From Prada to Nada
I found an article in Glamour magazine a while ago and thought that it was interesting and surprisingly refreshing. One of the stories in particular, “From Prada to Nada,” was really great because it depicted one woman’s perfect life and how it suddenly (and drastically) changed. The surprising twist was that she lost what she thought was her ideal job and is still happy because she’s doing what she loves instead!!
Jessica Lybeck, the woman that the article is about, used to work “at one of the most prestigious architecture firms in the country.” She had it all; Business trips all over the world that included stays in five star hotels, and the luxury of not being worried about checking her bank account often.
Then, when the company she worked for starting making cuts, she lost her job.
Prior to being laid off, Lybeck had already been working on a different project that was much more fulfilling for her and she had that to fall back on. She had opened a consulting firm to help entrepreneurs and felt that this work, although not as monetarily rewarding, was more personal and worthwhile.
Even though the lifestyle that she lives now includes sharing a bathroom with neighbors and working at a stir fry restaurant for four dollars an hour, Lybeck is happy! She admits she gets anxious from time to time, but who can blame her?
To me this article was inspiring. It made me realize that things may not always go as planned, especially with finances and the future, but there is a light at the end of the tunnel. This story, and the others featured, showed me real women that I could relate too and how they may not have everything together all the time, but that didn’t mean that they just gave up either.
And I think that is a lesson that doesn’t need a price.
You can read “From Prada to Nada” and other financial stories of real women at:
Thrifty Mom 4
Quick tips and a recipe each week to help save you money!
Thrifty Tip of the Week
Stamps are like cash! Watch all your mail for uncancelled stamps. Soak them off the envelopes in water and then glue on your next letter!
Deal of the Week
Catfish Fillets $4.99 a lb.
Recipe of the Week
This recipe came from one of Oprah’s personal chef’s cookbooks! It is a healthy and delicious way to make catfish without frying!
http://www.recipesource.com/main-dishes/meat/seafood/catfish/00/rec0035.html
Motivational Quote of the Week
“Be kind to unkind people – they need it the most.”
Anonymous
Action Plan for the Week
Call Debthelper today and get your finances under control!
http://www.debthelper.com
College Made Cheaper!!
College certainly is a big investment and deciding how you are going to pay for it is definitely a challenge. Some parents pay for all of their child’s education. Others want their child to share the responsibility, or simply can’t afford to pay the entire expense. So how do you decide what needs to be done to pay, arguably, the biggest investment of you and your child’s life? And how do you do it in a way that won’t break the bank?
A savings plan!
If you want to be able to afford retirement and not have your child paying off student loans for the majority of their working life, a savings plan is necessary…and it’s easier than you think!
An article on fastweb.com discusses different savings plans and how they work.
The first plan discussed divided saving into three different parts.
Part One: A Savings Account
The first part of this saving plan relies on “past income,” or your savings. Preferably you should start a college savings account when your child is born, and put a little bit of money in it each month. According to the article, if your child is born in 2009, about $220 a month should be going into that savings account (and almost double that, $417, if a private college is in your child’s future).
Part Two: Current Financial Income
The second component of this plan would be using revenue that would be coming in at the time your child would be entering college. A portion of your income, along with your student’s financial aid, would go towards their tuition, room and board, and other costs.
Part Three: Loans
If the two previous parts of the savings plan have, ideally, been kept up monthly, then the need to take out loans shouldn’t be too great. In addition, there are more options for students, such as lower interest rates and low loan amounts as to avoid taking out too much money unnecessarily.
The other savings plan option involves your child to take on more financial responsibility.
Laura Kuntz, a mom and financial advisor, quoted in the article gave her daughter a specific dollar amount of help she would provide.
In reference to her policy, Kuntz stated, “The reason that’s important to me is when it’s 8 a.m. and she doesn’t want to get up and go to class, I want some of that to be on her dime.”
In conclusion, the type of savings plan that you set up for your child isn’t as important as just having a savings plan in general. Also, no matter the amount of financial responsibility your child will be required to take on, it is vital that they are aware about finances and how to save for the expenses that will come up in their lives.
