Archive for May, 2009

Start a Side Business While Looking for a Job

By: Green Panda | Date posted: May 11, 2009 (9:23 am)

The following article is a post in a two-week series on “Graduating From College During a Recession” presented by the members of the College Money Network. You can get all of the posts in this series and more by subscribing to the College Money Network RSS feed.

There are two routes on getting side income: finding a part-time job to supplement your income and freelancing your skills and talents.home-office

I wrote about a few places with flexible part-time jobs a while back. I wrote a bit about how people focus on one side of the personal finance equation:

Many people think that cutting expense is the only way to build savings and reduce debt. That’s not true. One of the basic principles of personal finance is to spend less than you earn. Most people focus on the former because it can be easier to look at ways to reduce your bills.

The great thing about that principle is that there’s another part: earning more money. If you’re expenses are low and you’re looking to set aside some money; consider getting a part-time job. Some people feel that their schedule doesn’t allow another income.

This post is focusing on the second method of increasing your income: freelancing. 

Face your fears about freelancing and entrepreneurship.

If you’re a new college graduate and you don’t have a job lined up or your job  is basically to pay for your bills, then seriously consider freelancing. It can build your skills, network, and your income. You may be afraid to try to have a side job in this economy since it’s hard for some graduates (and others) to find a decent payin office job. See this as an oppurtunity to build another income source. 

Assess one service that you can offer with your current skill set.

You can always build up your side job, so start off small and focused. If you’re a business graduate, for example,  offer your accounting skills to local small businesses with bookkeeping. If you’re a web designer, try approaching business with websites already that could use an update to help bring in more business. 

Check with SCORE to get advice on taxes, legal, and accounting information.

SCORE is a wonderful free resource that allows you to connect with experts in the business field with years of practical experience. 

Get your own website up, email ready, and Paypal account open. 

Use your website to build some credibility. You DO NOT have to spend a ton of money. I got my first website for less than $20. I use Nearly Free Speech for hosting and use WordPress as my blog platform. You can use your hosting service for email services or use Gmail, which has a free option a well. 

Your websites should include your contact information, portfolio, and a pitch about why your services are needed. 

chess-players

Scour online and in your local area for clients. 

Freelance Switch has some wonder tips on how and where to find clients (check the link to 101 tips). I’m listing a few that are free or low cost ways for when you just get started:

  • Send out an email to everyone in your address book, announcing what you do, where you are and what you can offer
  • Ask your satisfied clients for referrals
  • Do some pro-bono work for a charitable organization with industry links
  • Contact people you used to work with and ask them to send you any run-off work they might have
  • Practice an elevator speech about what you do and have it ready to go wherever you are
  • Participate on online forums (using the forum signature line)
  • Comment on blogs to draw people back to your freelance site
  • Keep an eye on online job boards
  • Check out Craigs List for your city

What to Do With Side Income

If you’re a graduate looking for a job, then by all means, use the money to help pay your bills. After you find a job that can cover your bills, use your side income to:

Additional Resources for Freelancers and Entrepreneurs:

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Graduating From College During a Recession Series

Photo Credit: Risager and dbking

This articl was editor’s choice for the Carnival of Cashflow Consciousness #2.

Weekly Round-Up: Save your Money Edition

By: Green Panda | Date posted: May 10, 2009 (12:14 pm)

The College Money Network is running a two week series on Graduating From College During a Recession. You can get all of the posts in this series and more by subscribing to the College Money Network RSS feed.

 

Personal Finance Carnivals

 

 

Top Personal Finance Posts This Week

U.S. Stamp Prices Going Up Monday May 11, 2009

By: Green Panda | Date posted: May 09, 2009 (7:21 pm)

I just wanted to remind everyone that stamps will be going up in price this Monday. In case you haven’t heard here’s some information from the United States Postal Service: city-stamp

On May 11 the price for a 1-ounce First-Class Mail stamp will increase from 42¢ to 44¢. Prices for other mailing services — Standard Mail, Periodicals, Package Services (including Parcel Post), and Extra Services — will also change. The average increase by class of mail is at or below the rate of inflation as measured by the Consumer Price Index.

