Christmas can get pretty overwhelming, from the traveling, cooking, and gift giving. With the excitement of the holiday season in full swing, we can easily go overboard especially in gift giving. No matter what your childhood upbringing was like we all can agree that [Read more…]
The 5 Categories Missing From Your Budget
Are you struggling to make your budget work but keep coming up short?
If your budget isn’t working, you might think that you’re just not trying hard enough to stick to it. But I don’t think that’s always the case.
I’m Learning a New Craft to Save Us Money
I haven’t talked about it much here on the blog, but I’m big into crafting. I starting knitting when I was about five years old and, after that, I wanted to learn every craft I could get my hands on. One thing I never learned how to do was use a sewing machine. I can hand sew all day long, but I’ve never touched a machine. Until now, that is.
Yard Sale Finds
First, sewing machines can be pretty pricey (we’re talking $100 for the most basic and an average of $300 for a decent machine). When my husband saw that my neighbor was selling one during the community yard sale a few weeks ago, he immediately called me. On his way back from grabbing our Saturday morning breakfast, he got $50 cash back. If she’d take $50, I would have a new sewing machine. ]
I walked over with my little one shortly after breakfast and found myself chatting with the woman. She was glad to sell the sewing machine for $50 and I happily lugged it back home. For a fully functioning Pfaff sewing machine, I got a steal. However, the real savings hasn’t even kicked in yet.
How Sewing Will Save Us Money
Before we dive in too deep, sewing can be an expensive hobby. If you are purchasing new fabric, buttons, and only buying from the “fabric section” of your local craft store, you won’t likely save any money. Your sewing machine will save you money if you are willing to be thrifty and think outside of the box. Here are some ways it will help us save money.
- Stockpile clothing. If you’re like me, there are plenty of clothes in your closet right now that you haven’t worn in over a year. This clothing stockpile is actually a gold mine when it comes to sewing projects. Rather than go out and buy an entirely new outfit, I can create a new one with the fabric from older clothes.
- Thrift shop for vintage pieces. Vintage clothing can have interesting patterns and design ideas that you wouldn’t have come across anywhere else. The best places to find vintage outfits or fabric are yard sales in established neighborhoods. You might also be able to find good vintage pieces at your local consignment/thrift store.
- Adjusting our current clothing. As my body continues to adjust to life after giving birth last year, it will be nice to have a sewing machine to make adjustments to my clothing. I’ll be able to take things in (and possibly let them out) when we need adjustments to be made.
- Kids clothes. When it comes to larger items that are hanging in the closet (like that $300 bridesmaid dress I’ll never wear again), I plan to make some outfits for our little one. This can be a great thing to do with extra clothes you have – just downsize it into a child’s outfit.
- Making blankets. The biggest reason I got the sewing machine is because I enjoy making blankets. My first project will be a quilt made from my baby’s onesies from her first year of life. While this doesn’t technically save us any money, it does help us reuse items that would just get dusty in a box.
These are just a few of the ways my newest hobby will help save my family a little money. Not to mention, no one will ever have the exact clothing we have on (and that’s kind of cool).
Readers, do any of you sew or tap into your crafty side to save money? Tell me about it in the comments!
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From Credit Card Debt to Loving Her Money with Sarah Li Cain
A few years ago, Sarah Li Cain found herself jobless, broke, and in $9,000 credit card debt after a breakup with her boyfriend.
Today, Sarah is debt-free, married, and living a happy life with her husband and spirited toddler.
Sarah is a freelance writer and illustrator. She believes in the power of storytelling and wants people to share their money stories to remove the stigma around money. An avid traveler, she believes that the way to a happy and productive life is to love your money and be compassionate when it comes to your finances.
I am so excited to share Sarah’s story and introduce her brand new book, Cha Ching! A Money Coloring Book.
