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Posts Tagged ‘budget’
Ah, late January… a time of colder temperatures, snuggling around a warm fireplace…and December’s credit card bill waiting like a bomb in your mailbox.
Nightmare!
Did you overspend during the holiday season? If not, many people you know made up for you. According to this Bloomberg Businessweek article, consumer debt rose more in November of last year than it had in 10 years.
Although analysts call this a “good sign” for the economy, doesn’t this statistic frighten you? Weren’t we just talking recently about many people losing their homes because of too much debt? People in the arts, especially, shouldn’t take on debt they can’t afford. In many cases, our income streams bounce around enough that we shouldn’t be spending next month’s paycheck that may never arrive.
But, if you overspent over the holiday season, there’s nothing to do now but clean up the mess. It won’t be easy, but with a good plan and the right tools, you’ll be back on your financial feet in no time. Here are my four steps to curing your credit card hangover: (more…)
Posted in Credit Cards, Debt, Goals, budget | No Comments »
Posted by Miata | January 26th, 2012
If I were forced to choose one time of year that was about making smart choices, it’d be hard to choose against this one. What should you wear to the next holiday party? Who should you invite to a gathering you’re holding? How much should you spend on gifts? Probably the biggest one of all is this: what should you eat?
I was out with a friend recently for lunch and as she perused the menu, I heard her mumble, “Oh, that looks good, but I want that cake!” I felt a bit envious because if I eat frosting at noon, I’m struggling to stay awake by 2:00 PM. But I was surprised when the waiter arrived and she ordered a healthy salad and water.
She never ordered cake.
I asked when the bill arrived, “You aren’t getting the cake?”
Her answer was surprising. This healthy, fit woman told me that she was on Weight Watchers. She enjoyed this particular program because it was less about diet and more about making wise choices. She hadn’t been talking about the cake from that restaurant’s menu. Instead, she was already thinking about the awesome cheesecake a woman was serving at a holiday party we’d both be attending later in the week.
In short, she was making choices today that would affect what she was going to eat in the future.
If you extend this type of thinking to your whole life, powerful results are right around the corner. (more…)
Posted in Saving Money, Savings, budget, money plan | No Comments »
Posted by Miata | December 1st, 2011
Miata,
I know I shouldn’t tell you this, but I really don’t have time to sit down and write out a  complete budget! I know, I know, it’s horrible. Could you give me some quick tips to keep track of money without writing it out?
You probably know how I’m going to respond… The bad news is that until you take the time to write out your expenses, it’ll be impossible to make real, effective changes to your budget. There is a slice of good news, though. We can speed up the process of budgeting to make it easy until you find time to attack your budget head-on.
- Use a website like Mint.com to help you budget on-the-fly. You can link Mint to your checking account so that it gives you a quick rundown of how you spent cash. The best news? Mint lets you set parameters to warn you when the checking account is worse off than you’d wish. Don’t want to use Mint or another similar site? Many banks are adding robust budget tools. Check with yours to see if this’ll make it easier to keep track of your spending.
- Communicate regularly with those who share your budget. If you’re married or setting goals with a partner, schedule time to review bills, investments and upcoming big ticket expenses. You won’t regret it. For many families, this single act allows them to effectively plan because everyone is on the same page regarding how money should be spent during the week.
It’s understandable to feel overwhelmed by the prospect of creating your budget. But I promise it really doesn’t have to take that long. Check out Artist’s Prosperity 101 for a clear and affordable program that will take you step by step through the process of getting completely financially organized. You’ll create a strong financial foundation - including a budget - in just 4 weeks of extremely manageable actions!
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Posted by Miata | November 22nd, 2011
I was watching an extreme coupon clipping show last night. How easy is it to find these discounts and pay next to nothing for groceries?
-Julie
Hi Julie! It isn’t easy, but as the people on these shows prove, it’s not impossible. Before making a purchase, try a simple Google search on the item and you’ll be shocked to find how many discounts are available, often from the item creator’s own website!
True extreme couponing is pretty involved. First, find double and triple coupon shopping days at your local store (it may be best to shop on these days anyway, if you become a diligent coupon clipper). Second, search for coupons that allow other discounts to be tacked on. Third, hunt down several coupons on the same item to bulk purchase when you find a good deal. You’ll want to stock up on great buys to avoid higher prices later.
Track store sales. Here’s where the extreme coupon hunters score big wins. They’ll find a sale on detergent at a store and combine the sale price with a manufacturer’s coupon. On extreme couponing shows, these crazy hunters will use double and triple coupons plus store sales to create nearly-free shopping trips.
But do remember that coupon shopping can be dangerous. If you aren’t a careful shopper, you may end up with a basement stocked full of goods that you didn’t ever intend to buy. If you weren’t going to use it, don’t make the purchase just because you have a nice coupon.
Posted in Income/Expenses, Saving Money | No Comments »
Posted by Miata | September 29th, 2011
 I was out to dinner the other night with some friends and we were laughing about the questions strangers will ask as soon as they find out your profession. One friend who is a doctor – always gets a medical question. Our lawyer girlfriend is often asked whether certain (sometimes dubious) behavior is legal. Me? When I tell folks about Abundance Bound I can pretty much count on being asked for “just a few simple tips” on how to save money.
