Think Your Way to Wealth » Spending Money Wisely

6 Quick Tips for Changing Your Spending Habits

RC — Thu, 21 Apr 2011 04:19:04 +0000

In most facets of life, change can be more difficult than you think. We are creatures of habit, and many of our daily routines reinforce who were are as people on a daily basis.

While its not too terribly difficult to realize you need to make changes to your habits, whether they are spending, eating, exercise habits, or other ones, making changes to ingrained habits can be difficult.

Here are 5 quick tips for changing your spending habits to help you spend less and keep more money in your wallet.

When it comes to spending less money, your financial habits can definitely drag you down. Small amounts of money spent unconsciously or without really thinking over time can add up to quite a bit though, so changing them can be a real financial benefit. Here are 5 tips for changing your spending habits.

Change One Spending Habit at a Time-If you have bad spending habits in several aspects of your life, don’t try to change them all at one. For example, if you stop off for a frappucino in the morning, go out to lunch with co-workers, and stop off for a cold one after work frequently, don’t try to cut out everything out at once- you are setting yourself up for failure. Pick one and eliminate it, but try to stick with it before you cut out something else. Changing one habit at a time and sticking with it for a few weeks or even a month will give you a greater chance of success.

Change Up Your Routine- Do you stop off at the mall after work, or somewhere else like a a bookstore several times a week? Has a after work trip to Whole Foods to figure out what you’re having for dinner become a regular routine? Change it up, find another route home, or plan your meals ahead of time, and avoid the temptation that your normal routine presents.

Examine Your Purchase Carefully Before You Make Them (Spend Consciously)- Try to think before you spend. Do you really need to make the purchase? Or can it wait? Consider putting off the purchase a week or better yet, a month, and if you still want the item, buy it then. Chances are, you may not, and you may even forget about it completely.

Distract Yourself- Sometimes purchase we make aren’t just part of a routine or habit, but simply out of boredom. Either way, if you find something better to do, that costs less or is free, you’ll save a ton of money if it was something you did regularly. Instead of going out after work for dinner or drinks, start exercising after work. Check out books from the library instead of ordering a movie on pay-per view or buying a new video game. Keeping yourself busy with cheaper alternatives can keep you from habitually spending money.

Look for Cheaper Alternatives- Even if you can’t quite give up one of your habits, look for a cheaper alternative. If you go out to lunch everyday, order water instead of a soft drink (soda for some of you, depending where you live). Try to order the cheapest thing on the menu. Pick up a sandwich from Subway instead of going to a sit-down restaurant. Even better, pack a lunch the night before- and make that a habit.

Aren’t quite ready to give up your gym membership (even though you go infrequently) because you are afraid you’ll never exercise at all? Start jogging, walking or biking, or invest a month or two worth of gym fees in some home exercise equipment.

Track What You Spend- As I mentioned above, sometimes we don’t even realize how much we are spending. Track your spending-all of it, down to the penny, for a month or two to see how much you are actually spending. You may be surprised, and it may be enough to motivate you to make changes to your spending habits. Using a budgeting and finance tracking tool such as Mint.com can help you track your finances and see where your money is going.

Spending habits, particularly poor ones, can be broken or changed, but it can be difficult to do so at times. Eliminating even a few of your regular spending habits can make a big difference when it comes to your finances and improve your bottom line quickly though, if you do eliminate them.

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Positive Steps You Can Take After Making Money Mistakes

RC — Fri, 04 Mar 2011 19:44:33 +0000

Money Mistakes.

They are the dearth of every frugalite, debt fighter, and money conscious would be millionaire. And we absolutely HATE making them. I can’t stand when I make a money mistake, and, to be honest, I’ve made a whole lot of them.

If you don’t ever make mistakes with your money, you are probably in the minority of people. Everyone makes money mistakes-and they come in a variety of different forms. Here are just a few:

Forgetting– Forgetting to pay bills can result in late fees or worse( getting a service cut off, paying a reconnection fee), forgetting to examine your spending habits can cause you to blow your budget, and forgetting to deal with other financial issues can cost you money as well.