In the interview, Sarah shares:
- The lessons she learned from racking up more than $9,000 in credit card debt from an unhealthy relationship
- How she paid off the credit card in less than a year
- Her advice to anyone currently in a similar situation
- How she’s using her experience to teach others to love their money
- And the message behind her brand new coloring book
Thanks again to Sarah for sharing her debt-free journey and her new coloring book with us! [bctt tweet=”How @sarahlicain went from credit card debt to loving her money.” username=”MonicaRLouie”]
Sarah’s brand new coloring book, “Cha Ching! A Money Coloring Book” is available by clicking here.
You can find out more about Sarah at HighFivingDollars.com.
Now I’d love to hear about you!
What did you learn from Sarah’s story? Have you been in a relationship that put you into debt? If so, how did you handle it? Please share in the comments below.
Have you joined our free community yet?
Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are kicking debt to the curb so they can break free and live life on their terms.
I’d love to see you there!
Keep moving forward toward your goals. You really can live the life you dream about!
Financial Lessons I Learned From My Grandfather
If you’ve followed the blog for several years, you know I’ve spoken about my grandfather. The end of June marks his birthday and it is a time I always wind up reflecting on his life, the things he taught me, and the imprint he left on so many people’s lives. He was someone who was smart with money and level-headed about, well, everything. Anyone looking for solid, non-biased advice could always look to my Pawpaw. Where finances were concerned, people could stand to take notes. Here are a few lessons he taught me.
Take Time to Think
One of the biggest things my Pawpaw taught me was that you need to take time to think about big decisions. While spontaneity is good (and he had plenty of that), he would take a moment to think about any life-altering decision that needed to be made. Case in point: when he and my Nana decided to adopt my mom, he took a few days to consider all of the factors and make an educated choice. He looked at their finances, learned a little more about adoption, and that had a baby girl in their arms later that year.
Leave It to the Pros
There are some things better left to the professionals. My Pawpaw hired people to help with the things he wasn’t good at because, chances are, if he tried doing them it would just cost more money. For instance, he hired landscapers to come and do the yard. He also hired an advisor to handle some of his investing. When it came to tax time, he was the professional everyone came to. This is just a good reminder that just because you can DIY doesn’t mean you should.
Find a Supportive Partner
Another thing my Pawpaw taught me is that you need to have a supportive spouse/partner in your corner. When he approached my Meemaw, his second wife, about wanting to retire early she went out and bought him a retirement mug. “Go for it,” was her response. They were such a great team and understood each other well.
Secure the Life You Want to Live
My grandfather knew that he wanted to retire to Florida and he did just that. It took hard work and planning, but he made it happen. Around the time I was five years old, they moved from North Carolina to Florida. He and Meemaw purchased a beautiful new home in a 65+ community. They lived out some of their best years together there and it is where she still resides.
Have a Plan
Securing the life you want to live isn’t possible without a plan. Every step of the way, he knew what the end goal was. He wanted to be able to have financial freedom and enjoy his life on his terms. We would always joke around that Sinatra’s “My Way” was really about him.
His planning didn’t stop with his life either. Pawpaw had a plan up to the very minute he died. He didn’t leave anybody holding the bag after he passed away. Instead, everything was already handled. The will had been written, money where it needed to be, and everyone was able to process their grief.
Don’t Sweat the Small Stuff
Last, but certainly not least, something my Pawpaw always said to us was this: “Don’t sweat the small stuff, and it is all small.”
That is the truth! There isn’t anything in the world you can’t come back from. In the grand scheme of things, it is all small stuff. When he lost a sizable amount of money in 2008, he kept moving forward. It sucked, but he recovered from it. At the end of the day, even the market crash was small stuff. If you keep that mentality, you can overcome anxiety and reach your goals.
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How to Stay Debt-Free
Becoming free of debt is no small task for most people but many have been able to do so. What a lot of people don’t talk about is how to stay debt-free after you’ve paid everything off. It’s not as easy as it seems.
