Mind Your P's and Q's

With Thanksgiving come and gone, the holidays are truely upon us. Black Friday and Cyber Monday kicked off the gift buying season but for those who are still building their holiday lists and deciding what to buy there are some easy ways to save money while still being able to exchange gifts with all of your friends and family. There are plenty of inexpensive, yet heart felt gifts to be found out there! Here are just some of many gift ideas to consider:

1. Cookie or brownie mix in a jar. Layer all of the ingredients one after another for a cool effect and an easy to make batch!

2. Picture frames. This may be the most commonly made gift, but it can also be the most meaningful. Try decorating a plain frame and use a back and white photo.

3. Visit your local Kinkos. Pretty much anything can be made at Kinkos these days. By taking in a simple picture you can inexpensively have made a mug, coasters, or a calendar with your favorite memory!

4. Clean out, organize or paint a room! A fresh new take on a room or cleaning out a space that has been cluttered for years is easy to do and will be a lasting gift for someone.

5. Make a scrapbook. Buy an inexpensive scrapbook, some stickers and print out some pictures all at a local Target or Walmart all for a great price.

6. Dollar aisle goodie bags. Visit the dollar aisle or a “10 for $10” section and fill up on small but fun things, find a small bag or box, add some tissue and you can make multiple gifts to give to all of your friends.

7. CD. Take the time to pick out great songs, decorate the cd or case and add a card. Nobody can say no to a good mix.

8. Bake away. Buy some pretty holiday plates, celephane and simply bake your favorite treat to bring to all your holiday parties. Tis the season to eat lots of goodies.

Let the holiday gift season begin!

Everyone knows that the day after Thanksgiving is a holiday in itself. Black Friday every year brings out the most die-hard of the bargain shoppers out there. With the flashy signs, promise of great savings and plenty of sleep deprived running shoppers to get in your way, how do you know if you are really getting the most out of those sales? Here are some helpful tips to keep you sane in those crowds, find some truly great deals, and ensure that you don’t get caught up in the craziness and end up with buyers remorse after.

• Make sure you check out the deals online before you get to the store, add up exactly what you will be saving from the discount and see if it is really a good deal- especially on big ticket items.
• Compare offers from numerous stores to find the best deal
• Be aware that not everything in the store is on sale. Stores will entice you with percentages and big ads but some things are still full price- so double check!
• Know the store’s return policies and always get a receipt.
• Make a list of things you want to find and try hard to stick to it. Of course you may run into sales that you weren’t expecting but don’t end up purchasing so much that you spend more than you save in discounts.
• Don’t be tricked into opening a store credit card with the promise of even greater discounts
• Remember Cyber Monday and the sales you can access from your own computer away from the craziness of being in the store

Prepare yourself, wear comfortable clothes and go out and find many a great deal! Happy shopping everyone!

Being a young adult a very important way to start establishing yourself in the financial world is to begin building credit. Taking out student loans, having your name on utility bills and having credit cards are all ways to accomplish building credit.

Credit cards can be your best friend and your worst enemy all at the same time. While they allow you a bit more financial freedom, those building balances can be a real headache if ignored or allowed to gain interest.

So how do you shift through all the ads of TV, the mail offers and the in store pitches in order to decide what card is right for you? The answer is not the same for everyone, but here are some important DO’s and DON’Ts to keep in mind when making your important credit card decisions.  

DO take the time and educate yourself on the CARD Act of 2009. This Act has an effect on the marketing of credit cards to college students as well as has put stricter guidelines on those applying to cards under the age of 21. However, there are some stipulations if you had a credit card prior to the enactment of this law.

DON’T take out cards for every store that offers you one. All of those “special percentages” off that they offer you really won’t matter if you have multiple cards that you want to constantly use just to take advantage of that extra discount

DO read all of the terms and conditions connected with opening an account and card before you start using the card

DON’T run the card up to its limit. By making purchases and paying them off you not only avoid having a large looming balance, but you build credibility and can eventually earn higher limits

DO compare interest rates and choose one that is reasonable. Rates can range anywhere from 6-40%. Lower rates are usually given to people with secure income and assets (such as a house), but that doesn’t mean that as a young adult you should settle for a rate that will impact you negatively. For comparison, most store credit lines come with an interest rate of around 20%. No matter what shop around, compare interest rates and don’t be afraid to call a card company and see if you can bargain them down.

