Archive for April, 2011

What’s Cool Around The Web

By: MD | Date posted: April 29, 2011 (6:00 am)

Let’s jump right into the links today:

1. Win an Amazon Kindle – 1 year blog giveaway @ Wealth Informatics.

2. Quick survey: Would you work a pointless job? @ ERE.

3. Choosing A Targeted Retirement Fund @ Smart On Money.

4. How I Saved -$97 With PriceLine @ Money Smarts Blog.

5. How to Think Like an Extreme Couponer @ Budgets Are Sexy.

6. Estate Plan: Essential for Most People @ Bargaineering.

7. Job Experience – Don’t Rock the Boat @ BITFS.

8. Invest in Commodities for Your Retirement @ Do Not Wait.

9. What You Must Do Before You Quit Your Job @ Studenomics.

10. Three Quick Ways to Find Paying Clients @ PIN.

11. Smarty Pig Rewards Card: Finding the Right One for You @ Experiglot.

12. Are You Ready For A Mortgage? Part Four: Organize The Information Your Lender Requires @ The Wisdom Journal.

13. How to Decide Which College to Attend @ PT Money

14. 3 Ways for Kids to Start Saving for Their College Fund @ Canadian Finance Blog.

15. The Lazy Miracle of Online Shopping @ My University Money.

Cheap Cool Activities

By: MD | Date posted: April 28, 2011 (6:00 am)

Cheap Cool ActivitiesCheap cool activities can be difficult to come by. Regardless of if you’re looking for a town with free museums or a way to spend a whole evening without killing your wallet. It’s easy to have fun when you’re willing to spend lots of money. What if you don’t want to spend half of your paycheck on enjoyment? Finding fun stuff to do on a tight budget doesn’t have to be challenging by any means.

Let’s go over a list of cheap cool activities that you might want to try out this summer:

Enjoy the outdoors in your community.

There’s likely so much to do in your community that you won’t be able to find enough time to do it all. Community events range from theater plays at the local school up to a meet-and-greet bbq. Community events present a great opportunity to get to meet your neighbors and to enjoy yourself without cracking your wallet. What are you waiting for?

Host a backyard night at your place.

This can be really fun. When you host a backyard party you can bring all of your friends and family together in an environment where the music isn’t blasting and you can all chat. You also don’t have to wait in line for an hour (unless you want to make your friends wait). My recommendation for backyard parties is that guests are assigned with unique tasks. For example, one person can cover the beer, the other person covers the salad, the next person covers the soda, etc. This way you can all get together without spending lots of money to have a fun-filled evening.

If you don’t have a backyard don’t let this prevent you from throwing an outdoor party. You can take advantage of a local park or the common area in your building. There are many places you can host a gathering of friends.

Check out free attractions.

Your city might offer free museums to access or carnivals on the weekends. I find that if you keep your eyes and ears open you can easily find free attractions going on around town. Get out there and explore your city!

Play free sports.

There are many sports out there that you can play at a low cost. My favorite cheap summer activity is a game of soccer at the park. You call up a few buddies on a cool summer evening and get a game of soccer going. The costs are non-existent and you get some good exercise in. What’s better than free exercise?

Go for a bike ride.

Bike riding is becoming very underrated and extinct for our generation. A bike ride can be an excellent (and free) source of transportation for short distances. A bike ride in the early morning is also a great way to give your day a fresh start. I personally try to go bike riding a few times a week in the summer.

Go camping.

Don’t get me wrong because I love staying in nice hotels with luxurious service. I do however enjoy going back to nature on a warm summer weekend. Camping is a great way to lower the cost of lodging on your family vacation or a weekend outing filled with lots of camp fires and beers.

Go to a baseball game.

Depending on the city you live in a baseball game can be a really fun way to spend the day or evening. Baseball games are much cheaper than most sporting events and are a great time to catch up with friends. When I go to a ball game it’s a group of a few buddies and we grab cheap seats where we can watch the game and talk a little.