 

Photo Credit: Sister72

 

 

Eating Out on a Budget

By: Green Panda | Date posted: May 08, 2009 (1:14 pm)

It’s possible to live sensibly and still be on top of your finances. Eating out doesn’t have to break your budget.  Since we met each other in college, we learned some ways to have fun and cheap dates with eating out.

Frugal Tips on Eating Out

Here are some tips to maximize your meals:

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  • Dig to find local spots. We asked around and discovered a fantastic Cuban place in the area. Lunch specials (entrée and 2 sides) are $5.95 and dinner is $7.95. The portions are great and I usual have to have a to-go box.
  • Make a second meal on leftovers. Be conscious of portion sizes, as many restaurants serve a large amount. If salad is included with an dinner, then eat the entire salad before eating your entree. It fills you up and it’s generally good or you. Two meals for the price of one!
  • Get a discount online. See if they have lunch/dinner specials or use a site like Restaurant.com to get a deal on gift certificates. Sometimes you can get a $25 gift certificate for $10 or less!
  • Mix Appetizers. Sometimes you can get a good deal by having two appetizers.
  • Drink water. This is not a frugal tip, but more a health tip. Having water is a good thirst quencher and if the food is flavorful, it’s a nice complement. Water can also reduce your meal as some people confuse hunger for thirst.
  • Buying an Entertainment Book can save you some money if it includes restaurants you enjoy. We have gotten 50% some of our meals with the Buy One, Get One Free coupons.
  • Ask your friends and family to support you. Have an appetizer only night or agree to remind each other to stay on budget. It helps to involve your friends with your savings. It could also motivate them to watch their wallet.

We use these tips, but after doing them for a bit, it’s become a habit. We have a budget for eating out and we try to stay within the budget.

Caution: Do not be ‘frugal’ with the tip! Tips are a part of some one’s wages, so please be considerate. If you don’t have money to tip properly than you don’t have money to eat out.

Your Thoughts on Eating Out with a Budget

What do you do to save money when you go to eat out? Or do you set a budget, eat whatever you want,  and just stay within the limits?

Photo Credit: kspoddar

Fleeting Wants vs Genuine Wants

By: Green Panda | Date posted: May 05, 2009 (8:56 pm)

What’s a Fleeting Want?

A fleeting want is an impulsive buy for something that will only give you a temporary moment of enjoyment.

Wikipedia’s page on impulse buys include:

An impulse purchase or impulse buy is an unplanned or otherwise spontaneous purchase. One who tends to make such purchases is referred to as an impulse purchaser or impulse buyer.

Marketers and retailers tend to exploit these impulses which are tied to the basic want for instant gratification.

There’s nothing wrong with purchasing something that you want and can afford in itself. You should, however, consider why you want something. 

wallet-with-cash

What’s a Genuine Want?

A genuine want is a desire for something that can improve your quality of life. For some, it’s giving or making a gift for a loved one. While you don’t technically need it to survive, your quality of life improves. 

Instead of nit-picking on what other people choose as their genuine and fleeting wants, try focusing on yourself. The main reason is what we see others doing isn’t the whole story.

Some people make spend money on things we consider unnecessary and frivolous, but it is something near and dear to them that they CAN afford. 

How can you discern between the two wants?

Here are some suggestions on what to ask yourself when you’re making a purchase:

  • Is the item going to improve your life in some important way?
  • Does the item help you meet one of your life goals?
  • Will it simplify and/or enhance your life?

My weakness, believe or not, is magazines and books. I’ve worked on this by using my local library to check out books first before I just grab a bunch books at the book store or online. 

Do you struggle with determining what is a fleeting want and what is a genuine want? 

Photo Credit: Martin Kingsley

How Do You Do Get Rid of Credit Card Debt?

By: Green Panda | Date posted: May 04, 2009 (9:34 pm)

paying-with-cash

If you’re looking to reduce your debts without getting into a debt consolidation program, there are things you need to consider.

