Fabulous Financials

I’ve just finished reading the book So Many Shoes, So Little Money: A Girl’s Guide to Finance, written by Lisa Serwin.  It has 16 chapters that address the basics tenets of personal finance while associating each topic with something fashion-related. Check out the titles:

1. Budget Basics: What’s in Your Closet?
2. Advanced Budget: Tailor Made
3. How To Spend: Avoid Visible Panty Lines
4. How To Save: If The Bra Fits
5. Bank Accounts: It’s In The Bag
6. Debit Cards: Jeans & Tees
7. Credit Cards: Little Black Dress
8. Interest: Shoes
9. Time Value of Money: It’s In Style Today
10. Debt: Trendy Splurges
11. Investments: What’s The Event?
12. Net Worth: You Are Priceless
13. Big-Ticket Items: Marc Jacobs, Prada…
14. Insurance: Avoid A Bad Hair Day
15. Taxes: Face The Facts
16. Professional Help: Personal Stylists

Conclusion: Walk The Red Carpet
Glossary (defines basic personal finance terms)

Written for the shopaholic who needs divine financial intervention, each chapter includes a “Fashionista Fact” and ends with a summary recap that reminds the reader to “Organize Your Financial Closet.”  I commend the author for taking a boring topic, like personal finance, and writing a book that appeals to women who would rather be shopping at Nordstrom.

I have to be honest though.  This is a beginner’s book, so if you already have a basic understanding of budgeting, saving money for a rainy day and retirement, the perils of irresponsible credit card use, employment taxes, and car/health/renter’s  insurance, you may not find anything of substance.  But if you’re a reformed shopaholic who wants to learn the basics of personal finance and don’t know where to begin, this book may give you a few pointers to overcome the self-sabotaging behavior and finally take control of your finances.

And guess what?  I have two copies to give away for my fabulous readers!

If you want a copy, the only thing you have to do is leave a comment in this post anytime through Sunday.  Tell us where you are in your financial journey and what you’ve done so far to overcome the financial mistakes of your past.  Only 1 comment per person.  On Monday, I will choose two winners using a random number generator.

Good Luck!

Applying the one exception to my no shopping rule, I took a trip Marshalls on a hunt for fabulous deals.  Initially, my plan was to visit the MegaShoe Shop and the CUBE boutique, but I was disappointed when I realized that MY location did not have both.  :-(

After I saw the plethora of shoes, I had no problem improvising my plan. LOL  First, I browsed up and down each aisle to get a feel for the mega shoe section.  They had pumps, flats, and boots in just about every style you can imagine.  And the prices were pretty reasonable too.  Not rock bottom, clearance level prices, but reasonable enough compared to the regular retail prices you’ll find in a department store.  The only downside to this heavenly abyss of shoes was the mess.  I mean, it was a mess!  I don’t know if I went on the wrong day or at the wrong time, but good gawd, shoes and boxes were everywhere!  Ugh!  That kinda killed my natural high.

I was determined to find a deal and refused to be defeated, so I headed straight towards the clearance section with my game face on. LOL  And whadayaknow!  That is where I found these lovelies.  A pair of Dress Oxfords made by my favorite shoe designer – Ms. Anne Klein.

Retail price: $85.00

Marshalls sales price: $49.99

Marshalls clearance price: $39.00

The picture quality is poor (cheap-o camera: this is the closest I could find online).  They are actually “dark” chocolate brown patent with a plaid-like fabric print on the top and sides.  The heel is about 3 inches and the style of the shoe goes well with tailored pants for the office or jeans for a night out on the town.  Being a seasonal trendy shoe, I’d never pay full price – not even with a gift card – but this price was low enough to satisfy my shoe obsession.  After I found them, I decided to spend the remainder on my Christmas list.  The total out of pocket cost was $0.74.

Although I didn’t get to visit a CUBE boutique (closest one was 20 miles away), I registered for their giveaway called Rock and Stock Your Closet.  The lucky winner will receive a $2,500 shopping spree (plus $500 for a friend) and a personal stylist for a day.  I also had fun playing around with this game for a chance to win another $250 shopping spree.  What?  A girl can dream!  And play…The Great Shoe Find.

