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Money Management

Nov 29
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How To Build A Budget On A Bar Napkin

By Money Management No Comments

I like Bars. Airport bars, hotel bars, restaurants with bars, bars with bars! Don’t judge!

Sitting at the bar connects with me great people and I have the best conversations. For example, I recently met a new client at a restaurant and we chose to sit that the bar. As we were talking, my client was sharing how challenging it was for her to create and stick to a budget.

“It’s so complicated and every month I don’t even come close to what I write down. So, I just quit.” she explained.

As I sipped my favorite drink, I calmly said …

“There are many things you should quit, like overspending, getting into more debt, maybe even that man you’re with. However, taking control of your money is not something you should quit. It is something you must Master.”

I went on to share with her that it is understandable to want to quit something that seems complicated and that building a budget can be, and is actually, very simple.

I saw the look of disbelief and skepticism wash over her face. So, I said …

“Here, let me show you.”

I asked the bartender for a bar napkin and wrote down a simple Spending Plan (Budget) and explained the idea percentage of her income she should spend in each category. I shared that she just needed to start where she was and understand what her spending actually looks like in those categories.

“That’s it?” she ask in amazement.

“That’s it!” I responded and took another sip of my drink.

The bartender stood across from us behind the bar and watch what I was doing.

“Will that work for me too?” he asked.

I nodded and smiled as he grabbed another bar napkin and copied the information I wrote for my client.

Bar Napkin Budget

If you, or someone you know, likes the bar like more OR just need a simple way to create a simple Spending Plan, click here to get a copy of my Bar Napkin Budget template for FREE!

Nov 26
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How Social Media Influences Holiday Shopping

By Money Management No Comments

How in the world did we shop before social media.  We have it so easy today. I remember purchasing and compiling lots of newspapers and magazines looking for Black Friday and holiday deals. Now we can get information about special offers and discounts with a press of a button.

We have to wonder, if having such easy access to holiday shopping deals via Facebook, Twitter and other social media networks influences us to spend more money.

Crowdtap created this cool infographic about the social side of holiday shopping.

Based on the numbers in the infographic, 92% of consumers trust earned media over all other forms of advertising, and two out of three shoppers purchased a gift they found via social media.

Check out the infographic below to see how social media influences holiday shopping and and share in the comments below how often you use social media and mobile tech when you go holiday shopping.

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Image Source: Flickr, Mashable

Originally posted on Nov. 28, 2014.

Nov 24
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101 Ways to Save a Dollar a Day

By Money Management, Saving One Comment

Finding it hard to stash away money to build up your savings? Saving money is not always about putting money away. It is also finding ways to spend less so you can keep more of your money. Katie Femia of PremeditatedLeftovers.com shares 101 ways to save a dollar a day.

Are you one of those people who thinks it is impossible to save money? Perhaps no matter how hard you try, you feel like you can just never get ahead. Well saving money does not always mean stashing away twenty or fifty dollars at a time. Most of the time, the best financial safety nets are built just one dollar at a time. There are hundreds of ways to save a buck and over time, those dollars can really add up. Still not convinced? Below, you will find 101 ways to save $1.00 a day. In many cases, these tips and tricks will save you much more than $1.00 a day. But in each case, if you can set $1.00 aside for savings you can easily save $30 a month, or $360 a year. Now that is some easy and significant savings! If you are ready to start setting some money aside for a rainy day, take a look below at 101 ways to save $1.00 a day. You may just be inspired to start today.

101 Ways to Save $1.00 a Day

1. Find a free RedBox rental code online and rent a flick for free.

2. Bring your own soda to work and skip the vending machine.

3. Pour some homemade coffee in a thermos and skip the drive thru tall latte.

4. Pack your lunch instead of eating out.

5. Make a point to redeem at least one $1.00 off coupon per day.

6. Make your own greeting card instead of buying one.

7. Spend a few minutes calling your insurance company requesting a new quote.

8. Shop the manager mark downs at your local grocer. Substitute as many items in on your list that you can with mark down items.

9. Skip the retail store and make a purchase from your local thrift store instead.

10. Re-gift an item you have not opened yet but is still in great shape.

11. Spend a few minutes calling your credit card companies to get your interest rates lowered.

12. Replace one beverage a day with water.

13. Try fixing something yourself instead of hiring help. Watch a youtube.com video if you need some help.

14. Barter with a friend for services instead of paying cash.

15. Replace one household cleaner with a simple yet effective vinegar and water mixture.

16. Hit up a matinee flick instead of an evening flick.

17. Replace one of your regular grocery items with generic.

18. Wash your car yourself instead of taking it through a car wash.

19. Skip the dry cleaners and get out your iron to do the job.

20. Hit golf balls at a local park for free instead of the driving range.

21. Omit running errands one day a week to save on gas.

22. Find a free book download on Amazon instead of paying for one.

23. Buy printer ink refills instead of buying new ones.

24. Carpool one day a week to save even more on gas.

25. Use generic shampoo instead of your salon brand shampoo one day a week.

26. Enjoy a meatless dinner one day a week.

27. Spend a few minutes calling your cable company to renegotiate your bill.

28. Learn to groom your own dog. A youtube.com video can help you with this.

29. Use cash instead of a credit card and you are already saving by not having to pay interest.

30. Take one survey a day on sites such as Swagbucks to earn gift cards you can use on future retail store purchases, thus saving you money you would spend out of pocket.

