Archive for June, 2008

Living Within Your Means

By: Green Panda | Date posted: June 30, 2008 (5:30 am)

 

A full-time college student that I know  was evaluating their budget. They called me to see how the should allocate. I gave them the basic run down:

  • Pay yourself first for an emergency fund.
  • Pay down debt aggressively.
  • Do not spend more than what is budgeted.
  • Try to live within your means.

This is what we came up with after discussing it back and forth. These are approximations:

Income
Job                         $1,100.00

Expenses
Rent  Share            $225
Food                      $100
Car Insurance         $69
Gasoline                 $160
Savings                   $100
Cat Expenses          $25
Debt                        $100
Recreation               $30
Car Payments          $205

There was a big tug of war on the issue of recreation and debt. I pointed out once they knock down the debt then they will have more cash to use for spending (just not all of the $100).

I admit it’s weird having a friend/relative call you to ask about budgeting information. I was cut off guard, but I really got interested. I was explaining how money can be used as a tool and if you can delay some expenses when you’re in school (like some road trips, but not all), you can have more choices when you graduate. I gave the “don’t be like me with debt and student loans!” speech which either hits a nerve or scares people.

Have you had friends/relatives talk to you about finances? What piece of advice did or would you offer?

Photo Credit:  Joshua Rappeneker

Sunday Coffee Interview: Ani Allen @ The StepLife

By: Green Panda | Date posted: June 29, 2008 (1:00 am)

I decided on some Sundays, I’ll post some interviews with people working on achieving a dream and/or goal. It doesn’t make sense to just focus on saving or making more money. I think money is a tool to use in prsuig your dreams.

This week, I have an interview with a friend and fellow blogger, Ani Allen. She started TheStepLife as a way to help herself and others make the transition easier.

Could you tell me a little about yourself?

My name is Anielka Allen, I was born in Nicaragua raised in Miami, FL, yea baby! I love the hot weather all year round. Anyways, I am a shy girl with a lot of personality to show but hides it all the time. Once someone gets to know me I become unforgettable, or so I’ve heard. But, all in all, I believe myself to be a good person still trying to come out of my shell.

What motivated you to begin blogging about being a stepmom?

Make money of course! No, not completely true. For the most part it’s because I didn’t think becoming a step mom would be an extreme hardship. I mean, I knew that it would be hard, but not this hard. Basically, everyone going through this hardship can only find comfort in someone who is going through the same thing as you are. That is why I’ve created a blog about step parenting, so we can upbuild each other to become the best second parents.

What makes your perspective unique?

The idea to have a blog about step parenting is not unique due to the fact that it is so universal now. However, I always find myself rummaging around other sites about step parenting for different concepts and guides. I believe my site to be unique because I bring all the anguish, fears, expressions, comforts, and guides all into one site. Aside from that, everyone can comment in the about each posts in the same site and speak to the same people all the time instead of having to go to another site for another question you have or another article you couldn’t find in the other site. I want my site to be inclusive, where you’ll have everything you need right here.

Tell me one thing that no one in the blogging world knows about you?

Aside from being a step mom, practically nothing, They don’t know me at all. Duh! =)

(I don’t know what you mean by this ehheh sorry)

What posts on your blog should all visitors read?

Every single one that pertains to them, they are all great and helpful. There is a category for each person such as step parents, step children, etc..

What do you hope to accomplish in the next year?

To be proud to say that I have helped out many in becoming a better step parent and step child. Also, make a better step parent out of me.

If your blog ended today, how would you like people to remember it?

They would riot to get it back!!Thank You!!

Thanks Ani. If you enjoyed this interview, please check out Ani’s blog The Step Life.

Do you know anyone pursuing their dreams? I’d loved to talk to them. If you interviewed someone, please send it in and I’ll post it.

Loved Wall-E!

By: Green Panda | Date posted: June 27, 2008 (11:10 am)

Photo Credit: Pixar

We got back from watching Pixar’s movie Wall-E and I loved it. Whether you have kids or not, you should see it. We went to the 7pm showing and the crowd was mixed between families with small children, older ones, singles, and young couples.

