Final Week!! Week #8

Ladies, we are here! The final week of our financial fast. So this week I challenge you to find "free" money. I know you are thinking "Girl, that's impossible", however there is free money out there and we are going to find it.

1. Find out if your employer will match your 401k plan. Many times if you contribute a certain amount towards your plan, your employer will match that amount. Contact your Human Resources department for more details. That is free money!

2. While speaking with a representative of my Credit Union, she begin giving me information in regards to purchasing CD's (certificate of deposit)for Ashayla. If I purchase a $25.00 CD today, it will be worth about $44.00 in 12 months. That is free money.

3. Coupons are actually free money as well. There are a lot of coupons out there, especially online. I recently had to purchase bathroom rugs(mine shredded in the washing machine). I went to JCP's and they had a 50% off sale. My total was $36.00, but after I presented my $10.00 off coupon(printed off line) my total was $26.00 for 2 very nice rugs! I had budgeted $40.00! I felt really good about this purchase.

So ladies, let's find free money and let us all know where to look. Post your comments and suggestions about other great finds!

Cutting Your Grocery Budget-Week 7 budget

Okay ladies if you currently have 2 teenagers in your home like me, you understand that your grocery budget can often get out of hand quickly. It seems as though your groceries are only lasting in your home for about 3 days. I just cringe during Spring Break, Winter Breaks and the Summer Break because we never have food in the house. My teenagers will eat cereal in the middle of the day!

Not only am I being hit by my teenagers, but the price of food have increased greatly in the last few years. If you currently spend $100.00 on groceries, you will only leave with about 5-6 bages of groceries. A few years ago, that would have been about 8 bags of groceries.

So our challenge for week #7 is the cut our grocery budget by 10%!! I know that is a lot, but we can do it and I am not sure about you, but I NEED to try. So here are a few tips to help slash your grocery budget and put more money in your pocket.

1. First, Actually establish a monthly budget.- In order to accurately track what you spend per month, you need to keep track of your monthly grocery bill. Review your checkbook or bank statement and add up your grocery spending.

2. Set a goal for your new budget. If you are currently spending $1000 per month, try to spend only $900 on food this month. That is only a $25.00 a week cut.

3. Plan a weekly menu plan- making a food plan is not hard it just requires a little of your time. You can find online websites that can help you plan a weekly menu and print a shopping list as well. I use www.allrecipes.com for my menu planning and shopping list. It works great.

4. Make a shopping list and stick to it-I believe a few of us are doing that during the fast. Only purchase needed items. Watch out for items at the end of the aisles, they are there for a reason.

5. Use coupons! I registered at http://www.coupons.com/ and I save at least 5-7 dollars on my shopping trip. You can find a lot of coupons online for free. One caution is to only use coupons for the items that are needed and that you currently use. You can easily get "caught-up" and start trying new items.

6. Lastly look at prices before you buy. Sometimes the bigger, "on-sale" item is not the better buy. Check the prices of the smaller item and make sure you are getting the best deal.

If you have other suggestions to saving, please post under the comments.

Let's stay in the race ladies.

Late, Late, Late- Challenge week #5

Okay ladies the only time it is okay to be late is when you are married and WANT to have a baby!

So, this week's challenge is about checking our late fees!

I am sure that at one point or another we all have forgotten to pay a bill, or you looked at your banking account and you simple did not have the money to pay the bill until your next pay check which is 2 days AFTER the due date. Then, when you are able to pay, now you have an additional $20.00 to pay for late fees. Some credit card companies have no grace period and they charge up to $40.00 for late fees.(just crazy). Now a days even, utility companies charge late fees, depending on your balance.

I have started to really look at late fees. Various accounts, such as phone or cable may charge only $5.00 per month for late fees, but that is $60.00 a year. That is a nice "trip to the spa" money. So ladies your challenge is to look at your accounts and find out how much you are spending on late fees a month. Let's try to at least cut that in half! Hopefully, we can elimanate late fees all together. This will take time so have patience!

So here are a few tips to help avoid late fees:

1. Change your due dates. I sat down last month and changed the due dates for 5 bills that I have. All you have to do is call the company and ask to change it. The only account I have that did not change was Target. If you get paid twice a month, put your due dates around your payday.

2. Organize your bills. Keep all bills in one place and in order by due date. This will help you to quickly view and pay your bills.

3. Use your online bill pay service. You can actually sit down and pay all of your bills once a month. You can schedule your payments out for a month to assure that they are received on time. Just make sure you keep track of your spending!

4. Sometimes if you call a company and say "Hey, I am going to be a few days late" they will waive the late charges for you.

So ladies, let's avoid this unnecessary waste of late fees! Any other suggestions!

