We’re coming close to the end with our simple reminders to keep your budget and your finances in order.  Remember to apply one or two areas to your life to make success more likely.   Adding it all at once can put you into overload!

P - Pursue new careers – Whether you dislike your current career, or if you see no room for growth, maybe it’s time to work towards a new one? Start talking to others who are in your field of choice.

Q - Quit negative thinking – Automatic negative thoughts (or ANTs) can be damaging to your success.  You should try to keep yourself from automatically assuming that you aren’t going to be able to accomplish something, or that you would, no matter how hard you tried, fail.  You have to kill those ANTs as soon as they begin to come in.  At first this may not be easy, but if you are keeping an eye out for them, and instantly turning around to think something positive, then you will be able keep those negative thoughts at bay until they are no more.

R - Reduce costs of essentials – If you are not able to take on extra shifts or take on a second job, then maybe it’s time to consider if you really NEED to have DVR or if you can downgrade on your internet.  If you have a cell phone, do you really need to have a home phone too?  There are many areas you can consider when it comes to cutting costs.  Many families have chose to eat at home more.  This also contributes to more quality family time as well.

S - Stay focused on long-term goals – while short term goals are good – it’s good to think about your long term goals.  You will want the short term to add up to the long term.  If your end goal is to own your own home, then you will want to get rid of credit card debt and the like, as well as start saving for your down payment.  These short term goals are going to allow you to attain your long term goal of finally owning your own place.

T - Trouble won’t find you, you find trouble – Many people blame credit card companies for the problems they have with their debt.  However, you are the one who chose to open the card.  No one forced you to do it.  No one forced you to use the card either.  So it is no one elses fault.  Which is why you need to take control.  You need to take responsibility.  Once you do those things, you will be on the path of financial independence.  Stay away from it if you think you may have a problem later.

We’ve been looking at different bloggers to see what they have been writing about within the previous few weeks, and today is no exception.  This time we are looking at Thicken My Wallet. You may remember this blogger being mentioned a few times in the past regarding his financial goals for that year (you can see what that was all about here, here, here and here).  So what is Thicken My Wallet writing about these days?

First, how do you compare to some census data that TMW dug up regarding owning your own home, driving a brand new car, or even just your chances at finding your soul mate?  Read up on the numbers, and tell us (and TMW!) how you compare.

TMW features a regular columnist, Mom2KG.  This post offers tips on how to make the most of your money when it comes to eating out.  She also questions what you think about tipping.  Do you?  Should you?  Does it depend only on the level of service provided?  Again, let us and TMW know how you feel with regards to tipping.

Finally, TMW asks the question : How often do you check your stock portfolio? Hourly?  Once a day?  Once a week?  TMW does it once a month.  But this is not necessarily to see the value, but to confirm that everything is as it should be, and there have been no unauthorized trades.  So, let us know, do you have that constant desire to see what’s going on, or are you more relaxed?

Putting your child into daycare while you go to work can be a very difficult decision to make. Although there are many daycares to choose from, there are definitely some that are better than others. Making the decision will not be quick or easy and you need to do a lot of research before you decide.

There are just a few things to consider when making your decision…

Reliability and Recommendations – Getting personal recommendations from friends and family can give you the greatest peace of mind. If you already know someone who has their child in daycare and trusts/recommends this location, that can be extremely beneficial and helpful when making your decision. If someone else places their child in the care of the location they are recommending then they obviously trust it.

Location – The location of the daycare to your home and work is very important. Being able to get you your child easily if something happens should be of great consideration to where you leave your child throughout the day.

Supervision – You want to make sure your child is getting the right amount of supervision throughout the day and not being ignored. Employees must have the right type of training in order to work at a daycare. You should be sure to ask what the child per caregiver ratio is. Depending on the age of your child, there are certain numbers that daycares must meet. Also, ask how many supervisors there are at the daycare. You want your child to feel comfortable and be able to form a relationship with their teacher.

Cost – Daycare is extremely expensive. If you can get a discount at a reliable daycare then you should definitely consider taking the discount. Sometimes employers will have daycares at the office or nearby that they offer a discount to. Make sure to fit the cost of daycare into your budget and make sure it is a reasonable amount to pay compared to your salary.