Have fun and good luck!

I received a book, titled “Good Deals & Smart Steals” written by the experts of Good Housekeeping Research Institute. The back cover summarizes the book as follows:

“Whether you want to cut back on expenses or simply love a great bargain, Good Deals & Smart Steals will show you how to get what you want for less – without sacrificing quality. Reap big rewards while living well with hundreds of money saving tips…”

The book is meant to be a guide that shows you “how to save money on everything” and targeted to consumers who are on a tight budget, want to cut back on expenses, or those who simply love a bargain. I’m a snug fit into the latter group so I decided to give it a look-see. As a savvy bargain shopper, I didn’t find anything earth-shattering or new, but I did tab a few pages of interesting tidbits to share.  From the people at Good Housekeeping, here are a few shopping strategies:

Stacking

Get a lower price buy combining coupons, rebates, sales, and other discounts at the same time. For ex: join the store’s mailer list to receive coupons, shop on ‘one day only’ sales, research to see if the item has a rebate, then use a cash back credit card or website (ebates.com), and save on shipping by ordering online and shipping to the store.

Retail Store Shopping Tips

• Find deals with an online shopper that shops over 250 designers/stores for you.  You can tailor the search to your preference of item(s), store, brand name, size, price, % off, etc. and receive email alerts (daily or weekly) when the “shopper” finds items that meet your criteria. I use this site and I love it, so email me for a referral link.
• Always review the clearance page of your favorite online retailers.
• Always ask for a price adjustment if the price changes a few days later.
• Find bargains with pricegrabber.com and nexttag.com – both offers coupons, rebates, email price alerts, and price histories to show you how much the item has been discounted already.

Online Shopping

• Pay with a credit card. Your debit card doesn’t protect you if the website goes under. With a cc, you may get your money back.
• Only shop at secure sites. Look for the locked padlock.
• Always do a Google search when something needs repair or isn’t working properly. You may be able to fix it yourself or find that a small piece needs replacing, rather than the entire item.

Bargain Shopping

• Buy cleaning supplies and package goods from dollar stores. Their low operating costs and shelves filled with overstocked items keep prices low:
  • dollargeneral.com
  • dollartree.com
  • familydollar.com
• Don’t forget the $1 spot at Target. The items are changed every 6-8 weeks, so keep an eye out.
• When shopping wholesale, buy in bulk with a friend.
• Shop yard sales and flea markets early in the morning before items are picked over or late in the day when prices have dropped. Search for off season items.
• Get rid of things you don’t want or get things you need at these places:
  • Freecylce.org
  • Earth911.org

Shopping at Auctions

• Items to be cautious about when buying from an online auction:
  • Makeup – bacteria
  • Designer bags – not the real thing
  • Cribs and bike helmets – safety issues
  • Laptops – prices already low
  • DVD players and other electronics – may not work
• Federal government agencies auction seized items:
  • pages.ebay.com/promo/ups.html
  • ustreas.gov/auctions
  • usdoj.gov/marshals
  • usa.gov/shopping

Good Deals Around the House

• Compact fluorescent bulbs are more expensive but they last 10x longer and are 4x more efficient than regular incandescent bulbs.
• Buy carpet remnants and have them bound to make your own area rug.
• Check out government auctions for seized or abandoned furniture at government-auctions-guide.com
• Buy quality furniture that will last, it’s less expensive in the long run.
• If the item you want has a scratch or small imperfection, always ask for a discount.
• Free furniture can be found on freecylce.com or craigslist.org.
• When shopping for bed linens, don’t spend a lot on high thread count, the type of cotton used is more important than thread count: better cottons are Egyptian, supima, and pima – all are good quality and will last.
• Never buy a used mattress, you don’t know the quality you are getting.
• The best all purpose cleaner to clean stains, scuffs and surfaces: baking soda.
• Ask your electric/gas company for an energy audit, often for free. Your carrier can check seals around doors and windows, inspect appliances, and let you know what can be fixed to save on utility.
• Ask your water company for a free water use audit to help detect leaks.
• Use a caulk gun to fill cracks and gaps around your house.

