Works for Me: Personal Finance Savvy

by on 22. Aug, 2006 in General, My Life, Randomness, Works for Me

Works For Me Wednesday!

Well, I thought I’d join in with the Works for Me Wednesday this week, just to see what all the fuss is about ;-) !

I just discovered a great new financial resource. I’m clueless about financials – why I’m doing business school is BEYOND ME. I get soooo lost in class. But that’s another story.

This is a great resource for PERSONAL finances, and it’s specifically geared towards college students, grad students, recent grads, people just getting out on their own, etc. It also can apply to people in their thirties, and there are some bits that apply to everyone. The site is I Will Teach You To Be Rich – catchy, huh?

It’s not a get rich quick thing. It’s about how to properly manage your money so that you’ll have more of it, LOL! There is a lot of focus on budgeting and investing, especially starting out on all these things.

Seeing as how I am so clueless, and this site is sooo clueless-friendly, I have learrned a TON just reading the articles today, and I’ve barely scratched the surface! Making the most of my money? Works for me!

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10 Responses to “Works for Me: Personal Finance Savvy”

  1. Overwhelmed! 23. Aug, 2006 at 2:51 am #

    Thanks for sharing the link! I’m going to go check it out. I need all the help I can get in the personal finance department. :)

    I’ve posted a WFMW tip as well, involving an alternate use for a pot rack. Stop by and take a peek. :)

  2. Mom2fur 23. Aug, 2006 at 8:22 am #

    Now is the time to work on your finances. Take it from a lady of 50…it gets hard when you’re my age. If I’d known then what I know now…

  3. MamaDuck 23. Aug, 2006 at 8:27 am #

    Wow, I’ll have to check it out, thanks! Our WFMW tip is up as well ;) .

  4. Laurel Wreath 23. Aug, 2006 at 8:34 am #

    I can agree, it is a great web site. I get his newsletter. Great tip.

  5. Carol 23. Aug, 2006 at 9:46 am #

    Good link! I hope I can find it again when mine are ready for the work force. I’m going to go back now to see if I can apply any of this to managing their meager allowances.

  6. Jennifer, Snapshot 23. Aug, 2006 at 10:05 am #

    Thanks for the link, and welcome to WFMW. It’s a great place to be each week!!

  7. Alotta Errata 23. Aug, 2006 at 10:50 am #

    Thanks, I’m always looking for advice on how to start investing and preparing for our future.

  8. Sandra 23. Aug, 2006 at 10:57 am #

    Great tip, thanks so much :)

    I think we can all use some good financial help :)

  9. Pastormac's Ann 23. Aug, 2006 at 4:40 pm #

    I followed the link to the site and bookmarked it. I’m going to check it out. Thanks!

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  1. Suspension of Disbelief » Thursday Thirteen #27 - 23. Feb, 2007

