owns Coverage of the Pennsylvania Primary 
Journal Register Newspapers
4/14/08
Still not sure who to vote for on April 22? Tune in to CN8, The Comcast Network for comprehensive, interactive news and feature programming surrounding the all-important Pennsylvania primary, available on air, online and ON DEMAND. Unlike traditional networks which are sending teams to Pennsylvania, CN8 is already utilizing its more than 120 PA-based employees, six studios across the state, and dozens of hosts and political experts who cover Pennsylvania and presidential politics 365 days a year.  

“Money Matters Today”                                  Monday – Friday, 11 – 11:30 p.m. 
Each Thursday throughout the month, CN8’s Mary Caraccioli presents a special “Money and Politics” program. Then on primary-eve, CN8’s financial guru takes a deeper look at the candidates’ economic policies and how they will affect the U.S. business climate.

AAYTE honors Davis Cup team
By Dan Gross, Philadelphia Daily News
4/17/08

Patrick McEnroe, the 2008 U.S. Davis Cup tennis team captain, will be at the Arthur Ashe Youth Tennis and Education Gala April 25 to accept the first AAYTE Breaking Barriers Award, which will be presented to past U.S. Davis Cup teams. Former Davis Cup captain Tom Gorman and former players Vic Seixas, Stan Smith, Tony Trabert, and Bob Lutz are scheduled to attend the event, co-chaired by CN8’s Mary Caraccioli. The Davis Cuppers will play Spain in the semi-finals, held in Spain in September.
Influences: What shapes the minds that make the news
By Philadelphia Inquirer
4/27/08 
 
Mary Caraccioli is host and executive producer for Money Matters Today on CN8.
 
Quotation to live by: “Whatever you focus on expands.”
 
Books on my nightstand right now: Manuscript of my husband’s book Boycott: Stolen Dreams of the 1980 Moscow Olympic Games. With the calls for a boycott of this year’s Summer Games in China, reading about the impact boycotts have on the athletes shows there are unintended consequences to even the best-intended policies.
 
Favorite authors, fiction: Kurt Vonnegut and Virginia Woolf.
 
Favorite author, nonfiction: John Bogle. The Vanguard Group Inc.’s founder created the index fund and still offers the best no-nonsense investing advice.
 
Favorite poet (or poem): Jalal-ad-Din Muhammad Rumi.
 
Favorite beach reading: In Style and the giant Vogue that comes out in August.
 
Book or author other people praise but I never liked: Tom Clancy.
 
TV show I’m not ashamed to admit I watch: The Colbert Report, on Comedy Central.
 
TV show I hate to admit I like: Ni Hao, Kai-lan, on Nick Jr. I watch with my 2-year-old. I enjoy it as much as she does!
 
Favorite comic strip: The Page 6 cartoon in the New York Post.
 
Movies I love so much I’ve watched them more than twice: Lawrence of Arabia and Old School.
 
Web sites I visit regularly: Wall Street Journal; Bloomberg.com.
 
If you turned my car radio on right now, it would be tuned to: WXPN-FM (88.5).
 
Magazines I read regularly: Every business magazine and Elle Decor.

Favorite type of music: Cuban, adult alternative, and world fusion.
 
Last concert/performance attended: My niece’s high school performance of South Pacific.
 
Recording I play when my soul needs a lift: Peter Gabriel’s “Solsbury Hill.”
 
Person in my field I most admire: Oprah Winfrey.
 
Living person I’d most like to join for dinner and conversation: Warren Buffett.

Heroes from history: Mohandas Gandhi and Ben Franklin.
 
If I had the power to order all of the Philadelphia region to read one book, it would be: One that makes you laugh – because life is too short and adults don’t laugh nearly enough.
 
My most memorable interview: Vince McMahon, chairman of the board of World Wrestling Entertainment Inc. He was smart and funny, and he had no problem laughing at himself.
 
The most compelling story I have covered: Sept. 11, 2001, because of the historic and human impact. Also, the economy, because it affects everyday people as much as Wall Street titans. It is my mission to help people understand how shifts in the economy can affect them so they make better decisions concerning their careers, their business and their money.
 
