Oops, I Forgot the Giveaway
In the last post, I meant to tell you that the owners of Nuru sent me TWO decks of the personal finance cards and I want to give them away. So you know what THAT means? CONTEST!!
Here’s what I’d like for you to do…
1 – Subscribe to my blog (RSS reader – or – email) if you haven’t already done so.
and…
2 – Share a tip (or 20) on how you manage your finances during this economic crisis.
On Monday, I will select TWO winners using the random number generator. If you win, but are not subscribed to my blog, I will select the next person on the list. You must do both to be eligible to win. US residents only. So subscribe and share a helpful personal finance tip.
This blog is a personal account of my journey to achieve financial freedom. If you like what you've read, feel free to subscribe via (feed reader) or (email) to follow along.
I add all my upcoming bills into my Excel checking spreadsheet so I have a clear picture of what’s coming up. This is a good place to keep track of credit card charges that haven’t been billed yet so there’s no nasty surprises.
I’m trying to earn extra money through get paid to sites to cover Xmas expenses.
What don’t I do?! For random expenditures (such as shopping, entertainment, and eating out) I give myself a weekly allowance. I keep track of it using an expense register that came built into my wallet. As for the rest of my finances I keep a pretty detailed, multi-tab excel file….this tracks my savings accounts, net worth, and my budget.
I find it helpful to track spending money weekly because I get a better picture of whether or not my money is going to last all month. When I tracked it monthly I often found I’d stay within the budget halfway, but I always managed to run out before the end of the month! Its a smaller amount, but if you have a surplus one week you can always save it…
I recently started tracking my spending, amazing!
I make extra income through my cleaning business and hosting spa parties
I check freecycle for things I need before purchasing them
I have a plastic baggie full of coupons, I only clip coupons for things I actually use/need
I clean out my car every Friday because I hear reducing the weight of the car can help with gas mileage. I also wash my car myself and save a few bucks.
I am a firm believer in the library. I can’t tell you the last time I bought a book. I also get DVDs and CDs from the library.
Hey Single Ma! I’ve read your blog for almost a year now and have never posted…but I really want those cards!
What I do for money during these more expensive times is come up with odd jobs and sell random things that I don’t mind parting with. I’ve been able to develop marketing flyers and do mass emails for real estate agents for $20 a pop while cleaning out an old computer desk, a mattress and box springs, amongst other things in my attic.
It just takes a little more time and effort, but it’s worth it to see that extra money in my savings account!
Single Ma, I absolutely love your blog (yep, I’m a subscriber via Bloglines) and have really loved your last few posts, especially the “10 Phases” one.
Anyway, my response to this post is: because of how I managed my finances *before* the economic crisis (paying off CC debt, squirreling away savings, etc.), I am lucky to be able to say that the crisis actually represents opportunity for me. Frankly, I’m looking forward to all the bargains this holiday shopping season, and I’m meeting with my financial adviser today to go bargain hunting in the market, so to speak.
Please don’t put me in the drawing for the deck of cards — I just wanted to reply to your ‘finances during crisis’ query for the fun of it.
We’re going cash only on most items every week to limit the shock of the credit card bill every month-miles aren’t worth it!
We’re also heavily limiting eating out. Last month our eating out totalled 110.00 which is excellent for the 2 of us…however our eating in budget almost doubled as we entertained too much!
1. Review (and revise, if necessary) your budget
2. Increase 401(k) contributions (for younger folks)
3. Don’t panic
My tip on managing finances during this economic crisis cushion the emergency fund a bit extra, re-think large purchases, don’t panic and business as usual. If you have spare cash laying around and afford to do so..invest as stocks are on sale! If you are subject to panic/anxiety limit how often you check your retirement account balances and watch the news. Stay the course, if you were doing fine before, then you should be on the right path.
Single Ma,
I put myself on a spending freeze and put my focus on my debt. If I become *gasp* unemployed at least I don’t have a huge debt looming over my head.
I also cut back on my cellphone plan and reduced my minute
Everytime I think about going out to eat or buying fast food, I drive straight home and put $10 in a special jar. This jar represents what I would have been spending on food outside of my kitchen. I have $100 in the jar already for the last two months. Wow! Its amazing how we let money slip through our grips.
I use a spreadsheet, too, for bills and basic living expenses. I also document virtually every dollar that’s spent so I have a record and am keeping myself accountable. But this isn’t just during the current economic crisis, this is aways.
1) Definitely don’t panic
2) Don’t make any major changes to lifestyle, unless they’re for the better and won’t cause you to incur unnecessary debt
3) Save more (if possible)
I live in an area that has been hard hit by foreclosures – at one point, #1 in the nation. So, I am buying a house “on clearance”. While many say that the market hasn’t bottomed out yet, I think in this area it has. And whether that’s so or not, my house payment will be low enough that I can rent it out at a profit. It’s close enough that I can walk to work (bonus exercise), go home for lunch (walking again). I work for a water company and will get free water as it’s in our territory. It has a pool (our summers are broiling hot) and since I don’t go out a lot, I plan to have all the entertainment stuff I like right at home. I’ll also get a first time homeowner’s incentive on my taxes which I plan to use for solar panels which will then entitle me to a solar credit on next year’s taxes and should cut my power bills in half.
I live below my means. I need to get better about account for my expenditures and I am learning as much as I can and planning for the future since I have the ability to do so now (I have more time now than I may in the future
Though I use Quicken Online as well as online banking to keep track of my expenses in a big picture sort of way, I also carry around a mini pocket sized notebook in my purse where I record every penny spent, including money going into non-retirement savings. I do not include 401k contributions since those have already come out of my paycheck. Since I am paid twice a month, I divide my budget by pay period under which I record all money spent during that particular time. This makes it easy to know if I have gone over or under a particular pay period. Though I already contribute automatically to savings (pay yourself first), money left over at the end of the two week period becomes an extra contribution to savings (I have no debt, anymore that is). If I go over any amount (which I recently did during a vacation), said amount is automatically deducted from next pay period’s budget as having already been spent. I feel that the mere act of writing by hand every penny spent makes me feel more accountable and in control of my finances.