Those are the top cheap cool activities that I could think of. If I missed anything please don’t hesitate to share it with us. The summer is coming up and we need to do everything we can to enjoy it. Life is stressful enough, we need to play a little.

Check out the other posts in the series:

Affordable Sports and Training For You.
Frugal Balanced Menus.
Healthy Everyday Habits to Save Money Later.

(photo credit: robnamyc)

»crosslinked«

How to Save on Food: Restaurants vs Grocery on Vacations

By: Green Panda | Date posted: April 27, 2011 (5:00 am)

Seeing how we discussed last week choosing between campsites and hotels, talking about another vacation decision seems logical. With people watching their budgets closely yet still wanting to get away from it, some are trying to decide if eating out or shopping for groceries is a good move for them.

Is it possible to have a fun vacation even if you pack your food? Can you eat out and still cut back on expenses? I share some tips and tricks we’ve used along with other tips I’ve found. Hopefully it’ll be useful to you on your next vacation.

Should We Eat Our or Get Groceries During Vacations?

If you want to shop for groceries instead of eating out, then make sure your lodging arrangements can accommodate that. For example, while you may pay a bit more to get a kitchen or kitchenette, the savings can more than pay for the difference.

Packed Foods are Your Friends

It’s very possible to have frugal and healthy meals while on vacation. The key is to making the most of out of your meals is to prepare and pack your food.

Don’t just stay at the hotel and eat in your room, go out and have a picnic at the beach or local park. Bring your packed food in the proper container and you’ll have the freedom to choose your scenery while eating plus the added bonus of cutting your food expenses.

Be Wise with Eating Out

While some people will accuse of us of not being completely frugal for eating out, we do try to have our meals go an extra mile. The first tip I would offer to keep your eating out expenses reasonable is to ask locals where their favorite places are. We’ve discovered some fantastic hole in the water places that have great values when it comes to meals.

Whatever we don’t eat at the restaurant we take back to our hotel room for breakfast or lunch the next day. I’ve found that most restaurants are generous with their portions so it can be better on your waistline to split the meals for two separate occasions.

Save Money with Reusable Water Bottles

Depending on where you go during vacation, you may be surprised at how much money you save. When you think you’re hungry, it actually may instead be thirst. Try drinking some water before ordering a big meal out. You may find that you don’t need the appetizer, entrée, and dessert. Also ordering water at restaurants can save a bit of your bill plus it can be the healthier option.

Some like to buy their disposable water bottles in packs to cut costs. I recommend using a reusable bottles with covers not only to save even more money, but a way to help the environment. If you’re not a fan of the local municipality’s water, then consider taking a Brita pitcher or something similar with you on the trip and fill up at the hotel.

Thoughts on Saving on Food

How have you managed to save money on food while vacationing? What tricks have you found to have something delicious and convenient while on the road?

By the way, if you’re planning a vacation, don’t forget to check out some related posts on the topic here on GPT:

Wherever you go for your next vacation, I hope you enjoy it!

How Much Should We Spend on Housing?

By: Kristina | Date posted: April 26, 2011 (7:00 am)

Good Morning Green Panda Friends! Today is the last post in our Leasing vs. Buying Series. When planning our monthly budget one of the first expenses that we should allocate our money towards is our housing. There is no point in buying food if we have nowhere to cook it, and there is no point in paying our cable bill every month if we have nowhere to watch television.

What percentage of our income should be for housing?

It is a common practice that 20% of our monthly income should be allocated towards housing. However, if we don’t allocate the full percentage of our income towards other monthly expenses such as transportation and food, we can allocate more than 20% of our monthly income towards housing costs.

Monthly costs that should be included in our 20% of income for housing are our monthly rent or mortgage payment, property taxes, as well as utilities such as heat, hot water, and electricity.

