I practice what I preach. For the most part. I have got my planning skills fine-tuned and honed in on the most efficient way to handle the financial challenges that are thrown my way. But like a vast majority of things I plan for, I'm not following through with as much energetic enthusiasm on the "doing" compared to the "planning".
How does this happen?
Well take the vast majority of Americans retirement savings. Half the paid workers ages 25 to 64 don't own retirement savings accounts of any kind. People plan to live as long as possible. People don't plan on working for the rest of their lives. So whats the holdup? Why aren't more people planning for their own retirement? We've all heard the recent news that Social Security is running out on a timeline that is falling short of previous estimates.
So what do most of us do?
We plop down in a chair, pencil and paper in front of us, start writing down what we make, what we hope to make in the future, how much we can afford to put away. Move to another chair, plop down in front of the computer find a savings calculator or 401k calculator online plug in our numbers and sit in awe at the results of compounded interest. The more ambitious will take it a few steps further, comparing funds and different risk options, but for the most part we see the results and we know the "what if".
The "what if" is enough for us. If we start saving now, if we save this much, if we invest here, we'll have this much in the end. The "what if" is a mentality we could all do without. The "what if" needs to change to simply "when and will".
When I retire I will need x amount of money to live.
When I get paid, I will need to deposit x amount into my retirement savings.
Transforming your retirement savings goals from the theoretical to the actual is as simple as changing your expectations of yourself and the realization that you are ultimately responsible for yourself.
So how does this example apply to me? I have plans up to my eyeballs. They're not going to accomplish themselves, no matter how many times I tweak and retweak them. When I get done with this email, I will start the "doing".
Showing posts with label Budget Planning. Show all posts
Showing posts with label Budget Planning. Show all posts
7.4.09
A new month, A new revision
So I have been late in welcoming April in and kicking March out. But you know, its all about starting fresh and anew and tackling my budget to make sure I am maximizing my money... well, to the max.
I've reworked and tweaked and added and removed and planned and planned and I think I have settled on a good plan. Settled enough that I have it laminated, color coded and in my purse at all times.
In doing my planning, revising, and budgeting I came to the conclusion that short term goals should be incorporated within longterm goals. My ultimate goal is to do the best that I can in this competition, so I plan and budget for the remainder of the year even though every month I've revised and edited. This is a good guage at what I've accomplished, what I need to work at and where I should be when everything is over.
I'll have to admit though, I'm more stressed about money than I was when I was super in debt. I think about it nonstop, worry that I'm spending too much, fretting over the little things I've yet to curb and bang my head against the roof of my car as I'm filling up. Not knowing how the other competitors are doing is also something that fills me with dread, even though I know that i'm my biggest competitor in this challenge. I will make or break myself regardless of what anyone else is doing.
So take in hand my budget of money and add to it a budget of time, food, gas, luxuries and addictions. Budgeting is for maintenance and wellbeing. If my budget is well established, financially my bank account will be well-maintained. Establishing a budget for the other intricacies of life will boost my monetary budget as well as my efficiency, physical appearance and dependency on outside addictions.
Now if only I can figure out a stable way of putting a life budget into practice... sounds like a rigorous schedule to me... what else do I have to do though?
I've reworked and tweaked and added and removed and planned and planned and I think I have settled on a good plan. Settled enough that I have it laminated, color coded and in my purse at all times.
In doing my planning, revising, and budgeting I came to the conclusion that short term goals should be incorporated within longterm goals. My ultimate goal is to do the best that I can in this competition, so I plan and budget for the remainder of the year even though every month I've revised and edited. This is a good guage at what I've accomplished, what I need to work at and where I should be when everything is over.
I'll have to admit though, I'm more stressed about money than I was when I was super in debt. I think about it nonstop, worry that I'm spending too much, fretting over the little things I've yet to curb and bang my head against the roof of my car as I'm filling up. Not knowing how the other competitors are doing is also something that fills me with dread, even though I know that i'm my biggest competitor in this challenge. I will make or break myself regardless of what anyone else is doing.
So take in hand my budget of money and add to it a budget of time, food, gas, luxuries and addictions. Budgeting is for maintenance and wellbeing. If my budget is well established, financially my bank account will be well-maintained. Establishing a budget for the other intricacies of life will boost my monetary budget as well as my efficiency, physical appearance and dependency on outside addictions.
Now if only I can figure out a stable way of putting a life budget into practice... sounds like a rigorous schedule to me... what else do I have to do though?
3.4.09
12 ways for college students to save money!
Many of us have to maintain a lean lifestyle when we are in college. While you could argue that this is an effective way to build character, that perspective doesn’t make life any easier when you’re sitting down for another bowl of Ramen noodles. If you are a college student who is having trouble making ends meet, try the following 12 simple tips for saving money.
1. Create a household budget. Most importantly, you need to make sure you stick to the budget.
2. Avoid buying new textbooks. If you can’t find what you need at a local used bookstore, try eBay or socialbib. The latter is a free online book swap for college students.
3. Sell your books wisely. If the college bookstore is offering very little, see if your textbooks are going for more on eBay or Amazon.
4. Don’t splurge on fashionable clothes. You will have the rest of your life to be chic. For now, all you need is something comfortable to get you through those boring lectures (and maybe one suit for interviews).
