Think Your Way to Wealth » Holidays

Happy New Year

RC — Sun, 02 Jan 2011 01:31:21 +0000

Happy New Year from Think Your Way to Wealth!!

Best Wishes and Good Luck with all of your endeavors (especially money related ones) in 2011!

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Using SMART Goals for Personal Financial Resolutions for the New Year

RC — Fri, 31 Dec 2010 10:30:48 +0000

Since the new year is almost upon us, many people have New Year’s resolutions on their mind. Typical resolutions include quitting smoking, losing weight, and personal finance or money management resolutions, such as:

Paying off debt
Saving more for retirement
Budgeting better or better money management
Becoming more frugal/spending less money,

and a whole slew of others.

The problem with many New Year’s Resolutions, particularly with regards to money management, is that they are frequently vague in nature- which often leads us to fail.

What do you mean when you say ” I want to pay off my debt?” A general resolution like this one often leaves a lot of information out. It leads to a lot of questions, in fact. How much debt do you have? When do you want to pay it off? How will you accomplish your goal? How will you keep yourself accountable? And so on.

Without defining a resolution (or problem) and creating a plan of attack our goals can easily fall by the wayside, and end up getting put on the list for next year’s resolutions! Obviously, no one wants that to happen, and developing SMART goals for resolutions can help.

SMART stands for Specific, Measurable, Attainable, Relevant (or realistic), and Time-bound.

S

Specific- The goal must be specific.

M

Measurable-You must be able to measure you progress towards your goals.

A

Attainable-Your goal must be attainable or able to be reached.

R

Relevant-The goal must be relevant, i.e., important to you.

T

Time Bound-The goal must be time bound or have a date for completion.

Taking a look at a resolution such as “I want to pay off debt” through the lens of SMART goals, you could break it down as such:

Specific- How much debt do you want to pay off? Let’s say $5,000
Measurable- When will I make payments towards the debt? Every 2 weeks, when I get paid.
Attainable- Is the goal attainable? You’ll have to look at your budget to see if it is, since you need to pay a certain amount by a certain time-which we’ll cover below. $5,000 may be doable, but $50,000 may not, depending on the time period involved.
Relevant- Is paying off debt relevant or important to you? It needs to be, if you plan on sticking to it.
Time bound- Let’s say you want to pay it off by the end of next year, or December 2011.

After using the SMART acronym for your goal, you now know you want to pay $5,000 off by the end of the year, and you plan on paying on it every 2 weeks, when you get paid, which would be $192.30 per bi-weekly paycheck. Assuming you can squeeze that out of your paycheck, you’ve proved to yourself it is attainable.

Saying I’m going to pay $192 per paycheck towards my debt is a lot more specific than what we said earlier, isn’t it? You can also measure your progress regularly, know it is attainable, are determined to keep it relevant or important, and have a time limit attached to it.

By doing this, you’ve just laid out much more detailed plan for keeping you New Year’s resolutions, and will be that much more likely to succeed.

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5 Ways to Deal with Unwanted Christmas Gifts

RC — Wed, 29 Dec 2010 14:57:51 +0000

I suppose there is a fine line between being an ungrateful gift recipient, and not wanting something to go to waste, and being somewhat frugal/practical. But sometimes, a gift you’ve been given just isn’t right for you- you may already have the same thing, or something very similar, or just don’t think you will ever use it.

Personally, if I’ve given someone something that they aren’t going to use or don’t really like, I’d rather them exchange it or somehow put it to good use rather than it just sitting there cluttering up their house.

It doesn’t always mean it was/is a bad gift- although that avocado green sweater vest you got from your great aunt probably won’t look good on anyone . You may have the same item already, or it may just not be for you.

All kidding aside, if you are not going to wear something, use it, or eat it, my preference is to get rid of it unless it has sentimental value because of the gift giver- give it another purpose, and get it out of your life- someone else may be able to enjoy it even if you can’t– Here are some ways to do that:

The Return/Exchange- If you know where it came from- what store, and even better, if you have a receipt or gift receipt, you can return it or exchange it. Personally, if I was going this route, I’d wait until about a week after Christmas to avoid any post Christmas holiday shoppers and long return lines. Some stores may have restrictive return policies, so it’s always a good idea to check them out before making the return or exchange, if possible.