Week #4 Challenge-Let's Look Inside

Okay everyone, we have made it for 4 weeks. I don't know about you but I am feeling great about my spending habits. I have been able to save a bit extra in my savings accounts and I paid off a bill today! I never really realized(or perhaps I didn't want to know) how much money I was spending a month on NOTHING. I really had nothing to show for the things that I purchased. I could easily make a $120.00 trip to Wal-Mart, a $75.00 trip to JCPenny's, and $100.00 to Winco(with food already at home) in one weekend,this really adds up. Then I was wondering why, when I wrote out my bills on paper, I have enough money, but in reality I was not factoring in my impulse spending.

After Kathy's great blog on emotional shopping. Our week #4 challenge will be to take a good look inside ourselves and ask; How and why did I get here in my finances. Is there an area in my life that God needs to heal? Am I attempting to sooth my pain with material "Things". Often, when one area in our lives is out of control, we cling to the things that we can control. For example, when our marriage/relationship is not working out or at a rocky point, we cling or start "over controlling" our children. If our place of employment is out of balance, we become very strick at home.

Personally, when I didn't feel good about my body, instead of working out and making a lasting change, I would go buy a cute outfit to cover up the flaws on a temporay basis. Also, I would find myself purchasing items for my children(Ashayla needs new jeans), but in reality I wanted my children to look at me as a great mom. This spending had to do with my emotional issues and not their needs.

When we started this fast, several ladies told me "I can't do that". So does that mean they don't want to have control over their spending or is it that they don't want to deal with the reasons why they are spending.

That is why I am so proud of you ladies and myself. We are doing this and learning about ourselves. I don't know about you, but this fast is causing me to take a look at other areas in my life. So let me hear it ladies, Why are you spending? What are you covering or hiding?

Challenge For Week #3

Happy Monday Everyone!

I can honestly say that when I started this financial fast I never expected that so many ladies would join in with me. I am so inspired by all of you ladies. And just reading your emails, receiving telephone calls and talking to you at church and other places have been just awesome.

The changes that are taking place in our lives are great. I am now so conscious of the way I spend my money. I know that God requires me to be a better steward over the money in which he has given me. The changes that have taken place, I pray would continue with me and that when the calendar hits March 1, 2010 @ 12AM, I don't return to my old ways. I want change that last.

So here we are at week #3. This is going to be a tough week for most of us. The newest is wearing off and reality is setting in. It is known that it takes 21 days to form a habit. Therefore, this is our week to make change that last and to make spending with a conscious a way of life for us.

If you have fallen off the train, get up, dust yourself off and let's start again. You can do this!

Our challenge for this week is to review all of your expenses and see if there is a way to save more money. Such as Direct TV, (too many channels), Cell phone plan (too many minutes), insurance, home telephone and any other ways that you can save.

I recently added my 17 year old son on my car insurance(Yikes). I asked the representative if she was crazy, when she told me the price. I was elgible for a few discounts, but the price was still pretty high. I called back and spoke to another rep. and she was able to give me an additional discount of $400.00 off my premium. It was an occupation discount(who knew??). Just take a few minutes, call and ask if there are any additional ways to save.

Remember this is your money, so shop around for better deals. Especially if your contract is over.


Have A Great Week!

Top 6 Mindless Money Wasters

Most people will say they are interested in saving money. Money saved from one area can be spent in another area. Or even better, the money can actually grow as an investment for the future. But despite the benefits of putting some money away, most people take a passing interest in actually doing it. As young adults, they don't think much about retirement; then, as adults, credit card debt becomes a way of life.

But the tough economic times that hit the U.S. in 2007 through 2009 were a wake-up call for many people, causing the public's view of saving to shift. If you'd like to make regular saving a part of your life, read on to find out how to conquer the first step: finding that extra money.

You can begin by paying attention to these top money wasting activities.

1. Convenience Stores

Many people don't think about the mark-up they pay for convenience store items. Here's a hint: it's huge. This is because these stores don't purchase food in the large quantities that a grocery store does and also because they make you pay more for the convenience they provide. So, unless it's an emergency situation, avoid shopping at convenience stores. The premium you pay for convenience is not worth the assumed convenience you get. For example, a Coke at a convenience store might cost you a dollar, while you can go to the grocery store and buy a 12 pack for $4. If you tend to pull over for a drink, buy a 12-pack and keep it in your car. If you visit convenience stores often, the annual savings of cutting out these visits can be tremendous.
2. Cell Phone Plans

Take the time to check your monthly cell phone bill - you may be paying more than you need to. If you are using fewer minutes than your monthly plan allows, switch to a lower-rate plan. If you are using more minutes than your monthly allotment, then upgrade to a higher minute plan. Before making any changes to your plan, sit down with a list of your cell phone company's offerings and compare and determine which plan provides the most value based on your needs. Most cell phone companies charge 40 to 50 cents per additional minute, so going over your allowed minutes by 100 minutes one month will cost you $40 to $50 in that month alone. With many minute plan upgrades costing $10 to $20 a month, they'll easily pay for themselves.