Most valuable financial advice I can give in today’s economy: Stay informed and read your statements, even when you lose money. By staying engaged, you can make better decisions tomorrow. Also, when you create your goals, be true to yourself. Set goals that help you get what you want out of life – not what others expect of you.

The most significant issues I see Pennsylvania voters facing in this presidential election: The energy crisis. The nation needs to develop smart alternatives to oil, and it won’t happen overnight. People need to brace for expensive fuel for the next few years while supporting alternatives that make long-term sense, not ones that are just politically correct.
 
What I hope viewers take away from my show: Your money is your business. Take the time to educate yourself so you can make your own decisions. Getting professional advice is great, but never ever let someone manage your money if you don’t trust them. They will win, you will lose.
 
Arthur Ashe Goes First Class Once Again 
By Lily Williams, Evening Bulletin (PA)
4/28/08

On Friday, Arthur Ashe Youth Tennis and Education (AAYTE) did what it does best – beat poverty and despair with hope, enthusiasm, tennis – and a party that raised $1 million to benefit children in need…
 
…VIP Guests for the evening included gala Chairs Tom and Mary Caraccioliand Jim Fernberger and Mary Walto, as well as present and past U.S. Davis Cup team members Patrick McEnroe, Tom Gorman, Vic Seixas, Stan Smith and Tony Trabert.

Local Stations Report Cards 
By LauraNachman.net
5/21/08
 
CN8  
Outstanding - Mary Caraccioli won a Boston Emmy for best host.  

CN8’s Caraccioli is all about business … and more! 
By Neal Zoren, Delaware County Daily Times 
6/16/08
 
Mary Caraccioli has to be among the most accomplished people in the universe. She started her local professional life as a line producer for Channel 10. She was Mary Fay in those days. Tom Caraccioli would come along later.
 
After Channel 10, still as Mary Fay, she moved to Channel 29 and was one of the original key producers for “Good Day Philadelphia.”
 
Then a couple of things happened. Mary, a tennis buff who used her vacation time from Channel 29 to do some freelance coordinating work for the U.S. Tennis Open in Forest Hills, N.Y., met sports writer Tom Caraccioli and married him. She also decided she did not want to be behind the scenes and sought a route to go on the air. 
 
CN8 became Mary’s new home. Personal finance became her niche topic, and “Money Matters Today” is one of the more lasting staples of what has been a volatile CN8 lineup over the years. Only Mary and Lynn Doyle of “It’s Your Call” have survived various programming changes. Doyle has stayed firmly put at 9 p.m. Caraccioli has improved time slots and now prevails at 11 p.m. weeknights, placing her smack up against local news but at a time when viewership is high, and money is an interest to the people who are awake and watching.
 
Now on air with an established show, you’d think Caraccioli would concentrate only on that and take a few breaths in between each night’s program.
 
No-oooooo.
 
Yesterday, Mary donned a cap, gown, and proper colors to accept her MBA from Drexel University. She decided to get her master’s degree to expand her knowledge. “While my daughter was a newborn, I saw an opportunity to undertake a major commitment I won’t have when she’s age 3,” Mary says. “Mainly, I realized if I’m talking about money and business each day, I should have the credentials that give what I do more scope and depth. With each course I took, my work on the air became better. I could feel it. Each course taught me something I could use, a new perspective, a sharper question to ask, greater insight on how something affects an individual’s finances.”
 
Caraccioli’s curriculum included an “international residency,” so the last two weeks of her graduate work visiting St. Petersburg, Russia, and Prague in the Czech Republic. The purpose of the trip, taken with more than 20 classmates, was to study the way Coca-Cola was operating in the markets that emerged in Eastern Europe following the fall of Communism (and the vestiges of World War II). While studying Coke, Caraccioli and company also learned about how to do business in Russia.
 