DON’T just stick to paying the minimum payment amount. Often times those amounts are set so that the credit card companies are guaranteed to make a profit. If they have you set at a $15 monthly payment your amount will take a very long time to pay off and that amount will simply be earning companies a profit through interest on that remaining amount

DO connect your card to rewards points. Shop around and see where you can get the most out of your purchases by earning things like miles with every purchase you make.

This past weekend I went on a road trip with my friends to Kansas. Of course I looked forward to it for weeks, wanted to go shopping for cute clothes to wear and of course was caught up in the spending moment while actually there, thinking little of the consequences.

On the long car ride home almost all us literally feared looking at our bank accounts. All of the effects of those trips out to eat and free flowing cash was starting to sink in. So how do you come back from your trip and not have a vacation money hangover? Here are a few tips I used this weekend and some new ones I learned the hard way…

1. Make a plan. Take twenty minutes before your trip and actually sit down, write out and add up what you know you will be spending. There are those things you know you will have to pay for so having a base number is a great way to start. Being aware of the number before you even add in a little wiggle room will help come to terms with the amount you will be subtracting out of your budget in the near future.

2. Hard cold cash. Take out a certain amount of cash that you will only use on food and random small purchases. From a cheese burger on the road to a magazine in the airport, give yourself a little spending cash to enjoy your trip, but set that as your limit. Once its gone, its gone.

3. Don’t be a live in the moment spender, leave your credit card and debit card at home! Take out some of that set aside spending cash with you and nix your plastic. It is so easy to be caught in the moment with good friends and good times and spend and buy things without thought. Swiping at will is hard to keep track of and a little too easy to do. 

4. Add it all up. While it is always sad when a trip is over and you don’t want to add more heart break to your day, keep your receipts and log onto your online account and add that total amount up. This will allow you to really realize your expenses, adjust your monthly budget if you need to and learn how to tweek your plan for next time!

Trips do not need to be cut out of your life if you are living on a budget. You can still take advantage of that great fare or hop in the car and take off. Plan ahead and stay smart.

Bon Voyage!

Halloween is today and you can save some money next year by buying a costume now! Some stores are having discounts up to 75% off.

Especially if you are in college and need three costumes for the Halloween weekend, save on one now so you can spend and have the best costumes you can next year!

Happy Halloween!!

This past Friday as I was about to be finished with a long week and finally reach the weekend, my car unexpectedly let go off a huge piece of plastic from underneath itself. Literally hanging from my car so I could not drive or go anywhere I felt so defeated as I had just had my car serviced recently. All I could think about was how much it was going to cost me to have it towed and fixed.

Luckily the repair was $75, which I was able to afford. This situation got me thinking about what would have happened if the repair hadn’t been reasonable or I had some bigger kind of emergency.

Many financial advisors talk about the importance of an emergency fund. Whether it is a small fix or a big crisis, planning ahead can save you a lot of worry and stress when these types of situations do arise. In today’s economy it is very hard to set aside anything, but even saving a few extra dollars here and there can make a world of difference.

I did a little research and I found some really smart ways to save a few dollars every week to put into a fund so that you can always be prepared. These are a few things to think about.

1. Have a savings account that is solely for this reason: open it, put money in  and not out and do not connect it to any other accounts. I know I have mentioned this before it previous posts but I swear this will enable you to not use or spend this money. Literally trap it in there and do not give it a way out.

2. At the end of every week look at the bottom of your grocery receipts where it says “you’ve saved this much”, add that amount up at the end of every month and put that into your emergency fund. This may vary from month to month, but it is an unexpected savings and is not coming out of your monthly budget.

3. Have garage sales, do seasonal clean outs and sell to consignment shops. All of these things will give you a little extra income and if you save just a portion of these earnings and put it in your emergency fund you are helping yourself.

4. Give up just ONE thing. While month to month may be a little tight for you, if you can give up one meal out or not visit the coffee shop twice and put $10 in your fund every month that is still $120 extra in case something unexpected happens. That amount could make an enormous difference.

While no one can predict when something unexpected may happen, if you can be even the slightest bit more prepared your stress level and wallet will thank you. Putting your emergency on a credit card will come back to haunt you with all the interest you will be paying over time. So trust me, don’t let your weekend be thrown off! Prepare yourself, be smart and think about the “what ifs”.