How to Stay Debt-Free
I’ll be the first one to admit that when I think about having all of my debt paid off I start to think about the things I’ll be able to do, things I’ll be able to buy, etc. If you’re thinking the same way, stop! You won’t ever be able to stay debt-free if you’re constantly thinking about what you’ll spend your next bit of money on. So, how do you stay debt-free?
1. Create a budget and stick to it.
As a part of becoming debt free you probably had to create a budget. The best way to create a budget after becoming debt-free is to set a zero-sum budget (where all your income is spent one way or another at the end of the month). The money not being spent will go into savings (or debt payments if you still have them). Once you’ve set a budget, don’t waiver from it. That will only open a window for debt to get in.
2. Automate your finances.
Once you’ve created a budget, automate the rest. Set your bills to automatically draft from your account so that you won’t encounter late fees or credit score drops. You can also have your savings withdrawn from your paycheck instantly so that even saving money can be effortless. If you have to think about your finances less you’ll be less likely to create more debt.
3. Don’t live outside your means.
This is a huge point on the list of things you need to do to stay debt-free. Most people wrack up debt by living outside their means, buying things they cannot afford. If you continue to do this once you’ve become debt-free you won’t remain without debt for very long.
4. Hold yourself accountable.
Holding yourself accountable is another big deal. You may not realize it but if you have a lackadaisical approach to finance your finances may suffer. If you find yourself having trouble holding yourself accountable for financial decisions, chat with a friend you can trust and have them remind you have why you want to stay debt-free.
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5. Cut out temptation.
Another great way to stay out of debt is to cut out temptation. For example, if you have multiple credit cards consider cutting the ones you don’t need/don’t use. This will prohibit you from being able to use them for an unnecessary purchase.
6. Join a debt-free community.
If you’re searching for more support on your debt-free journey, join a debt-free community. The Saving Advice forums is a great place on the internet where many people collaborate on various personal finance topics, including being debt-free. There are a number of other great debt-free communities on the web as well.
7. Keep a reminder of your old debt.
Those trying to stay debt-free have likely already paid off a tremendous amount of debt. Keep a reminder of the absolute agony that was paying off your debt. To do this, some people have framed loan payments, loan amounts, statements, etc. You can also simply keep a reminder somewhere you look often (like a desk drawer).
8. Celebrate sometimes.
Lastly, if you’ve paid off a lot of debt and are living a debt-free lifestyle you deserve to celebrate sometimes. To maintain a debt-free lifestyle you need to allow yourself some wiggle room from time to time, so remember to enjoy yourself! A bit of comparison shopping or finding a good deal will also make you feel great and reinforce the savings process.
Are you maintaining a debt-free lifestyle? What’s your secret?
Meeting your Biggest Challenges: Facing Financial Dilemmas
What would you do if an enormous financial dilemma landed at your feet right now? Would you know what to do? A financial crisis can happen at any time, and you’d better be prepared to cope. In the interest of standing up to money disasters with grace, we are pleased to present a few tricks and tips about how to meet your biggest financial challenges.
Biggest money hurdles families face
A recent Gallup report explains that a lack of money is the biggest challenge most families face. These days, and in these uncertain financial times, many American families live beyond their means and carry the debt load to prove it. Granted, there is no instant-fix solution to money woes, but you have to start somewhere, advise money experts at SheKnows magazine.
Build a budget and do not deviate from it. Simplify your lifestyle and learn to do well with less. Pay down debt as soon as you can, mind your monthly bills, and don’t add to your debt load. If bill collectors are dunning you, visit this page to identify their number.
Your new budget applies, whether you are the ‘spender’ or the saver in the family. Money differences can cause trouble, but they don’t have to if you agree to stick to a budget that is beneficial to the whole family. Meeting in the middle and setting realistic expectations is a good way to avoid arguments that add stress to an already dodgy situation.