The Regift- Even if the gift isn’t right for you, you could give it as a gift to someone else. This works best if it is something you already have- a duplicate item, for example, which seems fairly common with kids’ gifts. (Although, if they are like my son, they already know that if they get something they already have they can go back to the store and exchange it for something new!) You can regift it as a late Xmas present or save it for an upcoming birthday or other gift giving occasion. You may get accused of being a regifter if someone finds out like on that Seinfeld episode, but is that really so bad?

Sell it- If it is something someone else might want, you can probably sell it. Either online somewhere like Ebay or Craigslist, or at your next yard sale.

Donate it- If you don’t think you can return it or sell it, consider donating it. It could be useful to someone in need, and you may be able to take a tax deduction based on its value if you itemize.

Give it Away- A last alternative, but still a good way to put something to good use, is to give it away to someone you know who might be able to use it or might want it.

Now none of this means you have to get rid of something just because you don’t like it- obviously, you want to use your judgment, but there are certain gifts you know you aren’t going to use, and it seems like a shame to let them go unused for a few years before you finally end up throwing them out.

What do you do with unwanted or unneeded gifts? Do you just keep it, exchange it, or do you find some other way to get rid of it?

photo credit: arne h

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Merry Christmas!

RC — Sat, 25 Dec 2010 16:52:37 +0000

Merry Christmas !!

photo credit: sarniebill1

Happy Holidays and Merry Christmas, enjoy the holiday weekend!

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How To Save Time and Money on Your Last Minute Christmas Shopping

RC — Tue, 21 Dec 2010 04:20:09 +0000

Well, Christmas is almost here…….

If you’re anything like me, you probably still have some shopping to do…or, all of your shopping to do. While it is good to do your shopping ahead of time, and I know it, I usually end up having one or two things to pick up a few days before Christmas, as I know many people do as well.

I’m not one of those husbands who does all of his shopping on Christmas Eve, although some people do it for fun. Back in the day, I used to see a lot guys with shopping bags stopping off at the restaurant bar my friend used to work at in the local mall for a “victory” drink of sorts, having completed all of their Christmas shopping in just a couple of hours the afternoon of Christmas Eve.

Even if this is your idea of fun, there’s no reason not to attack your last minute shopping with a game plan to save you some money while you are doing it-whether it’s Christmas Eve or a few days before. Here are some pointers that should help.

Make a list of who you have to buy for, and stick to it. It’s important to know who you need to buy gifts for, for starters. You don’t want to have to think of names while you are at the store or mall, because you can easily overspend, waste time, or forget someone. Make a list, and take it with you.

Map out your shopping trip. Knowing who you are buying for is a good start, but it really can save you some time and traffic headaches if you know where you are going -the local mall, best buy, or wherever.

Put some thought into the gifts. Don’t just go out looking for anything you can find, think about the person you are buying for, their interests, and what you think they would like- it may help you save time and money on your shopping trip.

Do some online comparison shopping. Check prices if you know what you are looking for, it could lead you to the right store to find a great bargain.

If you still have time, order online as well. Amazon has two day shipping in time for Christmas delivery until tomorrow (free with an amazon prime free trial as well !) or Wednesday for Friday delivery, as well as discounted 1 day shipping on many items . Many other online shopping sites offer free or discounted 1 or 2 day shipping this time of year, so if they can get delivered to you in time, it could save you some hassle and possibly money- especially if they don’t charge sales tax, for example.

Look for last minute sales. Check your paper for ads or sales flyers to find good deals in the last few days before Christmas. Many store are still putting ads out and having sales every day or so.

Check the discount racks or tables. Don’t forget to check for sale items at the sales racks or discount tables- many stores don’t want to be left with a large surplus after Christmas, so they keep having sales up until the last minute. Even if there are no advertised sales, they may have things at discounted prices to try and sell them before the big day.