Caring for Pets

• Never miss a wellness pet check up – preventative care saves money.
• Visit pets911.com to find a clinic that may be cheaper than a vet.
• Other cost savings topics are where to buy pet Rx, when to get pet insurance, types of pet food, and when/where to buy pet toys.

Big Ticket Items

• When to repair or replace appliances? When the estimated repair bill is 40-50% the cost of buying a new one, including delivery and installation.
• When buying a new washing machine, stick to white. The fancy color adds to the price, not the quality. Front load uses less water, detergent, and energy than top load washers. If buying a top load, search for one without an agitator because they use less water and less detergent.
• When buying a new dryer, stick to the basics. The bells and whistles don’t add much to the drying quality. Always use the auto drying option.
• Shop for TVs in the spring and buy last year’s model on sale before the new ones begin to fill the shelves. Don’t pay for fancy features if you don’t plan to use them (i.e. surround sound, built in dvd, etc.).
• Other tips include buying DVD players, stereo receivers and mp3 players, as well as computers and printers. Did you know laptops use less power than desktops?
• How to dispose of old computers:
  • Trade it in for a new one: dell, hp, and gateway has a trade option
  • Recycle it, dell or hp will come to your house to get it
  • Sell it, computer stores buy old computers
  • Donate it to charity

Food

• Save Money:
  • Clip coupons
  • Plan your meals
  • Shop with a list
  • Become a member of your favorite store and use the savings card
• Smart Shopping:
  • Compare unit price, not just total price
  • Stock up on non-perishables when on sale
  • Buy fruits and veggies in season
  • Buy family packs of meat and separate into serving sizes
  • To help remember which products are on sale, put them together on the checkout counter so you can track the prices as they are being scanned
  • Give up bottled water, drink tap
  • Make your own tea
  • Prepare a meatless meal 1x per wk
  • Buy frozen concentrate OJ, it lasts longer than ready to serve b/c oxygen destroys the vitamin C
  • Buy frozen veggies in bag, they last longer than frozen veggies in box
• Saving When Dining Out:
  • drink tap
  • eat dessert at home
  • order an appetizer as a meal
  • order a meal and take half home for leftovers
  • buy discount certificates at restaurant.com
• The book also provides a list of budget friendly, money saving meals.

Fashion Savings Tips

• Visit unclaimedbaggage.com for a small selection of goods unclaimed at the airport.
• Shop at Plato’s Closet for your teen, they specialize in gently used trendy brands.
• Shop at salvation army, goodwill, and consignment shops to find nice clothes at a fraction of the price. Shop during a ‘bag sale’ when you can fill an entire shopping bag for a set amount.
• Learn the delivery schedule of your favorite retailers. Shop when seasons are changing. Shop off season for boots and sandals.
• Become familiar with the price of your favorite designer, outlet stores aren’t always a good deal

Makeup

• Use a q-tip to replace fancy makeup brushes
• The book explains how to repair broken lipstick

Other Cost Saving Topics

• How to make your ell phone battery last longer
• How to get out of your cell phone contract
• How to save on Rx and insurance plans
• How to save on entertainment and holiday supplies/events

Travel

• Hotel brokers can save up to 70% – usahotelguide.com
• Hostels are an inexpensive alternative – hiusa.org
• Search the internet for bargain airefare (kayak.com), sign up for email alerts so you’ll know when a price drops (farecompare.com).
• The best time to book a flight is Wednesday at 1am. Prices rise on Friday and head down on Wednesday at midnight.
• Always check the airline website before booking on a travel search engine.
• Find cruise bargains and helpful reviews at cruiseonly.com
• Travel to Orlando in early summer when temps are still pleasant and Disney is affordable
• Take a European vacation in April, May, or Sept – nice weather, fewer tourists, and lower fares.  Plus, Europeans vacay in Aug.
• Travel to Caribbean in May, its warm, rates are cheaper than winter, hurricane season doesn’t begin until June.
• Find last minute rentals and travel deals:
  • homeaway.com
  • homeexchange.com
  • intervac.com
  • lastminuteusvacations.com
  • search classifieds
  • call a local agent
  • vrbo.com – rental by owner site helps find a vacay home or condo
  • mobissimo.com
  • sidestep.com

