When I was growing up, my parents would get the urge every once in awhile to impart money management skills to my siblings and me. They would experiment with different systems for dispensing allowances and organizing income, but most failed due to the lack of discipline on both their part and ours.
Not every system was a total failure though. One such system, the Four-Jar Approach, involved each child possessing four plastic, transparent jars into which income was divided for four purposes: Spending, Retirement, College, and Taxes. Now that I think about it, I never knew where the taxes were supposed to go once they landed in the jar, and what we were being taxed on. Perhaps under the Four-Jar Approach, my parents were entitled to take administrative fees out of allowances. But hey, if it was on purpose, it was cleverly executed.
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The current culture of acceptance that surrounds the issue of debt is one that has arisen as a result of an increased dependence upon credit and the act of satisfying an ‘I want it now’ attitude. A rise in materialism and the inherent temptation of credit cards and personal loans in aiding presentation of a very specifically affluent outer appearance can be held accountable for a building crisis in personal finance.
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Honey, what happens when you have TOO MUCH money? I said to Emma a few days ago. She must’ve thought that we either won the lottery or her husband went crazy, both of which required more attention. With her eyes wide open (I seriously thought it was going to pop out), she said “WHAT DID YOU SAY?!?”.
Let’s imagine with me for a moment that we have enough money to a point where we don’t need to work. Let’s also assume that we don’t really need to think about it much because we also have a wealth management company in charge of handling our assets. How would your life be like? How would your life change?
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I have credit card debts to pay off, student loans to service, bills to pay and a down payment to save up for. I can’t afford to save for retirement.
Sound familiar? With all these obligations, how the heck are we supposed to start saving for retirement, something that could be decades away?
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The reward points, the 30 day free loan, and the perks are just excuses to keep that piece of plastic. No matter how much control you have, credit cards are a convenience that you pay for.
I used to think that credit cards are disastrous for the irresponsible but benefit the disciplined. I saw those reward points as free money since we could get free merchandise and even cash back. I was wrong, and have been for more than a decade since I was first approved for these little money suckers.
Some of you may disagree, and I probably would have too if I read the same point being made a couple years back. If this is you, consider the following scenarios before you pull out your card next time.
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Do you secretly wish that your TV would break so you can get a brand new one?
Or that your shoes would rip or your hat stolen? These are evil thoughts and may make no sense to the logical person, but they are real, they play a part in our lives, and they affect our decisions in addition to our emotions.
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Making ends meet is more difficult than ever. For families that need childcare, the expenses can be overwhelming. Good childcare is expensive, but it’s not like bad childcare to save a few dollars is an option. Finding a solution can involve some creativity, but the good news is that it can be done.
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I handed him my debt card and the cashier asked if I wanted to charge it credit or debit. Is he insane?
A few years ago when I first got my debit card, I was confused whenever a cashier asked me whether I wanted to charge my card using credit or debit. Debit please, I always said, wondering whether those people recognized that it’s actually a bank card. Eventually, I found out that my debit card was capable of transactions through the credit card network as well. It would still draw money from my bank account though, so the only difference seemed to be just signing versus punching my pin.
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My children are the best and nothing else suffice. I love them and will do anything to give them what they deserve.
By now, you’ve read so many articles about spending control that you can probably write your own book on the subject. Appreciate the big picture, delay gratification, 30 day rules, and the list goes on.
But what if you aren’t spending money for yourself? How do you control your spending when most of it go towards your loved ones?
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Cashier: The ready-made chicken wings and the video game, Wii Resort, will be $70.
While lining up and watching all these people buy groceries, business supplies and other “adult-preferred” products, I found myself staring at the two items I picked out and thinking “Aren’t these things for kids?”
It got me thinking some more. Do mature people spend less money?
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I read these articles all the time and by now, most of the ideas sound familiar. Why am I still starving a few days before my next paycheck is due?
As I sit here pondering about a personal finance topic to write about, I started wondering what will happen if I covered every possible personal finance subject. By then, I would have found the perfect get out of debt plan and shared it with all of you, the key to ensure financial prosperity and the three step (or at the very least, the four step) approach to comfortable retirement.
That’s when it dawned on me. Whether I have yet to write about it or not, these ideas already exists. In fact, I’m pretty sure that responsible personal finance theories have been written, debated, and followed ever since the middle class started being literate.
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If you have dealt with a recent shock caused by your water, gas, and electric bills, you understand just how important it is to save on household bills. The rates are going through the roof and winter is around the corner. Finding good ways to cut back without freezing is helpful for just about everyone, so here are some simple ways to save.
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I bought a pair of pants. It wasn’t planned for, and the decision was a result of a bit of embarrassment, anger, sadness, and envy combined.
My journey to the checkout counter all started a few days ago when we walked by a CPA’s office while Emma and I curiously checked out some new office buildings. It so happened that I was looking for a new accountant to talk about my new business structure, so I decided to walk in.
After some mingling with the receptionist and introducing ourselves to the accountant, he spent the next 15 minutes trying to convince us that our business probably isn’t at the point of needing his service. We walked out confused since we didn’t even talk much about specifics, but my wife quickly made an astute observation.
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Editor’s Note: For those that just joined us, this is part of a series where Michelle shares her vacation highlights that show us how frugal travels can be just as fun as an extravagent vacation.
When Aaron and I had walked as far as our legs could carry us in San Francisco, we hopped in a rental car and headed to beautiful Sonoma Valley to experience California’s wine country.
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