Up for a challenge? Then give “No-Spend-November” a try. Be part of this new trend and see what it can do for you. The woman featured in the article says it saved her finances and even helped her get on the path to saving for various goals. Just imagine if skipping the takeout for a month could free up the cash to pay-off a credit card or finance that trip you’ve been wanting to take? Would you be willing to try it? You know you want to, so get thinking and stop spending!
Category: Personal Finances
Are you a Gambler?
Concerned about the current state of the market? Not sure is you should hold ’em or fold ’em?
Walk away or run?
David Yeske, a financial planner in San Francisco, recently sent out a calming note to his clients explaining that downturns are inevitable, but he offered another strategy. He offered some “fun and uplifting” distractions from the scary headlines, and he provided links to videos featuring a rendition of “Stand by Me,” and a flash mob.
Read the full story here:
Market Turbulence Serves as Reminder to Tread Lightly
Scratch That, Reverse It!
When I say “Reverse Mortgage” do you envision Fred Thompson talking about how your home has equity that you can use to live on in old age? In the past, this kind of investment has been viewed as risky at best, but now there may be something to it. Home equity could be just another part of your portfolio, and an important one at that.
Love Them or Loathe Them, Reverse Mortgages Have a Place
Pay Now or Pay Later
Did you accrue debt when you were in college, from financial aid or student loans? Been dodging those phone calls in an effort to not payback what you owe? You might want to read this. What seems like insurmountable debt now may become more than you ever dreamed, when the government starts taking it out of your Social Security check in forty years. When it rains, it pours…
Student Loan Debt Burdens More Than Just Young People
Can Robots Manage Your Money Better Than You? Startups Say Yes
But can they do your taxes?
Some entrepreneurs say algorithms aren’t biased by commissions or complex fee structures.
Amplify Austin
Join the first community wide giving festival through Amplify Austin.
How It Works
Visit this website (AmplifyATX.org) during Amplify Austin Day, which starts at 7pm, March 4 and ends 7pm, March 5.
At that time, this website will be transformed into a giving site; you’ll be able to search by the name of the nonprofits you love or the causes you’re passionate about.
You will have a greater impact by giving through this website on Amplify Austin Day because our sponsors have created an incentive pool to enhance your donations, and prizes of $1,000 will be given hourly to the nonprofits that garner the most dollars or donors.
On Amplify Austin Day, we are giving back to the city we love. Join us!
Have “the Talk”
Many children aren’t learning much about money from their parents, a new survey shows.
Three in 10 parents never talk to their children about money or have had just one big talk with their children on the subject, according to a U.S. telephone survey conducted for the AICPA by Harris Interactive.
Read the whole article:
Green Bean Casserole
According to the report, the foods include a 16-pound turkey, a gallon of milk, a 30-ounce can of pumpkin pie mix, a half pint of whipped cream, 14 oz. of cubed stuffing, a pound of green beans, 12 rolls, three pounds of sweet potatoes, 12 ounces of fresh cranberries, 2 pie shells, a 1-pound relish tray (carrots and celery) and various other ingredients.
Read more: The Ten Foods Making Thanksgiving Much More Expensive – 24/7 Wall St. http://247wallst.com/2011/11/10/the-eleven-foods-making-thanksgiving-more-expensive-this-year/#ixzz1di2XbAao
How about Mama Stamberg’s cranberry relish?
What, me budget?
Yes, you. We all should. Some expressions: failure to plan is planning to fail or without a goal, wherever you end up is your goal.
My favorite budget guidelines have always been Larry Burketts, Money Matters , financial planning guidebooks. In the referenced tribute to Larry, his philosophy of money is reflected:
One of the central principles Larry taught is that we don’t really own things; we are simply stewards and managers of what God has entrusted to us.
There are many budget preparation guidelines, but I’ve always liked the ones provided by what is now Crown Financial Ministries. Here is a link to Crown’s Suggested Percentage Guidelines for a Family of 4 (High Housing Cost Areas) (since I live in Austin!). There are also guidelines for singles, single parent, couples, etc.
Important to note is that these budget guidelines start with gross income so that a tithe comes off of gross. No funny business about giving on net or gross. I’ve heard other financial planners say that wherever you give your money, if you can’t live on 90% of your income, you have a problem.
The next reduction is for taxes. If you are an employee, you can use the amount withheld for taxes from your paycheck. Be careful not to have too much income tax withheld. It’s better to pay a $1 than to let Uncle keep your money for up to 16 months! If you are self-employed, you can look at the total tax paid on your prior year return. Taxpayers think that they are saving money, but in fact, saving a little money each month in a savings account generates more savings than the “income tax withheld” savings account. The tendency is to spend that tax refund impulsively rather than putting it into savings for planned spending.
After the reductions for both giving and taxes, then you compute your budget percentages. Your budget is based on your spendable income.
As you complete your budget, remember that many employees have additional reductions in their pay that need to be considered as you budget: health insurance premiums, 401(K) contributions, day care tuition, etc.
I started a 30-Day Diary to really check in with how I spend money on a daily basis. My dad (the first Newby CPA) used to keep a notebook in which he recorded all cash expenditures for the day. What discipline! Join me in the goal of tracking out of pocket expenditures (so to speak!) for 30 days. Let me know how you do.
Inspirational Financial Quotes
From a great blog called: Pick the Brain.
“Worry, like a rocking chair will give you something to do, but it won’t get you anywhere.” – Vance Havner
Most of us are guilty of worrying about money, and whilst it might be justified in some circumstances, the actual worrying won’t solve any problems – and worse still, it can be bad for your physical and mental health.
Another rule that I have: Be kind to yourself. It’s hard to get out of debt faster than you got into debt.