5. Use college discounts. Many restaurants and shops around town probably offer college discounts without your knowledge. Never be afraid to ask.
6. Clip coupons. Effective “couponing” can save a bundle, though it will be a bit time consuming on the weekends. There are many coupon clippers who consistently save hundreds of dollars on groceries each month. Learn how to get started here.
7. Eat at home. While you can’t always eat at home when you’re on the go, you should really reduce those trips to the drive-thru. They will eat through your wallet and wreak havoc on your waistline.
8. Consider a roommate. If you are currently living alone and having trouble paying rent, it could be time for a roommate. There will be plenty of interested (and interesting) people around campus who can split the rent with you.
9. Transfer credit card balances with high interest rates. Many of us can’t wait for our first credit card when we enter college. In fact, the companies often come to us when high school is finished. However, interest rates can skyrocket after an introductory period. Consider transferring high balances to a zero-interest card that offers a reasonable APR when that introductory period is over. (Don’t close the original account, however. It can mess up your credit history.)
10. Avoid partying on the weekends. College doesn’t have to be synonymous with partying. Not only will it make Monday morning classes harder and harder to attend, drinking can be very expensive. Find a more practical way to relax when you aren’t in class or studying.
11. Ride a bike. Do you live close to campus? If so, then you may be needlessly spending money on gas. Ride a bicycle whenever it’s feasible and you will help save money, as well as the environment.
12. Skip paid television. Assuming you are already paying for an Internet connection, you don’t need paid television. Many networks rerun their programs online now (try Hulu.com. Besides, you have more important things to do than sit in front of the television, like studying or finding post-college employment!
Although it doesn’t sound very fun to you now, being frugal in college can have positive effects on your future. Every year, more young adults are graduating college with substantial debt. While student loans are sometimes necessary, you shouldn’t have a significant amount of debt when starting out with your career. Some careful planning today will help you for many years to come.
1. Create a household budget. Most importantly, you need to make sure you stick to the budget.
2. Avoid buying new textbooks. If you can’t find what you need at a local used bookstore, try eBay or socialbib. The latter is a free online book swap for college students.
3. Sell your books wisely. If the college bookstore is offering very little, see if your textbooks are going for more on eBay or Amazon.
4. Don’t splurge on fashionable clothes. You will have the rest of your life to be chic. For now, all you need is something comfortable to get you through those boring lectures (and maybe one suit for interviews).
5. Use college discounts. Many restaurants and shops around town probably offer college discounts without your knowledge. Never be afraid to ask.
6. Clip coupons. Effective “couponing” can save a bundle, though it will be a bit time consuming on the weekends. There are many coupon clippers who consistently save hundreds of dollars on groceries each month. Learn how to get started here.
7. Eat at home. While you can’t always eat at home when you’re on the go, you should really reduce those trips to the drive-thru. They will eat through your wallet and wreak havoc on your waistline.
8. Consider a roommate. If you are currently living alone and having trouble paying rent, it could be time for a roommate. There will be plenty of interested (and interesting) people around campus who can split the rent with you.
9. Transfer credit card balances with high interest rates. Many of us can’t wait for our first credit card when we enter college. In fact, the companies often come to us when high school is finished. However, interest rates can skyrocket after an introductory period. Consider transferring high balances to a zero-interest card that offers a reasonable APR when that introductory period is over. (Don’t close the original account, however. It can mess up your credit history.)
10. Avoid partying on the weekends. College doesn’t have to be synonymous with partying. Not only will it make Monday morning classes harder and harder to attend, drinking can be very expensive. Find a more practical way to relax when you aren’t in class or studying.
11. Ride a bike. Do you live close to campus? If so, then you may be needlessly spending money on gas. Ride a bicycle whenever it’s feasible and you will help save money, as well as the environment.
12. Skip paid television. Assuming you are already paying for an Internet connection, you don’t need paid television. Many networks rerun their programs online now (try Hulu.com. Besides, you have more important things to do than sit in front of the television, like studying or finding post-college employment!
Although it doesn’t sound very fun to you now, being frugal in college can have positive effects on your future. Every year, more young adults are graduating college with substantial debt. While student loans are sometimes necessary, you shouldn’t have a significant amount of debt when starting out with your career. Some careful planning today will help you for many years to come.
16.3.09
It's not business, it's personal...
Over the course of the savings challenge, I have undergone multiple changes in perspective. The first one came within the first two months of the competition when I came to the conclusion that this is not a normal competition. I don't have to worry about somebody being able to run faster, throw farther or swim further in this competition. I just have to worry about what I'm doing and how I can play better. So in those terms its a competition against myself and part of me is destined to succeed and the other part is demanding failure. To say I'm not in this 100% would be absurd. I breathe, sweat, cry and dream of the challenge. But it seems that every speedbump that gets thrown my way is something I have created. Past mistakes, bad decisions are all coming back. Had I paid closer attention to my teeth and visited the dentist the recommended times per year, I wouldn't have had to shell out the money for a root canal and crown. Had I not broken two leases in Dallas, I would be able to put more money towards savings and be able to be out on my own once more.
Any regrets? Well, ya. Any regrets in how I'm doing in the challenge? No. Flatout. Resounding. NO. I enjoy being able to run ideas past my coaches and getting sound advice.
