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Birthday thoughts: Making good financial choices

June 5, 2013 by Jana 17 Comments

someecards.com - If I'm constantly asking myself Today is my birthday. And on my birthday, I like to take some time to reflect not only on the past year but also on the path (progression, track, whatever) my life has taken. I think a little introspection is good for the soul and it’s an exercise I highly recommend.

For my self-reflective exercise this year, I chose to focus on some of the good financial decisions I’ve made over the years that have enabled me to leave full-time employment, conquer my fear of self-employment (well, sort of conquer. I’ve at least showed up to the battle), and get to a place where, although my income is pretty low, my happiness quotient is higher than it’s been in a long, long time.

Worked crappy jobs

I think it’s character building to work a crappy job or two. And I’ve certainly had my share, particularly in college when I worked a video store (yes, I’m old enough to have actually held a job in a video store), a daycare, an afterschool program and one painful, horrible month over one summer at a gadgets store in the mall. Let’s not forget the $100 paycheck job I had in high school, either. Although the pay was low, I learned so much and developed so many soft skills (showing up on time, getting along with co-workers, customer service, how to quit politely, stuff like that) that have been so valuable to me in my adult life.

Those crappy jobs also taught me the value of working hard to earn money and the joy I felt when I got those paychecks, knowing that I earned them, made me feel pretty damn accomplished.

Learned to budget

While on the surface, it looks like I learned how to live on a budget in college and grad school, the credit card debt I accumulated tells another story. However, in my post-graduate school years (okay, fine. Post-20s if we’re going to be really specific), I took it upon myself to really learn how to budget. Without the help of credit cards when the cash from my paycheck couldn’t cover what I wanted. When I learned to budget, I actually took the money that I earned, along with my husband’s income, and made our expenses match that money. With some leftover, too!

Living on a budget has made me more comfortable, financially, than I’ve ever been.

Paid of my credit card debt

Being consumer debt free is the best thing I’ve ever done for my finances. Without a doubt. I don’t think I even need to explain why.

Went to graduate school

When I was on the verge of graduating college, I genuinely didn’t know what I wanted to do or where I wanted to do it. So I made a decision that I would apply to grad school, but only one program. I told myself that if I got in, with a scholarship and a job, I would go. And I did. With both criteria I wanted. So I went. And I am incredibly glad that I did. Although I didn’t necessarily work in the field I have my Master’s in (Urban Affairs and Public Policy. I know, I know shit! Surprising, right?), the skills that I learned not only made me a more useful employee in a number of my post-graduate jobs (including founding and running Bloggers Helping Bloggers) but I was also able to command a higher salary. And my MA is the reason I have my part-time teaching job.

Graduating with no student loan debt, combined with the extra earnings post-school, has had a significant impact on my overall financial situation.

This post was originally intended to discuss my money regrets. I do have some of those, like getting into credit card debt in the first place, taking a government job over a job at consulting firm upon graduation from grad school (I’ve been debating this as a post. What do you all think?), not studying abroad in either graduate school or undergraduate, and buying a house way too quickly after getting married. I’m sure there’s a few more that my old age is making me forget.

But the more I thought about it, the more I realized that all of those decisions shaped the person I am now. And if that’s the case, are they really regrets? I think that’s up for debate. For now, though, we can focus on all the good choices I’ve made.

Because it’s my birthday and I say so.