Misplacing things- – Misplacing bills, cash or checks, or other important information. I once found an expense check from work that was about a year old in one of my clothes drawers that had gone past the 180 day expiration date! It was only about $75, and my company did re-issue me a new one, but I really felt like an idiot, and still don’t know how I misplaced it and it got there!

Making Bad Financial or Spending Choices- – Buying things you don’t need or paying more for things than you should can be mistakes that we don’t even notice when they happen. But if you think back on all of the things you’ve bought over the years, how many did you realize you 1.) didn’t need, or 2.) paid too much for?

The list could go on and on. The important thing though, is to learn from your mistakes, and avoid doing them in the future- if not completely (which is probably impossible), then at least a lot less often!

Here are several ways you can take positive steps after a money or financial mistake and avoid repeating them:

Figure out why you made the mistake- Do you have a system set up for your bills after you receive them until you pay them? Or do they just go into a pile on your desk?. It’s easy to lose things that way. Consider setting up a bill paying calendar, with all of your bill due dates on it. Check it often.

Automate where possible- Setting up automatic bill payments for recurring payments, (as well as automatic savings!), can help you avoid missing due dates.

Get organized- Just like getting your physical things organized, like in the kitchen can make cooking a meal go a lot more smoothly, organizing your finances and financial life can help keep you from making mistakes with your money.

Think carefully before making purchases- You need to be clear in your mind what is a need vs. a want, and know when you should or should not buy something, particularly if you are struggling financially or trying to get out of debt. Practicing smart consumerism and personal finance shopping for deals, and waiting before making purchases can keep spending mistakes to a minimum.

An important point to remember about money mistakes is to try not to beat yourself up or obsess about mistakes you’ve made. Once it’s done, it’s done, and getting worked up about them isn’t going to help anything.

Learn from your mistakes, and move on. This is good advice whether it is a money mistake or any other type.

photo credit: photosteve101

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Free Kindle Downloads for Your Kindle e-reader, Phone, or Computer

RC — Sun, 26 Dec 2010 02:25:24 +0000

If you received an new Amazon Kindle for Christmas this year, you’re probably on the lookout for some free books to start downloading already. While many titles for the Kindle are priced decently- the majority are around $9.99, although some are priced higher or lower, it’s great to be able to download a bunch of titles and start reading right away.

One great thing about the Amazon Kindle program, is that you don’t even need a Kindle reader to download and enjoy free books. Amazon has free Kindle apps for the iPhone, iPad, PC or Mac computers, as well as Blackberry and Android. I have used the iPhone Kindle app for probably about a year now, and although the screen on my phone is a little small for reading long periods of time, it’s great when you have a few minutes to kill- although I have read entire books over the course of a day or two. To check out the Kindle apps you are looking for, check out the Free Kindle Reading Apps Page.

A great place to to find free books for the Kindle is to look in two places on Amazon:

Limited Time Offers
or
Kindle Popular Classics

Here you can find those books that are available free for a limited time only, as well as popular classics which are available for free.

You can also browse the Kindle store to find other free and low priced books for your e reader or Kindle app. Check out the Kindle Bestsellers’ List for bestsellers for the Kindle- the list includes both those available for purchase as well as a list of the hottest free kindle downloads.

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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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PerkStreet Financial Review- Online Checking with Debit Card Offering 2% Cash Back

RC — Mon, 28 Jun 2010 03:31:08 +0000

PerkStreet Financial℠, a relatively new online checking account is now offering 2% cash back when using the PerkStreet Financial Debit MasterCard for signature (non-pin) purchases if you have an account balance of $5,000 or more, or 1% back if your balance is less than $5,000.

Plus, you can earn 5% cash back for the rest of June and July(2010) when you:

purchase ice cream at Ben & Jerry’s, Culver’s, Dairy Queen and Cold Stone Creamery
make home improvement purchases at Lowe’s, Home Depot and Menard’s
buy gas by paying at the pump

5% cash back for gas and at home improvement stores is a great deal, PerkStreet also says there will be more opportunities to earn 5% back throughout the year.