Save Money on Cars, you’ll find tips on…

• buying a car (new or used)
• leasing a car
• finding the cheapest gas
• service maintenance (including “winterizing” your car)
• car insurance (deductibles, when to ask for discounts, when to drop comp/collision coverage, etc.)

This book is filled with conventional savings tips and cost cutting strategies. I wouldn’t call it a ‘must have’ for your home library, but it’s worth a scan (be prepared to jot down notes) if you find it in your local library.

A few weeks ago, I received an email from a company called Nuru and they asked if I would like to try their new personal finance product.  It was described as:

Personal Finance is a deck of 30 ultra-thin, waterproof, and durable pocket-sized plastic cards that take potentially complex topics and break them down into easy, everyday language, using simple examples to make the concepts stick. Such topics include investing, loans, credit, insurance, retirement vehicles, etc.

I get marketing emails all the time and ignore about 90% of them.  The other 10%?  I may try the product, but you won’t hear a peep if I didn’t think it was blog worthy.  However, this one was different because I thought the concept was pretty cool.  Tiny cards.  Personal Finance.  Everyday language.  Examples.  Cool!  I responded to their email, they delivered, and I actually like the product!  This is the personal finance deck that now belongs to Single Ma:

It’s really a deck of cards sprinkled with personal finance information!  Isn’t that cute? LOL

Seriously, I had to spend a little time reading over each card and figuring out the purpose of this little deck.  As I read them, I was fascinated by the information.  Then it dawned on me – I must share this with my fabulous blog readers!

There is so much about personal finance I don’t know, and to be honest, the financial world can be quite intimidating.  Wouldn’t you agree?  I know most of you are saying “heck yea!”  Well guess what?  There are many personal finance topics I avoid on this blog, simply because I don’t know enough about them to speak with authority.  Imagine us, the blind leading the blind.  Not a good look!  So I don’t touch it.  Further, I don’t have the time to research advanced topics.  Besides, there are many serious personal finance bloggers that do it for us.  So I entertain you with my personal life and attempt to weasel in my financial lessons learned – then hope and pray you enjoyed what I had to say. LOL!

These little cards are exactly what regular people (read: me and you) need.  I’m not saying our personal finance IQs are going to soar, but we’ll learn a little something something.  The PF deck covers a variety of topics and really does break them down into easy, everyday language.  The topics range from the basics (definitions, credit card usage, and fixed rate vs. variable rate loans) to the more advanced (retirement planning, annuities, ins/outs of the stock market, and expense ratios).  They even address the current subprime mortgage crisis!!

I like these Nuru cards so much, I’m going to share a topic with you every Friday until I get through the entire deck. I hope you enjoy them as much as I do.  If not, imagine being BabyGirl and having to read them everyday because your crazy mom gives you a personal finance quiz every Friday. HA HA HA  She’ll thank me one day. :-)

If things work out as planned, I may have a few personal finance decks to give away for FREE.  Yea baby!  You know Single Ma likes to share the love! LOL!  UPDATE: It was just confirmed, two more free decks are being shipped to me tomorrow!  Woo-Hoo!  Thanks Luke and Brett!!

Oh, and if you’re interested, Nuru offers other topics (golf, understanding your car, interior decorating, first aid for everyday living, first aid for emergencies, exercise anywhere but the gym, etc.) and the tiny decks are available at the Nuru Shop.

Image credit: tollfreenumber.org

I had a family plan with Verizon Wireless, 1400 minutes at $99.99 per month. Using my employer discount, the final bill after taxes and fees ran about $80 something every month.