 

Filed Under: Money, money tips

5 frugal ways to celebrate an anniversary

April 24, 2013 by Jana 9 Comments

Today is my 9 year wedding anniversary (insert well wishes, congratulatory sentiments, and statements of shock and awe here).  Over the years, my husband and I engaged in some pretty extravagant activities to commemorate the day we got married and maybe we incurred some debt to do so (cough…trip to Key West…cough). But not this year. This year we got a little smarter and decided that it’s possible to celebrate our anniversary in a special way without spending a fortune.

anniversary

Here’s what we did (or plan on doing):

  1. Went out for breakfast instead of dinner. Although we plan on going out to eat this weekend (probably paid for as an anniversary present from the in-laws), we decided to do something today. So we decided to go get bagels rather than going out to dinner. This saved us money on two fronts: breakfast is way cheaper than dinner when you’re at a restaurant and we didn’t have to pay for a babysitter because our daughter is in school.
  2. Bought cards, not presents. Six weeks elapse between my anniversary and my birthday. And there’s Mother’s Day in between. I’ve absolved my husband of expensive (or any, for that matter) anniversary presents for that reason. But we make sure to give each other cards. Lots of savings to be had there (on occasion, we’ve even made cards but ain’t nobody got time for that this year). 
  3. Stay home and had drinks. Well, not really drinks as I haven’t had a drink since the red wine incident of 2012. However, my husband found cocktail flavored jelly beans and we plan to have those as a substitute. It’s a tiny little pack of jelly beans which cost a fraction of a cocktail at a bar or restaurant. I just hope it’s as tasty.
  4. Did a craft. I know this sounds weird but stick with me. Apparently, the 9 year anniversary is the pottery anniversary. Instead of going somewhere and getting all Ghost, my husband went to the craft store and bought us plaster ice cream cones and paint for us to do at home (not quite pottery but close enough). So much less expensive and I don’t have to contend with other people complaining about how they suck at art. Double bonus!
  5. DIY present. I can’t divulge too much detail because the husband sometimes reads my blog. Even though I don’t ask him to get me a present, I still like to do something for him. I have something planned this year that involves Pinterest, Snapfish, and the Dollar Store. It will probably cost me all of $5, a few hours of my time, and it’ll be more valuable than any golf club I could buy.

We decided to do it this way because a) we’re on a much tighter budget this year than ever before and b) we’re trying to save money for a big 10 year anniversary celebration. We want to go on vacation, with our daughter, and doing that is going to require spending a good amount of cash. By saving money this year, that gives us a little more to put away for next year’s big one.

For us, the most important part of celebrating our anniversary is not how much money we spend or the presents we have to show off. No, for us, the important part is doing something that’s meaningful and special. And that can be free.

Readers, how do you celebrate your anniversary in a frugal fashion? Any tips for us for upcoming years? 

Filed Under: Family matters, money tips

An open letter to high school students about debt

April 17, 2013 by Jana 14 Comments

Dear High School Students,

dollar signIt’s me again. Jana, your friendly neighborhood personal finance blogger. I know you’re probably rolling your eyes at me (which is fine. I spent a good deal of my teenage years rolling my eyes at adults) but trust me, you’re going to want to pay attention to what I have to say. Because when I’m done, I will hopefully save you thousands of dollars as well of years of paying down debt (which is not fine. Paying down debt sucks more than first period math).

Remember how we talked about money skills you need to acquire and practice before you leave home to go to college? Those still stand and I still recommend them. But I also want to talk to you about a few things that will creep into your life and, if you’re not careful, can get very, very expensive. And not expensive in a good, iPad kind of way. No, this is expensive in a “I finally have a job and now all of my paycheck is going towards these things and I have no money left to do what I want so I’ll use credit cards again” kind of way.

What am I talking about? Alright, I’ll stop rambling and get to it:

Credit cards. Credit cards are a funny thing. People either love them or hate them; there’s very little indifference. For those who are in the love them camp, they feel that they are a great tool for using your money. For those that hate them, they feel that credit cards are evil and do nothing but cause debt. Here’s the thing: both sides are right. Credit cards do both. The difference is in how you choose to use them. If you get a credit card (and before you do so, talk to your parents or an adult you respect), read the terms of the offer very, very carefully. More specifically, scrutinize the interest rates, any yearly fees, late payment penalties, and how long it takes a payment to process. Also remember this: credit cards are not free money, although it may feel like it. If you use that card to pay for something, you will have to pay it back. If you don’t have a job or any way to pay it off, don’t get a card. Or, if you really feel like you need to have one in your wallet, get a very small limit and don’t use the damn thing. Using a credit card when you have no means to pay it back is a slippery slope that can cause more damage to your finances than you can imagine at this moment. Please trust me on that one.