I currently allocate 19.70% of my gross income, and 29% of my net income towards my monthly housing costs. I currently have no monthly costs for transportation; this allows me to allocate more of my net monthly income towards my housing costs.

The percentage of income that we allocate towards housing depends on our current financial situation, as well as the opportunity cost that we are willing to pay for housing. Our cost of living depends on where we live. If we live in the middle of downtown in a big city the percentage of income that we allocate towards housing can be very high, because we are paying for convenience.

If you are thinking of buying a home it is important to consider all of the additional First House Related Expenses. These are additional onetime expenses such as housing closing costs or ongoing expenses such as home renovations that are not included in the percentage of our monthly income that we allocate towards our housing costs.

How do I know what percentage of my income is for housing?

The easiest way to know what percentage of income we are spending on housing is to use a monthly budget worksheet. Many Financial Institutions offer free monthly budget worksheets that automatically upload your monthly transactions into the budget worksheet, as well as divide your monthly spending into percentages.

Most personal financial blogs also offer free monthly budget worksheets. We are usually responsible for manually tracking and entering our monthly spending into these types of budget worksheets. The worksheet will calculate and categorize our spending into percentages of our monthly income, but we must manually enter all of the data.

Here are some of my favourite monthly budget worksheets from personal finance blogs, financial institutions, as well as other financial websites:

Mint offers a very easy to use monthly budget worksheet. Both the website and worksheets are user friendly. Monthly budget worksheets offered by Mint include various financial goals such as tracking your student loan and paying off debt.

Check out our post on Green Panda titled Free Spreadsheets for Personal Finances. We offer a variety of free worksheets for a variety of financial goals such as monthly budgeting, retirement planning, and debt reduction.

RBC Royal Bank offers My Finance Tracker to their online banking clients. It is a free tool that tracks our money to create a budget and make saving our money easier. It also offers a free expense analysis so we can see exactly where our money is being spent every month.

In case you missed them, here are all of the posts in our Leasing vs. Buying Series:

How to Pick the Perfect Apartment

How to Choose the Perfect Roommate

The Pros and Cons of Having a Roommate

The Pros and Cons of Leasing an Apartment

The Pros and Cons of Buying a Home

How to Pick the Perfect Apartment

By: Kristina | Date posted: April 25, 2011 (7:00 am)

The first thing that we need to decide when we are picking the perfect apartment is our budget. Once we determine how much we can afford to pay each month for rent, then we can start searching for the perfect apartment.

When I first moved from Toronto to Montreal I found my first apartment online. I had been to Montreal before so I was familiar with the city. However, I was unable to travel to Montreal and visit apartments. I searched through the classified ads on the McGill website to find an apartment that was within my monthly budget. If you are moving to a new city and you are unfamiliar with the new city, it is a safe bet to search for an apartment in a university neighbourhood. Even if you are not a student in university, living in a university neighbourhood has several advantages.

University neighbourhoods are generally very safe living areas; they also usually have several apartments for rent within the neighbourhood. Daily living amenities such as grocery stores and pharmacies are usually very close by, and most apartments in university neighbourhoods are offered with utilities included in the monthly rent.

It is a very smart financial move to search for an apartment that offers utilities

When utilities are included in our monthly rent it is easier to budget because our monthly expenses are fixed. To this day, I still live in an apartment that offers utilities included in my monthly rent. I enjoy having only one fixed monthly bill which includes my rent and all of my utilities such as heat, hot water, and electricity.

It is common to find an apartment that offers utilities such as heat and hot water, but the tenant pays the electricity

I am not the type of person who leaves the lights on when I am not home, or leaves the television on when I am not watching it; therefore I don’t waste my electricity. I like having utilities included in my monthly rent not because they are expensive, but because I like having fixed monthly expenses.