Cash Back Debit Card

A cash back debit card tied to an online checking account is a great alternative for those who choose not to use credit cards for all of their purchases or don’t use credit cards at all and want to stick with cash based spending, still allowing you to get rewards back for your purchases which are on par with that of many rewards or cash back credit cards.

About PerkStreet Financial

PerkStreet Financial is an online financial services company offering online checking, offering “perks” in the form of cash back, music, or coffee when you make purchases with your cash back Debit MasterCard.

A PerkStreet checking account lets you:

Buy things with your PerkStreet Financial Debit MasterCard, cash or checks
Withdraw money without a charge at 37,000 ATMs nationwide
Find an ATM from your computer or mobile phone
Withdraw money without charge at any merchant that allows you to get cash back when making a purchase
Transfer money online between your other bank accounts and your PerkStreet checking account
Pay bills online
Check your balance online or over the phone and receive balance alerts via email or mobile phone
Get help over the phone any time of the day – we answer most calls within 30 seconds

Your money is FDIC insured up to the current limits (currently $250,000).

PerkStreet has no account minimums, and no monthly fees, save a $4.50 inactivity fee for months when you do not use your account at all- you can avoid this by making a transaction with your debit card, writing a check that clears the account, using Online Bill Pay, initiating a withdrawal or making a deposit to the account.

Opening an Account at PerkStreet Financial

The account opening process is relatively simple and only takes a few minutes- you enter your information, fund your account with a minimum of $25.00 (you can use a bank transfer from an existing account). PerkStreet will send you an email confirming they have received your application, and say they will contact you within 2 business days to notify you of the status. I just signed up myself over the weekend, and the entire process took less than 10 minutes.

ATM Usage-

PerkStreet gives you access to the largest free ATM network in the country (STARsf®), located in the at CVS®, Walgreen‟s®, Target® and 7-Eleven® and more. Usage of ATM’s withing this network are totally free.

Also, according to the FAQ page, they do offer checks for usage with your account, and the 1st book of checks is free, for times when you may need to write a check instead of using a debit card.

Visit PerkStreet.com to sign up for your free online checking account and the PerkStreet Financial^SM Debit MasterCard.

“The PerkStreet Financial Visa Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc.”

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5 Rules for Stretching Your Food Dollar

RC — Tue, 20 Apr 2010 01:36:54 +0000

photo credit: roblisameehan
It seems like every several months, my family’s grocery bill starts creeping a little higher , based on what we normally spend per week. It usually not a huge jump, but a gradual increase over a period of time.

When this happens, it is kind of hard to figure out the exact cause- it is not usually because of anything in particular- for example, our eating habits may have changed slightly (especially with young kids) , or we buy certain seasonal fruits or vegetable at certain times of the year- but these are usually not the causes.

I usually realize it is just simply a gradual loss of focus on getting the most for our money at the store. We get away from the basics that allow you to stretch your food dollar when grocery shopping. After we focus on these, our grocery bill usually drops back down to what we think is a more reasonable level.

Here are 5 of the “basics” for stretching your grocery dollars that I find most useful:

Plan Your Meals- Meal planning is a great way to create a grocery list, and not end up with a bunch of items from the grocery store that you don’t really need at the time. It also allows you to make use of leftovers, either as a lunch, or as another dinner later in the week. Planning you meals, especially dinners, can eliminate both food waste almost completely, and keep your spending at the grocery store in check.
Limit Trips to the Grocery Store- Keeping yourself out of the grocery store except and your trips to a minimum keeps you from making spur of the moment purchases when you are walking around the store to pick up that “one item” you forgot. If you have a good grocery list, a once a week trip, followed by maybe one more quick trip for things like milk, should be plenty.
Check Unit Costs- When you usually buy the same things week in and week out, it can be easy to stop looking at unit prices and making comparisons based on unit prices. But prices change, and new products and product sizes are always coming out on the market, so it can pay to check unit prices fairly regularly.
Avoid Convenience Foods and Portions- Its fairly common to avoid convenience foodss, per se- they get a bad rap, and usually for a good reason. But a lot of times, a perfectly OK grocery item can be “packaged” for convenience- even fruits, meat cheeses, etc.- and they frequently cost a whole lot more than larger or even bulk size packages.
Use Coupons Wisely- Coupons can be great, but there are 2 caveats when it comes to using them. One, is that you have to use them regularly, and it is easy to stop using them from time to time-even though you can cut them out in just a few minutes, it can be easy to forget, or you just stop doing it for whatever reason. If you want to save regularly, you have to make it a habit. Second, is that it is easy to buy things you normally wouldn’t (especially new products) because you have a coupon. Avoiding this can help avoid necessary spending.