31. Buy some of your most commonly used household items in bulk.

32. Trade clothing with a friend to expand your wardrobe.

33. Cook something from scratch.

34. Play a board game instead of going out for the evening.

35. Dry your own fruit and veggies with a dehydrator and avoid pricey grocery store snacks.

36. Start your own window herb garden and avoid costly grocery store herbs.

37. Do your own manicure instead of heading to the salon.

38. Use a self tanner instead of buying a tanning bed package.

39. Rent a carpet cleaning machine instead of paying a crew to do it.

40. Hang a load of clothes … (click here to read more of Katie Femia’s 101 Ways to Save a Dollar a Day)

 

Originally Published November 9, 2014

Oct 22
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3 Things To Do When You Win The Lottery

By Money Management No Comments

The Mega Millions and Powerball are at an all-time high! And YES, I bought my ticket. It only takes one ticket to win, right?

Should you win one or both of these lotteries, here are 3 things you should do.

STFU (Shut the F#¢k Up!)

If you are one of the lucky ones to win the lottery, keep it to yourself for as long as possible.

However, if you are a narcissistic winner and want the attention, distant cousins, long lost daddies, ex-spouses or creditors will find their way back into your life, whether you like it or not.

So, try to maintain your anonymity and don’t tell anyone, not even your favorite cousin or BFF.

Unfortunately, not all states allow you to remain anonymous. However, it definitely helps to keep your Mega Million or Powerball secret if you are lucky enough to win and live in the following six U.S. states: Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina.

However, it definitely helps to keep your Mega Million or Powerball secret if you are lucky enough to win and live in the following six U.S. states: Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina.

The other U.S. states, including Washington DC, U.S. Virgin Islands, and Puerto Rico require Powerball winners to publicly disclose their identity, including names, city, and prize amount. If you live in those states, do not disclose your whereabouts, at least until you hire security.

Don’t Quit Your Job Immediately

Ok, seriously! We know that you will never go back to your job. However, quitting abruptly right after a Lotter winner is announced in your state, city, town, etc. may be a dead giveaway and will go against step #1.

Call out sick and handle what is necessary to confirm and receive the lottery winning. Once the check clears and you are officially a Millionaire or Billionaire, then tell your job, “Ki$$ My A$$!”

Hire A Money Team

Statistics show that …

70% of people go bankrupt within three to five years of winning the lottery.

Don’t let this be you!

Hire a team that can consult you on the best way to enjoy and keep your millions or billions. Your team will make sure you don’t spend all of your money on stuff or funding your entourage with no ROI (return on investment). To start out, your team should include:

  • An Attorney (General Practice, Estate, Business),

  • An Accountant (CPA, Tax & Bookkeeper),

  • A Wealth Manager (for Investments),

  • A Business Manager (manage Accounts and team),

  • A Real Estate Agent, and

  • Security (for your safety).

I know what you’re thinking … why do I need a business attorney or business manager?

The business attorney and accountant will consult you on the best way to manage or minimize your tax obligation, and your business manager will be the liaison between you and your Money Team.

If you don’t know or have access to any of these professionals, hire ME, Madam Money, as your Business Manager! Seriously!

Good Luck to you on winning the Big One!

Oct 16
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Confession of a Financial Fornicator

By Money Management No Comments

This article “Confession of a Financial Fornicator” was originally featured in Upscale Magazine’s October issue. I’m looking forward to providing financial tips and advice in upcoming issues. Also, check out my articles via UpscaleMagazine.com.

As a financial executive, I had a dirty little secret. I was giving financial advice to people, but I was committing the financial sin of living paycheck to paycheck. I was overextended and overspending. Everything I was telling my clients to do, I wasn’t even doing for myself. I was solving other people’s money challenges, but not my own. I was committing “Financial Fornication.”

I was financially promiscuous with multiple credit cards and ended up contracting Financial STDs (Substantially Tremendous Debt).

I had an unstable relationship with Savings. I didn’t really have a savings account. Rather, I had a Sidepiece account that was tied to my main checking account. When my main checking account could not give me what I wanted, I tapped the ASSET of the sidepiece account to spend. Sidepiece accounts weren’t built for savings.

I was unfaithful to my financial goals. I was a financial fornicator.

The reality is that I love spending money. Transactions are orgasmic for me. Spending is my financial language.

There’s nothing wrong with spending money. But anything in excess can be dangerous and unhealthy.  I learned this lesson the hard way when both my money and my credit divorced me.

I had a real mental health issue called Denial. But when I faced the real problem in the mirror, I decided to execute the financial tips that I gave to my clients. And … IT WORKED! I turned intimidating financial concepts and topics into funny and relate-able solutions in my book, “Financial Fornication.”

When I changed my mindset about money and credit, I realized I had the power to improve my cash flow, eliminate debt and secured the financial stability.

Today as a financial educator, known as Madam Money, I teach individuals, couples, families, students, entrepreneurs, etc. the FUNdaMentals of money, credit, insurance, investments, and entrepreneurship.

I look forward to providing helpful and practical financial tips that will help you reach your financial goals and live the life of your dreams.

Send me your questions and look for my articles on UpscaleMagazine.com.

Click here to subscribe to Upscale’s Lifestyles Newsletter for FREE to access my articles and tips as well at https://tinyurl.com/upscalenewsletter.