Are you planning a party in the near future? Perhaps it will be for a graduation or a wedding. I for one, have offered to a friend of mine, to throw her a baby shower!

First off, I was so happy that she told me she was expecting. I was so excited, right off the bat I said to her, “You should let me throw your baby shower!” But when I sat down to think about the cost of it all, I almost wish I hadn’t. After all, the cost of everything is going up. However, it is not my style to back down from something I have already committed to do. So my question comes to this:

How much is too much?

I want this shower to be spectacular! I would love to be able to go all out, and get her everything she could ever imagine. But to keep things in perspective, I will have to come up with a lot of money for that, and that’s just not likely to happen. So, I have to work with what I’ve got. And that means making a plan, and sticking to a budget.

Here are some things to keep in mind when throwing a party of any kind:

1. Where will it be located? Depending on the size of the party, you might not be able to have it in your living room. So the cost of renting a building or even just a room of a building is an important factor to consider.

2. How big should the guest list be? This goes hand in hand with the first item. If you have a larger guest list, then you will need to have a larger area to entertain. However, having a small intimate party could be lots of fun, and you could quite possibly spend more money on decorations and things.

3. What kind of party will this be? More specifically, are you planning on feeding a meal, or will this be a “floating party”, one with finger foods and snacks? This is where things can get expensive. If you are not careful, you can easily use up the majority of your funds. Keep in mind your guest list here too, as you will want to make sure you have enough food to feed everyone, but not too much that it goes to waste.

See how easy it is for things to add up? Make a budget, write out a plan, and stick to it. Set a goal to put aside a certain amount each month so the cost won’t surprise you! And if you do happen to over spend (don’t feel too bad, we all do at some point), clear your conscience and confess here!

(Photo Courtesy: Earl53 / Morguefile.com)

So with the first wave of economic stimulus checks coming through, I am eager to see the total amount that will actually be sent to us. According to the IRS website, we should be receiving it by this Friday.

However, our family doesn’t plan on stimulating much of the economy with the check. We plan on using it to pay off a major bill. Something that was supposed to be paid off with our tax refund, but that didn’t happen due to our washer and dryer quiting on us!! (Yes, at the same time - Oh the joys of being an adult with responsibility now!)

I’ve been reading a lot of blogs and different magazine articles talking about how many are planning on following the same idea as our family - paying off a large bill/credit card debt/etc.

However, I was watching a news program the other night, CNN I believe, and it mentioned that while the government is expecting a large number of citizens to use it to pay off debt, they fully expect the economy to still be stimulated. How? They are expecting that once citizens free up debt, they will go right back to charging more because 1) it’s “available credit”, and 2) things are rising in cost (so how else will they pay for it?) I thought about it, and I agree. For the average American they are probably right.

But don’t fear, Geezeo is helping its users to redefine the average American! We have the tools to help set up budgets and track our spending so we can be better prepared for the things that might happen tomorrow. Take full advantage of the capabilities. Set some goals so that you can pay off that debt, keep it off, and have a cushion to rely on in hard times (so you really can stimulate the economy with the IRS check and a guilt free conscience!!). Share your successes with us in groups such as You Don’t Really Need It…tales of consumerism. And if you do take a step backward (which most of us do), you can always get your purchase off your chest by confessing your money sins here!!!

Here are four “one click” solutions to help you manage your cash. Got your mouse trigger-finger ready? Here we go!

1 - Money Confessions — Know you’re not alone. People everywhere spend their cash foolishly. Confronting your own “money mistakes” is job one if you want to change your behavior. Just one click, here!

2 - Name Your Goals — It can seem overwhelming. So, make a list of your financial goals. If you list them they tend to lose their “impossibility” factor. Click here once to see a particularly popular goal.

3 - Find Others Like You — Misery loves company. But the inverse of that is true, too. Happiness loves company, too. Find people who are working to make their financial lives better. You can share your progress and encourage each other. One click is all it takes.

4 - Register with Geezeo! We’re a free service. We started in order to get handle on our own money. Now we’re a growing community. To get started simply fill out a simple form and click “register”. That’s one click you won’t regret. Click here!

Geezeo: saving your wallet, one click at a time!

Have you had your cup of coffee today? Here’s a coffee-related personal finance secret:

I realized that if I did my budgeting over my morning cup of coffee I could use the addiction “for the powers of good”. Mind sharp, start of the day — a great time to check the virtual checkbook and make sure nothing had gone forgotten from the budget the day before. This habit has helped me quite a bit.

Coffee consumption can be a budget buster, as described in this Money Confession.

