Jana Says

Money Tune Tuesday: Lifestyles of the Rich & Famous

January 17, 2012 by Jana 3 Comments

This past Sunday was the Golden Globes. I love this awards show because it has TV and movies all in one convenient package. I also love this show because lately, Ricky Gervais has been hosting and the way he skewers celebrities is just wonderful. It’s always nice to see their pampered excess and snotty attitudes ridiculed, especially by one of their own. In honor of that, I’ve selected Good Charlotte’s “Lifestyles of the Rich & Famous” as today’s money tune (and believe me, the irony of Joel Madden being married to Nicole Ritchie, especially in light of this song, is not lost on me):

Compare credit cards to keep yourself informed

January 16, 2012 by Jana Leave a Comment

The following is a guest post.

I have recently become completely credit card debt free. It wasn’t easy, and it took quite a long time (5 years) but I’m glad that I did it. When I look at my list of bills, it’s a relief to not have any credit card payments. I know that I can’t be trusted with them but sometimes, I do contemplating using my card to automate my bills.

Despite great reader feedback and extensive discussions with my husband, I still haven’t made a decision as to what I want to do. I’m much more comfortable with paying cash but it does get to be a pain to remember all the logins. And when I go shopping, it would be nice to not have to remember cash all the time (especially when I go to stores like Target where I buy a bunch of items in different budget categories). I’m also not convinced I have the best credit card.

The cards that I have are cards that I’ve had for 10+ years. I stay with them because I know the limit, I know the interest rate and quite frankly, I’m too lazy to look for new ones. However, should I get to that point, it’s probably a good idea for me to compare credit cards so I know that I’m getting the best one for my spending habits. I’m not a huge fan of reward cards but it’s probably a good idea to know what the different programs are (not to mention understanding the different terms of each program).

I don’t believe that credit cards are inherently evil. I think a lot of the evil lies in the spending habits and conscientiousness of the user. If someone uses credit responsibly, and pays it in full and on time every month, credit cards can be an effective way to make purchases. Sadly for me, I have a demonstrated history of not being able to use credit cards responsibly; hence my dilemma with automating.

Please don’t misunderstand. I do think that there are some unfair practices that occur in credit card companies, and that they do take advantage of a lot of their customers. That’s why we, as customers, need to be as informed as possible. So if you’re in the market for a new card, make sure you do your research. Information is key.

Guest Post: 7 Things Everyone Should Know About Personal Finance

January 16, 2012 by Jana 3 Comments

Since I’m on vacation this week, I thought I’d use the time to showcase some guest bloggers. Today’s blogger is Suzanne Cramer. Suzanne is a certified credit counselor and a Social Media Specialist for Care One Debt Relief Services. Suzanne writes for Divorce, Debt and Finances and A Straight Talk on Debt. Follow Suzanne on Twitter @ADivorcedMom and @AskCareOne where she stares her insights on divorce and managing your finances.

There are certain things everyone should know about personal finance. The debate goes on as to whether or not personal finance should be taught in schools or if these are lessons best taught at home.

Regardless of where the lessons are learned, your age, gender, or socioeconomic status there are a few personal finance lessons everyone should know and practice.

One of my biggest goals in life is to have learned something new everyday. Here’s hoping you will learn something new about personal finance today!

1. How to budget. Budgeting is the cornerstone of personal finance and is the most effective way to ensure you know what is happening with your finances. Getting started is easy; calculate how much you earn each month, and account for each dollar in a budget category.

Recurring bills
Entertainment
Living expenses
Savings
Miscellaneous

By setting up a realistic budget based on your current lifestyle you are more likely to stay on track.

2. Understand how credit works. Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender later. It often materializes in the form of credit cards, or loans for a car, home, or education. But there are costs associated with using credit, so it’s important to compare the cost of various credit options with the actual features that come with the credit offering. Also, you must be responsible in how you use credit so that you don’t accumulate more debt than you can afford to repay.

3. How to check and read your credit report. It is easier to maintain good credit health when you review your credit report at least once a year and correct or dispute any errors. You can request an annual free copy of your report and ensure all the information listed is accurate. If you find that you have bad credit, only time and consistent payments can repair it, so go easy on your spending and make timely payments against your outstanding debts.