Avoid overspending
Overspending is another way financial disaster can wreak havoc on your serenity. In a recessive economy, spending too much is asking for trouble, especially if your income is sketchy. Have a heart-to-heart talk with your partner, if you have one, and identify your monthly must-haves vs. luxuries that can wait. Writing this information on paper may make it easier to maintain your new budget.
Parents, you want your kids to avoid the financial dilemmas that plague you, right? Help them be better money managers when you give them a checking account in high school. Open the account with limited funds, and your child will learn the penalties for making overdrafts. This simple lesson in overspending may spare your kid a lot of financial woes when they are older, advises Bank Rate.
What about grown kids who move back home? Many American families face this financial dilemma today. So-called ‘boomerang’ kids may return to the family nest, but the rules are different now. Adult kids probably shouldn’t expect a free ride, especially if they are able to earn an income and contribute to household expenses. By paying for their own rent, groceries, internet service, car insurance, and other monthly bills, adult kids have a great chance to actually be ‘adult’.
In uncertain financial times, sticking to a budget, living within your means, paying down debt, and supporting adult children can be a challenge. Don’t let money dilemmas daunt you. Face money smartly, and you up your odds of living happily.
Which Health Insurance Provider Should You Do Business With?
Illness and injury can happen at any time. Every person gets sick occasionally. There is also a good chance that you will need surgery at some point in your life. If this is the case, it is vitally important that you have a good insurance company that will cover the cost of your surgical procedure, treatment and medication. These things can be very expensive. The cost of medical care could leave you financially drained if you do not have health insurance to help cover most of the cost. You probably see ads for health insurance companies every time you turn on the TV. How do you know which one of these companies is better than the rest? There are some specific things that you can look for. Here are some useful tips that will assist you in selecting a health insurance provider that is right for you.
1. What will the monthly premiums be for the health insurance plan that you are interested in?
The reason that you are getting health insurance is to prevent you from going broke if you get sick or injured. Therefore, it is very important that you choose a provider that will not charge you premiums that you cannot afford. The good news is that there is a ton of competition in the health insurance industry. This is very helpful to all people who are in need of a health insurance provider. These companies will do practically anything to get new customers into the fold. This means that you can have them competing against each other for your business. See if they are willing to negotiate the cost of the insurance plan. Tell the providers what their competition is charging. This might cause the provider to give you a better deal on your coverage than they otherwise would. You should also inquire about any special deals that the provider is offering to attract new customers. Do not simply accept the first price they give you.
2. Consult with some of the people in your life and learn about the companies that provide their health insurance coverage.
You should speak to people you trust before you make any big decisions where your health insurance is concerned. You will certainly know many people who have health insurance. Therefore, you should interview several of these people about their coverage. Find out as much as you can in an effort to determine if any of their providers are right for your particular healthcare needs. You should find out what is included in their plan. How much do they pay each month? How much does the insurance cover for doctor visits, medication and surgical procedures? You can also ask yourself “Is there an Accident attorney near me?”. You can then take everything these people tell you into consideration.
3. Does the health insurance company have many options to choose from?
The best companies in the health insurance field will be able to customize plans to cover the needs of their customers. Health Insurance Innovations is an example of a company that can do this. The customers of Health Insurance Innovations have a wide variety of coverage options that are available to them. This means that it is very easy to find specific types of coverage that can be selected and put into your policy.
Does James Allen Live up to All the Positive Reviews?
When it’s time to buy a diamond for yourself, your significant other, or as a gift for someone you really care about, you obviously want to buy it from one of the most trusted sources you can find. Otherwise you may end up buying a fake diamond and no one obviously wants to do that, right?
James Allen originally started his website in 1998. In fact, you can look at him as one of the original e-commerce pioneers in the diamond space. He’s one of the first to put a website online to begin selling diamonds to the public all across the world. And his reputation in this industry is amazing, so you should feel confident every time you purchase a diamond from the site.
Why Is James Allen.com Better Than Other Diamond Selling Websites?