I look forward to the little cartoon shorts before Pixar films and this one was cute. Wall-E had a great mix of humor and while kids will enjoy it for the cut characters, I think I just loved the attention to detail. The graphics were fantastic. Space has never looked so good in CGI.Each character was funny, touching, insane, or somehow special in his/her/its own way.

If I had to recall a movie that it reminded me of, I’d think E.T, with a very lovable hero. Pixar does a great job of creating Wall-E , even without a lot of dialogue. My one piece of advice:

  • Try going matinee to avoid crowds and the extra price for tickets. I was fortunate to sit next to a quiet kid, but I know people who had a movie stink just because of who they sat with.

Bonus double-post (sort of)! Blue Panda’s reaction:

WALL-E is, like most Pixar films, a great movie. It has some very obvious social commentary which stands on its own and so I won’t even go into it.

The film manages to introduce the setting and plot without words in many instances, much like I Am Legend does. The viewer sees what is happening, and it just makes sense. The previews seem to keep a lid on the plot, so I’ll just summarize it as “go see it.”

When Will My Banks Account’s Balance Show the Correct Balance?

By: Green Panda | Date posted: June 26, 2008 (6:24 am)

I wrote a check for $1,200 (our whole economic stimulus check) to pay down the car loan. It was supposed to go out yesterday. My balance looks as if the bill money is still there. I looked at pending bill payments and it doesn’t show on the account tab:

Pending Bill Payments for next 30 days for: FREE CKG *
  Biller Amount   Pay Date
No pending bill payments from this account for the next 30 days. 

Strange, when I look into the bill payment section it says otherwise. *Sigh* This is why I love ING Direct, where the show upcoming bills when you choose the account you want to look into.  ING’s system keeps me in check and I don’t have to dig for more information.

How does your bank work with upcoming and pending bills?

By the way, at my job we’re no longer allowed to have lunch in our offices, but snacks are ok. *Sighs*…ok the bank is less annoying than my job right now.

 

How Debt Affects Your Credit Score

By: Green Panda | Date posted: June 25, 2008 (5:00 am)



This guest post is from Miranda Marquit who writes DestroyDebt.com. If you enjoy what you read. you can subscribe to her blog.

Your credit score is one of the most important pieces of information in your financial history. It is a number that is used to “rate” you and determine how “creditworthy” you are. You may not get a loan if your credit score is too low, or you may get poor terms and pay a higher interest rate. Employers, insurance agents and even cable companies look at your credit score.

What Determines Your Credit Score?

One of the most important factors in determining your credit score is your debt. Here are some of the ways that debt affects your credit score:

Debt to income:

The credit score takes into account how much debt you have with relation to your income. If you have a great deal of debt, it may show up as unfavorable in your history, and affect your credit score.

Amount of available credit:

When you have debt, the amount of credit available to you goes down. For example, if you have a credit card with a limit of $1,500, and a balance of $1,300, you only have $200 of your $1,500 available. Outstanding debt is a very large portion of your credit score: 30%. Fully a third of your credit score is dependent on your available credit. It is best to avoid consumer debt altogether, but if you want a better credit score, it is a good idea to reduce your debt so that it is at only half of what you have available to you.

Inquiries into getting debt:

Credit inquiries have an affect on your credit score as well. Even before you actually borrow the money, debt affects 10% of your credit score. When you apply for a loan (including a credit card), a look into your credit history is made. This affects your credit score because the fact that you are looking for debt can be worrying — especially if the first two items are already a concern.

Making debt payments:

The largest consideration in your credit score is your debt payment history (35%). Do you pay on time? Do you always pay at least the minimum? Your credit score will take into account your payment history, and a reported late payment or a missed payment, on your debt obligations can have a big negative impact.

Because the credit score is designed to let lenders and creditors know how reliable you are when it comes to repaying your obligations, it is no surprise that debt is a huge factor. Indeed, the credit score is almost entirely designed around how you handle your debt.

Miranda Marquit edits information on debt consolidation for DestroyDebt.com. She also writes about finances for the AllBusiness Personal Finance Corner.

Photo Credit: Kiên Phạm


My Job Now Has People Asking If We Want to Do Some MLM

By: Green Panda | Date posted: June 23, 2008 (7:09 am)

Photo Credit: The Wandering Angel

It’s Monday again and I’m getting ready for work later today.Friday I found out that some people had been asked other employees (including a manager) if they would like to join a business opportunity to earn some extra money on the side. It involves multi-level marketing and putting some money upfront. No one has come to me and I’m not sure that they will.