Ever wondered how your coffee consumptions stacks up with other Geezeo users? Here’s a peek:

Last month, the average money spent at Dunkin’ Donuts was $5.92. That was up from an average of $5.21. By contrast, Starbucks coffee consumption fell from $6.09 average per user to $5.54. Starbucks: what’s happening? I thought your bird-safe, shade-grown coffee was best.

What do you think? Is there a reason Starbucks is falling?

Are you trying to manage your money during a major life change? Life changes can be stressful. Life changes can be positive (marriage, new baby, graduation) as well as negative (death, divorce, etc).

And think: all of those events are also tied to personal finance. Your money!

So how can you cope? A lot of it depends on your approach to your life as well as your wallet. I spoke with Rebecca Rodskog of Rodskog Change Consulting about the intersection of life changes and money pressures.

Becky, you specialize in helping people make life transitions. You’ve discovered that almost all clients have some degree of fear. And frequently, these fears are tied to money.

Without breaking client confidentiality, what are some broad examples of lifestyle changes dampered by money fears?

Example #1: Highly skilled, well-compensated executives who become “trapped� – they fear they will never make as much money doing what they love. So they stay where they are: stuck and sad.

Example #2: Moms who had a career or job pre-children who have wrapped identity around financial contribution to the family. Even if they are not happy in their job and don’t necessarily “need� to work, many continue working and sacrifice time with their children not only to contribute financially, but also because they don’t want to lose their identity as part of the workforce. They have a hard time valuing the role of a stay at home mother – what Oprah, and many others including myself, call the “hardest job in the world!� They fear that they will lose their sense of self if they are not making money.

Example #3: Ambitious individuals who believe in the “work hard now, play hard later� mentality. They don’t believe they can enjoy the journey AND make money AND be successful, so they sacrifice now so they can enjoy life “later�. They fear that if they enjoy life now, they won’t make as much and/or won’t be able to retire later.

Some common financial fears include: fear of not having enough, fear of exposure, fear of losing social/family standing if your financial situation changes. Do you think these fears are justified?

First of all, all fears are “justified� – they are what they are. We all have fears and money can bring out the worst! Fear can do two things – it can propel us into action or it can cause us to stagnate. In all of these cases, people may use fear as an excuse to not change and take control. What I believe is that once you’ve identified your fear, and done some research into where the fear comes from, the next step is “what are you going to do about it?!� You need to take control. If you have a fear of not having enough money, what are you doing about it? I find many people, unfortunately, are not doing anything – they have become stagnant. I help people create an action plan to break through the fear and take control. Track your expenses! Make a budget! Start a 401K! Whatever it takes to expose the fear and stomp it out.

Why do you think people latch onto finances as a reason/excuse not to change?

One of the first things I do with my clients is talk about their values. What makes them tick? What makes them “humâ€?? After the blank look fades from their face (many have never even considered this question), the answer is almost never “money”. But unfortunately, so much of what we are told is that money is the answer to everything…money is happiness. People start to believe that without money, they cannot be happy. They end up forgoing things that they value in order to pursue financial security, vs. believing that if they pursue what makes them happy, the money will come. They use money as an excuse to not pursue their passions because they don’t even understand their values or what makes them happy. Their choices and decisions are based on what people/society has told them they “shouldâ€? do. Don’t get me wrong, I’m a very practical person. You can’t blow your trust fund partying because it makes you “happyâ€? and then wonder why you’re broke. I’m talking about TRUE passions and values – it’s amazing how hard you’ll work if it’s something you love. You might not even realize you’re working!

What is an example of a financial fear hindering a client’s change or personal progress?

I had a client who was an experienced marketing executive who wanted to start her own business. She was extremely passionate about it. However, she continued to do her old work because of fear. She didn’t believe that people would really pay her to do the things she loved. She had a lot of identity tied into who she was at her old job. She even created a budget that would support her through the change. But she wasn’t willing to give up the identity and the lifestyle to pursue her dream. Yet, she wanted to contribute in a way that she thought other people would find “valuable.” This fear disabled her ability to find her true joy. Happily, however, we made a plan together and worked on overcoming both her social and financial fears. Now she does what she loves, and makes money doing it!

What are some ways to mentally “re-frame” how your finances will impact a life decision?