“I was fortunate enough to have to be able to hire a camera crew in Russia. They spoke no English, and I speak no Russian, but I learned television has an international language, and we got along fine.” Caraccioli will concentrate on her interviews with a Russian economist, sociologist, and business leaders for a special program, “Emerging Economies” that airs at 11 p.m. Wednesday on “Money Matters Today.” She speaks about all of the BRIC countries (Brazil, Russia, India and China), but Russia is her focus.
 
“Americans have to think before doing business in Russia. Entrepreneurs are welcome, and there’s plenty of room for them, but for anyone doing business in Russia, it’s best to have a Russian partner. It’s also wise to concentrate on St. Petersburg as a base because Vladimir Putin and other important Russian figures are from St. Petersburg.
 
“Let’s say you have to understand Russian legal standards,” Mary says when asked whether everything in Russia is totally free-market.
 
“You have to understand what you’re doing, and that’s why it’s advisable to have a Russian partner. You also have to understand Russians love Americans, and they love anything entrepreneurial, especially young Russians who quote the movie, ‘Wall Street,’ and who believe they can conquer the economic world.
 
“Right now that world is built on oil, and many believe oil wealth is a bubble that carried Russian for the last 10 years but might not be the answer 10 years from now. They will have to diversify and also to invest in their infrastructure. St. Petersburg could be cleaner, the water could be more drinkable, and historic sites need renovation.
 
“Prague, on the other hand, is ready. It’s a beautiful, wonderful city that is already the center of commerce. The Czechs are ahead of the Russians in terms of infrastructure. So, the Czech Republic is a great example of what an economy can do in the post-Soviet era.
 
“Young Russians, though, have a swagger of confidence and competence. They are ready to take their place in the world. Older Russians, raised under Communism, are a bit more wary, but the young people are great to behold. With all the land mines there can be in Russia, the young generation is eager to advance, and it’s exciting to see.”
 
CN8 Radio Interview
WILM-AM (Wilmington, Del.)
6/17/08 
Radio Host/Program: Delaware This Morning with Mark Fowser
CN8 Talent: Mary Caraccioli
Interview Topics: CN8’s Mary Caraccioli joined host Mark Fowser to discuss hot topics for consumers this summer, including gas prices. She also previewed an upcoming special on “Money Matters Today” focusing on Russia as an emerging market, and discussed sources of alternative energy. 
 
Smart Cents 
Managing money in a changing economy
By Terri Akman, SJ Magazine
July 2008 Issue

In today’s economy, smart consumers must take a look at their financial standing and plan, save and spend wisely. While the national media has declared troubled times, how do individuals here in SJ manage their personal finances? It is important to make moves now to secure yourself for whatever lies ahead.
 
step 1: create an emergency fund

“I would put having an emergency fund over saving for your retirement and over saving for your kids’ college education,” says Mary Caraccioli, host and executive producer for CN8’s Money Matters Today. “You can control when you retire. You can’t control when you’re going to have an emergency. If you have to work an extra five or ten years, you can control that. But if you have a medical emergency you can’t say, ‘Hey cancer, hold off five years.’”
 
“Start your emergency fund with three to six months of available cash in a money-market fund,” comments Jean Cordasco, president of the Cordasco Financial Group in Marlton.
 
“Once established, come up with a budget and meet with a financial planner to save for college, retirement or other future goals.”
 
step 2: prioritize bills 

If money is tight and you are faced with a stack of bills, establish priorities. Since every family’s concerns are individual, you must make decisions based on your own circumstances. 
 
“The first thing people need to do with their bills is open them,” says Stephanie Bittner, Community Education and Outreach Director for the Consumer Credit Counseling Service of Delaware Valley. “You’d be surprised how many people get so overwhelmed that they get to the point where they stop opening their mail.” 
 
Next, focus on things that are secured by an asset, such as your house or car. In years past, your mortgage would automatically be your first priority, but that is not necessarily true today. “If you’re in a situation where you could potentially lose your house, chances are you may not be able to rescue that, so maybe the mortgage isn’t your top priority,” says Caraccioli. “In some cases, the value of your house may be less than the money owed on that house. Your most important priority depends on your situation. There is no longer a one-size-fits-all way of thinking.”
Caraccioli does say that if your mortgage payments are current and you have equity in your house, the mortgage should be given top priority. For some people, their car is equally important because it is needed to get to work. 
 