  1. Stop using credit cards. Hide them, freeze them, or perform a plasticomy. Use either a physical envelope budgeting method and take out money you need to eat, tolls, etc. If you run out of money, then make a peanut butter and jelly sandwich or bring leftovers for lunch.  If you want a more electronic method, keep track with your spending using a program like Mint.
  2. Discover the exact amount of debt you’re in. You can’t come up with a plan until you know what you owe. List all your creditors, the interest rates, and the total amount you owe.
  3. Work to see if you can lower your interest rates. If you can’t negotiate a lower interest rate, you may consider choosing a 0% card to transfer your balance. Please remember, balance transfers are a temporary fix and do not address the root problem.
  4. Control your spending and write a simple budget. Track what you spend in 2 to 4 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.
  5. Automate your bills and put aside some money for savings. Protect yourself from yourself and automate your debt payments. Try to pay the minimum on all but one of your debts.  Put the rest of your debt reduction money into either your debt with the highest interest rate or the lowest balance. Highest interest rate method is the financially sound decision and lowest debt is the psychologically empowering decision. If you’re looking for money to reduce debt, try cutting unnecessary expenses or get a part time job exclusively for your debt repayment.
  6. YOU have to be committed to a plan and stick to it. Have your spouse, friends, family, etc. support you as you reduce your debt.

Your Take

What tips do you have on keeping your finances in check?

Photo Credit: quaziefoto

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Weekly Round Up: Blog Review

By: Green Panda | Date posted: May 03, 2009 (5:08 pm)

Another week has flown by and I’m sad to see it’s Sunday afternoon. The sun was out all this week and I was feeing it as I was address canvassing for the Census. The weekend was  nice and cooled down, allowing us to take advantage and have a dinner outside on the balcony.

I wanted to include how Green Panda Treehouse did in April and then share my favorite posts this week on the web. 

Thank You Readers!

First of all, I want to thank all the wonderful readers on this site.  If you want  get in contact with me for questions, feedback, or ideas for the site, please send me an email or message me on Twitter and feel free to follow me.  

Speaking of which, if you were following me this week, you’ll noticed that I announced that one of my best friends is engaged! Who is her fiance? It’s my brother in law. :D  They’re a wonderful couple and I’m excited for them. 

Reminder To Subscribe:

By subscribing to Green Panda Treehouse you’ll always receive new content. You can also subscribe to the site through your email.  I won’t sell your email address or send you any junk. 

Top 5 Referring Blogs

I want to thank all the bloggers who have helped me with this site, whether it was a guest post, a comment, or challenging me by writing insightful posts. I’m grateful for the  following five blogs for their links and support. If you haven’t already, please check out their blogs!

Most Popular Posts on Green Panda Treehouse in April

  1.  College Life: Managing Your Financial Aid 
  2.  Student Discounts: Finding Good Deals
  3.  Saving Money on Health Insurance, Doctors Visits, and Prescription Medicine 
  4.  Joint Banking, Budgets, and Savings 
  5.  How to Furniture Shop on a Budget 

Have a great weekend!

Personal Finance Carnivals

  • Carnival of Personal Finance
  • Festival of  Frugality
  • Carnival of Debt Reduction
  • Twenty Something Finances Carnival
  • Money Hacks Carnival
  • Carnival of Pecuniary Delights

    • Top Personal Finance Posts This Week

    April 2009: Progress Update

    By: Green Panda | Date posted: May 01, 2009 (5:38 pm)

     

    Our Financial Goals for 2009

  • Debt: We would like to pay off my car loan by March 31, 2009. Goal Met. I’d like to reduce our expenses in April by 10%.  Not Met This Month.
  • Spending: We’re going to limit eating out for dinner to twice a month. Met This Month.
  • Frugal: My husband would like to bring his lunch to work at least three times a week. Not Met This Month.
  • Savings: We want to have 6 months worth of expenses in the joint account by July 31, 2009 , in addition to building our house fund. On track.

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    How We Did in April

    Debt: While we didn’t cut our expenses by 10% this month, we did manage to keep our introductory deal on cable and internet with Time Warner Cable for another year and avoided the rate hike. It pays to negotiate your bills once in awhile.

    Spending: We really stayed indoors and didn’t go and eat out. It hasn’t really bothered us. 

    Frugal: ……. maybe I shouldn’t include this goal as it’s still not happening….ehhh…maybe next month we’ll have a different update

    Savings: I’m receiving my paychecks with my new job and so far about 30-40% of my net pay has been socked away in savings. 

    I’m anticipating our entertainment bill to be higher than normal in May with 3 movies coming out that we want to see. I guess it makes up for the fact we haven’t seen a movie since December. 

    How is everyone else doing with their 2009 goals? Have you had some unexpected changes?

    Photo Credit: Georgio

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