And that led to another revelation. I have a plan! A plan of plans for how I'm going to pay off my debt this year and how I'm going to make it happen for myself. And I'm sticking to it and its working and I couldn't be happier! But is there more that I could do?
I have a plan.... I don't have a budget. I have allocated venues for where my money goes each WEEK. Not month, WEEEK. And it successfully goes there. But after that whatever is left over, sits in my checking account until next payday. Until the next step of my plan. And it shouldn't be that way. If I had a real budget, something I took into consideration with every purchase, that money would also be allocated and the leftover dumped into savings. Its what I've been preaching, what I thought I was following. And it took me until the third month in the challenge to realize that I wasn't following what I preached.
I think I'll use spring break as an opportunity to really look at my budget. Luckily, I have kept my receipts (yes all of them) from the past three months and what better tool to gauge my spending trends to adjust my budget?!
So expect more thoughtful, insightful, and just downright helpful posts from me in the future. I will be able to post better blogs when I have proven, tried and true methods that have worked for me.
:)
Any regrets? Well, ya. Any regrets in how I'm doing in the challenge? No. Flatout. Resounding. NO. I enjoy being able to run ideas past my coaches and getting sound advice.
And that led to another revelation. I have a plan! A plan of plans for how I'm going to pay off my debt this year and how I'm going to make it happen for myself. And I'm sticking to it and its working and I couldn't be happier! But is there more that I could do?
I have a plan.... I don't have a budget. I have allocated venues for where my money goes each WEEK. Not month, WEEEK. And it successfully goes there. But after that whatever is left over, sits in my checking account until next payday. Until the next step of my plan. And it shouldn't be that way. If I had a real budget, something I took into consideration with every purchase, that money would also be allocated and the leftover dumped into savings. Its what I've been preaching, what I thought I was following. And it took me until the third month in the challenge to realize that I wasn't following what I preached.
I think I'll use spring break as an opportunity to really look at my budget. Luckily, I have kept my receipts (yes all of them) from the past three months and what better tool to gauge my spending trends to adjust my budget?!
So expect more thoughtful, insightful, and just downright helpful posts from me in the future. I will be able to post better blogs when I have proven, tried and true methods that have worked for me.
:)
13.3.09
Don't waste it! Plan, reuse and save!
On average, American households waste 14 percent of their food purchases. That is a huge amount if your household matches the average. This means that for every $100 you spend on your groceries, $14 worth of it turns into wasted food.
By learning a few tips and techniques, you can cut down on food wastage, and possibly even completely eliminate your food wasting habits.
1 Good Meal Planning
As mentioned in the article "Grocery Shopping on a Budget", meal planning is one of the most important ways to reduce your food wastage. Before shopping, plan every meal for the week and write the shopping list accordingly. This should prevent you from buying foods that will not be used, and therefore, not ending the week with excess garbage. When planning your meals, consider how much time you will have available for meal preparation in order to ensure that it is realistic for you to stick to the plans.
Be sure to check your fridge and freezer before writing your shopping list. There may be some items that you already have, or there may be some leftover produce that you could make use of by adjusting the meal plans.
2 Keep the Fridge in Order
To ensure good food waste management, clean and organize your fridge often. This way, you will be aware of what food you have leftover, and what needs to be used quickly. Keep the older produce towards the front so that it gets used first. Dedicate one shelf to leftovers, again with the older items in the front.
3 Food Waste Log
Keep a food waste log on the fridge. Every time you throw out food, write down what it is and estimate it's cost. You will soon learn which foods you are buying too much of and how much it is costing you. Start adjusting your shopping list accordingly, and work on reducing the costs of your food waste.
4 Food Approaching Best Before Date
It is important to consume this food before it goes bad. The first approach would be to attempt to use the soon to be bad food in an upcoming meal. With vegetables, you could consider cooking and storing them in a container. This will give you a few more days in which to use them. Milk, meat, bread, berries, and leftovers from previous dinners can all be frozen.
5 Using Leftovers
No matter how well you plan, you may still end up with leftovers from your dinners. Should this be the case, be sure to immediately place them in covered containers and store. If you plan to eat the leftovers within a few days, put them on your “leftover shelf” in the fridge. Otherwise, store them in the freezer for use within a few weeks.
6 Leftover Night
One way to get rid of leftovers is to have a weekly leftover night. All the leftovers that you have accumulated in the week can be served buffet style. You may need to cook a couple of additional items depending on how much leftovers you have, but this would still be an excellent way of using up all your old food and cutting down on food wastage.
7 Keep the Freezer in Order
Even in the freezer, food will eventually go bad. Although the frozen foods will last a while, it is still a good idea to occasionally use up all this food from time to time. This way, you won’t have frozen items at the bottom of your freezer slowly going to waste.
8 Canned and Dried Foods
As with the foods in the fridge, keep the older canned and dried foods at the front of your shelves and cupboards to ensure that they get used. These foods do have a long shelf life, but they don't last forever. When you open packets of dry food, nuts, flour, grains, etc. seal the packets tightly or transfer to air tight containers. Otherwise, the food may go stale or attract bugs.
9 Save the Bread
There are plenty of options for soon-to-be bad bread. If you have not already frozen it and the bread has gone stale but without traces of mold, consider using it to make croutons, bread crumbs, or even french toast.