You should also scan through your cell phone plan for added features like text messaging and mobile internet. If you aren't really using these features, get rid of them - they're costing you money each month!

3. Soft Drinks

This one is a sneaky money waster. Not only does ordering beverages along with a restaurant meal boost your total expenses, but soft drinks also have one of the highest markups of any restaurant item, and thus provide lower value for your money. Consider a typical family of four that eats out twice a week at fast casual restaurants (typical for a middle class family even today). Assuming an average price of $1.50 for a fountain soft drink, that totals $12 a week, $48 a month, $624 a year. Just cutting out this one item from your meal could mean significant savings that could go into something much more productive, such as a retirement savings plan. If you invest $624 at the market average of 9% a year every year, you would have almost $32,000 at the end of 20 years. So dine out, but opt for water!

4. Unnecessary Bank Fees

Many people unknowingly pay a lot to their banks in the form of fees. If you don't know what fees your accounts are subject to, spend a few minutes finding out. Some banks charge ATM fees for using another bank's ATM, for example. These can be as high as $5! This amounts to a 25% one-time fee for a $20 withdrawal. The key with this type of fee is simply knowing about it. You would be better off using a credit card to make the purchase.

Go back and examine the rules governing your checking and savings accounts. Many people have accounts with a fixed number of withdrawals and deposits per month. You would be better off with an account maintenance fee of $10 a month than getting hit with two or three different fees a month.

Also consider consolidating bank accounts, as often one account with a larger minimum can eliminate numerous fees that might otherwise exist.

5. Magazines

If you're the type of person who likes to occasionally pick up your favorite magazine from the local grocery store or newsstand, consider getting an annual subscription. Even if you don't want the magazine every month, a couple of issues at the newsstand are enough to cover the entire annual subscription. For example, a 26-issue subscription to Forbes Magazine will cost you less than $25, while one issue at the newsstand costs $5.

6. Annual Credit Card Fees

Unless you have a poor credit history, there is no reason to pay annual credit card fees. A host of Visa, MasterCard and Discover cards have no annual fee, yet many people pay up to $100 a year for the privilege of holding a credit card. Unless you're an ultra-wealthy, exclusive holders of an elite-level credit card with exclusive perks, most people should not be paying annual credit card fees.

And speaking of credit cards, make sure you make a payment on time every month, even if it's the minimum. Many credit cards charge $39 monthly late fee charges, charges which accrue interest along with your existing balance.

Be Proactive

Spend a couple hours and go over the above categories along with any other regular habits you may have accumulated over the years. The time will be well spent as it could mean hundreds of dollars of recurring annual savings.

by Sham Gad

Setting S.M.A.R.T. Goals Sheya

S.M.A.R.T. goals are:

1. S-Specific -- Your goals should be detailed, rather than vaguely stated or half-thought-out. They should also be complete and at the same time not bundled with other goals. Each goal should be a single, clearly outlined step in the process.

2. M- Measurable -- Your goals should include clear metrics that let you know when you’ve completed them.

3. A- Attainable/Appropriate/Actionable -- Your goals should be something you can actually achieve, and not something that depends on luck or someone else’s actions. They also need to be a good fit for your passions, values and strengths. And they need to be something you can take real action on, not just a free-floating idea or emotional state.

4. R- Realistic – Your goals should be within the realm of the possible. It should also be goals that you can achieve in a healthy, sane manner.

5. T- Timely – Your goals need to be something you can do now, not later. And they need to have a definite starting and completion date (unless the end result is an ongoing habit).

Week #2 Challenge- Know Your Status

Hello ladies,

Okay we are now in week 2. We have had some great updates and we are making wonderful strides towards becoming women of integrity in our finances.

So our Week# 2 challenge is checking your credit report/profile. Your credit score affects the interest rates you're offered on credit cards and loans, and in some states may influence your insurance premiums. So your credit report, which determines your FICO score, need to be up-to-date and correct. I checked my credit report a few years back and found 2 accounts on my profile that I was not aware were there. These negative accounts caused my FICO score to go down. I was able to get the information corrected on one(my insurance actually paid it) and I paid the other account. It made a difference in my score.

A score of at least 720(the range is 300 to 850) earnes you a gold star. We all want Gold Stars ladies. I always tell my son, you can not have money, but if you have good credit it will take you far!

If you have not checked your credit report within the last year, here is what you need to do TODAY! Go to annualcreditreport.com to get your free credit reports from the 3 credit bureaus: Equifax, Experian, and TransUnion. Every year, you are able to receive one free report from each credit bureau. This transaction is free, so if a site asks for a credit card to receive a report, you are in the wrong place!

Print out your report and review it carefully. If there are items that you are not aware of, investigate it. There are helpful hints on the credit bureaus' websites to help increase your FICO scores.

