Money Monday: Holiday Shopping

The holiday season is upon us. I thought you all might enjoy this as you start looking at your holiday shopping list.

Budget For Holiday Shopping

Personally, I'll be looking at some Amazon.com (Y.M. has me addicted) on Thursday and Friday because of their awesome price matching and shipping straight to my job.

Money Monday: How Americans spent there money

Since this was the last weekend for awhile that I don't have anything planned, (it's wedding season, part deux) so I was getting my life in order. Whilst reading through some emails I came across this one from a work colleague: How The Average U.S. Consumer Spends Their Paycheck.

Now the one thing that is clearly missing from this chart is any debt payments; not the things you charge to you your card every month (like food and clothes) but the cost of your debt (such as interest and fees.)

Either way, this chart is interesting and worth taking a look at. And while you're at it...

Take an hour and look at where you're money's going. I recommend using www.mint.com, it'll change the way you see your money. :-)

Money Monday: 10 Commandments- Courtesy of MSN Money

I came across this Financial Commandments for Your 20s and I thought of all the people who I know who need to read this article.

Basically:

1. Thou shall plan ahead
2. Thou shall live WITHIN your means
3. Thou shall make saving a habit
4. Thou shall pay off your credit cards
5. Thou shall start investing
6. Thou shall establish credit
7. Thou shall develop a marketable skill
8. Thou shall cut the financial umbilical cord
9. Thou shall marry wisely
10. Thou shall have fun

I think I'm in good shape but it's always nice to have a easy to understand reminder.

Money Monday: Little Steps

As this year winds to a close it becomes time to reflect on the past year and make aspirations for the next one. In a totally unscientific poll of my friends the two highest things on our list of things we want to focus on in 2009 are: 1) our weight and 2) our finances. To achieve success in either one of these it takes a gradual lifestyle change, starting with little steps.

Here's a link from "The Simple Dollar" of 100 little steps that can get you saving:
http://www.thesimpledollar.com/2008/02/06/little-steps-100-great-tips-for-saving-money-for-those-just-getting-started/

My top 5 from the blog:

• Switch your bank accounts to a bank that respects you. (...and that's why I'm not a Wachovia customer any more...)
• Master the thirty day rule. Whenever you’re considering making an unnecessary purchase, wait thirty days and then ask yourself if you still want that item.
• Invite friends over instead of going out. (My Yankee Manfriend's favorite MO)
• Do a price comparison - and find a cheaper grocery store. (That's why I buy my packaged goods at Wal-Mart Supercenter. I get 2 weeks worth of food for $50 compared to the $70 at Food Lion and the $80 at Harris Teeter for the same items. That's a $520-$780 yearly savings a.k.a. my car insurance for the whole year. )
• Design your “debt snowball.”

Here's one more list from Jeff at "My Super-Charged Life": http://mysuperchargedlife.com/blog/20-ways-trim-your-budget-survive-hard-times-ahead/

Happy saving. :-)

Money Monday: WWGD (What Would Grandma Do)?

We are a very credit dependent society. We buy things with money we are going to earn because they are 10% off and then charge them and have to pay 10, 15, or maybe even 25% interest on it. That makes NOOOOOO sense. I guess it's our society's "it will get better" attitude. But we are in need of a serious reality check and it starts with everyone individually looking out how they spend money and use credit.

I personally have a general rule about buying things: I don't pay for anything longer than I'm going to use it.

What does this mean?: Financing a car for 5 years is fine (but not ideal) because you're going to be using it in 5 years. Charging (which is the SAME THING as "financing") my Starbucks is not ok because I'll be paying for it after the 20 minutes I took to drink it. Now I'm not saying this is the perfect way to run your finances, but for someone starting out in the real world I don't think it's a bad start.

I think young Americans need to stop thinking about financing and finances like our parents' generation of "I can have it all now and pay for it later" baby boomers and start thinking like our grandparents' generation in a more "I'll buy when I can afford it" mentality.

I found this article on MSN Money that I think brings my point home: People need to learn to live on cash (meaning money in your checking account so your debit card is fine.)

Totally worth the read. :-)

Money Monday: Perfect Time for a Budget

So I woke up this morning and CNN told me about how the world's economy is going still going into the toilet and will be for...well the foreseeable future.

Made me think: Good time to revisit my budget and see where I can squeeze some extra savings out.

I made my first budget at 19 and I think it's the best habit I ever got into. (Now if only I could feel the same about diet and exercise...) If you don't have a budget and you have income, then you need to make one. It will help you so much in the long run to achieving your goals and being independent. You don't want to have to be 28 and not be able to buy a car if you need one.

Here's a resource with 79 other resources for budget making.
http://mysuperchargedlife.com/blog/back-to-basics-79-brilliant-budgeting-resources-youll-love/

Work on yours this week and then next week I'll show you mine.