My college friends and I have been sharing tips with each other and here are some:
1. Cut dryer sheets in half. The box will last twice as long and 1/2 a sheet works just as well as a full one.
2. Cut off cable. You can watch TV at somebody elses house.
3. Unplug appliances that are not in use.
4. Fly on holidays instead of the day before or after.
Make a lunch menu over the weekend, go buy everything i need on Saturday and pack what I can on Sunday. My main excuse for buying lunch is that I don’t have time to pack it. If the packing is started for me, that excuse goes away.
Hi – I am already a subscriber but adding you to my blog roll on http://www.LobotoMEblog.blogspot.com
We are planning for simple holidays this year – we are giving our kids 4 gifts only (plus one from santa). The 4 gifts are in these categories.
1 Want
1 Need
1 To Do/Create
1 Read
We are also doing more to help others…while our bank accounts/401k accounts have taken a hit, we still have our businesses and our home..and our health…a lot to be thankful for. So this is a good time to teach compassion and empathy to our kids and help those less fortunate.
Jenny :)
Hi,
My main method is not panicking over my investments. Yes, they are down but so is evertyhing else. Now I’m going to take some of my excess saved money and buy up some investments for bargain prices. But at the same time I will also try to become more conscientous of my spending and try to cut back where I can on unecessary extras.
Thanks.
MP
Hi Fabulous Ma & People,
My strategy during these times is to go towards a cash-only basis. In using cash for the smaller things (you name it) REALLY helped me curb my spending. I am less likely to use my check card and I re-consider purchases. I also use coupons for things I regularly purchase. If it is a fabulous deal: I stock up for the interim.
Another strategy I employ is planning my meals for the week. This has reduced my out-of-pocket expenses for lunch by 75%. The lure of “let’s go to lunch – just to get out of the office” is no longer appealing. I still go out to clear my mind, etc. but lunch is not included and my lunch from home is a) what I want and b) tastes great!
I’ve done a couple of things to help myself some of them I started when I realized the market was going in a downswing and others I began earlier this year to increase my own personal “market value”.
1. Reduce my living expesnses and created a budget
2. Started paying off my credit card debt by paying off my credit card with the lowest balance first so that I could get some immediate ‘goal’ gratification.
3. Went back to school so to realize my life long dream of becoming a CFP (Certified Financial Planner) so I can increase my salary
4. Maximize my coupons at the grocery store by using them in conjunction with the weekly sales and ‘buy-one-get-one-free’ advertisements at the local grocery stores.
5. Transferred my checking and savings account to interest bearing accounts.
6. Use online rebate offers (www.ebates.com) and free shipping when I purchase online.
7. Read Fabulous Financials daily (thanks for all the helpful info……….
1. Shop sales and think about what clothes you’ll need in advance of needing them. (I bought 2 suits at 60% off for an upcoming conference)
2. Cash only for at least 2 weeks per month. Debit cards make it easy to over spend.
3. Trim your budget
4. Coupon clip and stick to a grocery list
As a stay-at-home mom, budgeting is essential. Here’s what we do:
1. Clip coupons out of the paper and shop at stores that double and/or triple them
2. Buy store brand items, especially when it comes to canned food, cereals, etc.
3. Stick to the budget!! Once we’ve reached our limit, we’ve reached the limit.
4. For things that we have to buy only buy sale items that are marked down 50% or more (Kohl’s is having a great sale.)
5. Save 10% off the hubby’s income.
6. Tithe 10%
7. Sell hard to find items on e-bay to increase our income.
keep adding to my emergency fund! and retirement contributions! ive thought about stopping both, but gotta keep on keepin on!
Not only are times tough, we recently added two new members to our family. So now we are a family of 6 with income under $50,000 a year.
Right now we are trying to keep our food bill down. I tried angelfood ministries for the first time this month. I spent $50 and hopefully have a week or two worth of food out of it. We get it this weekend for the first time, so I will see how it goes.
We have cut everything we can, from eating out, to eating “rich”. We are becoming a frugil family, but we can make it.
Love your site Single Ma!
I have been selling used music and movies on Amazon to get a little more dough in the savings account. I am a stay at home Ma of 2 and I’d like to keep it that way!
We’ve been having tough times for awhile, as I’ve been unemployed and a full-time adult college student, and TG a recent graduate! I’ve been frugal for so long that it feels like my middle name!
I’m a new member, as of today, via Single Guy Money! I like what I see here, and as a single mom for 10+ years, all children now grown, I appreciate where you are Single Ma. I’ll enjoy getting to know you and learning about your journey, and successes!
I’m currently using a budgeting program to get our family’s finances on better track and enjoy the results so far. (Primarily it has provided more control and awareness of where we stand, with an eye to the future and building an emergency buffer).
I use Mypoints and also get check card rewards in the form of gift cards which I give for birthday, Christmas, and wedding gifts. I put the money I would have spent on those gift cards toward my emergency fund.
Great post. The crisis is not driving my crazy but here’s a few things I can think of:
1-We have lots of sodas at my job so I’m redeeming the cans to fund my Christmas project.
2-Cutting back on my Altoids habit. For health reasons as well.
3-Not looking at my accounts constantly to see how I’m doing helps me not panic.
4-Thinking about whether to increase my 401K or pay more on debt.