Archive for January, 2008

Eat Healthier & Save Money: Brownbag Your Lunch

By: Green Panda | Date posted: January 21, 2008 (1:32 pm)

Some people our age think that that eating out for lunch is typical and is alright. They feel that getting a combo at some fast food place they’re saving money or if they go for a healthier option, it’ll help them in the long run. First off, eating out is not bad. It can be fun and a chance to talk with your friends. Eating out constantly, though, can affect your health and drain your wallet. Even with all the value menus, out there, it can still be cheaper to bring leftovers.

Finding Healthy Options for Lunch

I work in a rural area and there aren’t many choices compared to where I live. There’s a strip of fast food joints on one street. It’s convenient if I forgot my lunch, but it’s not healthy. Brownbagging saves me time because I can just get up and eat. There’s no commuting to pick up lunch. I save gas by staying put, but if the weather is nice, there are tables outside for employees. There’s a great view from there and it’s nice be out in the sun instead of being indoors all day.

We try to make well-balanced dinners, so my lunches include lasagna, pork chops with rice and veggies, roast pork shoulder with rice and beans, and more. Some dinners are better the next day and it keeps me from throwing out food out of the fridge that gets too old.

I do eat out with co-workers from time to time for certain cuisine, like sushi. It’s better fresh and the atmosphere is relaxing. I spend my money on the experience and food.

Photo Credit: 46137

My husband goes more for the sandwich route for his meals. We refill meats, bread, and cheese each week. He is pretty consistent with it and enjoys his lunches. I’d personally get bored having sandwiches, but if it works for him, great. He also eats out sometimes and that’s ok. You should enjoy your money, just try to use it wisely and on things that matter to you.

Plan for Money Saved By Brownbagging My Lunch

The money I save goes towards my emergency fund and paying off my car loan payment. I feel better knowing that I’m reducing the amount of debt I’m carrying and saving up for a rainy day. My husband keeps his money in his individual account, so kudos to him as well. He will splurge maybe twice a year on something for his computer. His latest purchase was a widescreen monitor. He found a great deal and had the cash to buy it.

What do you do for lunch? If you brown bag, what are your plans for the saved money?

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Photo Credit: 46137

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Our Rough Draft Plans for a Tax Refund

By: Green Panda | Date posted: January 18, 2008 (1:39 pm)

 

 

 

I just got my W-2 this week and I’m excited as I’m expecting a refund this year. My husband hasn’t gotten his yet, so we’re just playing the waiting game. I hope I entered the data right; it would be horrible to have to pay taxes and then find out we owe some.

 Last year we receive a refund bigger than this, but I’m budgeting for the smallest refund as a buffer and a way to keep my hopes in check.

Right now our joint savings account is a combined emergency fund/house fund account. We dump an extra from our joint checking that we didn’t spend that month (we do keep a buffer in checking) and my husband has a regular monthly deposit in it.

The tax refund will go into the joint account and we’ll not touch it. We figure that would be best and it’ll be ‘forgotten’ until we need, hopefully as a down payment on a house. When I say house I mean a condo or a townhouse.

There’s only two of us (three if you count my cat) so we feel that a house isn’t necessary. If we somehow got a miraculous deal on a detached, then we’d consider it. Also by looking at condos, we can perhaps living closer to the city, which would allow us to possibly use public transit. I was born in New York City (visit many times for family, but left when I was young) and I have no qualms using it as long as it is consistent. (Currently in this city, the buses have been known to be off by 20 minutes. You could be at the bus stop at the right time and just missed the bus, then you’d have to wait an hour before the next one comes.)

Some savvy reader will remember that my goal is to pay off my car loan as possible and may wonder why I wouldn’t use the tax refund to speed that up. Here are my reasons for planning it this way:

  • It’s my car loan. I got this before I married my husband. I feel that I should take responsibility for this. He bought his car outright, so I don’t think it’s fair that he pays for mine.
  • I use my car 95% of the time. If my husband drives, he likes to use his car, a two door with slightly better mileage.
  • I can afford to pay my car loan. If I was unable to make the minimum payments, then it would have to be discussed, but I’m doing alright right now.

Well, that’s our plan. What are your plans if you are expecting a refund this year? Any suggestions?

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Photo Credit: liewcf

Green Panda is hosting the Carnival of Personal Finance Next Week!

By: Green Panda | Date posted: January 17, 2008 (5:49 pm)

 

Next Monday for the Carnival of Personal Finance will be hosted right here! I’m excited about it and so is Einstein as you can see.

There are a lot of great writers out there, so please submit your articles at carnivalofpersonalfinance.com. Please also submit earlier rather than later.

How to Avoid Arguing About Money

By: Green Panda | Date posted: January 17, 2008 (12:33 pm)


One of the biggest reasons marriages break down is money. Remember your marriage is more important than money. Use money as a way to bring you two closer, achieve dreams (like see the world or buy a home), and protect yourselves( have an emergency fund and  have wills ready). Money should work for you, don’t let it drive you two apart.
Some people mistakenly believe that if they brush over the topic, then they’ll avoid money arguments. That’s simply not true. It’s the lack of meaningful communication between spouses about finances that causes arguments.