You will have to pay to receive your credit score. If someone is offering this for free, it is a scam. Your credit score is a charge, however it is worth the money to know your status. The cost is about $16 dollars.

Just fyi, there are no quick fixes for your credit. If you pay off old debts and pay your bills on time and your score will increase. It takes time. But do not ignore your debt, because it will only come back to haunt you later! Can I get an AMEN!

No More Bounce

Reality is that many of us are living from paycheck to paycheck. There is no room for error or unexpected events in many homes throughout our community and the world. So, what happens when you bounce a check or take more money from your account than you have in there? I can tell you what happens, a chain of events that can take months to recover from because the fees and charges become overwhelming. Your "clearance" must have $30.00 skirt, after fees cost you $80.00! It is therefore important to have some ways to avoid these fees altogether.

Here are a few suggestions to stop those overdraft fees!

1. Balance your checkbook so you know your status. Make sure to enter all of your checks and deposits. Don't forget to add your ATM or debt card transactions.
2. Try to pay your bills online or use your bank's bill pay service.
3. If you run out of funds, temporarily, check with your creditors. It may be safer to hold off on paying a bill for a few days (if possible) than to write a bad check. A late bill may result in a fee, but a bad check can result in a fee and ruin your credit standing for a long time
4. Consider obtaining checking account protection. Many banks will offer this for a fee. Ask your bank about their terms and costs, which may be based on the number of overdraft transactions you have, or their amounts.
5. Try keeping a $100.00 or $50.00 "cushion" in your bank at all times. Don't record this money and try to act as if it's not there.

So ladies, stop paying overdraft fees. This is wasted money that we can't afford. Let's make a declaration right here and right now:

NO MORE OVERDRAFTS!

Be Blessed!

Week 1: Getting Started!

Okay ladies,

Here we are in week one of our Financial Fast. I can feel the freedom in the air!!! I am so proud of all of you! YOU ROCK.

I want to take time to encourage you to stay motivated and stay focused. This maybe easy in the beginning, but will get harder for some. So we must keep our minds on our goals and watch out for temptations.

In order for this to work, we must have accountability. So, I want you to find someone (friend, husband, co-worker, children) to help hold you accountable to this fast. If you are married, TRUST ME, your husband will be MORE THAN HAPPY to hold you accountable to this fast.

I will be sending out information and helpful hints to help assist you through this fast. We have about 30 women that have committed to financial freedom.(YEAH!!)

Now, let me share……….My first trip to Wal-Mart. Okay, I went to Wal-Mart with my husband the other night. I needed trash bags. Normally this trip would cost me at least $75.00 of items that I didn't need and never intended to buy. As I was walking through the store, I picked up picture frames, new scented candles, new lotion(just wanted to try), bath towels and a few other items not on my list!! But I remembered my fast and put them all back. Instead I only purchased items that I NEEDED! Trash bags, bathroom tissue, panty hoses and my total was $19.35! Now, it has been about 2 years since I have only spent that amount of money in Wal-Mart. I felt really good leaving the store.

This morning, I woke up 15 minutes early, fixed my lunch and had time to "think" before waking up children and getting rolling. It really helps.

I am so excited about this fast.

If you have great tips, please share. And email me your stories and challenges and how you are going to be successful at this fast.

Be Blessed.

A Challenge for 2010!!!

Okay Christmas is over, and hopefully your credit cards have cooled off and your checking account can rise above a $25.00 balance! We have all set goals for 2010 to live healthier and spend more time with our families. But what about our wallets ladies?! (and men). We must have balance - figuratively and literally - in our lives. No longer can we ignore our wallets and our low balances in our checking accounts and over spending time and time again. Financial "imbalance" is often linked emotional spending. Emotional spending is linked to emotional health and fulfillment. So let's get healthy!

My challenge for January and February is to stop the unnecessary spending! I know you are feeling warm and having heart palpitations right now, but trust me ladies, you are not going to die if you don’t purchase your 4th pair of black boots in January. So here are the rules:

• You may not use ANY credit cards for the month of January and February.
• You can only spend $25.00 on entertainment for the month-Yes $25.00. That is one movie, stay home and go to the Redbox.com for the dollar movies, play the Wii, Be creative
• No unnecessary purchases such as clothes, shoes (even clearance items), new makeup, extra items at the nail salon.
• Write down all of your spending, bills and balances and "know your status"! (Suze Orman)
• Balance your checkbook at least once a week.
• You may only eat out twice during the entire month for dinner. And only eat out 1 time a week for lunch.
• Spend extra time with family.
• Start saving money and begin paying extra on credit card bills.

I hope that we all are able to commit to this challenge. Even if you have total control over your finances, you can still do this “Financial Fast” with the rest of us. Let’s encourage each other and blog about our changes and the journey. Okay, who is in???