This website really stands apart from the competition because they’ve gone above and beyond to use video technology to make it easier than ever to buy diamonds online. With high definition video, magnified photographs, and their 3-D engagement ring setting visualizer, it’s absolutely simple to purchase a diamond online and know that you’re getting a high quality, top level diamond that you can afford from a trusted source.
In fact, there are so many amazing features to this website that we’ll have a hard time covering them all. But we’re going to look at the best features in more detail below right now.
Real Photos and Videos of Actual Diamonds in Their Listings
The main reason we like JamesAllen.com is their authenticity and transparency in all that they do. In fact, so many people are enamored by this website because they have a wide range of diamonds and a number of different settings to offer, which would seem to make it difficult to create so many videos and images, yet they share them for each and every one of the diamonds they have for sale.
They do not use stock images. They are known for photographing every single diamond that they have for sale. They are known for also capturing them in high definition video. So you can examine the diamond that you are actually going to purchase online, through high definition video, without fear of eventually getting shipped a different diamond.
This makes the online diamond buying process easy, exciting, and it lets each customer know exactly what they’re getting. You can’t go wrong with a setup like this.
Customizing Jewelry on JamesAllen.com
Many people appreciate the value of customized jewelry, and rightfully so. You’re in luck because the James Allen jewelry customizer on their website is absolutely amazing.
By using this customizer, you can pick the specific details of the jewelry if you do not like the technical recommendations. Instead of choosing a recommendation by the jeweler – which isn’t all that bad – you can customize your piece specifically for you or the person you care about the most. This is an excellent option that most people truly appreciate.
Conclusion
Clearly, JamesAllen.com understands diamonds, understands their customers, and has put together a website completely beneficial to everyone visiting to purchase a diamond or jewelry.
Would You Go Into Debt For a Smartphone?
Take the new iPhone and the new Samsung, for example. Apple and Samsung both plan to charge $1,000 for their latest phones. Not to anyone’s surprise, there are plenty of people that will go out and buy it (and possibly go into debt doing so). However, it seems cell phone makers may have some trouble from their largest consumer base: millennials.
A recent survey of 1,015 people (ages 20 to 35) showed that millennials may refuse to spend $1K on a smartphone. The study, which aimed to uncover factors that influence the buying habits of millennials, found that 68 percent of individuals in that age group plan to spend $500 or less on a smartphone.
The number is even lower for Samsung users. Samsung-loyal customers reported that they planned to spend $300 or less on their next smartphone. Only about 14 percent of millennial smartphone users said that they would pay more than $700.
On top of that, 57 percent of millennials said that they would wait for some kind of discount before considering a smartphone purchase. Twenty-one percent of millennials will wait for some kind of promotion or incentive to be given (freebies, etc.).
One main discovery that resulted from this survey is that millennials are loyal to brands (and possibly to a fault). Eighty-nine percent of those who responded to the survey said that their next phone would be the same brand as their current smartphone. For many that will mean ponying up $1,000 though, which millennials just won’t do.
So, what does all that mean?
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Well, millennials may have to make a choice between budget and brand loyalty because it doesn’t seem like cell phone makers are wavering on the $1,000 price tag. Essentially, cell phone makers maybe have to come up with some additional incentives and discounts for their millennial buyers to get on board.
Personally, there is nothing in this world that would make me pay $1,000 for a cell phone (unless it was going to make me money). There are a million things you could do with $1,000 that would better benefit you financially. For instance, take the $1,000 and place it in the stock market or pay off some debt.
After chatting with a few friends, I realized I’m not the only one that thinks this way. Only two out of 10 of my friends said that they would pay the $1K. The rest said they’d either wait for the phone to decrease in price or wait for some sort of incentive. (The two that said they’d buy it would also be taking on monthly payments on the phone.)
How valuable is your smartphone? How much would you spend on the next one? Most millennials wouldn’t spend more than $500, which, if I’m honest, is probably for the best for millennial finance as a whole.
Photo: Digital Trends
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