I decided I wanted to get information from people who personally had experience with that line of business. I know someone who does it and enjoys it as a summer job. If you’ve participated in it, could you please take a brief survey? Click Here to take survey. I want to get a fair and balanced view of what is it is and I want to look at different people’s experiences. Thanks in advance for those that take it.

Before I go to work, I’d like to remind you to check out the Carnival of Personal Finance, hosted by Mrs. Micah. You may  want to read some really good posts from there:

Don’t forget to check out the Carnival of Debt Reduction. It’s hosted by SquawkFox today and she has some great articles. I have my article on using my economic stimulus check to pay down debt. I enjoyed reading these posts (no chance yet to them all):

I hope everyone had a great weekend and that their Monday goes well!

Lessons Learned in New York City

By: Green Panda | Date posted: June 20, 2008 (11:42 am)

Photo Credit: -Marlith-

The whole rent fiasco distracted me from finishing up my New York City trip review. Now that it finished and the payment has been processed, let’s look at what I learned:

  1. Have a budget for your vacation. Yes, even having a ballpark figure for your money can help you avoid throwing money out there that could need later for bills. I had a range for my trip, but I still went over. Shame on me.
  2. Don’t allow family lack of budget to harm you. Due to a problem with the accounting department, the monthly paycheck was short by 1/3. I’m glad it got resolved now, but during the trip I tried to cover some expenses that I didn’t anticipate. It doesn’t help that they didn’t exactly budget to the trip. (By the way, remind your family and friends that emergency funds are a necessary part of any budget.)
  3. Have a day to go back to your favorite spots. This is really important because it helps you cut down on impulse buys. If you know you’re going back the next day, then you can see if you still want that item 24 hours (or more) later.
  4. Ask around for lodging. Using the internet last year, we got a room for $200 in Staten Island, 35 minutes away from the Ferry. This time, we stayed at an apartment in Brooklyn (our own floor) for $65 a night, one block from the subway.
  5. Look for local spots to eat. You can get some incredible food for a good price if you look for hole in the wall spots. We had lunch the size of a dinner portion in Little Italy for $7.95 (plus more for sangria….and tiramisu…it was worth it)

If I followed these instructions, not only would have saved money, I wouldn’t feel so busy during my long weekend break. All in all I had a fun time with my family. Our next family outing is my husband’s family reunion. My goal is to get a trophy (they have competitions) and meet more people, in that order. J J/K…maybe….

Is anybody a frugal trip expert? Care to share any experiences you’ve had?

New Neccessities That Are Draining My Bank Account

By: Green Panda | Date posted: June 19, 2008 (10:26 am)

It’s a slow day at work and I had a chance to catch up on some interesting articles on the web. After checking out Yahoo’s list of new necessities, here are the ones that I regularly use.

  • Daily Latte: I don’t get lattes, but I usually get breakfast 2-3 week outside. It does add up and the food isn’t all that. (Sorry BK French toast sticks.) $8-12/week or $416-624/week
  • 2nd Car: We have two cars that we use for work, errands, and so forth. We are actually trying to reduce car usage. I don’t see us getting rid of a car, but I would like to help the environment and our pocketbook by walking more and finding a bicycle to use. $3,000 year for fuel/insurance/maintenance
  • Cell Phone: I think we could save money by downgrading our plan. We have more than enough minutes. It is costing us $110/month with taxes including for the both of us. We also use Skype as a ‘home’ line and that’s only $3/month.

The others on the list either don’t apply to us (we rent and have no children) or we’re frugal and do our own cat grooming. How about you? What are some new necessities that you use on a regular basis?

I don’t know about you, but slow days kill me. It’s only 11:14am and I’m bored to death. I offered some of my co-workers my help and one has taken me up on my offer. I don’t want to announce I’m doing well because sometimes low value projects get thrown on the to-do list. So my reward for working effectively and efficiently is to get work that someone else was supposed to do but couldn’t due to taking long breaks and chatting on the phone? No thanks…..

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