I always go back to values. What do you love??? Where is the love? Where is the joy? And then I get down to brass tacks. Make A Plan. Using your values as your guide for ALL decisions, create your goals. Make them measurable. I don’t want to see “make more money� or “be happier� – what does that MEAN? Then comes the baby steps. Don’t focus on the big change all the time, focus on this week. Then celebrate the successes along the way! It will take time to get to the end of the trip, so make sure you’re enjoying the ride! Every week should be filled with celebrations. Finally, don’t be hard on yourself if you don’t get everything done every week – that’s totally normal! Even the best goal setters only achieve their goals 80% of the time. Life moves and changes and shifts and the best thing you can do is enjoy the journey.

Thanks, Rebecca! If you’re feeling overwhelming by life changes and need some coaching Rebecca is the person to contact. Find her at her website, Rodskog Change Consulting.

Need to discuss how money influences your life? Want to see what’s bothering others? Join a Group or browse Money Confessions.

Dear D. Expert,

P.S. He is also old. Maybe he’ll drop dead before I can pay him back. (ha!) But I don’t want his wife coming after me…

—

Dear LAF,

You saucy minx! Yep, that’s what I’d call “interest rates”! That reminds me of a pervvy professor I had back at Oxford.

[Editor's note: Oxford School of Numerology]

It was the summer of ‘91. Her name was Lorraine. She taught basic accounting. That woman had legs like a Chinese abacus. Ahh…memories.

Ahem. Let’s get back to you and your perv professor. Calculators can’t save you, Lolita. In fact, let me just get someone else here to answer your question because your letter is giving me a full-blown headache. Scotch, anyone?

Here’s my friend Michele Steinberg. This fox runs her own network of financial planning services called “FinanceGrrl“. Roar!

Yours truly,
D. Expert

—

Hi LAF,

Yes, you should pay off the student loan first. It doesn’t take a genius to understand that you are paying more interest on the student loans than on the personal loan, and that’s a significant amount of money. But the reality is financial decisions (both good and bad) are emotionally charged. Exorcising bad demons in your finances will do wonders for your psyche and your savings.

So let’s get to the nitty gritty and address the situation with the creepy professor.

I would guess you’re loathe to be in contact with him or his latest wife with something as mundane and gut wrenching as monthly payments. Therefore I recommend a schedule of three lump sum payments to be done with it forever.

The total amount you owe the professor, including the 2% interest, is approximately $8400 over the period it will take to pay him off with this plan.

Here’s how it works:

First open a savings account with an online bank. Your account will earn interest but won’t come with an ATM card to tempt you when you’re walking past Bloomies. Check out http://www.money-rates.com/savings.htm for the current interest rates. Choose an online bank with no fees and NO ATMs! ING Direct is a good example of just this type of bank. In case you’re tempted, I don’t suggest opening another account at your current bank. It will be too easy to dip in as you see the savings grow. Remember, this is not your money. It belongs to the professor.

Second, link this account to your regular checking account and create an AUTOMATIC $60 transfer every week (the automatic part is critical). I recommend it comes out on Mondays – if you leave it until Friday, the latte factor will inevitably hit and you’ll have spent your cash elsewhere.

After one year you should have accumulated about $3175, including interest. Now it’s time to write the professor a check. Wash, rinse, repeat.

At the end of the second year you’ll have another $3175 accumulated to write the next check.

During the third (and final!) year you now only owe $2050, and this will be saved up by mid-August.

Be aware that if you are able to increase the weekly amount to $75 (only $15) you’ll be done in just over TWO payments with almost $4000 saved each year.

The good news is that once you’ve made your last payment to the old perv you will have become accustomed to putting aside a little bit of cash every week. The best thing you can do is continue to save every week and put this money towards your student loans. Although student loan interest is tax deductible, interest payments are still extra expenses you should strive to avoid.

Good luck!
Michele Steinberg
FinanceGrrl.com

Got an embarrassing money problem for the D. Expert? Write him at: d.expert[@]geezeo.com. Kudos to Michele Steinberg of FinanceGrrl.com for actually answering our dear reader’s embarrassing money question. Thanks, Michele!

And thank you, dear reader, LAF. Your money question was the most hideous we received. At least until next week…

Just need to get that money “thing” off your chest? Try our Money Confessions. It’s easy, fast, and you’ll entertain us all.

Budgets. No fun, right?

Well - it’s all in how you tag it. (See below). We encourage you to personalize your budget transactions with tags. Don’t get forced into one-size-fits-all budget tags like “auto” or “dining out” or “healthcare”. BORING! How about having some fun?

We can’t see any of our user’s data. [See more about our security and privacy here]. But we can see anonymous non-financial data. Let’s just say there are some unexpected tags people use to fine-tune their budgets. Here are some choice samples:

alpaca
condoms
evil
f***’n
fantasy baseball payout
hookah
irresponsible
partying
robot
virgin

I hope these aren’t from the same user… I’d wonder what he was busy doing all day!