Good Luck!

photo credit: Nina Matthews Photography

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Free Amazon Prime Trial for Students and Parents

RC — Wed, 15 Dec 2010 18:23:24 +0000

If you’ve done any amount of shopping on Amazon, you probably have at least heard of Amazon Prime.

Amazon Prime is a program that offers free shipping on all purchases made on the Amazon website, normally for a cost of $80 per year. If you do a decent amount of shopping on Amazon, it can be a pretty good deal. Even if Amazon Prime is not for you, there are ways you can get a free trial to Amazon prime and get free shipping- great for the Xmas shopping season. Amazon Student offers a full year for qualifying students, and Amazon Mom (not just for moms though) offers 3 months- you may qualify for one free month as well.

This is a great way to pick up individual Christmas gifts when you see them at a good price, so you don’t have to have the minimum of $25 in your order to qualify for Amazon’s free super saver shipping, which is also slower.

Here are 2 ways you can qualify:

Amazon Student Program

Amazon Student offers a full year of free 2 day shipping for signing up. Only students currently enrolled in a college or university who have a valid .edu e-mail address to confirm their status are eligible to participate in Amazon Student. See additional conditions at Amazon Student Terms & Conditions for more details.

Amazon Mom/Caregiver Program

Amazon Mom is a program for Moms, Dads, and other caregivers (not just for Moms).

FREE 2-day shipping with Amazon Prime: When you join Amazon Mom, you will receive FREE Two-Day Shipping with Amazon Prime for the first 3 months of your membership. For each $25 you spend within a single order in the Baby store, we’ll grant you an additional month of Amazon Prime shipping benefits. You can earn up to one year from the date you joined Amazon Mom.

Signup for Amazon Mom today.

Also, if you have not used Amazon Prime before, you can probably qualify for a one free month of Amazon Prime, which can be used now for your Christmas shopping as well.

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Martha Stewart’s Thanksgiving Recipes Cookbook- Free Download

RC — Sat, 20 Nov 2010 14:13:52 +0000

Sirius Radio and the Martha Stewart Living Radio are giving away a free download entitled Martha Stewart Living Radio Thanksgiving Hotline Recipes 2010. It contains recipes by Emeril Lagasse, Mario Batali, Wolfgang Puck, and other well known chefs.

It is divided up into 5 sections containing the following:

Soups and Starters
Sides and Salads
Turkey and Entrees
Desserts
Wine, Liquor, and Entertaining

It is pretty big, at 63 pages, and looks like it has some pretty good recipes inside, although it may be a little on the fancy side. If you are looking for ideas for your Thanksgiving meal, it looks like a decent place to start.

I’m not sure how long it will be available, so if you are interested go ahead and download it now.

Download available here

If you are cooking a turkey this year, check out this turkey gumbo recipe you can make using the leftover turkey carcass and meat.

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Happy Independence Day- Benjamin Franklin- Quotes About Money

RC — Sun, 04 Jul 2010 13:05:16 +0000

Ever since I was a young kid, I have been a fan of Benjamin Franklin.

As a polymath, he was known for being an author, printer, scientist, inventor, and political statesman. I found stories regarding his scientific experiments and inventions quite fascinating.

In honor of Independence Day, with Ben Franklin being one of the members of the draft committee that drafted the Declaration of Independence as well as being one of the 56 men who signed the document, I thought it would be a great time to share some quotes about money attributed to Benjamin Franklin- many of which are still used quite often today.

A penny saved is a penny earned.
An investment in knowledge pays the best interest.
Beware of little expenses. A small leak will sink a great ship.
Content makes poor men rich; discontent makes rich men poor.
He that is of the opinion money will do everything may well be suspected of doing everything for money.
If you know how to spend less than you get, you have the philosopher’s stone.
Remember that time is money.
I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it.