Student loans. I will be the first to admit that I’m not the most appropriate person to give advice on this subject.  But I’m going to do it anyway. Really, I just caution against taking out more than you need. I know many students see their loans not only as tuition assistance but as a way to afford room and board and have living money (my husband did this. As did a number of our friends), and while that’s your choice, I don’t think it’s the smartest choice. Like credit cards, you’re going to have to pay most, if not all, of that money back and having a high total will have a significant impact on your finances later on. If you can, try to find ways to supplement your loans: get a part-time job on or off campus; try a community college first and then transfer to a 4 year school (my husband did this, too); look into scholarships and grants (if you live in one of these 15 states, check out the Southern Regional Education Board); or, if you need to, attend school part-time. If none of those are possible, make sure you have a fantastic repayment plan for your loans (and explore all possible options) and you know exactly what you are getting yourself into.

Car loans. After spending your college years driving either a piece of crap car or not having a car at all, you’re going to want to buy a car of your very own. And you’re going to want it to be new and fancy and shiny and impressive. There’s nothing inherently wrong with all of those wants. The problem is that they cost a shit load of money. And your paycheck might not be able to keep up with the payments and the insurance costs (and the maintenance costs. And gas. And anything else). You might also need a co-signer for the car if your income isn’t enough to afford the car you want (even if it’s not the most expensive car in the world. My little sister bought a Toyota and needed a co-signer because her income was low); if you default on those payments, it’ll fall back on your co-signer and that’s not fair. So please, I implore you to pick a practical, new-to-you car that’ll be easy to pay off and, when you’re driving that car into the ground, you can set aside money for your dream car. Oh, right. If your friends make fun of you for your car, get rid of them as friends. Real friends don’t give a shit what kind of car you drive.

So that’s what I have for your today. I promise not to lecture you any more on your finances. I think I’ve given you enough to think about and consider. Now, please understand I’m not forcing you to do anything I’m talking about. How you choose to approach your money is your business. But before you make some expensive choices, think about it carefully. Because there’s a lot of life to live after you graduate and you don’t want your money tied up in debt.

Love,

Jana

P.S. Readers, if you have any advice to give to high school students, please leave it in the comments. 

Filed Under: Money, money tips

Business lessons from Strawberry Shortcake

April 5, 2013 by Jana 7 Comments

strawberry shortcakeAs the mother to a very girly-girl, we spend large amounts of time doing girly things. This includes watching girl-focused cartoons like My Little Pony, Tinker Bell, Sofia the First, and, my personal favorite, Strawberry Shortcake (this has nothing to do with the fact that I loved this cartoon when I was a kid). And I promise, I’m not being sarcastic.

Strawberry Shortcake and her friends, while disturbing on some level with their cankles and very large feet, are one of the more positive influence I’ve seen for girls. Not only do they look like little girls rather than little girls pretending they’re adults, they have a number of personality traits that I find positive. First, while they do not always get along, there is no bullying and they are able to work out their problems civilly. Girls need to learn that.  Second, these are very confident girls. They believe, and sing about it quite often, that they can do anything they put their minds to, not matter how difficult the quest may seem. Girls need to learn that, too. And third, they are all very entrepreneurial. Every character not only has a job, but she owns her own store.

This is the part we’re going to focus on.

Listen to your customers.  There was this one particular episode where Lemon Meringue, the town cosmetologist, gave all the girls manicures with singing, sparkly nail polish. While everyone loved it at first, it became quite bothersome to constantly listen to singing nails. Lemon thought everyone was avoiding her but really, they didn’t want to hurt her feelings that they hated her product. She finally talked to them and, through a very honest (and civil) conversation, she received good, positive feedback on how to improve the product. Takeaway: every once and awhile, survey your customers. Assess how you’re doing, see where you can improve, what they’d like to see offered, and actually implement their opinions whenever possible.

