Archive for Finance
Frugal Fatigue
Posted by: | CommentsOn the news the other day, I heard them talk about consumer spending not being up because the economy is getting better, but because of "frugal fatigue." People were just tired of scrimping. Saving is going back down, credit card debt is going back up.
So how can you counter frugal fatigue before you get into financial trouble?
Get your endorphins a different way
Exercise. Play some great music. Call a friend. When a shopping craving hits, ask yourself, "What do I really need and want?" Most likely it’s something that can’t be purchased.
Splurge. A little.
What makes you feel decadent without a lot of money? I love a good Ghiradelli chocolate square. Perhaps a good cup of coffee is yours. Or a jasmine smelling lotion. Sometimes you need to loosen the belt. Do it consciously and without too much spending, then you can get back on track.
Reframe rich
If you are reading this, you are most likely rich according to the world standards. Find out How Rich Are You. Start looking at all the things you already have. Take a look at your clutter BEFORE you go shopping.
Wait
Set up a list for things that aren’t necessities, but you want. Those cool earrings you spotted at the mall. The cute blouse at Target. The book that could change your life you saw at Barnes and Noble. Don’t buy them now. Instead write them down then wait a week, a couple weeks, or a month. Whatever you personally think is good for your impulse control. If you still think they are good buys, go for it.
Enlist a friend
If you have a frugal friend, share your success about saying no, paying down debt, and living within your means. Get a cheering section. Celebrate each debt paid off. If you do’t know any, google frugal groups. Getting involved with people who think shopping with coupons is a fun game can help motivate you.
Do you have frugal fatigue?
Making Decisions on Paper
Posted by: | CommentsA client was having trouble making decisions on paper (actually most of my clients have trouble making decisions on paper – very common.) I said something and she asked me to email it to her.
This is what I wrote: It helps to remember that the really important papers always come around more than once – a friend will follow up, financial papers you need to action get sent again, articles and FYIs can be found on the internet. Even bank statements and check stubs are there more often. Many things you can make a phone call and get another one sent. It’s just stuff and it’s hard to make a permanently bad decision with paper.
When you get into perfectionistic mode with paper, it’s easy to think that you might make a terrible mistake with the paper. The reality is that is highly unlikely.
If you know the basics, like how long to keep financial papers and have an action file set up and a working file system you can go from paper piles everywhere to papers controlled. My only unsorted papers are in my inbox, everything else has its place. And that feels great.
It took awhile to find something that worked for me and to create habits like sorting at least once a week. It helps that this is a self-purging system. I also have containers so I know when my in box is full, I need to sort. When my to file folder can’t hold more, it’s time to file. When my action file is too stuffed, I need to work through those items. Instead of letting them become pile after pile after pile.
How is your file system working? Do you have any paper piles to tackle?
Aligning Your Spending with Your Beliefs
Posted by: | CommentsI just got back from a local diner that has the best hamburgers around. It’s been there since 1924 and has 50s music playing. The owners and waitresses called many people by name. A grandpa was there with his young grandson. A group of of people that work together put tables together. An older lady hung out at the counter chatting with the owner. The place was very clean. My meal was probably $2 more than it would have been at fast food, but it was worth it to me.
I prefer to spend my money at local shops even if they cost a bit more. As we go into the holiday spending season, where do you plan to spend your money? I would rather get 1/2 a pound of candy at Mainstreet Sweet Shoppe, then get a pound at Sam’s Club. I love to get presents at Out of the Box game store since my daughter goes there on free game nights.
I no longer keep money in a big bank, but instead use a credit union where they welcome me by name every time I enter.
I love it when I can buy something environmentally friendly and chemical free. And I am willing to pay a little more for that.
When you buy less stuff, you can buy according to your beliefs easier.
It’s time to budget for the holidays and start making your lists. What can you buy locally or that aligns with your beliefs?
You can make a difference with your spending.
Debt Wake Up Calls
Posted by: | Comments
This week in the Money Class we have been talking about Debt Reduction. It’s easy to slip into too much debt.
But, there are some signs you are too far in debt and need to fix things fast before you get into the debt hole you can climb out of.
- Using Cash Advances on your credit card. Very expensive form of getting money.
