Managing Money Matters

Taking A Break

Raina — Thu, 09 Jun 2011 13:21:31 +0000

Well, to be honest, I have three different blogs going at once. Right now I somewhat have a handle on my money problems and struggle to find topics to discuss. My other two blogs are getting many more views and subscriptions, so I think I’m going to take a break from this one for a little while, at least.

Make More Money

Raina — Wed, 08 Jun 2011 09:05:38 +0000

Of course people seem to think that the easiest way to fix your financial problems it by making more money. That’s simply not true! If you make more of it, you’ll spend more of it. It’s just how it works until you get a handle on things. Of course, many people who are controlling their funds would like extra money to put into savings, save up for a large purchase, or other reasons. So I have included a few ways to make extra money. Some work better than others and some may work for your situation better than others.

Get a second job.
Go back to school to get a higher paying job (warning: may come with extra debt)
Start your own home-based business.
Make stuff to sell.
Write a book (or an e-book).
Sell things online.
Play the lottery (probably not the best idea considering the odds of winning.
Start a blog and make money from advertisers.
Gamble (probably not the best idea unless you are Rain Man).
Get a better job.
Start teaching a class (teach people how to do anything from dancing to crafts to playing an instrument).
Do odd jobs like babysitting, helping someone fix their roof, etc. (just make sure they are planning on paying you for your help)
Find an online gig.
Hold a yard sale.
Return scrap metal (most yards pay decent $$ for certain types of metals).
Become a temp.
Sign up for medical tests.
Take in a boarder. Many college students are just looking to rent a room.
Some clinics will pay you up to $25 for your plasma and you can donate twice a week.
Set up a roadside stand (you may want to check to see if you need permits)
Pawn your stuff.
Scavenge (get a metal detector, take and resell items people leave out by the road for trash)
Ask for a raise.
Get a promotion.
Trade/barter skills.
Get money owed to you.

Anyone have any other ideas how to make more money? I’d love to hear them! Please leave them in the comment section below!

Women’s vs Men’s Spending Habits

Raina — Tue, 07 Jun 2011 09:58:12 +0000

Awhile ago, I read a book called “Nice Girls Don’t Get Rich”. The author of this book maintains that many of the money habits that women stick to can be bad for making money. She goes over many different aspects of how women can help themselves become better at managing, saving, and making money. She seems to be coming at the idea from the idea that women are behind men in money matters. I say men also have several aspects that cause them to make money mistakes also.

Here are my assessments of the two sexes:

WOMEN

PROS

More willing to ask for help when there’s a problem
According to a study, women are less likely to get into debt and strive harder for financial independence.
Women will do almost anything for their children (maternal instinct) including work three jobs just to maintain them.
More willing to play it safe when investing, avoiding risky ventures.

CONS

More likely to spend based on emotions
Less likely to be interested in money
More willing to play it safe when investing
Less likely to ask their boss for a raise
Make less money, on average, then men

MEN

PROS

Are more willing to risk money for possible gain
Are more likely to pay their bills on time
Are more likely to have more interest and knowledge in money matters
Are more likely to have an emergency fund

CONS

Are more likely to be in debt
Are more likely to be financially dependent
Are more willing to risk money for a possible gain
Are more likely to spend more money when impulse buying
Are less likely to ask for help when in dire need

In summary: It seems that each sex has some good qualities and some not-so-good qualities when it comes to handling money. While I think it’s great that there’s a book out there to help women improve their financial security and standing, I don’t like that it insinuates that only women have a problem with money.

My Inner Child Put Me In Debt!

Raina — Mon, 06 Jun 2011 09:05:47 +0000

I have recently procured a copy of the GOOD (Get Out Of Debt) book. It’s a cute book that is a very entertaining read about how the author got out of debt. While there are a few helpful hints that worked for her, the predominating theme of this book focuses on her personification of her inner child. She called her inner child Nellie and has claimed that she is a brat that has gotten her into debt. Nellie is apparently nine years old and has a lot of the same problems that nine-year-olds have with money. Children of that age want what they want and they want it now! They don’t really care if you don’t have the money, it will mess up your credit, or cost you serious money in interest rates or overdraft fees. Then when they have what they want, they play with it for a little while until they forget about it and want something else.

The whole idea is that you get to know your own inner brat and work with her to help fix your spending situation. The whole idea is to blame your inner child and then work with him/her to help get you out of debt by trying to make the whole process fun. My inner child is pretty good about her wants and needs. She has long ago realized that we don’t have the kind of money to spend that we used to. Sometimes she gets out of hand and convinces me to eat out more than I should or to charge something I don’t have the money for. Usually, though, she’s pretty well-behaved and doesn’t give me much trouble.