10 Broths
If you have vegetable or meat scraps, you can use them to make a broth. They are easy to make and can be used in soups and stews amongst other things. It is also an excellent way to cut down on food waste.
By learning a few tips and techniques, you can cut down on food wastage, and possibly even completely eliminate your food wasting habits.
1 Good Meal Planning
As mentioned in the article "Grocery Shopping on a Budget", meal planning is one of the most important ways to reduce your food wastage. Before shopping, plan every meal for the week and write the shopping list accordingly. This should prevent you from buying foods that will not be used, and therefore, not ending the week with excess garbage. When planning your meals, consider how much time you will have available for meal preparation in order to ensure that it is realistic for you to stick to the plans.
Be sure to check your fridge and freezer before writing your shopping list. There may be some items that you already have, or there may be some leftover produce that you could make use of by adjusting the meal plans.
2 Keep the Fridge in Order
To ensure good food waste management, clean and organize your fridge often. This way, you will be aware of what food you have leftover, and what needs to be used quickly. Keep the older produce towards the front so that it gets used first. Dedicate one shelf to leftovers, again with the older items in the front.
3 Food Waste Log
Keep a food waste log on the fridge. Every time you throw out food, write down what it is and estimate it's cost. You will soon learn which foods you are buying too much of and how much it is costing you. Start adjusting your shopping list accordingly, and work on reducing the costs of your food waste.
4 Food Approaching Best Before Date
It is important to consume this food before it goes bad. The first approach would be to attempt to use the soon to be bad food in an upcoming meal. With vegetables, you could consider cooking and storing them in a container. This will give you a few more days in which to use them. Milk, meat, bread, berries, and leftovers from previous dinners can all be frozen.
5 Using Leftovers
No matter how well you plan, you may still end up with leftovers from your dinners. Should this be the case, be sure to immediately place them in covered containers and store. If you plan to eat the leftovers within a few days, put them on your “leftover shelf” in the fridge. Otherwise, store them in the freezer for use within a few weeks.
6 Leftover Night
One way to get rid of leftovers is to have a weekly leftover night. All the leftovers that you have accumulated in the week can be served buffet style. You may need to cook a couple of additional items depending on how much leftovers you have, but this would still be an excellent way of using up all your old food and cutting down on food wastage.
7 Keep the Freezer in Order
Even in the freezer, food will eventually go bad. Although the frozen foods will last a while, it is still a good idea to occasionally use up all this food from time to time. This way, you won’t have frozen items at the bottom of your freezer slowly going to waste.
8 Canned and Dried Foods
As with the foods in the fridge, keep the older canned and dried foods at the front of your shelves and cupboards to ensure that they get used. These foods do have a long shelf life, but they don't last forever. When you open packets of dry food, nuts, flour, grains, etc. seal the packets tightly or transfer to air tight containers. Otherwise, the food may go stale or attract bugs.
9 Save the Bread
There are plenty of options for soon-to-be bad bread. If you have not already frozen it and the bread has gone stale but without traces of mold, consider using it to make croutons, bread crumbs, or even french toast.
10 Broths
If you have vegetable or meat scraps, you can use them to make a broth. They are easy to make and can be used in soups and stews amongst other things. It is also an excellent way to cut down on food waste.
18.2.09
America Saves Week
Next week is America Saves Week. Feb. 22-March 2!
This is a great time to break out your budget and see just how much you can save for that week. And once you've proven to yourself just how awesome you are at saving, carry the savings ambitions onwards!
When making a purchase, ANY purchase, make sure you are shopping smart.
* Smart spending starts with managing expenses, and the best way to properly manage your money is by creating a spending plan.
* Use coupons for as much as possible. Keep them in your car! You'll want these on you when you make emergency or unscheduled stops. And don't forget to look for fast food coupons! I'm sure even Chico's has them! ;)
* Research prices before making any purchase, especially large items. This will help you find discounts, rebates, and coupons. Salescircular has the price comparison for you!
* Become informed about the product.
* Read the fine print on offers.
* Avoid impulse buying as much as possible.
* Remember, you generally pay a price for convenience. It might be worth driving a few extra miles or waiting a few more minutes.
* Getting the lowest price is not always the smartest thing to do if you get poor quality.
* Paying the highest price does not always guarantee best quality.
* Don’t be afraid to ask for a lower price, and ask if you can have a discount for paying with cash instead of credit.
* Think in terms of quality over quantity.
* Brown bag your lunch to the office, at least a few times each week (have the kids do the same thing for school a couple days a week)
* Rent a movie instead of taking the whole family out to a theater
* Carpool or consolidate errands to cut down on extra gasoline expenses; when you do buy gas, do it in the middle of the week and at a gas station that has competition close by
* Stock up at holiday and back-to-school sales for things you know your kids and family will need
* Use email for long distance communication instead of the phone
* Swap babysitting nights with family or friends
* Use a shopping list when at the store; do not deviate from your list whenever possible
* Keep your eye on the register when checking out at stores, purchases can easily be rung up wrong
And if you're looking for that perfect budget worksheet, This is a great PDF for you!.
This is a great time to break out your budget and see just how much you can save for that week. And once you've proven to yourself just how awesome you are at saving, carry the savings ambitions onwards!