- Moving to a different card because it has a lower rate more than once a year. Card hopping looks bad on the credit report and may mean you have too much on your cards.
- Using one credit card to pay off another card.
- You don’t have any savings. Don’t use savings to pay off debt because then when an emergency comes, you’ll have to put it on the credit card if you have no savings left.
- You can’t afford to pay more than the minimum payment on your cards. (Which means you will be paying it off a very long time.)
- Your credit cards are near or over their limit. Often banks give you more credit than you can comfortably pay off.
- You’ve been denied credit. Go to www.annualcreditreport.com to check out your credit report and see why you many have been denied credit.
- You are paying bills late or playing around with dates to make sure you can pay all your bills.
If any of these describe your situation, it’s time to get a handle on your situation. Count up your debts and create a plan. And most importantly, don’t use any more credit until you get these paid down.
Photo by Alan Cleaver
Get Your Receipts Scanned For You
Posted by: | CommentsSomeone from Shoeboxed offered me a trial of their receipt system. At the time I was going to do my taxes, so I said sure. As my accountability partner will tell you, the thing I procrastinate the most in my business is tracking the receipts and tax info. I don’t much like numbers and busy work. I’ll say, I need to do the month end. Then the next month, now I need to do the month end for this month and last month.
They sent me a nice, big envelope. I popped my receipts in and sent it to them. You can also photograph receipts and business cards or forward your email receipts to your account.
No more scanning or messing with receipts.
Instead they scan and extract the information like amount and vendor. Then they categorize the information. The information is kept securely online. I log in and I can see the information whenever I want. You can export the info into programs like PDF or Quicken. Or you can print or download the information.
You can download contact info into Gmail, ACT, Constant Contact and other places.
There’s also an iPhone app you can use with it to track your receipts. I don’t have an iPhone so I can’t tell you how good that it.
This saved so much time when I was doing taxes this year.
You can have them send the receipts back to you depending on your plan or they will shred them.
I love the idea of scanning receipts into the computer, but our flatbed scanner is so slow. And the receipt scanners are too expensive for my budget. (And I’d still have to scan.)
I’m keeping up with this because receipts and tax stuff was such an energy drainer for me.
Since I am an affiliate, you can get a FREE TRIAL HERE.
Upgrade Your Money Skills
Posted by: | CommentsIt hasn’t been a smooth road for us financially. Pretty broke when we first got married. Taking a couple menial jobs after college. Me as a stay at home mom for awhile where money was always tight. A few years of me working outside the home where we spent more than ever because we finally had money. Until I was let go and spent a year unemployed.
Since I’ve been self-employed, we had to replace all our big appliances in a single year – where we ended up with quite a bit of credit card debt. My husband was unemployed for 6 months and we have been working with his pay being sliced by a 1/3 3 years ago.
I came from a frugal family who always knew where the money was. So the way we get through the tough financial times was to always know where our money was. Sometimes we had to juggle different payments to get it to work but we were able to do that because we knew what was due when and when finances charges would accrue 
So I am really excited to share this money class with you. I know many people struggle with living paycheck to paycheck and overspending just because they don’t know how much they have to spend.
I’ve been working on the workbook which will really help step-by-step things. Numbers bore me to tears so I wanted to make this as easy as possible for people. I love how this can be relatable to people that really think they aren’t good with money.
We can all be good with money, we just need to upgrade our skills.
***
Attention: Overwhelmed individuals whose financial lives seem out of control
Ask yourself: do you want be paralyzed with worry because you don’t know if you’ll have enough money to pay your bills?
Do you know where all your bills are?
Is your current money system scattered and not working?
Or worse, do you have no money system except hope?
We all want more financial security, but how do you do it?
Let me help you simplify your money systems:
http://www.encouragingcoach.com/programs-moneyclass.html
All my courses, programs, calls and groups for one low price (including the money class)
Money Worry
Posted by: | CommentsOne of my clients mentioned that he was feeling a lot of money worry, especially if he dipped below $1000-$2000 in his bank account. Since $1000 is a big difference, I had a feeling he didn’t really know how much he needed. Sure enough, there was automatic payments going out, but he wasn’t exactly sure how much and when. And he didn’t really know how much he needed for the month.
The not knowing led to a lot of money worry. The thing is, it was needless money worry.