    [...] I’ve been working on my personal finance situation a lot lately! Here are several tools and tips that I’ve come to depend on! 1. PearBudget: I know I’ve talked about this before, but I just have to put one more plug in. Everyone needs a budget, at least when they’re first getting started with personal finance management, and PearBudget is a great program that is free, super easy, and will keep you using it! I’ve been on it for more than 2 months now, which is a HUGE achievement, LOL! 2. Next, you need a way to keep up with your accounts. There’s the old paper and pencil checkbook ledger, but we’re on our computers for everything else, why not managing our finances! I’ve used both Microsoft Money and Quicken Personal Finance, and they are both great tools! 3. Almost any personal finance site that you read tells you that you need to have an emergency savings fund, just in case something happens like you have to go to the hospital, or you get laid off. The amount that goes in this fund varies – a great place to start is $1000, and many sites recommend you keep 3-6 months worth of living expenses. The most common complaint: I can’t afford to put money into an emergency savings fund! The most common reply: You can’t afford NOT to do this. I’ve got 2 that I’m working on right now. My immediate emergency savings fund is through my bank, and I’m currently building a long-term (the 3-6 months one) emergency savings fund in a high-interest savings account. The immediate one is in case I need the money RIGHT NOW – I can get it from an ATM. The long-term one is accessible within a few days, and it will grow because of the interest! Free money! 4. High-interest savings account? How do I get one of those? I’m currently setting up accounts through ING Direct, and I’m LOVING it so far. The interest rate is 4.4% – how crazy is that?! Accounts like these are run through the internet – there is no physical bank, and you don’t get checks. They’re just savings accounts. There are many other financial institutions, but ING allows you to set up sub accounts, which is too cool! I have sub-accounts for my emergency fund, travel fund, medical expenses fund, etc. And all are gonna earn 4.4% interest! 5. I Will Teach You To Be Rich – I’ve blogged about it before, but again, I have to mention it. There are so many different concepts, ideas, and terms that I am so clueless on, and this site explains them in a simple, no nonsense way that will make things clear! Amazing. 6. Don’t want to wade through all the personal finance sites? Then just get the goodies through the Carnival of Personal Finance every week! You’ll find topics about EVERYTHING, and there are three or four sites that I’ve found through reading the carnival that I’ve stuck with. 7. Get an Entertainment Book. They only cost about $20, but there are hundreds (probably thousands) of great coupons and savings in the book. Well worth the money spent! 8. Invest. There are many different kinds of investments (see my #5, he explains them all), but make sure that you are investing. The type of fund that I keep seeing more and more recommendations for is a Roth IRA, which I am still learning about. It involves investing your money and paying the taxes now, and then when you withdraw it, it will be tax-free (no matter how much more taxes are at the time). 9. Another great way to invest – the stock market. Ahhh, don’t be scared. If you read up on what to do, and find a great place to invest with, then you’ll do fine. And the place I’ve seen mentioned over and over again is ShareBuilder. As soon as I start to receive a regular income (aka, when I get out of grad school), I will be investing with ShareBuilder – the fees aren’t bad, and they’re not gonna try to trip you up because you have no idea what you’re doing. 10. Shop at discount stores and buy in bulk! You’ll be amazed at how much you can save at places like Costco and Sam’s Club! However, be wary . . . pay attention to the costs, and divide by how many you’re getting. Are you really saving? Discount stores can be great as long as you play it smart! 11. Take advantage of websites that offer promotions. For example: you need to buy a book for your Bible study in two weeks, and there was a CD you were wanting to get. You could go to Barnes and Noble or Borders that is right by your house . . . or you could go online and get them from Amazon.com for cheaper. And if you spend $25, it’s free shipping, so it’s like you bought it in person. You just have to wait a few days. So why not go for the discount? Or, even better! Do you buy books/DVDs/CDs/software/toys/groceries a lot? Do you shop on Amazon.com A LOT?! Then become a prime member. For a reasonable fee you get free 2 day shipping and significantly discounted overnight shipping. I was offered a free 3 month trial, and I loved it so much that I paid the fee. Now I NEVER buy these things from expensive stores in person! Click here for details!!! 12. Cook at home – don’t eat out, don’t go to fast food restaurants. I’ve been experimenting with my spending lately, and it’s AMAZING how much I’ve saved in food costs! 13. Want a great new opportunity to save HUGE on virtually anything you can buy online? I’m an IBO member, and we sell everything – we have our own product lines as well as partnerships for huge discounts on stores like Barnes and Noble, Office Depot, Dell, Things Remembered, Shop.com, Joann’s Fabrics, and SOOOOO many more! We run the business through Quixtar. The discounts alone are worth it, but if you’re a member, you get a check back based on your purchases and the purchases of your customers. Take a look, and if you’re interested in buying something, let me know! I can set you up as a client with ZERO obligation. Or, if you want to take a great opportunity and are interested in making some money, let me know, and we’ll discuss! [...]

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