When making a purchase, ANY purchase, make sure you are shopping smart.
* Smart spending starts with managing expenses, and the best way to properly manage your money is by creating a spending plan.
* Use coupons for as much as possible. Keep them in your car! You'll want these on you when you make emergency or unscheduled stops. And don't forget to look for fast food coupons! I'm sure even Chico's has them! ;)
* Research prices before making any purchase, especially large items. This will help you find discounts, rebates, and coupons. Salescircular has the price comparison for you!
* Become informed about the product.
* Read the fine print on offers.
* Avoid impulse buying as much as possible.
* Remember, you generally pay a price for convenience. It might be worth driving a few extra miles or waiting a few more minutes.
* Getting the lowest price is not always the smartest thing to do if you get poor quality.
* Paying the highest price does not always guarantee best quality.
* Don’t be afraid to ask for a lower price, and ask if you can have a discount for paying with cash instead of credit.
* Think in terms of quality over quantity.
* Brown bag your lunch to the office, at least a few times each week (have the kids do the same thing for school a couple days a week)
* Rent a movie instead of taking the whole family out to a theater
* Carpool or consolidate errands to cut down on extra gasoline expenses; when you do buy gas, do it in the middle of the week and at a gas station that has competition close by
* Stock up at holiday and back-to-school sales for things you know your kids and family will need
* Use email for long distance communication instead of the phone
* Swap babysitting nights with family or friends
* Use a shopping list when at the store; do not deviate from your list whenever possible
* Keep your eye on the register when checking out at stores, purchases can easily be rung up wrong
And if you're looking for that perfect budget worksheet, This is a great PDF for you!.
16.2.09
Overspending?
So you got a nice fat refund in your wallet from your taxes. What do you do with it? Firstly, you want to continue with the good habits you've created. Planning, budgeting and lists! They're your best friends when it comes to your finances. They keep you in control of your money and guarantee that it will be spent wisely and with well thought out decisions backing it!
So how do you curb overspending even on a budget and planning and those well thought out lists? Understanding when and where you overspend is good, but why you overspend is better.
Ways That we Tend to Overspend:
First, the number one way that people overspend is when they are bored. When you’re bored one option that comes to mind is shopping. “I’m bored; why not go buy something to take away my boredom.”
* Plan ahead> Before you get bored think of alternatives to shopping. Keep a running list of things to do instead that are cheap or free that you enjoy doing.
Second, people overspend when they are around friends. No matter what the case may be when we’re around friends having a good time money is no longer an object. You just basically get swept up in the commotions and fun of things that you don’t even think twice about how much something costs. You just swipe your card or hand over a couple bills.
* Plan ahead> When you know you're going to be around friends bring cash only. Leave your c.c. at home to avoid those temptations of "unconscious swiping." Also, before hanging out with friends plan ahead what you'll be doing. Think about cheaper alternatives then an expensive night out.
Third, we overspend on gift giving. When shopping for a gift it's hard to stay on a budgeted amount because what if you can’t think of anything in that price range? Most often then not we overspend because we found the perfect gift that just happens to be a little more. Plus, our friends and family are worth it. Birthdays and holidays only come once a year so why not splurge a little.
* Plan ahead> Shop for gifts throughout the year. If not physically, do it on paper. Keep a list of friends and families birthdays and other occasions that you have coming up that you'll be buying a gift for. Write down ideas as you come across them. This way you are not stuck at the last minute trying to think of what to get and end up overspending.
Fourth, I’m starving and there is no food in sight. Take me to the nearest restaurant fast! Overspend.
* Plan ahead> A real life saver can be to have snacks in your car. When you're running errands and doing other things that require a lot of hurried thinking you will get hungry fast. Always bring a snack even if you think you won't get hungry. You can also plan your route ahead of time to make it home around the times you get hungry.
Firth, we overspend when we don’t use cash. This has been said many of times that it’s harder to hand over your hard earn cash then to swipe a piece of plastic.
* Plan ahead> Pretty self explanatory. Try to carry cash on you when you're buying something. You can also keep a list of things you need when going out so you stick to it.
Sixth, not planning ahead causes overspending as well. Just a small example: when you have to run out to the liquor store to buy milk after it runs out you'll probably pay a higher price because you didn't buy it at the grocery store.
* Plan ahead> I think this one sums up a lot of our overspending. Most of the time try to plan ahead. I know that won't always be the case so be prepared for some days when you just didn't think ahead about the things you need.
So how do you curb overspending even on a budget and planning and those well thought out lists? Understanding when and where you overspend is good, but why you overspend is better.
Ways That we Tend to Overspend:
First, the number one way that people overspend is when they are bored. When you’re bored one option that comes to mind is shopping. “I’m bored; why not go buy something to take away my boredom.”
* Plan ahead> Before you get bored think of alternatives to shopping. Keep a running list of things to do instead that are cheap or free that you enjoy doing.
Second, people overspend when they are around friends. No matter what the case may be when we’re around friends having a good time money is no longer an object. You just basically get swept up in the commotions and fun of things that you don’t even think twice about how much something costs. You just swipe your card or hand over a couple bills.