What are your best tips for saving at the grocery store?

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Top 10 Reasons to Avoid Shopping on Black Friday

RC — Tue, 24 Nov 2009 04:32:11 +0000

I am not a Scrooge or anything, but it has been quite a while since I have ventured out on Black Friday to chase deals in the early morning hours. There is usually only a thing or two I am even remotely interested in, and it is not really worth it to me to try to get out there and get one before everyone else does and they are gone. I also do a lot more shopping on the internet, and usually find fairly comparative deals there anyway.

So with a touch of sarcasm, here are the top 10 reasons not to shop on Black Friday.

“Top Ten Reasons Not to Shop on Black Friday”

1.) You will save gas and the environment- you won’t burn up gas driving all over town if you don’t actually go shopping.

2.) You can sleep in- Some stores open at 4am, some at 5am, Toys R Us is even opening up at midnight! It’s probably already too late to be 1st in line there anyway, so you might as well sleep in.

3.) You won’t experience buyers remorse- If you don’t take advantage of the deals on Black Friday, you won’t have to worry about regretting your purchases next week.

4.) Won’t get sucked in by the limited quantities available- Come on, do you really believe that the $300 TV at Best Buy is in such demand they could only ship 3 to each store?

5.) Won’t have to wrestle over the last zhu zhu pet in the store- No one wants to get involved in a physical confrontation, but if that is what it takes to make your kids happy…..

6.) You won’t get suckered in to buying an extended warranty that costs as much or more than the item you are buying costs- Sure the extended warranty for the $300 netbook costs $249, but what if something happened to it?

7.) You won’t finish your Christmas shopping too early- Part of enjoying the Christmas season is the experience, and if you finish up the day after Thanksgiving, you won’t get to see all of the last minute shoppers scrambling on December 23rd or 24th trying to find something.

8.) You will avoid buying something you don’t really need- But that 32″ LCD is so cheap! How can I not buy it? Sure, I don’t have anywhere to actually put it, but still-it’s a great deal!

9.) You won’t have to look through 400 ad flyers in your Thanksgiving Day paper to find the very best deal- Seriously-the plastic bag my paper come in was ripped open this morning because the paper was so heavy- there are a lot of ads in there!

10.) Cyber Monday- Why waste your time in the “real world” on Friday when you can do all of your shopping 3 days later in the “virtual world” and get great deals off of the internet! Interaction with real people is way overrated.

Happy Thanksgiving everyone!

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Free 60 Day Pass to BJ’s Wholesale Shopping Club

RC — Sun, 17 May 2009 15:48:29 +0000

UPDATE 11/15/2010- BJ’s is again offering a free 60 day pass- it must be activated by 12/31/2010 (see bottom of post for link)

Note: If you are reading this after this offer expires- Follow this link if you want to try out BJ’s with a free one day pass.

If you live near a BJ’s Wholesale club and are not a member and want to try it out, BJ’s is currently giving away a free 60 day pass (see link below) to those who want to try it out.

A PR rep for BJ’s was kind enough to send me the link, and invited me to share it with my readers, so try it out if you have a BJ’s near you.

I am a big fan of warehouse/wholesale shopping clubs, not just for buying food and household items in bulk, but also the great prices on things like electronics, tires for your automobile, and household furnishings.

Unfortunately for me, my warehouse club shopping is limited to Sam’s Club- although I like Sam’s a lot and don’t really have any complaints, I would not mind trying out others such as BJ’s or Costco. The nearest BJ’s is probably a day’s drive away.