Specials are good for business. The general store owner, Orange Blossom, had this great idea for a spring sale. She asked some of her customers (see point above) what they love most about spring. Based on that information, she created special spring bouquets and fruit baskets that she sold at a discounted price to all the residents of Berry Bitty City. Her special was such a great deal that she had a line out the door, but, coupled with that, she also offered a quality product that made her customers happy and allowed for repeat business. Takeaway: Offering discounted and special pricing on your goods and services will get people in the door. However, you have to put out a quality product in order to receive continuing and loyal customers.

Live your passion. All the girls love what they do and it’s obvious by the way they dress, talk, and the ideas they present at group project meetings (these girls work together on a number of projects).  In fact, they live their passion so much that it impacts how they treat each other at times. For instance, when they gave each other secret gifts for the Glimmerberry Gathering, Blueberry Muffin (my personal favorite character. Just saying), the resident bookstore owner and writer, gives a very large book as a gift. However, the book is about organizing books. Blueberry gave the book she wanted to receive. It sounds selfish but really, she just loves what she does so much that she had trouble realizing that not everyone loves it that much. Takeaway: If you want to be successful at what you do, you have to love it. You have to be passionate about it. You have to be willing to learn, practice, and live and breathe it for large parts of the day. But don’t forget that not everyone feels that way. You don’t want to frighten your support system away.  

Help other small business. Strawberry Shortcake and her friends all run their businesses singlehandedly. They have no staff, no bookkeepers, no marketing people; they do it all themselves. However, they occasionally run into situations where they need help (actually, this happens a lot. I think these girls need to get better at time management) so they turn to their friends for help. It works out well for the person in need and the other business owners get a good reputation for being considerate and good hearted. That kind of reputation is good for profits. Takeaway:  If you own a small business, consider partnering with another small business for a charity event or fundraiser. Share a table at a community event day. Sponsor another small business in a golf tournament. Do something, however small, to help that business. It’ll help build your network and your visibility.

Take chances. So Strawberry Shortcake’s favorite pop star is Cherry Jam. She finds out that Cherry is performing near Berry Bitty City and she would just love to have Cherry perform at her café. Strawberry desperately wants to ask her but she’s too nervous. So her friends, wanting to help her out, send an email to Cherry Jam and lo and behold, she not only responds but she agrees to give a concert. It was a risky move but the girls didn’t seek to gain anything by not asking. Taking that chance could have failed but it was worth a shot. Takeaway: When running a business, you have to be willing to take chances and risks. Hey, just by starting a business you’ve taken a great risk! Why not continue by trying to sell a new product or write a book that’s a little out of your comfort zone?  Even if it fails, you’ve learned something.

If you told me a few years ago that I could learn anything valuable from a kid’s cartoon, I’d have laughed in your face. It’s a cartoon! They’re mindless and fun, and kids love them for that reason. But while they’re entertaining, if you pay attention, the lessons (in some of them) are quite sophisticated. Strawberry Shortcake and her friends really are very enterprising little girls and honestly, I’m not too annoyed that my daughter loves to watch their adventures. They’re colorful and good role models.

And one of them owns a bookstore. That’s awesome.

P.S. In the spirit of these lessons, I am offering a 30% discount on all of my consulting packages for the rest of April. Make sure you book yours now!

Filed Under: money tips, work

How to teach your kids about money

April 1, 2013 by Jana 10 Comments

Although I am rarely at loss for worded or topic ideas, readers are the main focus of this particular blog. Yes, my story is somewhat interesting but for the most part, I like writing what you want to know. One way I sought to accomplish that was to ask the members of a financial Facebook group I belong to what questions, information, or advice they'd like to have. One of the members asked for information on teaching kids about money, hence this post. If you have anything you'd like me to write about, or have any questions you'd like me to answer on the blog, please don't hesitate to contact me (note: I am not a certified money counselor, financial planner or anything remotely related to that. I am a mother and that's pretty much my only qualification on this topic).