And truthfully – even though I’ve been asked in some strange places (waiting for a taxi at the airport, during the intermission at the opera, and even on line for the restroom…) this might be my favorite question! There are so many ways to save. Everyone’s situation is different, which can make it difficult to hone on in a few generic tips. Still, here are some ideas that help many people:
If you’re looking to save a few dollars:
- Focus on the grocery store. Between better coupon clipping, being conscious about where you shop, paying attention to sales, and eating out less, you can save a significant amount of cash. In 2010 I cut $2400 off of my family grocery total for the year just by changing the store where I purchase all of our produce!
- Shut off lights and sprinklers, and unplug utilities when you aren’t using them. Utility companies offer budget plans, which allow you to pay the same amount every month.
- Bike or walk if possible instead of driving. Do you know that over 44 percent of all car rides are less than two miles? As gas prices rise it bites more and more into the budget. Are there places you could get to easily without taking the car? If so, you’ll receive a triple benefit; first, you’ll save money on gasoline, but you’ll also feel great about helping the environment AND getting out exercising. (more…)
Posted in Debt, Saving Money | No Comments »
Posted by Miata | September 26th, 2011
Ah, September…the month leaves begin to change from green to shades of red and yellow. Sounds of fall sports and school buses fill the chilled autumn air. And my thoughts turn to the holiday season and the pageantry, colored lights, office parties, family and a new year upon us.
Huh? Are we still talking about September?
Getting your financial house in order is about planning for the future. One single month of the year causes my clients more financial pain than any other. More money is spent, more credit card debt is created, and more savings take a big hit. That month is December.
But NOW is the time you can do something about it. (more…)
Posted in Debt, Newsletters, Saving Money, money plan | No Comments »
Posted by Miata | September 8th, 2011
 Owwww!!! You spend and I suffer??? CONGRESS appears to be nearing a fight about debt. I don’t want this to be a political discussion, but often current events can help us look at our own financial picture more objectively. Some members of Congress assert that they will not allow the United States debt ceiling to rise. Others, recognizing the huge gulf between the amount of money available and the amount that needs to be cut in order to balance the budget, seem willing to talk about cuts but want a more reasoned approach. However it ends, this fight is long overdue. Imagine if you managed your financial house this way, constantly adding new debt without a plan to repay it?
Long time readers of this newsletter know that I’m on a mission to free the creative community from the pain and stress of out of control debt. I’ve watched more people’s dreams crumble under the weight of debt than from stock market declines or rising health care costs. Debt can bring a person to her knees quickly. Just one more credit card can be the tipping point between financial solvency and ruin.
But what happens when you must take on debt? What if there is no other way?
(more…)
Posted in Credit Cards, Debt | No Comments »
Posted by Miata | January 13th, 2011
 PHILOSOPHER GEORGE SANTAYANA SAID, “Those who do not remember the past are condemned to repeat it.” That’s why, at the end of the year, I like to study the past twelve months and ask myself, what is it that I learned? Some years the answers to the question are easy, like in 2000, when the obvious moral was that the stock market doesn’t always skyrocket. In 2002, we were lucky to learn that the inverse, stock markets don’t always plummet, was true. Other years are more difficult, but if you dig, each twelve months you’ll find plenty of learning nuggets buried in the headlines that you can carry into the next year and beyond. 2010 is no exception. Although it wasn’t a year with brilliantly shining financial stories, there is plenty to remember.
Here are my top five 2010 lessons, in descending order:
5) Home ownership is difficult (still). According to RealtyTrac, one out of every 389 homes received a foreclosure notice in the month of October. Banks are still uneasy about loaning money to people for home purchases, and with good reason. If you own a home, having a good cash reserve, a low amount of debt, and a consistent income stream are all vital to maintain your mortgage.
(more…)
Posted in Debt, Identity Theft, Income/Expenses, Investments, Taxes | 1 Comment »
Posted by Miata | December 16th, 2010
 We warned you... Go to Six Flags and you're bound to lose some dough. Some of us like a good roller coaster ride. That feeling in your stomach as you look down the big hill. The realization that you’re voluntarily about to do something really, really stupid. It gives you a rush unlike many others.
However, I don’t think anyone wants that exciting, seat-of-your-pants rush with your paycheck.
Sadly, roller coaster income seems to come with the territory for many of us. How do you control your income stream when it’s difficult to predict what money is going to come in next week? How do you maintain a budget when you aren’t sure what the next pay day will bring?
Much like quality acting demands discipline and preparation to create a performance that appears spontaneous, maintaining your sanity with gyrating income requires you to perform a few steps so that your money can work on autopilot. With your money system in place, you’ll be better able to ride the ups and downs of pay days without having that pit in your stomach that the rent is due and you’re not sure where the money is going to come from.
Here are the basics…
(more…)
Posted in Income/Expenses, Savings | No Comments »
Posted by Miata | August 26th, 2010
 Budgets? Neigh, I say. Don't be an ass! You’ve decided it’s time to take control of your money. Bills keep piling up, creditors incessantly call, and now you know it’s time to start. Sound familiar? You aren’t alone. Over fifty percent of Americans have some credit card debt. The housing crisis still isn’t over. The unemployment percentage hovers around double-digits.
Many of us need to grab the reins and find a plan.
Where to begin, though? How do you start turning pennies into dollars, and dollars into ten dollar bills? Here’s step number one:
Let’s get the word out the the way. The dirty “b” word.
Budget.
(more…)
Posted in Income/Expenses, money plan, organization | No Comments »
Posted by Miata | July 29th, 2010
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