Info from the BJ’s website:

• Save more than 30%** off supermarket prices on favorite brands
• Multiply your savings with manufacturers’ coupons — BJ’s accepts them all
• Find more of the family-friendly sizes you use every day
• More payment options — BJ’s offers convenient ways to pay: cash, checks, major credit cards, EBT and debit cards

** Link Updated 11/15/2010- must be activated by 12/31/2010 **

Free 60 Day Pass to BJ’s Wholesale Club

Note: If you are reading this after the 60 day pass offer has expired- Follow this link if you want to try out BJ’s with a free one day pass.

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Negotiating a Deal and Tips on Becoming a Better Negotiator

RC — Wed, 04 Feb 2009 12:04:41 +0000

Now is a Good Time to Flex Your Negotiating Muscles

One good thing about the down economy, is that it should be a whole lot easier to negotiate a better price on certain goods and services. People want to sell you stuff right now. In the United States, negotiating is not really part of many financial transactions-or at least it may seem that way. The person at the drive-through window at McDonald’s is not going to cut you a deal on an Extra Value Meal; but there are lots of items and services that are “open to negotiation”, when it comes to the price. The key is to realize that a lot more things that can be negotiated than you probably think.

Some areas you should be able to negotiate include:

Services- like cable, phone, satellite, and internet, gym memberships, cell phones-Always ask for a better price, or more services for the price you are paying. Some people do this on a regular basis, like yearly, and are able to benefit greatly from it.
New or used cars- With both new and used cars, now is a really good time to negotiate a great deal.
Loans-If your credit is good enough to qualify for a loan, interest rates are really low right now-go for the lowest rate you can get (with a reputable lender, of course).
Credit Cards-It never hurts to ask for a reduction in interest rates, and right now credit card companies (and the associated banks) should be more willing to negotiate than lose a customer.
Salary- Even in this tight economy, if your job is fairly secure and you do it well, there is no reason you cannot negotiate a higher salary for yourself come raise time.
Big ticket items-Large items, like appliances, TV’s, etc.,- the salesman often has some leeway on the final selling price-don’t be afraid to ask.
Medical Bills-medical services are one area that are almost always open to negotiation, that many people don’t know about. My article on negotiating medical bills is a good place to start for ideas.

Ways to become a better negotiator

Research before you buy- Being educated on price and the item specifics can let you negotiate for similar type items-such as 2 different car models, or TV’s by different manufacturer’s. Know what the going price is, what the items have sold for “on sale”, etc. Knowledge is a key in maintaining the upper hand.

Ask for the best price- When you start the negotiation process, ask the seller what their best price is. If you make an offer 1st, it could be just what the seller is looking for, and you may not be able to negotiate any lower after that point.

Pay cash- Cash is still king, and bringing cash to a deal can almost always get you a better price than if you pay by check or finance- like on a used car, for example.

Be patient and prepared to walk away- You must be patient, you may not always the best offer right away. If you can’t get the deal you want, walk away and try somewhere else-if the deal ends up being the best one you can find, you can always come back.

Do you like to try to negotiate deals on things? Do you think now is a good time to negotiate?

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Walking the Fine Line Between Being a Spender and a Saver

RC — Tue, 20 Jan 2009 12:26:54 +0000

Are you a Spender or a Saver?

Are you a reformed spender? Or are you somewhere in the middle?

I used to be a spender. I have always worked hard, but I always had something I wanted to buy before I even had the money saved up. This was probably the case from my teens until my late 20′s to early 30′s. Things kind of settled down as I got a little bit older, but I never really though consciously about my money and spending habits until the last year or so.

Why was I a spender?

I think personally, I got emotional satisfaction, at least short-term, from buying things. As I got older, relationships with my wife and kids (as well as the lack of free time, I believe!) led me to spend less, and I realized I wasn’t missing anything.

So how can you change from a spender to a saver, if you want to change your spending habits?