If you have a child, you probably want them to understand money. You want them to know all the things you know, and maybe some that you don't, so they can be financially successful adults (however you define successful). In order to do that, you need to give your kids a solid financial education at home. School may touch on the topic but their attitudes and habits towards money are behaviors learned at home. In order to give them a great financial education, here are some suggestions:

  1. Include them in financial discussions. Bear in mind, this is dependent on the child's age but even a kindergartner can participate in conversations about saving money for a vacation, how much to spend on a birthday present, or what's a fair rate for her allowance (or salary. My friend does this instead of an allowance and I love the idea). Allowing them to participate in budget discussions not only shows them that talking about money is not taboo but it makes them feel empowered and responsible to be part of the family's money.
  2. Give them autonomy. Although many will disagree with me, I think gift cards for a kid are a great idea. It's a very basic beginner budgeting tool (as there's only a finite amount of money to spend and they have to figure out how to get the most from it), it gives them the freedom to dictate how they spend that money. Giving them the leeway to choose how they spend birthday money, part-time job money, or any other money that they come into is a good learning experience. And practice for later on, when they really have to manage their finances carefully.
  3. Make it fun. Let's face it. Money can be a pretty boring subject to discuss. Many adults hate talking about it and that's why they don't. But managing finances is as much a life skill as doing laundry and cooking and it needs to be taught. In order to do that, the learning should be shrouded in things that are engaging and entertaining. Playing games like Life, PayDay, and Monopoly are great learning tools for kids of all ages. In my house, we read books like Sweet Pickles Elephant Eats the Profits and Just Saving My Money. There are also some good money apps and websites you can use (our favorite is the Money Savvy Pig). Participating in these activities is tons more fun than giving a lecture on compound interest.
  4. Model the behavior you want them to learn. If you want to have a kid who's a healthy eater, you need to show them that fruits and vegetables taste good by eating them yourself. If you want to have a kid who exercises, they need to see you going out for a run or taking an exercise class. If you want to have a kid who reads, they need to see you sitting down and reading a book. The same goes for being financially responsible. If you want to have a kid who doesn't fritter away money, can separate needs from wants, knows how to save, is charitable (with either time or money), and is smart with investing, you have to do all of this. The whole “do as I say not as I do” routine is completely ineffective and will most likely perpetuate the cycle of poor money management.
  5. Make it age appropriate. This was mentioned in point 1, but it is crucial. What you can teach a 16 year old about money is completely different than what you can teach a 6 year old. If you are too basic for an older child or too sophisticated for a younger one, you'll lose their interest and the message and lesson will get lost. If you are at a loss for ideas or activities fore teaching kids–particularly the younger ones–about money, Pinterest has some great ideas. One favorite activity in our house is to play grocery store. We put out food all over our living room, give our daughter some play money and let her go shopping after she makes her list. It's fun, it's family time, and it teaches a valuable lesson. However, if she were 16, we'd probably do something entirely different to get our point across.

One essential element that you need to consider before teaching your kids about money is the child's readiness and eagerness to learn. Some kids are ready and willing to digest the information at a much younger age than others, and you need to work within that. Trying to force kid to learn before he's ready might actually wind up defeating the purpose. Although I'll admit that you won't know that until you try.

As parents, we need to not shy away from giving out kids a financial education. What they learn as a child will impact their future and we need to set them up for success the best we can.

Readers, how do you teach your kids about money? If you have adult kids, what worked and what didn't?

 

Filed Under: Family matters, Money, money tips

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Jana

I'm Jana ...

A book reading, nail polish wearing, binge watching, music loving, dog owning, reluctant cheer mom.
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