My inner child’s biggest problem is saving. She really doesn’t see the point and would much rather us the money for something that she wants NOW rather than waiting until some distant time to buy something even bigger and better. One of my biggest desires is to buy a large tract of land and build a house on it. I do not have an income that would support a mortgage, since the lending practices have become quite different in the past few years. As a result, I may actually have to save up for the full amount. It’s so difficult to placate her and even more trying to remind her what we want. I’m not doing a very good job now. I thought the fact that I bought her new running shoes two weeks ago would make her feel better, but apparently, it hasn’t.

Since the whole idea to dealing with your inner child is to treat it like a real child, how do you tell yourself “no” and stick to it?

What’s Your Attitude Towards Money?

Raina — Thu, 02 Jun 2011 13:57:55 +0000

I’ve heard MANY people express a negative attitude towards money. Maybe it’s all the new-age self-help books I’ve read throughout my lifetime, but I’ve found that anything in your life you have a negative attitude about tends to stay negative in reality. For example, when I was single and depressed about being single, I always stayed single or found men that were not worth my time. Once I started focusing on enjoying being single, someone great would come along without fail. The same things goes for money. I’m sure you’ve heard people say these things before:

“Money is a necessary evil”
“I hate money”
“I don’t have enough money”
“Money is the root of all evil”
“I can’t buy that, we don’t have the money”
“Money can’t buy happiness”
“Money isn’t everything”
“No one can earn a million dollars honestly”
“I can’t afford to… (fill in the blank)”
“I wish I had… (fill in the dollar amount)”
“A fool and his money are easily parted”
“Money makes the world go round”
“If you want to know what God thinks of money, look at the people he gave it to”
“The rich are the scum of the earth in each country”

Well, you get the idea. Almost all of these quotes are laced with negative feelings such as jealousy (for the rich), feeling sorry for themselves, or trying to make themselves feel better about their situation. If you want money, the first thing you need to do is change your attitude about getting it. Sure, I don’t have enough money to do the things I want to do and buy the things I want to buy, but I don’t let it get me down. When I lost my job, I assumed I would be taken care of monetarily until I did get a new one. Of course, I was granted unemployment. Now I have a part-time job that keeps my head above water.

Instead of seeing poverty, see opportunity. Instead of seeing myself as making less money, I have chosen to see it as an opportunity to focus on my spending and saving. Here are some things I used to say followed by things I say instead:

“I can’t afford it” –> “It’s not in my budget”
“I have limited money for groceries” –> “Let’s see if I can figure out a way to pay what I want for the items I need”
“I can’t go because I can’t afford the gas” –> “I would like to attend but its not in my budget. Can we carpool?”
“Can you help me pay this bill?” —> (I don’t say anything because I now plan for it in advance)
“I don’t have enough money” —> “I have enough for all my needs”

The strangest part about attitude that you can read this and think of several people who probably fit into either side as far as attitude goes. The people who are more positive about their money situation keep others unsure how they are doing monetarily because nobody knows what their situation is. Those that complain about their monetary situation leave little doubt. Have you ever noticed that the people that complain the worst often have the most random, unlikely problems with money that just crop up out of the blue?

What do you think?

Habits I Changed Now That I Have Less Money

Raina — Wed, 01 Jun 2011 15:32:56 +0000

There are several things that I changed now that I’m making about 1/3 of what I was this time last year. Most of them were out of necessity, but even those of you who make more than me can find money to spare by following some of these tips.