“After that, I would say your utility bills are priority, because you need to have electricity, heat and running water,” says Bittner. “Next, pay credit cards. They are being reported on your credit report. If those payments fall behind, you’re going to pull down your credit score.”
 
Financial experts agree that you should pay down credit-card debt quickly. While it is possible to find low-interest credit cards to transfer your balance, that can be dangerous. “Don’t do that unless you absolutely have to, because you essentially set yourself up for bigger problems down the road,” says Caraccioli. “If you can’t pay off the balance right now, why are you opening up another card and potentially setting yourself up for twice the balance down the road? What’s best is to pay off your bills.”
 
You can call the credit-card company and, especially if you are current on your payments and have a good history, ask them to lower your rate. Do this while your credit is still good. While Bittner advises consumers to pay all bills, she places a low priority on old debt – more than one or two years old. When you are in a better place financially, Bittner suggests re-negotiating that debt.
 
Another option is to take out a lower-interest loan to pay off your credit cards. “You can apply for a debt consolidation loan or a home-equity line of credit,” says Cordasco.
 
If you can’t pay your bills on time, there are steps to take with creditors. “Communication is key,” says Bittner, whose job is to help people in financial trouble. “A lot of people will ignore creditors’ phone calls and letters. That’s one of the worst things you can do. You need to let them know you are having financial difficulties. If it’s a credit card, sometimes creditors have something called hardship programs that can either help you reduce your payment or interest rate to help you get back on track.”
 
Caraccioli believes saving for college can be a low priority because you can always borrow money to pay college tuition. “You have control over how you’re going to spend money for college,” she says. “You can always be creative about how college gets paid for. You can go to a community college for two years and then transfer to a bigger university, or you can get college loans.”
 
step 3: don’t leave money on the table

Take a look at your life, and see if you have missed any financial opportunities.Caraccioli points out that you may have work benefits that offer matching programs for 401K plans. “If your company will match up to three percent, don’t leave that money on the table. You can grow wealth that way.”
 
Many companies also offer dependent-care accounts, or flexible-spending accounts for healthcare. “They are essentially giving you a really nice discount on your child care and medical care,” says Caraccioli. “The fact that you have money taken out before taxes allows you to lower your paycheck, therefore you’re not paying as much in taxes. 
 
You’re already getting a 20- or 30-percent discount on the money you’re spending, say at the drug store, because your tax bill is lower.”
 
step 4: change your lifestyle

When money is tight, look at the expenses you have control over. “That’s where it comes down to needs versus wants,” points out Bittner. “What do you need on a daily basis for yourself and your family?”
 
You can reduce your cable and cell-phone bills by using those services less. Clipping coupons and using frequent-shopper cards can lower your food bills.Caraccioli suggests that people team up with neighbors and friends to buy in bulk, saving money for everyone.
 
“Maybe I don’t need 40 cans of tomato paste, but maybe between me and my three best friends, we could divide that up,” she suggests. She urges that you establish rules up-front to make it work. For example, make an agreement that the person shopping is paid by everyone else that same day.
 
“Plan out meals and entertainment,” says Cordasco. “Come up with a budget and stick to it. Now, more than ever, families need to be aware of when and how they are spending. All family members should be involved in the decision process if expenses need to be cut or major financial decisions need to be made.”
 
It is also helpful to take time at the beginning of the week to organize the errands you need to run. “What are all the things you’re going to do that week that involve your car?” asks Caraccioli. “Maybe you can start grouping some things together that you never thought about before. There are also websites such as gasbuddy.com that will comparison shop gas prices for you.”
 
step 5: decide what to do with your tax rebate

The government is urging people to spend their tax-rebate checks to spur the economy, yet SJ experts disagree. “Start saving, especially if you don’t have an emergency fund or have credit-card debt,” says Cordasco. “Only spend it if you are in good shape in these areas.”
 
step 6: prepare for a job change

Be prepared for changes in your job by networking and staying current on what jobs may be out there. “The business cycles in this global environment are much faster and much more intense than they were in our parents’ generation,” says Caraccioli. “You may be gainfully employed but you should start doing some of the things you would do if you got a pink slip. So if it happens, you won’t be blindsided. You already have a network” when you need help.
 