If you live with a roommate it is a good idea to find an apartment that offers utilities because roommates share the monthly financial responsibility of paying rent

When roommates find the perfect apartment both names are on the apartment lease, this means that we equally share the monthly financial responsibility. If we do not find an apartment that offers utilities one roommate will be forced to register the utilities in their name only. This means that one roommate will be solely responsible for payment of the utilities. If only one roommate is financially responsible for payment of the utilities and the other roommate moves out, it could be hard to force someone to pay for a monthly utility bill that is not registered in their name.

Some people choose not to search for an apartment that offers utilities included in the monthly rent because they feel the landlord over charges for the cost of utilities

Some people prefer to pay for their own monthly utilities because they feel it is better to have variable expenses and a lower monthly cost. I have never lived in apartment where I had to pay for the monthly utilities; therefore I am not sure how much the monthly cost is for heat, hot water, and/or electricity. I prefer to have one fixed monthly living expense, even if the monthly cost is little bit more expensive.

Here are the other posts from our Leasing vs. Buying Series:

How to Choose the Perfect Roommate

The Pros and Cons of Having a Roommate

The Pros and Cons of Leasing an Apartment

The Pros and Cons of Buying a Home

Yakezie Roundup Time

By: MD | Date posted: April 22, 2011 (6:00 am)

This week we went over healthy habits and how they can save you money. I find that we often don’t worry about something until it’s too late and it becomes a major issue. This especially holds true with health issues. If you take care of yourself slowly over time you can avoid a major problem down the line.

Link time:

1. US Personal Savings Rate Still Going Up @ First Gen American.

2. Entrepreneurial Beginnings: Marc Perry of BuiltLean.com @ Personal Finance Firewall.

3.  Are You Avoiding These Resume Mistakes? @ Money Beagle.

4. March 2011 Credit Card Bill @ Retire By 40.

5. A Mining Stock That Is Undervalued @ Buy Like Buffet.

6. All About a Health Savings Account (HSA) @ BITFS.

7. Credit Card Delinquency on the Decline @ Free From Broke.

8. My Changing Personality @ Invest It Wisely.

9. Can I Afford That? @ KNS Financial.

10. Financial Planner Vs Stock Broker Who’s Who? @ TFB.

11. The Technology That Will Replace 148 Billion Barrels of Oil @ Sustainable PF.

12. What is Portability in Estate Planning? @ MJTM.

13. Money Saving iPhone Apps @ Yes, I Am Cheap.

14. Using Ebay to Teach Kids About Business @ Money Reasons.

15. One Debt Down… @ Canadian Finance Blog.

Healthy Everyday Habits to Save Money Later

By: MD | Date posted: April 21, 2011 (6:00 am)

Healthy Everyday HabitsWhen you’re young your parents have to force you to brush your teeth twice daily. As you get older and the bills start to pile up, you start to think about low income dental care. Many health problems can be prevented with small daily work. Most health problems don’t just creep up on us out of nowhere. These problems can be seen coming over a period of many years.

Let’s jump into some healthy everyday habits that will help you save money down the line:

Brush and floss your teeth.

It may get annoying and it does become easy to forget, but giving your teeth a good floss and brush twice daily will go a long way to protecting your teeth. As a college student you’re usually covered by health insurance from your school or your parents, so going to the dentist usually isn’t expensive. Now imagine that you decide to start a business after college or you just don’t have coverage for whatever reason. Every dental visit will cost you a lot of money. A simple cleaning can go for a few hundred dollars. On top of the price, think of the pain of going to the dentist.

Take a walk.

I would recommend that you try to do some sort of physical activity every single day. Now I do understand that life can get very hectic at times and exercise can be the last thing on your mind. This is why I urge all of you to try to find a way to take a 20 minute walk every single day. The best time to take a walk I find is right after breakfast. This gives you some time to plan out your day calmly. It beats rushing and stressing about getting everything done on time. Plus in Canada with our four months of summer, it gives you a fresh chance to enjoy the weather.

If you have no time for a walk at all you can always sneak one in. When you go shopping you can park as far away as possible so that you’re forced to walk a little bit longer. You can also take the stairs at work or school instead of waiting for the elevator.