A Free Way to Happiness
Giving isn’t as easy as it once was. Many charities in the community are asking for more help due to the bad economic times, but it is for that very reason that a financial gift isn’t always possible. However, the gift of your time is never frowned upon.
Many organizations need volunteers for all sorts of jobs. Also, since there are so many charities, it is nearly impossible to find an organization that won’t hold your interest or your heart. Volunteering doesn’t just bring joy to your life, it improves your community, brings happiness to those whose lives you’ve touched, and best of all it is easy and free for you.
Finding a place to volunteer at is easier than ever. Check out websites like http://www.volunteermatch.org/ and http://www.serve.gov/about.asp. These sites are easy to navigate through and were created just to help people find some place they would really enjoy volunteering at.
If you are unable to dedicate a few days to volunteering at an organization in your community, start in your own home and neighborhood. Try cleaning out your closet and dresser. Whatever you haven’t worn in a while and that’s still in good condition, donate to the Goodwill. You’ll be supporting this organization and may even get a tax write off.
Next, look around and see if any of your neighbors need help, especially if you have elderly neighbors. Offer to help someone wash their car, or see if they have any two person jobs that they couldn’t previously complete.
Overall, volunteering is easy and can be fun too. Look for something that peaks your interest and you can never go wrong!
New limits placed on credit card late fees and other penalties
The Federal Reserve approved a series of new limits on credit card companies that will protect consumers from exorbitant late fees and other penalties, including fees for inactivity and exceeding the maximum credit limit.
The new limits take effect Aug. 22, 2010 and are the final step in the Fed’s action to implement the Credit Card Accountability and Disclosure Act that Congress enacted last year. That legislation has already benefited consumers and brought a number of restrictions on credit card companies’ billing practices, including curbs on arbitrary interest rate increases.
The additional limits announced Tuesday mostly target payment penalties. Now, credit card issuers can only charge a maximum fee of $25 if a consumer pays late (as long as they haven’t been late in the past seven months). The new rules also bar credit card companies from charging “inactivity” fees and places new limitations on the fees that they can charge for other violations such as returned checks or exceeding account’s maximum credit limit.
Among the new limits:
- Credit card companies can no longer impose multiple penalty fees for a single late payment or other violation.
- Any fees charged for violations of a credit agreement’s terms have to be in proportion to the amount of a violation. So, the maximum penalty for a consumer whose $20 minimum payment is late or who exceeds a credit limit by $20 cannot be more than $20.
- The Fed also required credit card companies to reexamine any accounts on which they raised interest rates since Jan. 1, 2009, “to evaluate whether the reasons for the increase have changed and, if appropriate to reduce the rate.”
Federal Reserve Governor Elizabeth A. Duke said in a statement that the new rules will lead to fees being assessed “in a way that is fairer and generally less costly for consumers.”
U.S. Rep. Carolyn Maloney, D-N.Y., the legislation’s sponsor praised the Fed’s move. “The Federal Reserve’s guidelines issued today are great news for consumers,” she said in a statement. “By capping any late fees to a maximum of $25, charged only once per violation, by banning inactivity fees, and by requiring re-evaluation of any rate hikes since January 2009, the Fed has achieved the final set of accountability and fairness steps called for in my bill.”
But not everyone is pleased with the new rules. The Center for Responsible Lending noted that the rules have some loopholes. For example, the $25 maximum can be exceeded if the credit card company can prove that it incurred more in costs to collect the payments.
Kathleen Day, a spokeswoman for the group, described the Fed’s action as “tepid.” “It is better than the status quo, but it isn’t what it could have been,” she said.
In a statement, Center President Michael D. Calhoun said the $25 limit is still too high and warned that even as the Fed requires credit card companies to reexamine interest rates that they’ve charged in the past, it also allows them to review and re-impose higher rates every six months.
The American Banking Association, which represents credit card companies, called the changes the “most sweeping overhaul of the industry since the invention of credit cards.”
“Most customers handle their credit cards responsibly, but bad behavior by a relative few, increases costs for all customers,” Kenneth J. Clayton, the group’s general counsel said in a statement. “The rules adopted by the Fed today address so-called ‘penalty fees,’ and seek to ‘make the penalty fit the crime,’ so that simple missteps result in minor penalties, while larger or repeated missteps can result in higher penalties.”
