How to Buy a Bike and Other Major Purchases

July 11, 2011

The other day I was talking to an extreme saver , Jonathan Fogel, an attorney in Brooklyn who follows something called “Retirement Extreme” where he is living off of 25% of his income and saving 75%. Until I talked to him, I thought he might be a little crazy! I must admit I have a bit of an anti-frugal bias because of some bad experiences when I was a young woman – having to buy everything at yard sales and shopping at the bulk stores. As a financial planner and financial educator, savings is highly valued, of course, but “extreme savings” has always been associated with “extreme pain” and deprivation. So, that is what I was expecting when I talked to Jonathan about his experience. Continue reading “How to Buy a Bike and Other Major Purchases”

Are Emergency Savings Really Enough?

July 07, 2011

We often hear that we should keep at least 3 – 6 months of expenses in savings for emergencies. Some experts suggest increasing it to 6 – 12 months or more because of the economy. The main reason usually given for emergency funds is to have something in case Continue reading “Are Emergency Savings Really Enough?”

Summer Jobs for Your Kids

July 06, 2011

It’s July! Cookouts and the dog days of summer right around the corner. For the first three weeks of summer vacation, my kids have been busy with baseball, golf clinics, summer camp and VBS. But now that all of that’s behind us, my kids are faced with another two months of nothing to do *sigh*. Continue reading “Summer Jobs for Your Kids”

Loyalty has its Advantages: Savings

July 04, 2011

I read an Associated Press story today about a 100 year old woman from Bainbridge, Ohio who takes the cake for “extreme loyalty” because she has had the same bank account since 1913 when her father opened it for her. She still has her original passbook. Well, she is obviously not one to shop around for the best rates and jump ship when the grass was greener. I don’t know about you, but I am loyal to brand name products myself. I didn’t used to be, however, because I focused on price over quality. Continue reading “Loyalty has its Advantages: Savings”

Pay the Absolute Lowest Price on Groceries Every Week

June 27, 2011

Who came up with the idea to make a grocery list and go to the store and purchase what you need for the week? I’ve done that all my life and in turn paid whatever the going price is for groceries. This is the old way of shopping. The new way of shopping is to buy what I need at the lowest possible (rock bottom) price and stock up. What makes more sense, going to the store once a week and buying cereal for $4 a box every week for six weeks and paying $24 for cereal or buying six boxes of cereal at rock bottom prices (using sales and coupons) and paying only $6 for a TOTAL of six boxes of cereal? If you have a pantry and the food doesn’t spoil, stocking up makes more sense. Imagine what you could save if you were able to purchase all of your consumer staples and household items consistently at rock bottom prices. Life would be different. Continue reading “Pay the Absolute Lowest Price on Groceries Every Week”

Couponing: How to Double Your Savings with the “Rain Check”

June 20, 2011

There are some things you can always count on:

You’ll hit every traffic light when you are in a hurry.

You’ll be called on in a meeting on the only agenda item you are not prepared for.

Someone will show up at a party in your very same new dress.

And…the store will be sold out of the sale item you specifically came in for. Continue reading “Couponing: How to Double Your Savings with the “Rain Check””

When Short Term Interest Rates Rise – What Should I Do?

June 16, 2011

One of the questions I ask the attendees of my workshops is, “Where do you think interest rates will be going in the future?” The overwhelming majority state that they feel rates are going nowhere but up. Now, I certainly appreciate that there could be an outside chance that rates may dip from where they are, but that is not as likely as rates going up (in my humble opinion). So, if in fact we are moving to higher rates, what are some things you can do now to take advantage of the current rate environment? Check out the tips below to see if any of these apply. Note: while they may seem like a “no-brainer,” it’s those types of actions that we often don’t take. Continue reading “When Short Term Interest Rates Rise – What Should I Do?”

How to Make $50 Per Hour Couponing

June 13, 2011

Couponing is way more profitable than I ever thought it would be. I used to think using coupons was way too complicated and felt I really didn’t have the time to do it. In fact, I rolled my eyes when my sister- in- law, Anne, first showed her massive coupon binder – bursting at the seams with little slips of paper. My thoughts were, “This lady is way over the top – extreme.” and I told her so. Thankfully for me, she just laughed and was nice enough to take the time to set me straight, that indeed it was worth the hour a week cutting and organizing her coupons. In fact, she saved about $200 a month in groceries so she really was making $50 an hour. Continue reading “How to Make $50 Per Hour Couponing”

GUEST BLOG POST: Wedding Season

June 08, 2011

Wedding season is upon us, with the most popular months for weddings in this country being, in order, June, July, September, and August. Starry-eyed couples will no doubt have images of the Royal Wedding in mind as they plan their own fairy-tale nuptials. Across the country, florists are scrambling not just to assemble the usual profusions of roses and forget-me-nots, but to find leafy trees suitable for a church or temple. Continue reading “GUEST BLOG POST: Wedding Season”

Couponing 101: How to Get Expensive Stuff for Free

June 06, 2011

My husband hates it when I buy vitamins (well he used to). It is not that he doesn’t want us to be healthy and he is not a “purist” thinking you should get all of your vitamins from the food you eat. He just hates to pay for them since they are expensive and of course, he’s right, they are. So when I used to come home with a multi-vitamin pack and our Vitamin C, he wasn’t happy. Now, well it is another story. Since I am no longer a coupon snob, I now get my vitamins compliments of Walgreens or CVS with three added benefits – we are healthier, wealthier and happier (I bet you thought I was going to say “wiser”). Continue reading “Couponing 101: How to Get Expensive Stuff for Free”

Priceless vs. Pricey

June 01, 2011

You’ve probably seen the commercial. A father and son enter the ballpark as the voiceover says:

Two tickets = $46

Two hot dogs, two sodas, two popcorns = $27

One autographed baseball = $50

Real conversation with eleven-year-old son = Priceless Continue reading “Priceless vs. Pricey”

Cash Management: Saving Money Without Sacrifice

May 30, 2011

Over the years, I have unknowingly wasted thousands of dollars at the grocery store and the pharmacy. If I knew then what I know now, I could have saved AT LEAST $1200 per year by using coupons. If you add that up over 25 years that I’ve been a financial planner, it makes me cringe. Those lost dollars will never come back; they are lost forever but I am just glad that I know now and certainly don’ t want anyone else making the same mistake. As a financial planner, I’ve always paid attention to the big things in my financial life—my training gave me a keen focus on making sure I had low fees and low interest rates on loans such as my mortgage and auto, managing my 401k for the optimal risk/return ratio, and to make sure my family was protected should something happen to me. I felt like carrying around a 50 cent coupon for a laundry detergent was a waste of time. Continue reading “Cash Management: Saving Money Without Sacrifice”

Budgeting: You May not Think You Like it, but Give it a Try

May 27, 2011

So, this just might be the most embarrassing thing I have ever written. This is one blog I hope that NONE of my friends read, because this is just far too much information for them to have at their disposal. Here it is, my confession, I really like the show “Glee.” I can’t believe I’m admitting that. I watched one episode to see if it was acceptable for my kids to watch, and I won’t share my opinions about that part, but my daughter and all of her friends are huge Gleeks (fans of Glee), and now…so am I. Why do I tell you this most embarrassing of admissions? Continue reading “Budgeting: You May not Think You Like it, but Give it a Try”

GUEST BLOG POST: Vacations for Memorial Day or Thereabouts

May 26, 2011

Summertime and the living should be easy. Unfortunately, the cost of easy living – what most of us call “vacation” – is going to be hard to swallow this year. The prospect of $6 gas and soaring airfares have a lot of Americans wondering if they can afford to travel this summer. Continue reading “GUEST BLOG POST: Vacations for Memorial Day or Thereabouts”

Recipe for a “Priceless” Moment

May 25, 2011

For those of you that have read some of my previous blogs (and I think that’s about 4 of you), you may recall my plans to take my wife Susan on a surprise trip to Aruba. Well, I’m happy to report that she was surprised, and it was a wonderful vacation. I made sure to book a nice, adult-only resort situated on one of the top ten beaches in the world. I booked the “Romantic” package, which included a sunset sail, a welcome basket with champagne and chocolates, and dinner for two on the beach. It was perhaps one of the most memorable vacations I have ever taken. Continue reading “Recipe for a “Priceless” Moment”

Follow Oprah’s Lead with Your Transition Plan

May 23, 2011

Oprah is counting down her last days on the Oprah Winfrey show. At the time I am writing this she is at show 18, I guess I waited kind of late to watch her since there aren’t many left. There is good news for me however because I understand she is going to a new network! There will be more Oprah! I guess I am in luck. This may sound cynical because, well, it is. Continue reading “Follow Oprah’s Lead with Your Transition Plan”

A Dad’s Attempt to Teach a Money Lesson

May 20, 2011

On my last flight, I had the opportunity to listen to one of the podcasts (Your Money Minute podcast, see Episode 38) with Mary Karges about a really cool product called the Moonjar. The Moonjar is a tool that can help teach children about money and how it can be used. I wish I had one of these when I was younger! There are 3 “slots” for a kid’s money in the Moonjar…Share, Spend, Save. The goal is to teach kids that money spent can’t be shared with others (like giving to your favorite cause) or saved (for a bigger goal like a car when you’re of driving age). It’s a great way to have conversations with kids about money and that money doesn’t grow on trees, or come from the magical ATM, there has to be an actual source of funds behind the ATM. Listening to the Moonjar podcast though, reminded me of something I did with my daughter a long time ago when the subject of “allowance” came up. I wanted to do two things, respect her desire for an allowance and teach her a lesson about the real world. Continue reading “A Dad’s Attempt to Teach a Money Lesson”

Money Management: How NOT to Spend Your Money

May 18, 2011

I’ve been arguing that if the government cannot control spending there are some serious implications that you and I need to prepare for. In my last blog I outlined precautionary steps to take if the government continues on this path. In this blog I’ll discuss what NOT to do so that you can avoid a similar fate. Continue reading “Money Management: How NOT to Spend Your Money”

Risk of Failure to Balance Budget

May 11, 2011

So in my last blog I outlined the real danger of government spending without a balanced budget. If the government continues to borrow and spend, borrow and spend, borrow and spend, pretty soon Uncle Sam won’t be able to borrow any more. If that happens – if foreign governments don’t lend the U.S. money, if investors don’t buy U.S. Government Bonds – how will the government pay for its expenditures? This is a difficult question, and one we hope we never have to answer, but rather than cross our fingers and put our heads in the sand, we need to face this potential reality head on. We know that the government’s going to have to do something, so here’s what you can do to be prepared: Continue reading “Risk of Failure to Balance Budget”

You Don’t Have to Look Shabby Just Because You are Frugal

May 09, 2011

You don’t have to look shabby just because you are on a budget. That is exactly what we told my son Rick, I was going to say the family gave him some tips but it was actually more of an intervention than that. Rick was planning a trip to Spain to see his girlfriend who was spending the year abroad – Rick had the money for the plane ticket and got some spending money for Christmas but otherwise is a frugal college student living on a very limited budget. His older brother took him aside and said something like, “You can’t go to Spain to see your girl looking like that – seriously. She is around all the European men and you need to measure up, man.” Continue reading “You Don’t Have to Look Shabby Just Because You are Frugal”