* Plan ahead> When you know you're going to be around friends bring cash only. Leave your c.c. at home to avoid those temptations of "unconscious swiping." Also, before hanging out with friends plan ahead what you'll be doing. Think about cheaper alternatives then an expensive night out.
Third, we overspend on gift giving. When shopping for a gift it's hard to stay on a budgeted amount because what if you can’t think of anything in that price range? Most often then not we overspend because we found the perfect gift that just happens to be a little more. Plus, our friends and family are worth it. Birthdays and holidays only come once a year so why not splurge a little.
* Plan ahead> Shop for gifts throughout the year. If not physically, do it on paper. Keep a list of friends and families birthdays and other occasions that you have coming up that you'll be buying a gift for. Write down ideas as you come across them. This way you are not stuck at the last minute trying to think of what to get and end up overspending.
Fourth, I’m starving and there is no food in sight. Take me to the nearest restaurant fast! Overspend.
* Plan ahead> A real life saver can be to have snacks in your car. When you're running errands and doing other things that require a lot of hurried thinking you will get hungry fast. Always bring a snack even if you think you won't get hungry. You can also plan your route ahead of time to make it home around the times you get hungry.
Firth, we overspend when we don’t use cash. This has been said many of times that it’s harder to hand over your hard earn cash then to swipe a piece of plastic.
* Plan ahead> Pretty self explanatory. Try to carry cash on you when you're buying something. You can also keep a list of things you need when going out so you stick to it.
Sixth, not planning ahead causes overspending as well. Just a small example: when you have to run out to the liquor store to buy milk after it runs out you'll probably pay a higher price because you didn't buy it at the grocery store.
* Plan ahead> I think this one sums up a lot of our overspending. Most of the time try to plan ahead. I know that won't always be the case so be prepared for some days when you just didn't think ahead about the things you need.
12.2.09
Groceries on a budget
Going grocery shopping when you're on a tight budget can be a nerve wracking affair. You might even have to bring along your calculator, adding up every dollar and cent to make sure you don't go over your weekly budget. If this is you, then you may want to consider some of the following options as additions to your grocery list. There are many filling, healthful meal options that can help you stick to your budget and still have a meal that sticks to your ribs. If you get creative, you can go beyond ramen and still have a little cash left over at the end of the week.
First, stock up on dry goods in bulk such as rice, pasta, and beans. Whole wheat or whole grain versions of the rice and pasta are readily available in many stores, and make much more healthy options. Pick up a variety of beans such as pinto, kidney, and navy beans. These can be cooked together to make a delicious three bean salad or a thick and creamy bean stew. Also, any of the varieties of beans can be seasoned with cumin, chili powder, garlic and other inexpensive spices and served over warm rice for a cheap and filling meal. For the pasta, pick up a few inexpensive jars of your favorite ready to eat pasta sauce. For an even cheaper alternative, just buy a few cans of plain tomato sauce (one of the cheapest pantry staples you can keep on hand) and jazz it up with spices you may already have, such as basil, oregano, and garlic. Serve over the pasta.
Another wonderful idea for cheap meals is Mexican food staples like burritos, nachos and quesadillas. Burritos and nachos allow you to make two meals from the same batch of ingredients: refried beans, shredded cheese, sour cream, canned black olives, inexpensive salsa, green onion, and any other toppings you desire or can afford. For burritos, just wrap the ingredients up in a tortilla (a very inexpensive bread alternative) and heat, and for nachos, bake tortilla wedges in the oven until crisp and top with the ingredients. For quesadillas (a quick and easy Mexican version of the grilled cheese) butter a tortilla. Place it buttered side down in a skillet on medium heat. Top with shredded cheese and other fillings, then top with another buttered tortilla, buttered side up. When the cheese has melted, flip and brown the other side. Serve with salsa and sour cream.
For another inexpensive meal, try purchasing bulk bags of frozen skinless, boneless chicken breasts along with a few bags of frozen vegetables. These items alone can make for meals for a week or more. Just season each chicken breast with your favorite spices, top it with leftover shredded cheese, or eat it on bread or a hamburger bun for a fun sandwich. Jazz up the frozen veggies with spices, butter or some shredded cheese.
Buying in bulk can save you lots of time and money. These staples will help you eat well until the next paycheck rolls around.
First, stock up on dry goods in bulk such as rice, pasta, and beans. Whole wheat or whole grain versions of the rice and pasta are readily available in many stores, and make much more healthy options. Pick up a variety of beans such as pinto, kidney, and navy beans. These can be cooked together to make a delicious three bean salad or a thick and creamy bean stew. Also, any of the varieties of beans can be seasoned with cumin, chili powder, garlic and other inexpensive spices and served over warm rice for a cheap and filling meal. For the pasta, pick up a few inexpensive jars of your favorite ready to eat pasta sauce. For an even cheaper alternative, just buy a few cans of plain tomato sauce (one of the cheapest pantry staples you can keep on hand) and jazz it up with spices you may already have, such as basil, oregano, and garlic. Serve over the pasta.