He said the rules will provide “greater protection, transparency and certainty” for credit card customers.
Can Your ATM Be Dangerous?
ATM skimming devices have been in the news lately and for a good reason. Although these devices don’t look very intricate, the information crooks are able to get from them are enough to leave your account empty before you know it. The most unnerving part, however, is that the devices aren’t small and indiscreet. They look like they may have been placed there by the bank, or may not be noticed at all simply because a customer didn’t know what to look for. This only makes stopping and catching criminals more difficult.
The way the skimming devices work, initially, is by spying on customers when they are using an ATM. The device usually works in two parts.
First, when the customer swipes or enters their card into the ATM the magnetic strip on the card is copied and “remembered” by the skimmer. The other part comes into play when the customer enters their pin number. Crooks are able to see what numbers are entered due to hidden cameras they have either attached directly to the ATM or nearby.
Once they have all the information they need, criminals are able to make a copy of your card and can start spending.
Banks usually catch the sudden, out of control spending fairly quickly and notify customers, but catching the criminals is not always a fast process.
However, there are ways to protect your information. First, if anything looks odd when you walk up or drive up to the ATM, go inside the bank and let them know immediately. Next, cover the keypad when you are entering your pin number. Lastly, if another customer asks for your assistance or asks if you need help, just kindly decline and tell them to go inside the bank and direct their questions to a bank employee.
For more information about ATM skimmers and what they look like, visit the following websites:
http://consumerist.com/2009/04/heres-what-a-card-skimmer-looks-like-on-an-atm.html
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/21/AR2010042102826.html
Source:
http://bucks.blogs.nytimes.com/2010/06/09/how-to-spot-an-a-t-m-skimming-device/
Fast&Easy Money Saving Tips
1.Get a cheap massage- Many community and career colleges offer classes for students interested in becoming massage therapist and therefore are looking for clients to practice on. Most colleges will charge a minimal fee or sometimes will offer the service for free. Call your local college and see what they have to offer.
2.Take a natural getaway- Take a Saturday to explore your town’s surroundings. Maybe go on a hiking trail, relax at the beach or set up a simple backyard picnic.
3.Look over the grocery newsletter- Use your grocery store’s newsletter to plan the meals for the week using items that are on sale.
4.Scan the perimeter- Many snack type food items are usually found in the aisles of the grocery store while the basic and essential items, such as fruits, vegetables, dairy products, and so on, are located in the perimeter of the store. So start on the outside and work your way in.
5.Go generic- It used to be that generic brands didn’t offer as great of quality as the name brands, but that’s certainly a myth these days! However, if you still prefer name brands, buy generics for simple items such as hand soap, fruits and vegetables, and some snack foods
6.Plant an herb garden- Buying fresh herbs at the grocery store can start to get pricy, so take matters into your own hands. It can take up a patch of your backyard or take up some space on a sunny windowsill. Either way, these little plants will spice up your cooking and add something extra to your home.
7.Explore the farmer’s market- Shopping for produce at your local farmer’s market saves money and supports local growers too. Also, many vendors are willing to negotiate prices and give free samples.
8.Electrify those leftovers!- Leftovers used to be dreaded by some, but that doesn’t have to be the case. Leftovers save money, prevent waste, and some food channel shows are even beginning to include ways to add zing to yesterday’s meal.
9.Take advantage of free trials– Lots of companies are offering free trials allowing you to decide whether you like the product or not without spending a dime. Just visit their website or search online by just typing “free trials/ free samples.” But beware of scam sites! Some will ask you to sign up for a registry in order to automatically receive samples, this can turn into them sending you a bill after you get your first item.
10.“Money back guarantee”- Many companies are adding this promise to their products. Take advantage of it! If you’re sincerely not satisfied with a product, usually providing a copy of the receipt and a statement of why you are unsatisfied is enough for a full refund.
11.Rent movies for next to nothing- Scores of supermarkets are adding easy $1 a day movie rental stands to their stores. This makes date night easy and cheap too!