“I think a lot of people don’t realize that there’s help out there,” says Bittner. “If you are not making headway on your own, seek an accredited National Foundation for Credit Counseling agency because we have a debt-management program where, when folks are behind in their credit card payments, we have agreements with credit-card companies to reduce interest rates, possibly eliminate fees and bring the account current.”
    

PHILLY CHIT CHAT 
MONDAY, JUNE 16, 2008 
A PERFECT FIT: PHILADELPHIA’S 
HOTTEST NEWS REPORTERS 
COMMON BOND OVER CLOTHING 
The Career Wardrobe is a nonprofit organization that 
serves thousands of women in transition by providing 
free professional clothing and educational opportunities 
in the Philadelphia region. 
Their services empower women by inspiring the 
confidence necessary to achieve self-sufficiency. Since 
1995, The Career Wardrobe has assisted over 40,000 
women. 
CN8 Models: Mary Caraccioli (an excellent speaker and a 
poignant message on how we as a society have a duty to 
help our fellow woman; it takes a village) 

Sun, Jan. 20, 2008 
BURLINGTON COUNTY NEIGHBORS   
Old boys’ club gets a distaff 
competitor in South Jersey 
By Cynthia Henry 
Inquirer Staff Writer 
Businesswomen have a new high-tech, high-touch way to 
make connections and meet clients in South Jersey. It’s 
called eWomenNetwork. 
The national advocacy and networking organization based 
in Dallas celebrated the largest launch of a local chapter 
earlier this month when 118 women turned out for the first 
meeting in Voorhees. 
“Behind each woman is a Rolodex of 100 or 1,000 people 
who might be able to help someone in their business,” 
said Marilyn Kleinberg, managing director of the new 
South Jersey chapter. “Our goal is to help get them 
together.” 
“Women need other women. We’re touchy-feely. We want to be in each other’s presence,” Kleinberg said. As 
members’ e-mails led to in-person meetings, the organization formally evolved into a Linked In/Union League hybrid. 
So beyond recruiting members, the South Jersey chapter’s first meeting Jan. 9 featured keynote speaker Mary 
Caraccioli, host of CN8’s Money Matters, giving tips on personal money management, and 16 vendors in a bazaar 
selling jewelry, handbags, hats, toys, makeup, clothing, financial services, health products, and travel packages. 
Best of all, said participants, they were able to connect with new clients through eWomenNetwork’s trademark 
“accelerated networking.” Each woman pitches her product or service for one minute in several rounds at different 
tables. 
Future meetings will feature growth strategist Aldonna Ambler on Feb. 9, business promotion with Ellen Fisher of the 
Woman’s Yellow Pages in March, and a life coach in April. The group will continue to gather at the Mansion, Main 
Street Plaza 3000, Voorhees. 
 

What else are people saying?

“Mary Caraccioli was fabulous, and I am sure each one of us left the room feeling more confident about how to attack our personal finances!”

- Philadelphia Professional Women’s Alliance

“I was fortunate to hear you speak at Arthur Ashe earlier this year on the topic of money. I was moved by her passion and dedication in her presentation. You sparked something in myself.”

- Kelly Kaiser/ workshop participant

“Your presentation was both informative and impressive. The verbalized thoughts, regarding your presentation, as well as the introspection that ensued the latter was of great interest to me and a great compliment to you.”

