Archive for March, 2008

Moving!!

By: admin | Date posted: March 12, 2008 (12:23 pm)

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Photo Credit: The Muuj

Good news: A great job opportunity came up and we’re moving. Bad news: We’re moving out of state and we have two weeks to get everything done and start work.

The offer came through yesterday and we’re scrambling to get things done. The new city is about three hours, which isn’t too bad. We just have a lot to do.

Here’s a to-do list so far:

  • Notify landlord (done)
  • Notify current employers (done)
  • Pick the apartment and fill out the paperwork. (I was already looking at places and we have an idea of the area we want to live in. There is immediate availability with half a dozen apartments.)
  • Get a few estimates from truck rental companies.
  • Start a file for moving paperwork
  • Grab and complete post office change-of-address cards.
  • Use up food that can’t be packed. (A fun challenge for me!)
  • Schedule packing and do it! (Calling today to get some boxes.)
  • Clean apartment to get deposit back.
  • Schedule disconnection of all utility services at current apartment, and have new apartment’s turned utilities on.
  • Request a refund on our electric deposit.
  • Return any borrowed items (cap & gown, plus some textbooks)

I know there are a lot of things that aren’t up there. Please let me know if you can think of them.

Festival of Frugality #116 : Great Designs

By: Green Panda | Date posted: March 11, 2008 (8:27 am)

Introduction

Welcome to latest edition of the Festival of Frugality. Mad Kane opens up it with a Loan Poem. The theme is ‘Great Designs’. The architecture that we see everyday and while we’re traveling can be such a mix of things, but it makes life richer. The post I received were like diverse as ell. While some a bit more off topic and couldn’t be included, there were a lot of good entries, so the next section was so hard to choose.

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Photo Credit: Michael in San Diego

Editor’s Picks

Concepts

Everyday Life

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Photo Credit: pedrosimoes7

Food

Future

Fun

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Photo Credit: RobRyb

Goodies

Home Life & Repairs

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Photo Credit: eNil

Shopping

Travel

Submit your blog article to the next edition of Festival of Frugality hosted by Paid Twice!

Getting Ahead in College

By: Green Panda | Date posted: March 10, 2008 (12:14 pm)

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College Personal Finance 101

Are you an average college student?  I hope not, because many students are making some financial mistakes that can hurt them for years. I was curious to see what the statistics are for U.S. college students. It doesn’t look great:

Average College Student graduates with:

Don’t be average! That’s $22000 in debt before graduation. While you can get federal student loans at lower rates, you’re still stuck with the monthly payments for around 10years!

How can you minimize these two burdens? It takes a plan, time, and self-discipline.

Have a Financial Plan That Works For You

Here are some ideas from the around the web:

Start a Budget!

Find a system that works for you.

Build an Emergency Fund:

This fund is to protect you against Murphy’s Law and dipping into/deeper into debt. Be ready for when bad things happen.

Eliminate High Interest Debt:

You want to get rid of your credit card debt as soon as possible.

  • Prioritize your debts: Find a way that works for you and eliminate your debts.
  • Call the debt collectors and negotiate a payment plan.
  • Take a part-time job and dedicate that money toward paying off debt. Perhaps using your summer semester time and working full-time.
  • Create a debt elimination plan. Motivation is the key here, so use something that will keep on you on this program until your debt is eliminated.

Find Untapped Scholarships:

Give/ Volunteer to a Worthy Cause

  • If you can, donate (money, gently used items, time, etc) to something special to your heart.

I organized some tips together in an ever growing series called Rich College Student (It’s not the most creative name). It’s a list of topics that can help you graduate in style.

Rich College Student Series

In case you missed them, here’s the entire Risch College Student series:

Photo Credit: Eldar

Writing a Good Job Recommendation

By: Green Panda | Date posted: March 07, 2008 (11:25 am)

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One of the best feelings (and at the same time the most nervous) I have is when someone asks me to write a letter of recommendation for them. In most cases I feel happy that I can help someone in their career. The nerve racking part knows what to write. How can you describe a (hopefully) good coworker without sounding cliché?

I included an actual letter of recommendation (names are changed and the letter was edited to protect identities) and included my comments afterwards in bold. I’m not a career expert, but I think this can help out some people.

Date (Use Current Date)

To Whom It May Concern:

I had the opportunity to work with Sally for 3 years and I must say that it was a pleasure. Sally began working with our Marketing Department during a time of great transition for our Company.

I am responsible for inventory and ordering of supplies for our busiest laboratory. The success our department depends greatly on the ability of the Procurement Team to acquire necessary supplies with very short notice. I have found Sally to be effective and professional in her expertise as a purchasing clerk as well as demonstrative of a key player to the success of Generic Company.

I am most proud of the fact that Sally understands the importance of making the best of the opportunity to work for Generic Company. She takes great pride in her work and it shows each time.

Sally has demonstrated in the workplace that she is indeed a great addition to any group she’s associated. I wish Sally much success in all endeavors.