12.Bring your lunch to work- This grade school throw back saves money and gas since you won’t even have to leave the office. If you do prefer going out, opt for someplace that offers…..
13.Lunch specials- Lots of restaurants are offering great lunch specials these days. Some places have “you pick two” deals or different items all together on their lunch menu, so go ahead and try something new!
14.Visit your local library- Libraries have an endless amount of resources these days. From an infinite amount books, movies, and computers, the library is an endless resource. In addition, many libraries now have quaint cafés or small fun classes that range from photography to yoga.
15.Kick the habit- At a national average of almost $2 per pack, cigarettes can be an incredibly costly and deadly habit. Smoking 2 packs a day, every day of the week will end up running you about $112 a month. That translates to about $1,344 a year!
16.Skip the gym- And work out in your home or at the local park instead. By doing this not only do you save on gym membership and fees you can be in the comfort of your own home or be breathing some fresh air outside.
More tips can be found at:
1) http://www.thesimpledollar.com/2008/02/06/little-steps-100-great-tips-for-saving-money-for-those-just-getting-started/
2) http://www.doughroller.net/smart-spending/51-painless-money-saving-tips/
Sources:
http://www.tobaccofreekids.org/research/factsheets/pdf/0097.pdf
Thrifty Mom 3
Quick tips and a recipe each week to help save you money!
Thrifty Tip of the Week
Turn your thermostat up to the highest setting you can stand. Since I am a Floridian, I let the temp go up to 82 when nobody else is home. Wish I knew how much money I saved for a little bit of sweat!
Deal of the Week
Boneless Top Sirloin Steaks $4.49 a lb.
Recipe of the Week
Steak is a big treat in our house and when we have it … it definitely needs to be on sale! This recipe is a simple and delicious way to use this pricier meat.
http://www.epicurious.com/recipes/food/views/Broiled-Steak-with-Horseradish-Cream-232000
Motivational Quote of the Week
“All who have accomplished great things have had a great aim; have fixed their gaze on a goal which was high, one which sometimes seemed impossible.” Orison Swett Marden, 1850-1924, Writer, Physician, Hotel Owner and founder of Success Magazine
Action Plan for the Week
Call Debthelper today and get your finances under control!
http://www.debthelper.com
Is Debt Settlement a Rip Off?
DUH
YES
Budgeting and Future Financial Success
The little expenses don’t seem so little when at the end of the month your bank account is lower than you thought. This has happened to me before and it’s not a great feeling. A few trips to the coffee shop, a pair of cute shoes that I had to have and a little pick me up treat all add up in the end and can drain your account before you even realize it.
In my high school economics class we had a month long assignment to document all of our expenses no matter how small. At first I thought the assignment was just busy work, but at the end of the month I realized that weekly senior lunches and “little” trips to the mall were taking their toll on my wallet. I realized that I needed to change my spending and saving habits before things got too out of hand. So I decided to continue keeping track of my expenses with a budget sheet even after the assignment was over. This simple change started making a big difference, especially when I moved to college and had to start grocery shopping on my own. It helped me to look over what I was spending my money on and decide what needed to be deemed as necessary and what I could pass up on. In addition, budgeting my money and putting everything into categories of “necessary” and “unnecessary” left some extra money at the end of the month to put into my savings account.
Another helpful tip is to try monitoring your bank accounts online. Not only can you see exactly where your money is going, but most banks have charts or graphs that show the different categories of your spending, such as leisure, or restaurants and so on. This way you can see where money is being spent and maybe reevaluate your situation.
Keep in mind that having a budget doesn’t mean you can never go out and treat yourself again. Instead of going to the coffee shop or mall on a weekly basis, I wait until the end of the month to see if I have met my savings goal. If I have, then I’ll treat myself to something and I don’t have to worry about feeling guilty because I know I’ve saved and spent responsibly to get to that point. In addition, if your finances do get out of control there is assistance available, so don’t give up and feel like you’re drowning. You can always visit http://www.debthelper.com/ for help.
To get you started here are some links to websites with easy to read, printable budget sheets.
1. http://www.dollartimes.com/download-and-print/budget-worksheets.htm
DEBTHELPER.COM 