- Carol Weller, Employment Counselor, Cherry Hill PSG

Producer-turned-TV host had a break-through year
The Delaware County Daily Times
by Neal Zoren
2/16/04

As life-changing years go, CN8 “Money Matters” host Mary Caraccioli may take the prize for her 2003. Caraccioli started the year as Mary Fay, the name on which she built her reputation as television producer, researcher and commentator. When 2003 began she had only recently met USA Network communications chief Tom Caraccioli and could not predict she would be his, or anyone else’s, bride. While she had made a successful move from producing TV news to being in front of the camera as a business reporter, Mary, when 2003 dawned, did not have her own program. That came when CN8 general manager Jon Gorchow asked her if she’d like to expand a report she was doing as part of a CN8 alliance with the Philadelphia Business Journal into a show. She jumped at the challenge, created a concept and brought “Money Matters” to 8 p.m. weeknights on CN8’s schedule. None of these changes daunted Mary or interrupted her pace. As the seventh of nine children who moved constantly as their father assumed new jobs for the J.C. Penney chain, she says she is accustomed to adapting. Her television career, which began and always leads back to Philadelphia, has also taught her to be ready for anything.

Caraccioli says she first learned about business at her father’s knee.

“As one of nine children, and one of the younger ones at that, I had to find some way to get my own attention. I decided to become interested in my father’s work. I asked him about the stores and got an education in retail merchandising. I’d follow stocks in the Wall Street Journal, Xerox and IBM in particular, and talk to Dad about them. Who knew this background would come so handy in my career?”

That career has been varied. Fresh from the University of Pittsburgh, Mary got a producer’s job at Channel 10.”Those were the days when Channel 10 set the standard for news. So young, I got to learn from Larry Kane, Paul Gluck (now a VP at Channel 12), Susan Schiller (now news director at Channel 3), Brian Williams, Catherine Brown, Bob Orr and Lu Ann Cahn.”

Mary went to CNBC to produce “The Squawk Box” with another Philadelphia alumnus, Mark Haines. Then she returned to Philly as the inaugural producer of Channel 29’s “Good Day Philadelphia.”

“It was during that job that I began to feel restless,” Caraccioli says. “I loved what I was doing, but my life was all work and I had an urge to explore other things. (Then-Channel 29 g.m.) Roger LaMay and (then-Channel 29 news director, now at CN8) John Mussoni were great. I told them I wanted to be on the air, and they offered me studio time to make a tape and hone my delivery.

“It’s funny. From a period of soul-searching I realized television is in my blood. Whatever I did had to involve TV, so I pursued going on air and decided business would be my field.”

Risking a lot, Mary went to a fledgling station, Philly TV News, which asked her to do a daily live spot from the Philadelphia Stock Exchange.

More education. About business and camera skills. By the time Gorchow proposed the project that became “Money Matters,” Caraccioli was grounded in business and TV presentation.

“We had to get the concept right. I want to present stories that tell people, simply and clearly, how to manage money and what economic and other policies mean to them.

“I am executive producer of ‘Money Matters’ as well as host, and I look for guests who won’t philosophize or be political but analyze, cleanly and clearly, so people know what something means to them. Our format is open, so I can also talk about consumer topics and ways to make money work. My main message is money is not that difficult to manage. I encourage people not to overanalyze and to think of money as a tool, not as something of which to be afraid.”

Caraccioli has seemed fearless in her transitions. Relationships being among the most difficult things for a TV workaholic to manage, it was kismet when Mary first encountered Tom Caraccioli.

“This is going to sound so weird, but I love television so much I would take vacations to do jobs I didn’t get to do in my career at the time. Sports photography is another career I considered, and I love tennis, so I would go each year to work on media coordination for the U.S. Open in Forrest Hills. My job required a lot of interaction with networks covering the tournament. USA is one of those networks. Tom needed a lot of information. We met. We laughed. We hit it off. Next thing you know we’re having dinner and laughing some more. He’s the youngest of seven children, so we knew how to make ourselves heard. Dinners lead to a relationship. In August, Tom proposed. In October, we were married. Now Mary Fay is Mary Caraccioli.”

Though Tom works in New York, the couple lives in Philadelphia. Mary and Tom were in New York together last week to take in a USA Network staple, the Westminster Dog Show.