Education – Daycare should not just be an expensive babysitter. You want to make sure your child is learning something at daycare otherwise you might as well just be paying for a babysitter to watch them during the day while you are at work. Daycare should be about interacting with other children and learning new things while they are there.

Observation – If you have your child in daycare then you have the right to observe the daycare and show up unannounced. The importance of an unannounced observation is that the daycare does not have the time to clean up or fake something that they may not be. Observing for a day can give you some great insight into the daycare that you are thinking about putting your child in. Once you choose a daycare, you should randomly stop by on occasion to make sure everything is running as you would expect.

These are a few of the biggest things to consider when choosing the right daycare for your child. Many times you do not have a choice but to put your children in the care of someone else while you go to work, but leaving your child at a daycare does not need to be stressful if you have done the necessary research.

— By Hannah Waters, Geezeo.com

Photo by: KConnors

If we are brutally honest with ourselves, then money is the root of all problems. Okay, maybe not ALL problems, but a decent amount of them stem from money. Problems in relationships are no different. Often, money can make or break a relationship without you even noticing it is happening.

Here are some ways this can happen…

1.) Lack of Communication – Lack of communication is one of the biggest problems with relationships in general. However, when you add money into the mix things get even messier than they already were. Setting a budget together and communication to one another where the money is going each week or month is extremely important to understanding your financial situation as a couple. Without a budget and some knowledge of where the money goes, both people in the relationship can just continue to spend without realizing that the money source is being depleted very quickly.

2.) Overspending – Overspending on either side can be dangerous. If you both overspend without realizing it, the money that you needed to pay the bills may be gone without you even realizing it. This goes along with communication. If you find something that you want, you must be sure to communicate it with your significant other in order to not overspend, especially when times are tough.

3.) Moving Too Fast – Sharing a bank account and moving into a relationship too fast can also be a big downfall. Money is an extremely personal thing and when you work hard for your money you want to ensure it is being spent in the right way. Getting a joint bank account and throwing your money into the same account too early is just waiting for something bad to happen. The other person may spend your money and you may not have enough money left to spend for yourself. Try to keep things separate until you know how strong the relationship is and whether or not it will last.

4.) Secret Spending – Make sure you are being honest with one another. Secret spending such as gambling or bad shopping habits can lead to a great deal of unwanted fights and problems. If you have a problem, make sure your significant other is aware of it so that you can help each other stay in line.

5.) Responsibilities – Just like it is someone’s job to take out the trash or empty the dishwasher, make sure you are making sure that it is someone’s “job” to pay the bills each month and organize the finances. Without this being someone’s responsibility, some bills may slip through the cracks and forget to be paid each month. Keeping track of the money is crucial to survival when you are on your own, when you add a family into the mix it becomes even more crucial to understand how much you do or do not have.

Money problems affect family relationships and friendships as well as romantic relationships, much of which stems from lending money to people close to you and not getting repaid. Communication, planning, and being organized is definitely the key to good financial planning in a relationship. Make sure that you both have the same goals and budget in mind in order to keep the relationship stable.

— By Hannah Waters, Geezeo.com

Photo By: Jane M. Sawyer

You’ve imagined it. And it doesn’t sound like fun. You, as an adult child, having an awkward, perhaps heated, discussion about money with your aging parent(s).

Well, hard as it may be, avoiding a “money talk” with your parents can have crippling consequences. Here’s a brief list of disasters that can stem from avoiding the “parent money talk”:

So what can you do? You can “man up” or “woman up” and have that conversation with your parents now. Here are five steps that will reduce the stress:

1. Commit to this conversation before it’s too late.
Everyone is busy. But, if you avoid this conversation you might be too late later. Make the time before failing health and memory interfere. Arrange a time to meet that is convenient for your parent(s) and is unlikely to be interrupted. Coordinate with siblings or other important people, too. Choose a setting that is private and non-threatening. Most importantly: tell the intention of the meeting beforehand so they do not feel ambushed.

2. Write down specific topics to discuss before you meet.
Organize your thoughts on paper. A written agenda prior to meeting will help you stay on track and focused on specific issues you’ll need to address. It sounds formal, but, works wonders.

