Thirteen Things about PERSONAL FINANCE
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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I'm Lindsey, and thanks so much for stopping by Suspension of Disbelief. I love living in the South. Born and raised in Georgia, live in Florida, school in North Carolina – it just doesn't get better . . .
thanks for posting all the information.
My list is up
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Happy T13! My list’s up!
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thanks
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I’m going to check out your #13 in a few. Sounds interesting.
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Happy TT!
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Have a great weekend!
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http://gnosticminx.blogspot.com/2006/09/thirteen-things-i-can-do-to-save-world_14.html
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My Dad “the CPA” says you should be saving “at least” 10% of your gross income in a 403b or 403k — a 403k is for non-profit companies — or a Roth IRA. Preferably you should be putting as much of that as you can into a company retirement plan, especially one with matching and whatever is left into the Roth IRA.
Currently, the S&P Index Mutual Funds appear to be doing quite well and are excellent choices for setting up Roth IRAs. Most stock firms will be able to set you up with a simple S&P Index.
Now, here’s my advice. It took me several years to work up to the 10%. I started by meeting the minimum that my company matched in my 403, which was 4%. Then every year, when I got a raise, I either just dumped the raise or half the raise into the 403 until I got to 10% depending on how the cost of living was going.
Don’t over-extend yourself with the savings and definitely don’t minute-budget. “The Budget Kit: The Common Cents Money Management Workbook” is a great workbook on the subject and you can get it at Amazon.com. I just copy pages and reuse them over and over when I want a refresher.
The 3-6 month emergency rule is the best one — having been unemployed in the past and having wished I had that cushion, I can honestly say now I know.
What you are doing with the easy-to-reach savings is a very good idea. ING is an excellent way to save money. I often forget the money is there as I have it auto-transfered twice a month to them.
Also check out http://www.usaa.com. If you qualify for an account with them, you may be able to get an interest-baring checking account and a debit/ATM card you can use anywhere in the world that pays you back for using it as a ATM card and gives you 1% back for using it as a credit card.
Hmmmmm…went on longer than I meant.
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My TT is up.
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Have a good weekend!
Toodles, Maryanne
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I’m going to check out that PearBudget program. I could use some help!! Thanks for the tips!!!
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[...] I’ve found some things that are helpful, and I wanted to share with y’all the sites I’ve found. However, I’d LOVE to hear your coupon tips and sites! * The Entertainment Book coupons - most DEFINITELY getting your money’s worth here!!! * MyPoints.com - You get points for clicking through their links for things you buy (for example, Barnes and Noble online - use their link to B&N.com and you get credit) and you also get points for surveys and things . . . then you redeem the points for great things like gift certificates! * Office Depot coupons - I’m constantly surprised at how many things I can get from Office Depot that I can use everyday, and they’ve always got good sales. * I’m a member of Quixtar, and it’s kind of sickening how good the deals are. Huge discounts on almost anything you can buy online. [...]
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