4. How to attack debt. View getting out of debt as a long-term goal, but set smaller milestone goals that you can celebrate achieving, such as paying off each individual creditor. If you need some ideas or support, join the CareOne Community.

5. How to choose a debt relief provider. Sometimes the best way to address your debt problems is to partner with a reputable debt relief company. A reputable provider should have a solid record with the Better Business Bureau, multiple options to help you get out of debt, and a relatively long history of helping people get out of debt. The provider should also have the experience, resources, and certified counselors needed to work with you to help pay off debt and turn your financial life around.

6. How to save for your future. While most Americans lack a formal savings plan, you don’t have to be among them! Instead, identify ways to build up your savings reserves so that you can endure tough economic times without amassing debt. Start saving as soon as possible – even if only a small amount – and make saving a regular part of your life. For example, set up automatic deposits from your paycheck into a savings or retirement account.

7. How to select a health plan. Most employers offer healthcare plans be sure to take advantage of this benefit and obtain the coverage you and your family need. Also, read up on the new Affordable Care Act to learn about changes stemming from this health care reform legislation that could lower your costs and make care more accessible.

There’s always new ways to improve your financial health and you can better your knowledge by reading personal finance blogs, following experts, or just staying in the loop with the news.

Personal finance is a big part of your life and making it a priority can help to keep you debt free, financially secure, and ready for your future!

What have you learned lately about personal finance?

Don’t forget to enter my $50 cash giveaway!

January 16, 2012 by Jana 21 Comments

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Sharing Saturday #7

January 14, 2012 by Jana 3 Comments

Another busy week here at casa de Daily Money Shot. The biggest news is that my husband resigned from his job and is starting a new one at the end of the month! It comes with a huge change in benefits and a modest raise, which is extremely beneficial in getting me towards my goal of writing full-time. Not only that, we find out today if my daughter won the lottery for one of 150 coveted slots at a charter school (public schools in my area are awful) and we leave for Disney World in 4 sleeps! I’m excited for all the guest posts I have scheduled for you guys while I’m on vacation. Don’t forget to enter my giveaway while I’m gone (the Facebook option should be fixed now).

Also on the blogging front, I’ve been working behind the scenes to teach myself Photoshop so I can update my social media icons (it’s not going well) but you might notice the little favicon on your browser–I did that all by myself (for the record, it’s a glass with dollar signs. It looks like a distorted money bag but I assure you it’s not). Because I clearly hate myself and have no grasp on my abilities and limitations, I’m also contemplating creating my very first infographic on a topic very dear to my heart; we’ll see how that goes.

Even with all of that, I still managed to read a whole lot of blog posts that I wish I had written myself:

Personal finance reads (where I showcase some of my favorite personal finance posts)

Nelson from Financial Uproar read my mind when he wrote that Blogging Isn’t Passive Income. Nor Is It Retiring. I totally agree with him. I actually wanted to write a post on this exact topic but he pretty much sums it up.

Jeffrey at Money Spruce discussed Five Reasons to Give Up Goal Setting. Although he makes some excellent points, I don’t know that I can give up setting goals. I get distracted enough as it is. I need goals to keep me focused.

Suba from Wealth Informatics laid out, in her typical spectacular way, the question many mothers asks themselves–Stay at home or to work: What is the financial & professional price?

Your Finances Simplified tells us that If You Want Your Child to be Successful, Don’t Do This! Brought on my the…unusual name chosen by Jay-Z and Beyonce, he makes some valid points about the professional consequences (or not) of having a name like Blue Ivy.

Kylie Ofiu asks What Are Your Values? It’s an important question we should all ask ourselves because of the huge role our values play in our finances.

Nonpersonal finance reads (where I showcase some of my favorite nonpersonal finance sites)

People I Want to Punch in the Throat–the name should make you want to read it. She’s funny, she’s snarky, and she wants to punch people in the throat. She’s my new hero.

Life by Pets–a pet blog written by the same blogger behind The Dog Ate My Wallet. I love pets and I love her writing. You will, too.

My other writing (where I showcase myself or where you can find my staff writing)

52 Week Prosperity Plan: Revised and Revamped at Go Be Rich

52 Ways to Live Richly Reasonable: Manicures at Richly Reasonable

Is Online Learning the Right Choice? at Broke Professionals

What Paying Off Debt Taught Me About Myself at Enemy of Debt (I’m on Team EOD now. The personal finance justice league)