Hope you enjoy and Happy 4th!!

photo credit: raggio(ALL4HIM)productions

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20 Thoughtful Valentine’s Day Gift Ideas That Won’t Break the Bank

RC — Wed, 11 Feb 2009 04:12:38 +0000

Whether you have been married to the love of your life for decades, or have just started dating a new boyfriend or girlfriend, Valentine’s Day is one day most of us want to do something special for the one we love. While it’s easy to spend a lot of money on Valentine’s day for gifts, flowers, dinner, or other things, you don’t have to spend a lot of money to give your special someone a thoughtful gift or Valentine’s Day experience.

20 Thoughtful Valentine’s Day Gift Ideas That Won’t Break the Bank

Give the gift of time- make a special effort to spend extra time with the person you love.

Make something- Organize your wife’s recipes into a folder or binder. Take a photo your wife or husband will love and matte it and put it in a frame for them to hang on the wall.

Take over your spouse’s chores for a day-or longer- Give your spouse a “day off” from the cooking, cleaning, or other regular chores. Or better yet, do them for a week. I would love it if my wife took out the trash for a week!

Give them free time- If you have children, offer to watch the kids for a whole day, letting them do whatever they want.

Go out to dinner early early- look for early bird specials, many restaurants offer them regularly, and even more do on Valentine’s day.

Go on out to dinner on another day- Although you may find some good dining deals on V-day, you could end up spending more on Valentine’s Day due to the huge crowds at some places, as it may limit your choices to somewhere more expensive. Consider going on another day.

Go out for a Valentine’s Day lunch- Lunch is almost always cheaper, so you can probably afford to go somewhere even nicer than you would have taken him or her for dinner for the same amount of money.

Go for a walk- Take your husband or wife for a romantic walk somewhere, and bring a bottle of wine.

Plan a picnic- Instead of going out to eat, pack a picnic lunch with some goodies and head out in the afternoon, skipping the dinner out all together.

Go out for drinks and appetizers- to cut back on the full course dinner expense.

Eat in- Another way to skip going out to dinner is to cook a gourmet meal at home.

Give coupons- Not grocery store coupons, of course! Give coupons for a massage, back rub, or other romantic ideas .

Breakfast in bed- Make your valentine a full course breakfast at home and serve it to them in bed.

Make your own card- Spend some time making a nice card, with a personal note written in it.

Pick your own flowers- Don’t take them from somewhere you shouldn’t, but if you have some in your yards, or a friendly neighbor’s yard, pick your own flowers.

Bake something- Bake your partner their favorite dessert or treat.

Write a poem- Write the love of your life a poem, describing how much the mean to you and why you love them.

Make a video, CD, or DVD compilation- My wife is always reminding me to download photos off the camera. Take those photos and put them on a CD or DVD, or take home videos and make a compilation. Or load their MP3 player with some of their favorite songs they don’t have on it yet.

Put together a gift basket- Put together a basket with your wife’s favorite soaps and lotions, or one full of golf accessories for your husband- or other items related to their interests or hobbies.

Take a day trip- Gas is fairly cheap, and if you have a romantic destination within driving distance of your house, such as a beach, the mountains, etc., you can make a day of it.

photo credit: diogo86

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Merry Christmas!!!

RC — Thu, 25 Dec 2008 15:46:32 +0000

Merry Christmas!

Best Wishes and Happy Holidays to everyone!!

My family and I will be spending the afternoon visiting family, after a morning of watching our kids (ages 2 and 4) open presents in a near frenzy.

Hope you are enjoying the holiday season with your family, friends, or those you love.

Enjoy the day and try to relax a little!

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Happy Thanksgiving from Think Your Way To Wealth!

RC — Thu, 27 Nov 2008 16:37:25 +0000

Happy Thanksgiving!

Hope everyone has a great Thanksgiving, and you are spending time being thankful in the company of relatives or friends if you are able to do so.

So chow down on the turkey and fixings, but try not to over do it! I’ll be spending almost all day with relatives on both sides of the family, so it should be a great day.

This evening I’ll post a great turkey gumbo recipe using a turkey stock made from the leftover turkey carcass that I’ll be enjoying tomorrow, so stay tuned and save your turkey bones!