Curious? Here’s more information:

Q. What Is a Tag?

A. A tag is a one-word description. Use tags to categorize your transactions and give you a pretty good idea of how you are spending your money. When you add or update a bank account Geezeo automatically pulls in your most recent transactions and auto-tags (gas, food, clothes) them for you! You can also edit the tags by clicking on the “edit” button associated with each transaction.

With Geezeo Tags, users’ debit and credit card transactions are automatically “tagged” with customized categories. This makes it simple for you to track your spending in entirely new ways.

Q. What if I want to name my Tags something else besides what Geezeo provided? How do I edit a tag?

A. Create your own Geezeo Tags! Whether you choose to use standard categories, (such as “rent”, “utilities” or “auto”), or more creative descriptions, (such as “dating”, “GirlsNightOut”, or “gadgets”), you’re in control! To change a tag, do this:

Click on your bank account’s name.

Choose any of the listed transactions by clicking on it.

Click on the “edit” button found on the left. This opens your transaction.

Type in a one-word description.

Click submit and it’s saved.

Do this for any other transactions you’d like to give a special tag. Future spending will be tagged just the way you want!

Is there any alternative to Quicken? Quicken Online does just about everything Geezeo does with one key exception. Quicken charges you money to manage your money!

Why choose Geezeo, the Quicken Online alternative?

Well, for starters we share most of the features Quicken Online offers, but without fees:

A dashboard where you can see all your financial data from a number of different banking institutions.
Budgeting tools to effortlessly see where your money goes
Mobile phone TXT/SMS messaging to track your accounts using your cell phone
Like Quicken we’ve got robust and formidable security and privacy guards. In fact, we use CashEdge, the same security used by top financial institutions worldwide.

But wait — there are more reasons we’re the Quicken alternative.

Here at Geezeo we also have a bunch of cool stuff that Quicken doesn’t:

Money Confessions… where you can take a peek at how others handle their money
Groups… so you can find and connect with other people who share your interests or background. Your money is always private and secure but you can personalize a Geezeo profile to interact with others (here’s an example of my Geezeo profile).
Goals… so you can track your financial goals and be held “accountable” in a supportive environment
Peer Reviews…so you can voice your opinion on every financial product you use
Facebook integration… so you can share your financial and philanthropic goals with others
Or write our resident cranky expert, D.Expert, for personalized Dear Abby-like advice on your specific financial situation (if you’re brave enough!)
Don’t forget to check out the Geezeo buzz, too!

Finally, you’ve also got instant access to our entire team, including the co-founders! You have questions or suggestions? Hit us! (We’re guessing Quicken isn’t too quick to talk directly to you).

Is there a Quicken alternative? Yes — you’ve found it with Geezeo!

Geezeo Money Confessions

Ever make a bad financial decision? Want to get it off your chest? Check out Geezeo Money Confessions. A fun new feature that allows you to post money related confessions publicly or anonymously.

Simply log into your Geezeo account and you’ll notice a new box on the right side where you can post your confessions. Select to broadcast your confession either publicly or anonymously.

As an added feature we have also integrated Geezeo Money Confessions with Twitter. You’ll be able to post your public confessions to your personal Twitter Profile allowing you to share your posts with people following your twits. Anonymous confessions will automatically be posted to twitter.com/moneyconfession which should be a fun profile to watch.

Check your budget from your mobile phone!

Hopefully confessing your less then perfect financial choices will make you feel a little better. And just when you think you’ve made the biggest bonehead financial decision, we’re willing to bet that someone else has made one a little bit bigger.

Now in an effort to absolve you from your financial sins, we have also launched a new feature today that makes it easy to check how much money you have left in a specific budget category using text/sms on your mobile phone.

If you have set up some monthly spending targets for transactions like “food”, “clothes”, “gas”, etc. you can now simply text “Geezeo” plus the category you want an update on. For example, lets say you want to know how much you have left in your Clothes Budget, simply text “Geezeo Clothes” to 41411 and Geezeo will text you back with your progress and available money to spend in this category. Just our way of making it easier for you to stay closer to your money, your financial goals and monthly progress.

There are also Geezeo Goals and Groups to jump into. Create or join a good discussion with some of your peers that might be able to help you stay on the right track. There’s strength in numbers!

We hope you enjoy these new features! As always…more good stuff to come.

Thanks for using Geezeo!

The Geezeo Team