Posted By: Brad Martin

Tue Nov 14, 11:32 AM ET

The street on which most Oklahomans live probably looks a lot different than Wisteria Lane. However, money experts say that Oklahomans might be a lot more like those Desperate Housewives financially than they might think.
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More: Part I | Part II

As part of Money Week on KOCO, Eyewitness News 5 is helping Oklahomans make more money. On Monday, our expert is offering savvy financial wisdom through the lives of those ladies on the hit ABC television show.

Bree Van De Kamp Hodge is a widow and newly remarried. Her character needs to get an attorney and to open a trust for her assets, stocks or bonds that her late husband might have left -- even her house.

"That would protect it from maybe a second marriage that wasn't as good as she had hoped it would be," said Ann Garrett with Capital West Securities in Oklahoma City.

Because of Bree's rocky relationship with her children, the expert said a 529 plan is her safest bet for college savings, just in case her son or daughter acts up.

"They can always change the beneficiary on the 529 plan," Garrett said.

Oklahomans who take advantage of 529 plans would also get a tax deduction if the plan is purchased through the state.

Because Bree is a stay-at-home mother, experts said she should put her money in municipal bonds.

"Those are tax-free bonds, and they generate an income," Garrett said.

Susan Mayer is a divorced single mother.

"Susan's a writer, and I don't know how her cash flow is on a monthly basis," said Garrett.

The most important thing she needs to do, experts said, is to open a money-market account with at least three months of living expenses -- such as for mortgage, gas and food.

"So, if she does have some lean months, she will have some money to fall back on," Garrett said.

"It's kind of sad because Susan's had a lot of problems in her life," Garrett said.

Her neighbor burned down her home. Her agent took most of her money.

"Susan needs to rebuild her assets," Garrett said.

Gabrielle Solis has just about everything she wants, but what she needs is another story, experts said.

"She needs to get a job," Garrett said.

The expert said she also needs to start saving.

"Even if it's just $25 a month. I mean, you can start investing with a very small amount, and you'd be surprised at how quickly it builds up," Garrett said.

Experts also said that because Gabrielle is going through a divorce, she'll probably end up with the house -- a piece of property she should immediately sell so that she can downsize to a more affordable property. They also advised that she quit spending.

"She really just can't keep buying the clothes and the jewelry and the fancy little cars," said Garrett.

Lynette Scavo can't begin to think about all of that. With four young kids, a newly found stepdaughter and a husband about to open a small business, Lynette's best bet is to put a portion of her paycheck into a cafeteria plan, experts said.

Most large companies offer some sort of cafeteria plan.

It's money before taxes that will pay for health care costs that aren't covered in a normal health insurance plan.

"You can put it back, and then each month the company will write you a check for child care," said Garrett.

Experts said she'll need it since her stay-at-home husband plans to open a pizza parlor.

"He needs to open up an individual retirement account, and he can put away $4,000 a year," Garrett said.

Lynette should contribute the maximum amount to the 401K offered at her ad agency in order to rebuild their family's savings.

As for Edie, she doesn't have to worry about a family. She's single and works in real estate.

"You don't know when the real estate market might go down. You don't know if Edie might get sick. She needs some kind of back-up," said Garrett.

She said that Edie needs to put three months of living expenses into a money market account, just as they recommended for Susan. Instead of saving up that much cash out of pocket, experts recommended that she invest in bonds that pay interest.

"She can take the money she receives from the interest, put it in a money market account and start building up," Garrett said.

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