Track all of you spending

This means ALL of it. From $0.50 for a coke, to your most expensive monthly payments (probably a mortgage or rent, for example). Write everything down, and have your spouse do the same if you are married. Figuring out where your money is going can help you identify what you spend money on, and can help you make adjustments to your spending habits-and hopefully make changes.

Get support from family or friends

Let people know what you are doing. Again, if you are married, make sure your spouse is involved. It is much easier to change your spending habits if those around you know what you are doing. You don’t have to be ashamed that you are trying to spend less money, so don’t be afraid to tell people you are trying to spend less and save money.

Change your daily routine

Regular spending can often be tied to your daily routine. A stop off at the coffee shop on the way to work in the morning, or a stop at the mall or bookstore on the way home can often lead to regular spending.

Find alternatives for your time that don’t cost money

As I mentioned above, after I got married and had children, I had less time to actually spend money, and even to think about spending money. You don’t have to start a family, of course, to find things to fill up your free time though. There are tons of things you can do to keep yourself busy- find a new hobby (the cheaper the better!), spend more time with friends, even volunteer, or look for other activities that can fill your free time.

Stop hanging around with friends who spend

You don’t have to ditch your friends, but if you have people you go to lunch with every day, or a shopping buddy, don’t do the same activities (the ones that involve spending money) with them. Offer cheaper activities as an alternative when spending time together.

photo credit: Foxtongue

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Dealing With Techno-Lust- Avoiding Chasing the New or Latest Tech Gadgets

RC — Wed, 14 Jan 2009 12:55:49 +0000

Early last fall, I had my eye on a pretty nifty laptop computer. It was right after Hurricane Gustav, and I realized that evacuating for several days without internet access was not a good situation, for blogging, but especially for staying in touch with work and family members. I started saving up money shortly thereafter, and having never owned a laptop before, I ran across the Acer Aspire One Netbook and kind of became obsessed with it. I though the small size and form factor were really cool, and really had my sights set on it.

One problem was, even though I wanted it right away, I hadn’t saved up enough money for it. I had a couple of hundred dollars put aside, but it was running about $400 at the time. While that is not a lot of money for a laptop, I really didn’t want to buy one until I had saved up money for it.

Unfortunately (or fortunately) for me at the time, it was only available in very limited quantities at online retailers such as Amazon or Newegg. Apparently, they were getting very small shipments from the manufacturer, so it was going in and out of stock. I actually had one in the online shopping cart one night, but did not pull the trigger.

I eventually decided to wait, and saved up about $400 for my laptop purchase. But by the time I did, a few months later, I decided to go with a regular sized laptop, with a little more functionality for all around use-The Aspire One did not have a DVD burner, for example, but the one I bought did.

Why didn’t I give in and get the “cool” laptop I wanted?

I guess I finally realized, that although it was pretty slick, I really didn’t need it for the small size (although I do see how it could come in handy when traveling, etc.) I decided I should wait as well, and save up for one like I originally planned.

How you can avoid giving into temptation with the latest tech gadgets

Try to keep your emotions out of it- While I got to the point where I almost bought the aspire one netbook one night, I realized that I was becoming somewhat enamored with it because it seemed really cool (mostly due to the size, I guess), not because of what it could do for me. For me, a regular laptop probably made more sense. I wasn’t really thinking practically.

Create a cooling off period- Wait a few days, a week, or even a month. If you still want the item later, buy it, but give yourself some time to “cool off” your enthusiasm.

Look closely at alternatives- In my case, a regular laptop with a DVD would be more practical for using it for work, as well as for all-around use.

Stick with your plan- If you are saving up for something, to pay cash for it, for example, stick to your guns and wait. A whole lot of new electronics go down in price, often after just a few months-the aspire one netbook, for example, has dropped $30 in less than 6 months.

This was kind of a strange experience for me, because I am normally not that in to the latest tech gadgets or the like. On the other hand, my cell phone contract is up for renewal, and I really like the look of some of those new phones with the touch screens, and email and web capabilities-Uh-oh!

Do you ever find yourself “wanting” the latest technology because of how it looks or its features or capabilities? How do you deal with these situations?

photo credit: Desiii

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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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