So we set up a money system for him so every day he knows how much is in his account and what payments are coming out soon. Then if it dips to low, he knows he needs to move money around, ask his clients for payment, etc. But he can take action.
He has more energy and doesn’t worry – he just takes action.
Many of us are afraid that if we know exactly what is in our account, we will realize it’s not enough and freak out. So instead we get a vague feeling of uneasiness because there may or may not be enough in the account. But, vague numbers don’t help us with our finances. We need to know so we can plan, prepare and take action if needed.
***
If you are looking to revamp your money system, join me for my class starting July 18:
http://www.encouragingcoach.com/programs-moneyclass.html
Money Carnival
Posted by: | CommentsHere are some great articles on money from the Family CEO:
http://www.thefamilyceoblog.
I especially like:
Debt Reduction and the 3 Steps For Creating a Repayment Plan That Is Almost Fun
Instead of Vacation, Plan a Stay-Cation
Trifty Can Be Fun
Posted by: | Comments
The people I know that have mastered their finances and spending are those who have turned being thrifty into a game.
They don’t see being thrifty as being cheap or feeling deprived. They see being thrifty as a challenge and something that is life giving.
For when you think of it who is often happier: the person who overspent and is mired in debt or the person who was thrifty and now doesn’t have to worry if they can pay back their loans.
Being thrifty and living within your means is a way to be good to yourself and your family.
So you might as well make it a game.
- How little can you spend on groceries this week?
- Can you make it through the weekend without spending on anything but necessities?
- Can you create something out of what you have instead of buying new?
- Be a bargain hunting detective if there is something you need.
- Go shopping with a thrifty friend to learn from them.
- Make a point to tell a friend how much you saved and you can support them in their thriftiness.
- Cut out one restaurant meal this week or coffee or find something else you can cut one of.
- Save change in a jar to go to debt reduction so you can pay more than the minimum.
- Give yourself a pat on the back when you save or don’t spend.
- Play the "date your hubby with "5" game. Try spending just $5 or less on your next date.
- If you want something, play with some ideas to get it without paying for it. Like get it from the library, borrow it, barter, swap, ask for it.
- Make a list of fun things to do that cost no money.
Do you have any ways that you turn saving money into a game?
***
Photo by: Kriss Z Photography
Cheaper Food
Posted by: | CommentsFood prices are up again. If you are looking for ways to lessen the pain at the register, try some of the tips below.
- Use a meal plan every week.
- Cook from scratch more often.
- Buy only what’s in season. Strawberries in January are a lot more expensive than strawberries in June. Fin out what is in season in your area.
- Visit farmer’s markets, local food stands and CSA’s. We love visiting our farmer’s markets and most vendors will tell you how to cook things you don’t know what to do with.
- Buy less snacks and pre-packaged food. You can use small, reusable snack cups for school lunches.
- Eat more beans for a cheaper form of protein. Here are some ways to eat beans.
- Stock up on weekly specials. Some stores even email them to you.
- Eat before you shop. Junk food especially looks better when you are hungry.
- Buy extra meat on sale and freeze in smaller portions. Often a family pack of chicken goes on sale and I put them into smaller 1-2 breast portions.
- Use cash when you buy food. Budget it weekly and once the money is gone, it’s gone.
- Cut coupons, but only for what you normally buy. Often the generic will be cheaper than the name brand with a coupon. Plus much of the coupon is for processed foods.
- Use leftovers. We waste tons of food each year. Try veggies in omelettes and soup, leftover hamburger in spaghetti sauce, stale bread for bread crumbs, lemon juice can be frozen in ice cube trays, leftover rice for rice pudding, leftover meat and vegetables for stir fries.
- Shred your own cheese. Pre-shredded cheese is much more expensive.
- Avoid restaurants.
- Eat less meat – 2 x’s a week is a good plan. And use recipes that stretch meat like cornbread casserole and shepherd’s pie.
- Try a garden this year even if it’s just a few herbs and tomatoes.
- Homemade yogurt is cheaper and better for you since it has less sugar and additives. I use a yogurt maker I got for Christmas, but you can also make yogurt from scratch. I was really surprised at how easy it was.
- You can try canning, making your own jam or freezing extra berries you get this summer.
What are your favorite ways to save money on food?
***