3. Address topics firmly yet respectfully.
Some parents do not like the idea of trading in their parental role. Some feel threatened and others can even feel insulted. If you feel one or both of your parents will get emotional you might consider finding a book that specifically addresses these issues before your meeting. A general rule, however, is to be respectful.

4. End the meeting with an action plan.
At the end of the meeting you’ll probably need to gather more information. For example, you may need to set up appointments with the family accountant, doctor, attorney, or other professional. You may need to do research to discover your best options or next steps. Accept that it will take some leg work on your part but is necessary to be best prepared for the unknown.

5. Complete your action plan.
To become co-signer on your parent’s bank account or legal guardian requires paperwork follow-through. Don’t stop short of getting your aging parent’s finances in order now so it will be less stressful for everyone later.

Good luck!

Lynnae at Beingfrugal.net believes that “credit card debt is bad. Nobody should have it. Car loan debt is bad.  Student loan debt is questionable.  Mortgages are OK if you do them right. Put a big chunk of money down, don’t bite off more than you can chew, don’t take out a HELOC, and pay it off as quickly as possible.”  Lynnae started her blog as a way to hold herself accountable for the financial decisions that she has made.  Here’s a look back at what she has been writing about.

Travel is something that people do all year round, and lately it seems that it is getting more and more expensive.  “But if you plan ahead and anticipate expenses, there are corners you can cut to ease up on the budget without impacting the fun.”  Check out these Budget Travel Tips.

Is it possible that fruglity can go too far? Lynnae shares with her readers a guest post from DebtKid who lets us know how far is too far.

Here’s a great frugal tip for cleaning your mini-blinds.

With Lynnae and her family working hard to get out of debt, you may wonder what her advice is when it comes to a plan of action.  To her, it’s basic.  You need to make a commitment to just do it.  Commit yourself to getting out of debt.  Once that commitment is made, then you need to formulate a plan.  A goal without a plan is just a dream.  Check out what else Lynnae says about getting out of debt.

Here are more frugal tips from Lynnae.  This time, it’s for your garden.

Image by Swami Stream via Flickr

Starting out, you may not think that your children pay much attention to money and your attitude towards it.  However, they do take in quite a bit.  And you would be surprised the things they remember even when it seems like they aren’t listening.  For instance, imagine a 4 year old telling his daddy goodbye as he leaves for work.  “Bye daddy!  Have fun at work!  Make money so we can pay bills!”

This could easily be “Make money so I can have some more toys!”  Or, “Make money so we can go <insert favorite vacation spot>.”

Do you notice your child possibly making reference to how you spend your money?  This usually lasts with them as they get older.  How you spend (or save!) your money is teaching your child, and he/she will most likely follow in your foot steps, at least for a while.  Especially since to a child, mommy/daddy knows best!

As they get older, they will start showing signs of their attitude toward money.  As they get an allowance, or possibly even a job, they may begin to tuck money away in a safe place, or request to have a savings account.  If so, good job!  However, if you notice your child spends their money just as quick as they get it, that could be a sign for trouble.

As parents, you never want to see your child go through hardships.  However, if you do not start teaching them from an early age how to properly manage money – save some, donate a part, and spend a portion – then they are most likely going to go through some financial hardships.

Unfortunately today, many parents feel like they should not get their children involved.  It’s understandable that children do not need to know every detail of the household budget, however, it is a good idea to have them see how the process works.  First, you work hard.  Then you get paid for a job well done.  Finally, you divvy up your paycheck according to current needs – savings, donations, and bills.  If there is extra, then you can spend it.  If not, then that is it.  Do not resort to using a plastic card because you can.  It’s honestly not worth it.

As illustrated above, even young children can understand what money is used for most of the time.  But don’t put your anxieties on them.  Help them understand the value.  Explain how some things are well worth putting money into, and others are not.  Show them exactly how to save.  Allow them to have a part in deciding how family entertainment money could be spent.  These are lessons that children will keep with them, and then be able to pass on to their own children.

Should you use toys (in effect, money) to bribe your child to behave?  And for more on raising a charitable child, click here!

Tags: Child, Economics, family, Great Geezeo Bailout, Kids and Teens, money, Personal finance, Saving, Savings account, School Time, Social Studies
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