Yours truly

Green Panda

Tips/Thoughts

  1. Include the current date with letters. Hopefully you stay in contact with them, so they can automatically update this as needed.
  2. Using the person’s first name makes it seem as you have a comfortable relationship with the person being recommended.
  3. Please do include an honest assessment of the work relationship. I hope it’s positive. If it’s negative, don’t lie! Be polite and decline to write a letter for them.  After all the prospective employer is looking for someone skilled AND a people person.
  4. Describe the person’s position and the context of how they help the company.
  5. Describe your position and how it relates to the recommended person. It helps with establishing your creditability in this recommendation.

Someone wrote a similar recommendation for me and I’m so grateful. It captured my personality, work ethic, and our positive work relationship.

What’s the best letter of recommendation you wrote? Who wrote the best letter for you?

Photo Credit: Paul Worthington

Gas Buddy: Help yourself, Help Others

By: Green Panda | Date posted: March 05, 2008 (12:32 pm)

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Photo Credit: Rojer

My VW Jetta gets about 27 mpg overall, which is pretty good. With gasoline prices around $3.07/gallon in my area, I’m trying to lower my expenses as much as I can. I carpool when feasible, but with a round trip commute that takes 2+ gallons 3x a week to go to my job, it’s not making much of a dent.(the only other coworker who lives near me has a different schedule, so carpooling won’t work.) I decided to add something else to my reduce gasoline expense: I signed up for Gas Buddy (it’s free) and I’m going to try it out for a month.

It’ been out for some time, but I’m just now hopping on to it. People go to the site and enter the gas prices of the stations by them. It’s a community thing and when everyone pitches in, it helps. I don’t plan on using this as my sole deciding factor in my gasoline purchases. I have to consider if driving that location will waste savings for instance. I’m trying to see if gas stations I think are the cheapest actually are the cheapest.

Who has used Gas Buddy? Did it help you out with your gasoline bill? I’m around $40/week to put gas in my car. How much is your weekly gasoline bill?

Day at the Beach: Priceless

By: Green Panda | Date posted: March 04, 2008 (5:02 pm)

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Due to an errand being rearranged, I got home earlier than expected. It’s in the low 70s where I’m at and the sun is out. Since I live across the street from the beach I decided to mix fun with pleasure. I tossed some laundry in and decided to walk on the beach while it washes.

Cost of this? Nothing,well if you factor in rent and utilities then it does cost a bit ($650/month for rent and electricity). The strange part is just down the street people are paying $800,000 for the chance to enjoy the beach. This area is such a mix of economic backgrounds.

I caught up on some reading and found two different articles, both published by USA Today (thanks Ana!):

My question is which is more true in your area?

The stories are only a few days apart, so I’m a bit confused. Are Americans skipping out on luxuries like Starbucks, but using their credit cards to pay their bills? That’s a bit scary.

Here’s something on saving money….

For all the ING Direct members and those considering using ING, here’s a nifty calculator to see what your monthly earnings in interest will be.

Photo Credit:  Chalky Lives

March 2008: Progress Update

By: Green Panda | Date posted: March 03, 2008 (12:32 pm)

 

It’s March already! I’m waiting for the weather to be consistently warm instead of this 20 degree  temperture fluctuation we keep getting in this area. Work has definitely been keeping me busy. Since it’s the beginning of a new month, I’ve decided to do an update of my 2008 goals. Here are my financial goals:goal.jpg

  • Income: I would like to earn $37,000 for the year.
  • Spending: I’m going to continue cutting back on eating out to twice a week, including weekends.
  • Investing: I’m going to enroll in my company’s 401(k) and meet the employer match. I’ll also continue to contribute to my Roth IRA.
  • Saving: I will have $2,000 in my emergency fund by September 1, 2008. I would also like to put our income tax return into our house fund.
  • Debt: I would like to pay off my car loan by July 31, 2008. I would like to have my car loan out before I have to start paying student loans.

Here’s how I’m doing with my financial goals:

  • Income: I haven’t reached my monthly goal. I’m working a bit more, so I have seen a small increase in my income. I’m also working on improving this blog and making it a win-win situation.
  • Spending: I did really well in February. I went out an average of once a week for lunch. I was diligent on saving leftovers and it is paying off. I also saved money on gas, as I didn’t have to drive around to get my food. I work on a rural area, so this helped out.
  • Investing: I did enroll in my company’s 401(k). I’m currently putting in enough to get the company match. I’m also making minimal payments to my IRA. Once I eliminate my high interest debt, I’ll go ahead and divert some in my retirement accounts.
  • Saving: I’ve been automating my emergency fund deposits, so I’m doing alright. The tax return refund is now going to be used to pay down the car loan.
  • Debt: I’m better now that my car loan payment is a bit more realistic. It felt good to reach my goal, instead of failing like I did in January. I also placed that coffee cup up and while I would love to use it on some sugary caffeinated drink, the money will go towards killing the car loan. Please do not free obligated to donate. I just put that there so I’m covering all my bases on destroying this loan.

As you can see I still have a lot of work to do, but life is like that. If you have any suggestions to help me reach my goals, please share. I hope everyone’s Monday is starting out alright.

How about you? How are your financial goals going so far this year?

Photo Credit:  It’sGreg

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