Decrease a nasty habit.

Do you have any nasty habits? I know that it’s difficult to quit smoking or to get over any addiction. It’s also very hypocritical to tell someone to quit a nasty habit because it’s just not that simple. With that being said, there are many benefits with reducing a negative habit. You can slowly work on smoking less and eating less junk food. Quitting is challenging, but I’m sure that most of us can find a way to reduce things. You’ll be surprised by how great you feel just by cutting back. Who knows, you might eventually get the urge to quit when you realize how healthy you feel.

Eat better food.

What’s your diet like? Do you get your food groups in? Are you eating any greens? Is there lots of sugar in your diet? I feel like crap personally when I eat junk food. You know the old saying? They say that you are what you eat. This is true because when you eat sugars and processed food you can become really lazy and lethargic. When you eat food like lean protein (turkey, chicken, egg whites), slow carbs (beans, lentils), and vegetables (broccoli) you have much more energy. Not only will you have more energy, you might also lose that stubborn pounds that you gained in the winter time.

Building the habit of eating well will benefit you in the future financially because you won’t have to spend money on crazy diet pills that are always hitting the market. You also can prevent many diseases from affecting you in the future (like diabetes).

Cut out toxic people from your life.

Are there people in your life that are bringing you down? Do your friends judge you or do they accept you for who you are? Are you surrounding yourself with positive people? I’ve noticed over the past few years that my life has improved greatly just by cutting out certain toxic individuals. Anyone that puts you down or attempts to pass on poor habits will only bring you down in life. As a 20-something you don’t need this. You deserve to surround yourself with those that will help you improve your life over time.

What everyday healthy habits do you ensure to perform?

Check out the other posts in the series:

Affordable Sports and Training For You.
Frugal Balanced Menus.

(photo credit: fathersspoon)

Frugal Vacations: Campsites vs Hotels

By: Green Panda | Date posted: April 20, 2011 (5:00 am)

With the weather warming up and starting to be consistent here, I noticed more and more people going on weekend getaways and vacations. We’re visiting family and friends this weekend in Virginia and several of our friends will also be out of town. In view of that, I thought it would nice to share two lodging options the next time you’re planning your vacation – campsites and hotels. Each has its own charm and annoyances.

Can a Campsite Work for You?

Planning ahead is important with any trip, but it’s especially important when looking at campsites. You want to make sure that get some review from past campers. Like hotel pictures online, you may not be getting an accurate idea of where you’re staying if you only use the place’s own website.

What you may not be aware of is the amenities that many campsites offer. When we went camping in the Western part of North Carolina our campgrounds had hot showers, a laundromat, restrooms, and a supply store on site.

Checking Your Hotel Out

Most of the same advice applies with finding the best hotel for you. Look carefully at reviews from previous guests and see if there were any consistent complaints. If people mention the rude service at the front desk, then more than likely you’ll get that when you check in. Don’t forget to check out my post on where to find good cheap hotels on your next vacation.

Bed Bug Reports

What can ruin a vacation? Unexpected guests. The last thing you want in your hotel is critters in your room. Not only are they disgusting, but bed bugs have given some hotel guests welts. Check the bed bug registry before you book your hotel room. It’s free and it includes 12,000 locations in the United States and Canada.

Thoughts on Campsites and Hotels

I think if you want to try something different, camping out on your next trip can allow you to have memorable experience.  We had a fantastic time and spending time under the stars was beautiful. We also got to explore a part of North Carolina that we hadn’t tried before. We’re looking forward to our next camping trip.

However if you’re not an outdoor person, then don’t push it and make a reservation at a hotel instead. Even if you want to visit a national park or go whitewater rafting, there are hotel options that can give you the great outdoor feel without the discomforts.

Which do you prefer on your trips? Do you enjoy using campsites or hotels? If you’ve stayed at a hotel, did you check to see if the place was on the bed bug registry?

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