Instead of buying more clothes I fix the clothes I have. I have hemmed pants that don’t sit right, fixed torn seams and reattached buttons where they popped off. I didn’t have the money for more clothes, so I had to make the clothes I had work for me.
Keep my things nice and clean. One of the things about not having much money, is that I really didn’t feel too prosperous. One thing I discovered was that by maintaining the things I had, I felt more prosperous than before. I didn’t need more stuff, I just needed the stuff I had to look nicer. That could be accomplished by dusting my knick knacks, keeping my car cleaned out and vacuumed, or by polishing up door knobs, sink faucets, and other metal surfaces around my house.
Get rid of things I don’t need. Now that I am buying very little and taking the time to keep my things clean, I have noticed there are many things that I have that I don’t use, don’t love, and don’t need. I have either thrown them out or taken them to Good Will. Now that I have less stuff, there’s less to clean and more perceived space in my house. Also, the things I took to Good Will can be written off in my taxes next year!
Keep very close track of my spending. I used to just check my bank balance to see if I had money to spend. Now I have to keep every penny accounted for because I don’t want to accrue debt again. I have still messed up a few times, but not NEARLY as much as I used to.
Don’t waste money. I used to waste money on all sorts of things. The big one was dining out. I always enjoyed not having to cook, not having to do dishes, but that luxury often came at a high cost. I also used to think of buying gas as not a big deal. I used to travel around the state on a whim. Now I have to be more careful about when and where I go places, doing several errands in one trip, and planning my trips in advance (often having to save up for longer trips).
Find out what is most important to you. I discovered that new clothes, dining out, and books were not as important to me as visiting family and friends, so that’s what I mostly spend my meager extra money on.
Find fun things that are free. I run, walk, hike, bike, picnic, swim in water holes, hang out at the mall (looking, no buying), take kids to play grounds, go to the local (free) zoo, play board games, play cards, watch movies, and do crafts for fun. Since I have quite the amount of craft supplies already, it’s free for me!
Use your time to your advantage. I have more time, so I have managed to spend more time doing the things that I love rather than working.
Cook your own food. It’s cheaper and healthier to cook your own food. You know EXACTLY what is in it, so you don’t have to worry about all those additives that many companies put in their pre-made stuff or the crap fast-food places add to make their food addictive!
Buy only the things you need. I have learned that there is a BIG difference between needing and wanting something. When my underwear supply got down to less than 5, I NEEDED underwear. When I had 10 pairs, but didn’t have any that wouldn’t show lines on a tight pair of pants, I WANTED underwear. It took me awhile to learn the difference between needing and wanting something. Still, sometimes, I have a hard time with telling the difference between the two!

Saving Money at the Grocery Store

Raina — Tue, 31 May 2011 14:03:34 +0000

Have you ever watched Extreme Couponers? Even those of you who aren’t into those types of shows may have an idea of what goes on. For those of you who have never heard of it, check out. It will give you a better idea of what they do. These are people who find a lot of coupons. They spend up to 60 hours a week online and with newspapers collecting coupons and applying them to their purchases. Many of these people have a stockpile of these products in their home. If you have the room, the time, and the inclination, I say go for it with non-food items.

The problem with these types of people and food items is that food items have an expiration date. Even canned goods are marked good for only five years or so. A lot of other things go bad more quickly. The other problem with doing this with foods is that the types of foods that tend to be on sale are foods that are not good for you. They’re sodas, soft drinks, snack foods, junk foods, boxed foods, etc. They’re the foods full of high fructose corn syrup, hydrogenated oils, and many preservatives that most people cannot pronounce, much less identify.. If you don’t care about the health of your food, by all means, coupon. If you want to coupon for foods, make sure they’re food you’re going to use. Nobody needs their house full of stuff they don’t need and are never going to use.

My advice for those of you who are trying to eat healthy, but don’t have the time to become an extreme couponer is to check the weekly specials and plan your menu around that. If ground beef is on sale, have tacos, beef stroganoff, spaghetti and meatballs, etc. You can also buy extra and freeze it for the future if you have the extra money to do that with. Very few products cannot be frozen and used later. You can even freeze cheese. I would suggest that if you plan on shredding cheese, you do that before you freeze it. It gets really crumbly after it comes out of the freezer. If you are making food and have extra of something, put it in a plastic freezer bag, label it, and freeze it. Right now in my freezer I have mushrooms, leeks, onions, minced ginger, white beans, and chicken that I didn’t use put in there. Some weeks I plan my menu around what I have in my freezer and cupboards. This way you use everything you have and don’t waste your money.

Another thing you can do is find meals and recipes which cost very little money to make. Usually meat is the most expensive thing on your grocery list (for meat-eaters out there). I suggest seeing what is on sale and planning your meals round that. If nothing is on sale, trade out chicken thighs for chicken breasts to save money. With red meats, usually the fattier the content of the ground beef the cheaper it is. Choose cuts of red meat that are still on the bone or cheaper cuts to help keep costs down. Usually pork, fish, and seafood are more expensive. The cheapest way to add seafood is to buy canned tuna, salmon, and crab meat.

Going vegetarian for a few meals a week is another good way to save money. Get your protein from beans, nuts, and cheeses for a much cheaper meal. However, some fare that vegetarians enjoy, such as tofu, soy and almond milk, and soy cheese can be more expensive.