Here’s some tips:

  • Pick the right time. Having a financial conversation right after both of you get home is not the best time. Please also avoid conversations during favorite TV shows( My Monday nights are now open for discussion with the writer’s strike continuing.)
  • Introduce your concern with politeness and respect. Money can be a delicate subject, as most of us building on what little foundation we learned from our parents.
  • Try framing it as a ‘we’ issue. It is easier to handle a situation when you’re both on the same page.
  • Write down your priorities after you’ve made an agreement. This isn’t to be used to point out mistakes that will eventually be made. This is a reminder of a joint goal you both came up with.
  • Celebrate the victories. When you achieved a goal, no matter how small, celebrate. A nice desert, a massage (my favorite),or a date with your spouse

Now that you have an idea of how you can tackle this conversation Let’s look at some possible topics (my feelings are the regular text):

  • Decide on your long & short term financial goals. Don’t just assume that both of you want the same things. Talk about it and prioritize what is important. Having an emergency fund and buying our own place are our two goals right now. We have an emergency fund. We’re saving up bit by bit for the house. I might add if you two are thinking of having kids, talk about the financial implications. Would you do childcare? Who will stay at home with the kids? How will this affect your other goals?
  • Divvy up financial responsibilities. Whoever is stronger in this area should handle it, but the other should be kept in the loop and understand how it works. I organize the joint account, but I let my husband know if something different is going on. He also checks the account from time to time.
  • Be on the same page on bank accounts. Do you have joint, individual, or both kinds of accounts? Are you happy or is one upset over the arrangement.? We personally pay our bills from the joint, saving for the house jointly, and have leftovers in our individual accounts. That’s what works of us.
  • Get your legal paperwork done. This is something we need to work on, as I know I haven’t updated my will since I gotten married. My husband is listed as beneficiary for my financial accounts. We need to get on the ball.

This is a huge topic that deserves more than one post and more than my small viewpoint, so here’s a few bloggers’ takes on it.

Any advice that I missed (I know I did)? By the way, yes, I am cheesy; the picture is from our reception.

Worst Credit Card Offer I’ve Seen

By: Green Panda | Date posted: January 16, 2008 (9:22 am)

 

Ramit from I Will Teach You To Be Rich posted this photo with comments on ridiculous credit card offers. I decided to look into it and the two credit cards Wal-Mart offers:

Here’s the fine print:

Benefits for the Wal-Mart® Discover® are only for cards issued by GE Money Bank. Cardholders may not be eligible for benefits offered by other Discover® Network Issuers. ¹Rewards apply only to net card purchases – not to balance transfers, cash advances, quick cash advances or fees and finance charges. The reward percentages will depend on your total spending during a calendar year and will be .25% on total purchases up to $1,500, .50% on total purchases from $1,500.01 to $3,000 and 1% on total purchases over $3,000. A rebate check will be issued each time you accrue $10 in rewards. All cash rewards are provided by GE Money Bank. See “How to Earn Cash Rewards” terms in your Credit Card Agreement for details. ²Available at participating gas stations. Not available in Puerto Rico. Look for the 3¢ Discount Sign at the pump to see if the gas station in your area is participating. 3¢ off per gallon offer applies to the regular street price. ³Get up to $100 cash back when you make a purchase with your Wal-Mart Discover® or get $60 cash back when you make a purchase with your Wal-Mart Credit Card at Wal-Mart owned registers in Wal-Mart stores. Limit of one per day. This cash advance will appear on your monthly billing statement like a purchase. Subject to credit approval.

Out of these two the Discover looks to be the “better deal” (air quotes because I’m being sarcastic).The interest rates according to them are:

As of 5/07, variable APRs for the cards offering the promotion are: 12.37%, 18.37%, 21.37%, or 22.37%. Variable delinquency APR is 27.49%. Variable Cure APRs are 21.37%; 22.37%. Minimum Finance Charge $1.00.

For less than $8 I can personalize my debt trap so I can feel better when looking at my bill!

I sometimes like shopping at Wal-Mart (just did my monthly groceries today), but I’m not a fan of these credit cards and the incentives.

Photo Credit:  The Consumerist

Build a Doable Budget in 2 Weeks

By: Green Panda | Date posted: January 14, 2008 (4:58 pm)

Making a budget that saves money and still gives you room to breathe is not impossible. If you can follow the next seven steps then you can improve your finances within a month.

How To Budget Easily

  • Track what you spend in two weeks. It’s hard to cut back if you don’t what your weak points are, so grab a little notepad and write everything you spend for 2 weeks.
  • Withdraw from your bank’s ATM once a week. Take out money you need to eat out, tolls, parking fees, etc. If you run out of money, then make a peanut butter and jelly sandwich or bring leftovers for lunch.  Do not go back until the next week!
  • Use you cash, not credit cards. Don’t defeat the previous step by switching over to your credit card. This will help you to stop acquiring new debt, which in turn can drain your savings. National average for standard, variable cards is around 14%, so eliminating new debt will help you.
  • Cut spending in one category. If you do it slowly then it can motivate you into staying with it. My suggestion is to start looking at shopping and eating out expenses. Try either going to cheaper places or reduce the amount of splurges on eating out.
  • Put that money saved into an emergency fund ASAP. You won’t notice it and you’ll be building a financial cushion. Try helping yourself and deposit it into a high interest savings account.
  • Base a tentative budget based on what you learned the past two weeks. This will help you avoid a rigid or unrealistic budget, which will only frustrate and discourage you.
  • Repeat. Keep working at this. There’s no magic bullet when it comes to savings.

It’ll get easier as you continue on this budget.

Your Take

My question is how do you organize your finances now? How is it working out? What works well? What is a weak point? I’m still trying to cut down on eating out.

Photo Credit: Maui ʻāina

Carnival of Personal Finance is Up! Head over to Plonkee!

By: Green Panda | Date posted: January 14, 2008 (1:57 pm)

 

Plonkee, a witty British blogger, is hosting the Carnival of Personal Finance this week. Here are my personal favorites from the carnival. There are so many posts, I’m sure you’ll find something that you’ll love.

See if you know the landmarks Plonkee included in the post. I need to brush up on my geography.  By the way, Green Panda Treehouse has a post in the carnival. Be the first to fnd it and leave a comment of which section it’s in. (Ha! My own little scavenger hunt) 

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