Another wonderful idea for cheap meals is Mexican food staples like burritos, nachos and quesadillas. Burritos and nachos allow you to make two meals from the same batch of ingredients: refried beans, shredded cheese, sour cream, canned black olives, inexpensive salsa, green onion, and any other toppings you desire or can afford. For burritos, just wrap the ingredients up in a tortilla (a very inexpensive bread alternative) and heat, and for nachos, bake tortilla wedges in the oven until crisp and top with the ingredients. For quesadillas (a quick and easy Mexican version of the grilled cheese) butter a tortilla. Place it buttered side down in a skillet on medium heat. Top with shredded cheese and other fillings, then top with another buttered tortilla, buttered side up. When the cheese has melted, flip and brown the other side. Serve with salsa and sour cream.
For another inexpensive meal, try purchasing bulk bags of frozen skinless, boneless chicken breasts along with a few bags of frozen vegetables. These items alone can make for meals for a week or more. Just season each chicken breast with your favorite spices, top it with leftover shredded cheese, or eat it on bread or a hamburger bun for a fun sandwich. Jazz up the frozen veggies with spices, butter or some shredded cheese.
Buying in bulk can save you lots of time and money. These staples will help you eat well until the next paycheck rolls around.
3.2.09
The art of budgeting...
The art of budgeting.
When setting up a budget, most people take their income times it by the number of pay periods in one month, subtract their bills and set aside money for everyday expenses. Whats wrong with this? Well nothing, if you lead a life that is rigid enough to sustain a budget like this. The truth is most people are just too dynamic to be able to settle easily enough within those confines.
The art of budgeting starts with phases:
Phase 1: assess your personal and financial situation (needs, values, life situation).
Phase 2: set personal and financial goals.
Phase 3: create a budget for fixed and variable expenses based on projected income.
Phase 4: monitor current spending (saving, investing) patterns.
Phase 5: compare your budget to what you have actually spent.
Phase 6: review financial progress and revise budgeted amounts.
Well-written personal and financial goals should:
• Be realistic
a student working part-time is not likely to be able to afford a new car every couple of years.
• Be specific
“i want to save $5,000 for a down payment to buy a house.”
• Have a timeframe
“i want to pay off my credit card within the next 18 months.”
• State the action to be taken
“i want to start an automatic deposit savings account with monthly withdrawals from my
checking account.”
You can’t expect to get it right the first time around, like anything else it takes patience, planning and perseverance. These three p’s will help you on your journey to financial freedom and awareness. Without one of those p-words, well then you’re just left with 2 p’s to work with, and we all know what a mess that can be. ;)
When setting up a budget, most people take their income times it by the number of pay periods in one month, subtract their bills and set aside money for everyday expenses. Whats wrong with this? Well nothing, if you lead a life that is rigid enough to sustain a budget like this. The truth is most people are just too dynamic to be able to settle easily enough within those confines.
The art of budgeting starts with phases:
Phase 1: assess your personal and financial situation (needs, values, life situation).
Phase 2: set personal and financial goals.
Phase 3: create a budget for fixed and variable expenses based on projected income.
Phase 4: monitor current spending (saving, investing) patterns.
Phase 5: compare your budget to what you have actually spent.
Phase 6: review financial progress and revise budgeted amounts.
Well-written personal and financial goals should:
• Be realistic
a student working part-time is not likely to be able to afford a new car every couple of years.
• Be specific
“i want to save $5,000 for a down payment to buy a house.”
• Have a timeframe
“i want to pay off my credit card within the next 18 months.”
• State the action to be taken
“i want to start an automatic deposit savings account with monthly withdrawals from my
checking account.”
You can’t expect to get it right the first time around, like anything else it takes patience, planning and perseverance. These three p’s will help you on your journey to financial freedom and awareness. Without one of those p-words, well then you’re just left with 2 p’s to work with, and we all know what a mess that can be. ;)
2.2.09
Status update...
When it comes to my plan for the year, I feel its a very amiable approach to annihilating my debt, saving for college and getting myself back on my feet.
That being said... I'm not doing so hot. At least, thats the way I look at it. Not succeeded 100% on my plan is the equivalent of epic failure. Its just the way I see the world around me. Like Ricky Bobby's dad in Taladega Nights, If you're not first, you're last. Sure that might not make sense, but my drive to be the best is unrivaled. And when I fall short, I must not have tried hard enough.
I had eight envelopes that needed to go out last month... I sent out seven. Completely knocked out two debts from my credit report. Sent off over $700 to my debtors. Sold my laptop for almost $200 and I am in the process of selling my old textbooks on craigslist and around campus. I have successfully met my savings goals each week of January and managed to cut down on my spending significantly. I keep track of every purchase in a register and a receipt journal.
But that one envelope… It will haunt me in my sleep.
Maybe an opportunity to revamp my strategy and try and get February to work in my favor.
Goals:
1. Apply for more scholarships- This is the College Edition savings challenge. Getting money for school is what its all about.
2. Bills before thrills- While I didn’t have excessive spending last month, I need to make it a habit to send out the envelopes on their scheduled days. Getting my bills paid before I play, taking things more seriously, and being responsible are only positive characteristics I could extend to my challenge.
3. Learn your lesson- There is little to no-point in recording my receipts in my journal if I don’t take a moment every so often to learn from past mistakes.
4. Fun does not mean spending- Need to put my creative noggin to work and see if I can’t fabricate ingenious ways to save money and have a blast.