Most vegetables are pretty cheap. The cheapest vegetables are root vegetables — potatoes, carrots, rutabagas, beets, radishes, ginger, garlic, and onions. Next cheapest are foods that tend to grow in abundance — most forms of squash, lettuces, cabbage, spinach, and celery. You can also count on whatever vegetable is in season at the moment to be cheap. The vegetables that are in season vary based on the season and region, so I will not list them here. It’s easy to figure out. Just go to your local farmers market or farm stand and see what they’re selling. Odds are, that’s what’s in season.

You can also save money with vegetables by buying them canned or frozen. If they’re canned, read the ingredients. Some vegetables have undesirable preservatives added, including salt. Canned vegetables are usually cheap even when they’re not on sale, just be cautious as to what has been added to the vegetables. Frozen vegetables are usually a little more expensive, but you can get them in varieties that do not come canned. There are also mixed vegetables, vegetables mixed with pastas and rices, or vegetables in special bags that you just pop in the microwave to steam them. Depending on what bells and whistles the package of frozen vegetables has may determine the price. Only you know if it’s cost effective to pay a dollar more for frozen corn that can go right in the microwave or pay a dollar less and heat it up on the stove.

As with all of my suggestions, if it doesn’t work for you, don’t follow my suggestions. If you have any more to add, please feel free to leave a comment!

Go Green, Save Money

Raina — Mon, 30 May 2011 16:31:59 +0000

Awhile ago, I really got into the whole “going green” thing and looked up several ways I could do my part to help the environment. I discovered that going green is often expensive! Many of the “environmental” cleaning products cost a lot of money and didn’t even work well! Buying organic fruits and vegetables is pricey. Buying grain and grass fed organic meats is also expensive and they can be tough to find. It took me awhile, but I found some ways of helping the environment without breaking the bank.

There are several things you can do for the environment that are free and can help you save money in the long run. They may or may not all work for you. Choose the ones that will work best for you and know that you’re helping the planet by your choices!

recycle
compost
walk or ride a bike when going short distances (1-3 miles)
limit water and electricity usage: turn off lights and water when you’re done with them, unplug appliances when you’re not using them
If you have one, use a toaster oven instead of a conventional oven
Use a slow-cooker (i.e. crock pot) instead of a conventional oven
Use your plates and dishes instead of the paper ones
Fix plumbing leaks
Hang laundry to dry
Keep your dryer’s filter and vent clean
If you have blinds, put them down to prevent heat transfer
Plug electronics into a power strip
Enable power-saving features on your computer (such as turning the screen off after being inactive for a number of minutes)
Choose power-free toys for your children
Use second-hand clothing and furniture for your young children (infant-3 years) — nobody will notice or care
Make your own baby food
Watch less tv
Turn your water heaters thermostat down
Cover your pool or spa
Lower your hot tub temperature
Borrow from your local library instead of buying books
Use reusable bottles for drinking
Pack your own lunch
Remove yourself from mailing lists
Shop at second-hand stores
Keep your car tires inflated
Don’t idle, just turn your car off.
Remove stuff from the trunk of your car, the extra weight takes its toll on your gas mileage
When driving, slow down or use cruise control
Keep your vehicle well-maintained
Combine trips — do all your errands at once, lessening your fuel costs
Take down your roof rack when you’re not using it
Carpool or take public transit to work, if you can
Choose an alternative to airlines, such as a train, a ship, or a bus
Turn down your heat while you’re away

There are also several things that you can do that will cost you some money upfront, but will save it for you in the long run. The first is to plant a garden. The vegetables will be organic and the seeds cost a lot less than the vegetables do! Here are links to my favorite products that are cost-effective, green, AND work well! Unfortunately, according to wordpress.com, I am not allowed to link to the first three products. So you’ll have to go to the website and search for them yourself, if you are interested in them. You can find them at marketamerica (dot) com (backslash) raina.

SNAP Cream Scouring Cleanser- At first I thought it was expensive, but it actually gives 32 oz of product. It’s similar to Soft Scrub, but works A LOT better!

SNAP Dishwashing Liquid – This one also seems expensive, but also comes in a giant container. I can do a load of dishes for only a capful of this stuff.

SNAP Fabric Softener – So many people are concerned about the fiberglass used to make dryer sheets. This canister holds the same stuff as dryer sheets, without the fiberglass sheet! You just shake it over your clothes and dry normally. The best part is it replaces up to 25 boxes of fabric softener!

Rags in a Bag – These rags are AWESOME! No more attempting to clean windows with newspapers (that never worked out for me). A little bit of water is all you need and they will clean windows and mirrors without streaking. They clean up most messes with soap and water or just water saving you plenty of money in buying paper towels! They worked so well, I bought a second set!
Many people make their own rags out of old clothes. They also make their own cleaning products out of water, baking soda, an vinegar. It’s up to you whether you want to buy green products or to make your own. Feel free to add your own tips!