As of 19 May 2008, the 2 year contract expired on my primary line. As of 12 July 2008, the 2 year contract expired on my 2nd line. Don’t ask me why they were different. In addition to poor customer service, this is only one of the many asinine things I’ve endured since being a Verizon Wireless customer for the past 5 years. Needless to say, I’m looking for a new love.

Effective the 18th, I disconnected my 2nd line and converted to an individual plan – BabyGirl is now responsible for her own cell phone bill/usage. Verizon has an unlimited individual plan for the same amount I was paying for my family plan, but I decided to reduce the calling plan to 900 minutes for $59.99, which is a reduction of 500 minutes (BabyGirl used way more than that) and a savings of ~$30 per month. However, as a basic wireless user, I still think that’s too much.

So I did some research. I used this website to do a side-by-side comparison of the most basic individual calling plans offered by Alltel, AT&T/Cingular, Nextel, Sprint, Verizon, and T-Mobile. Using only the criterion that are important to my decision, this is what I found:

• They all have national coverage. Doesn’t matter if it isn’t reliable [-SM]
• They all offer basic services: call waiting, call forwarding, caller ID, three-way, voice mail.
• They all require 2 year agreements.
• All of their basic plans begin at $39.99.
• Alltel offers the most minutes (500) on the starter basic plan. All others are 450, except T-Mobile at only 300.
• T-Mobile is the only one to offer the “myFaves” feature, which allows you to have unlimited conversations with 5 people on ANY network for free.
• AT&T is the only one to offer rollover, which allows you to rollover unused minutes from month to month. For someone who doesn’t talk much, the rollover may come in handy during unsual months [-SM]
• With the exception of Nextel and T-Mobile, all others offer unlimited mobile-to-mobile.
• AT&T is the only one with limited nights and weekends minutes (5000). All others are unlimited.
• Night hours begin at 7pm for Nextel and Sprint. All others don’t begin until 9pm.
• Night hours end at 6am for Alltel, AT&T, and Verizon. All others end at 7am.
• Weekend hours begin on Friday 9pm for Alltel and AT&T, Friday 7pm for Nextel and Sprint, and Saturday 12am for Verizon and T-Mobile.
• Weekend hours end on Monday 6am for Alltel and AT&T, Monday 7am for Nextel and Sprint, and Sunday 11:59pm for Verizon and T-Mobile.
• Alltel charges $0.59/minute for off-network roaming. All others are free.
• Alltel has the lowest activation fee at $25. All others are $35.

Reviewing this list, the best features seem to be: Alltel offers the most minutes. T-Mobile offers unlimited convo with 5 people. AT&T offers rollover. Nextel and Sprint have night hours from 7pm to 7am and weekend hours from 7pm Friday to 7am Monday. Alltel has the lowest activation fee. Now I need to prioritize and figure out what is most important to me.

Here’s my wireless usage profile:

• I don’t have a house phone, which means I use my cell phone for everything. Aside from customer service, reliability is THE most important thing to me. Price is third, then minutes, features, and phone options last.
• I use my cell phone for personal use only.
• I use lots of minutes, but my longest conversations are with the same people. Conversations with others are usually limited to no more than 20 minutes.
• Unless I’m in transition (job change, moving, new tenants, etc.), my usage is predictable.
• I do NOT use data features (i.e. text, picture, internet, ring tones, etc.)

Based on the above, I’m leaning towards a T-Mobile “my fave” plan. If I can have unlimited conversations with five people, I’d rarely use any other minutes. As for their customer service (my #1 criteria), I had T-Mobile before I moved to the DC area and I loved them. However, I had to switch when I moved because I couldn’t get a signal (my #2 criteria) at home or work. I used to live in a rural area and worked in a restricted zone, but I’m in a completely different location now – both home and work. I wonder how reliable they are in DC.  I don’t want to make a final decision without covering all of my bases.

In YOUR experience, who is the BEST wireless service provider? And why?