5. NO BUY DAYS- I want at least two of these a week. Maybe I should strive for everyday? I’d miss it more than I’d hit it, but I’d hit it more often than I am now. Everyday is a conscious spending adventure. I need to tame the beast! Hehe
But more importantly, I need to lighten up on myself. There is still some fun to be had in this competition, and it ain’t over yet!
That being said... I'm not doing so hot. At least, thats the way I look at it. Not succeeded 100% on my plan is the equivalent of epic failure. Its just the way I see the world around me. Like Ricky Bobby's dad in Taladega Nights, If you're not first, you're last. Sure that might not make sense, but my drive to be the best is unrivaled. And when I fall short, I must not have tried hard enough.
I had eight envelopes that needed to go out last month... I sent out seven. Completely knocked out two debts from my credit report. Sent off over $700 to my debtors. Sold my laptop for almost $200 and I am in the process of selling my old textbooks on craigslist and around campus. I have successfully met my savings goals each week of January and managed to cut down on my spending significantly. I keep track of every purchase in a register and a receipt journal.
But that one envelope… It will haunt me in my sleep.
Maybe an opportunity to revamp my strategy and try and get February to work in my favor.
Goals:
1. Apply for more scholarships- This is the College Edition savings challenge. Getting money for school is what its all about.
2. Bills before thrills- While I didn’t have excessive spending last month, I need to make it a habit to send out the envelopes on their scheduled days. Getting my bills paid before I play, taking things more seriously, and being responsible are only positive characteristics I could extend to my challenge.
3. Learn your lesson- There is little to no-point in recording my receipts in my journal if I don’t take a moment every so often to learn from past mistakes.
4. Fun does not mean spending- Need to put my creative noggin to work and see if I can’t fabricate ingenious ways to save money and have a blast.
5. NO BUY DAYS- I want at least two of these a week. Maybe I should strive for everyday? I’d miss it more than I’d hit it, but I’d hit it more often than I am now. Everyday is a conscious spending adventure. I need to tame the beast! Hehe
But more importantly, I need to lighten up on myself. There is still some fun to be had in this competition, and it ain’t over yet!
16.1.09
Lists
One thing that I've noticed a great deal of savings websites have in common is the aspect of lists and tracking. Every site wants you to do more writing than you have since gradeschool when it comes to your finances. From setting up your budget, to tracking your expenses, analyzing your savings plan, writing in a savings journal, creating lists before you enter the store, etc. A serious case of writer’s cramp and a few paper cuts later you have everything you need on paper, but how do you prioritize everything? Here is some advice that may help you as it has helped me.
First: Ask your bank for a transaction registry. About the size of a checkbook, this helpful tool can be stashed away in your glovebox, purse, or in your jack pocket. Its best to carry this registry around with you because you want to make sure you document every expense as it is happening. This takes a good deal of discipline, but like anything else, doing this often enough can help make it a very good habit to have. This is the best thing you can do to save money. Primarily if you know how much you have in your account at any given time you won’t go over budget, overdraw or bounce a check. It is also good to invest in a pocket calculator so you can be sure your registry is 100% correct.
Second: Your budget. This is something you should update month to month on a worst case scenario basis. By that I mean plan for the worst and budget accordingly. If some months your cell phone bill is $110 but occasionally it gets up to $130, budget for $130. It will save you some headaches down the road if your projected budget includes these larger figures. Always better to be under budget vs. over budget.
Third: Lists. These are imperative for going into a store and successfully coming out with everything you need and nothing you don’t. When it comes to groceries make sure you take a comprehensive list and only buy the items you absolutely need. Print a Grocery List here. It also wouldn’t hurt to do a price comparison of the grocery stores in your neighborhood to make sure that you truly are getting the best deal. And look in your Sunday newspaper for coupons that can save you some coins.
Fourth: I’m going to continue swearing by the savings journal. Writing and documenting the money you spend and the temptations you give in to will help you to save money. Understanding your strengths and weaknesses when it comes to spending is the first step in spending wisely.
First: Ask your bank for a transaction registry. About the size of a checkbook, this helpful tool can be stashed away in your glovebox, purse, or in your jack pocket. Its best to carry this registry around with you because you want to make sure you document every expense as it is happening. This takes a good deal of discipline, but like anything else, doing this often enough can help make it a very good habit to have. This is the best thing you can do to save money. Primarily if you know how much you have in your account at any given time you won’t go over budget, overdraw or bounce a check. It is also good to invest in a pocket calculator so you can be sure your registry is 100% correct.
Second: Your budget. This is something you should update month to month on a worst case scenario basis. By that I mean plan for the worst and budget accordingly. If some months your cell phone bill is $110 but occasionally it gets up to $130, budget for $130. It will save you some headaches down the road if your projected budget includes these larger figures. Always better to be under budget vs. over budget.
Third: Lists. These are imperative for going into a store and successfully coming out with everything you need and nothing you don’t. When it comes to groceries make sure you take a comprehensive list and only buy the items you absolutely need. Print a Grocery List here. It also wouldn’t hurt to do a price comparison of the grocery stores in your neighborhood to make sure that you truly are getting the best deal. And look in your Sunday newspaper for coupons that can save you some coins.
Fourth: I’m going to continue swearing by the savings journal. Writing and documenting the money you spend and the temptations you give in to will help you to save money. Understanding your strengths and weaknesses when it comes to spending is the first step in spending wisely.