Dealing With Spouses and Money

Raina — Fri, 27 May 2011 00:27:16 +0000

First, ask if (s)he has some time to sit down with you to talk about money matters. Start by stating that it is important to you and what you want to accomplish by watching your finances. Keep in mind that his/her ideas about what is important with money may not be the same ideas you have. Ask him/her what is important to them as far as money is concerned. The important thing is to make sure you’re on the same page.

Money is cited as one of the biggest reasons for divorce. Savers marry spenders and all hell breaks lose as a result. If you have vastly different spending styles, I highly suggest separate bank accounts with a joint account for bills. This joint account should NOT be used (or borrowed against) for any purpose other than paying bills. You and your spouse can spend or save your money in your separate bank accounts as you please. If (s)he dips into the joint account or cannot pay bills on time for no good reason, I suggest a serious conversation about his/her spending habits. One remedy might be to automatically deposit a specific amount into the joint account for every paycheck so (s)he doesn’t even have to think about it.

The most important thing when talking to your spouse in any regard is to make sure you show respect. Do not yell at, belittle, accuse, or complain at him/her. Let’s say the problem is that (s)he did not put enough money in for bills in the past month. There are many ways to handle it. Here are a few good ways of addressing the subject:
1. “Hey honey, I have a problem. Do you have a minute? There isn’t enough money in the joint account to pay bills this month. Do you think you can help me figure out the problem?” Even if you have figured it out, let him/her do it. When they realize it, I’m sure (s)he will suggest a solution.
2. “Hey honey, I was paying bills and noticed that we didn’t have enough money in the joint account. I think I put enough money in. Was there a bill I didn’t know about?”
3. “Hey honey, have you looked at our bank account recently? I’m trying to pay bills, but there’s not enough money. Do you know what happened?”

Here are some ways NOT to deal with it.
1. “Hey honey, I was paying bills and there wasn’t enough money, so I put in some of my own money. I’m always picking up your slack. I always put in my own money. Its no wonder I never have any money to do the things I like to do!”
2. “Hey honey, wtf!? Why isn’t there enough money in the bank account? What’s wrong with you? Why can’t you pay your bills on time? Why can’t you stop spending your money on stuff you don’t need?”
3. “Hey honey I don’t know what’s wrong with you. You have no concept of saving. You don’t do anything around here and now you can’t even give me enough to pay the bills! I wish I never married you. I should have found someone who wasn’t an idiot!”

The hardest part about living with a spender if you’re a saver (and vis versa) is giving him/her free reign to do what (s)he likes with his/her money as long as the bills are paid. If he comes home with a large screen tv or she just bought a new wardrobe, try to smile at the pleasure of a new tv or seeing her wear some of those new clothes. If (s)he hasn’t bought him-/her-self anything in 10 years, smile knowing you have a nest egg for emergencies. If all you can see are shortcomings, that is what will fill your life. Try and relish your partner for his/her good aspects, even if they do things that you would not do yourself.

Living Within My Means

Raina — Tue, 24 May 2011 22:15:29 +0000

I have been having a difficult time staying within my means. Of course I have a budget and I mean to stick to it, but sometimes things come up. I think I mentioned on my first post that I used to do a network marketing company but am taking some time off. Well, my business account was negative $128 and my bank decided to take the money from my checking account to cover that balance. The problem is, that money was already allotted to bills. As a result, my overdraft took over and paid my bills.

Just when I thought I had a handle on my spending and my credit card and overdraft paid off, I suddenly owed money again. I was so stressed out about it that I decided I needed to take myself out for dinner. So now I owe $191 to my bank. I have been crunching numbers to see if I could make things work. Its looking like they will! I may not be able to pay them off for another month or two, but that’s much better than I anticipated.

One thing I don’t understand is why I feel the need to spend more money when I get stressed about not having enough! Maybe I needed the comfort food to calm me down, but wouldn’t making the problem worse just make my stress worse? If you haven’t noticed, I tend to overspend on food. When things are going bad a cheeseburger or ice cream cone always seems to help. I also will treat my fiance to food as well. That way I have company and spend twice as much. If I added up all the money I spent eating out this year, I would have enough money to buy everything on my list of things that I want. Does this stop me? No. With some women, its clothes shopping.

Do you have problems with emotional spending? How do you cope with it? Have you managed to fix it?