Take care,

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10 Tips for a Financially Stress Free Christmas

RC — Thu, 27 Nov 2008 03:53:01 +0000

When you are a kid, Christmas is probably the best day of the year, maybe even better than your birthday. The anticipation, the holiday traditions, and even time off from school make it a very enjoyable time of the year.

Fast forward 20 to 30 years, and, especially if you have children and other friends and relatives to buy presents for, it can end up being a lot less enjoyable. Even shopping for loved ones can be more of a chore than enjoyable, especially fighting the crowds at the mall or a retail store, or trying to figure out what to give that special someone who seems to have everything.

Even worse, all of the spending around the Christmas season can deplete your savings account and even cause you to go into debt if you are not paying attention. Certainly, when you don’t have a game plan for your holiday shopping, it is a lot easier to spend more than you need to or even should, depending on your budget.

Start planning carefully now

Do you know all of the people you need to buy presents for? What about holiday parties? Do you need to bring a gift for a person or gift exchange, or a bottle of wine to your neighbor’s party? This is one I am always forgetting, and it ends up costing me because I have to run to the store at the last minute and try to pick a bottle of wine or something that doesn’t look too cheap-and I usually spend more than I would really like.

Make a list

Brainstorm and think of everyone you are planning to spend money on this year, and every occasion that you will buy something to bring. OF COURSE, you won’t forget your kids, or your wife or girlfriend, but what about your administrative assistant at work? Does everyone chip in to buy something for the boss? Do you donate money to a charity every year at Christmas time? Write it all down so you don’t have any surprises as Christmas gets closer.

After you write the list, let it sit for a couple of days and re-examine it. Did you forget anyone? If so, put them on it. Leaving off just a few people or parties where you need to bring something can cost you money you don’t think you will be spending.

Check it twice- and eliminate what you can

Go through the list and think about who is on it. Did you forget anyone? Can you eliminate anyone? Will your second cousin Bill mind if you doesn’t exchange gifts this year? Give him a call and find out. He probably won’t because he didn’t really like the fruitcake you were sending him every Christmas, even though he said he did!

Set a budget or spending limit

Even if you don’t like the “B” word, you need a budget or an idea of how much you are going to spend on each person or occasion, and how much you are going to spend in total. If you’ve saved money in a Christmas fund all year long, you may already have an idea of your limit. If not, can you afford to spend as much as your list is adding up to? If not, you need to cut back on how much you will spend on each person, or eliminate some of the items on the list.

Be practical

Do you really need to buy a $40 bottle of wine to bring to your boss’s Christmas party when a $12 bottle will do just fine? Does your nephew have to have an Ipod or will another brand of MP3 player work just as well and cost a lot less?

Add a buffer

Whatever you come up with as a holiday spending budget, add at least 10%. So if you are at your budget limit, try to cut back to about 90% of that budget. Leave yourself a buffer to allow yourself a little wiggle room if the right gift comes along for that special person, or if you just can’t find something for the amount you planned for someone else.

Start comparison shopping now- and online too

Believe it or not , there are many good sales and great deals that can be found both before and after the shopping season really kicks off on Black Friday. I have been doing more and more online shopping over the last few years and I really like finding great deals on the Internet and getting them shipped to my house.

Jump on the good deals when you see them

When you see a gift idea for someone at a great price, go ahead and get it. The more gifts you buy now, especially at a good price, the less you will have to buy as Christmas grows near and the malls and retail stores become really crowded.

Be flexible

Don’t worry if you don’t spend as much as you planned on someone, or if you spent $20 extra on your younger child than your older one. Unless you got the younger child a whole lot more presents than the older too, they will never notice. If you have to spend a little more, and it doesn’t break your budget, do it without worrying- you goal is to make someone happy.

Relax!

The Christmas season is about giving freely of yourself, spending the holidays with those you love, and relaxing. Hopefully these tips help you enjoy the holiday shopping season a little more this year, with a little less stress and frustration when it comes to holiday shopping.

Image by myeralan

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