Thursday, April 16, 2015

Penny For Your Budgeting Thoughts: Interview Series

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Last month I had the opportunity to interview several budgeting and personal finance experts! We discussed savings account, financial independence, and how to talk to your children about money.


 If you missed any of their great advice don't worry . Here are all the interview all in one place.

 Penny For Your Thoughts: Dear Debt

 Penny For Your Thoughts: Debt Discipline

 Penny For Your Thoughts: Club Thrifty
Penny For Your Thoughts: Dear Debt

Penny For Your Thoughts: Stefanie O’Connell




Comming Soon Penny For Your Thoughts: DIY and Home Decor!! Don't Miss It! 



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Tuesday, March 17, 2015

Penny For Your Thoughts: Dear Debt

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Today's thoughts are brought to you by........Dear Debt
MelaniePhoto


brokeGIRL rich wanted to know- What do you recommend the first goal be for someone freshly out of debt? 
After paying off debt, I think a logical next step is to use that extra money and max out your retirement and begin investing. You can do that through mutual funds, ETFs, stocks, and bonds. To make it easier, you can use a service like Betterment, which uses Modern Portfolio Theory to help rebalance your portfolio and does all the heavy lifting.

Budgetlovingmilitarywife asked-How big of a nest egg will someone need today to retire at age 65 years? and 30 years from today? 

That's a question that is tough to answer without knowing your current income and financial situation. First assess if you will need to prepare to live at your current lifestyle, or if you anticipate having a more expensive lifestyle down the line. Also, imagine where you want to live when you retire. Look at the cost of living. In addition, consider the cost of inflation as well. A standard rule of thumb is saving 8x your ending salary to prepare for retirement. Depending on your age, you'd probably have to save more in order to retire in 30 years. Start by playing around with retirement calculators to evaluate how much you will need in various scenarios.

Mrs. Frugalwoods said- I'd ask how they've been most/least successful in their savings and frugality efforts. And, what they wish they hadn't spent time and energy on.

I've been most successful with savings through automation and targeted savings account. My least successful savings method was pinching pennies in certain ways, then spending more because it backfired. I wish earlier on I would have focused on earning more, rather than simply cutting back. At some point, there is only so much you can cut back. 

  
Debt debs wondered- Best financial decision / practice that they have done themselves? Worst financial decision / habit that they have done or that they've heard of (maybe they don't have anything that bad)?

My best financial decision has been saying no to credit card debt and saying yes to saving. I've been saving for years and it's helped me immensely. One of my worst financial decisions — purely related to finances — was going to a private college.

Jessica Harlow- How much family finances info should you share with your kids, and when should you start?

I think keeping money conversations open can help educate and empower your kids. You don't need to tell them everything at first, but as time goes on, and they learn about money, you can show them real life examples using your income and spending. Start with financial foundations, and as they get older, share more info as you feel comfortable. Don't leave them in the dark though. Use your financial situation as a tool to educate them!

Sunday-How can financial independence be attained when income or earnings are not stable?

Very good question! Financial independence for those with unstable income can be tricky. I believe the only way to do so is by having a high savings rate on the income you do make — say 50% + and use that money to invest and work for you.

Thanks Melanie for sharing your insights with all of us. Please enjoy your virtualImage result for penny  may it bring you good fortune and luck. For all of Melanie's latest news and updates visit http://deardebt.com/


This is the fourth interview in a 6 part series! Please come back next Monday for part three!
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The Penny For Your Thoughts asks heroes, mentors, experts, and all around awesome people to share their knowledge, helpful tips, secrets, and more. Every other month we'll feature a new subject and interview based on your questions. Have someone you want to see featured, or questions you think we should ask? Email marthapreston888@yahoo.com


If you have a suggestion for the interview topic for May then please share your thoughts at Ask Marty Anything


 Free Money at FusionCash!

Monday, March 16, 2015

Birthday Challenge: 27 Acts of Giving to 27 Strangers

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Today is my 27th birthday! For the past few years I have celebrating my birthday by sharing a list of different charities that show what it means to care more about others than yourselves. As I get older I have decided that is no longer enough.

 So this year I have decided assemble 27 blessings gift bags. I went to the store for a package of 2 galleon bags. I went over to my local dollar store and filled out my first few bags. My plan is to hand out 27 of these bags to those need in my local community.

 
          

There are so many different items a person can put in these bags . To make it fun you can personalize to your area. Here are a few things I also plan to add...
- local community resources guide  (click link If you need a resource guide for your area)
-  bottle of water or nutritional drink (ensure,etc)
- trail mix
- poncho (if you live a rainy place)
-sun screen (sunny climate)
- hat and scarf ( for winter)
- mini first aid kit
-$5 gift card to local grocery/thrift store/coffee shop
-pain patch (icy hot)
Cool Hint: If you travel a lot you can save the small lotions and shampoo bottles for the care packages they are the perfect size
--- I am NOT going to put any religious material in the bags I feel it is not my job to tell people how they deal with their soul and their spirituality. I will instead add little quotes of encouragement!



 Want to join the challenge? Use the checklist below start your on care packages! Please feel free to share your suggestion for what else you think should go into the bags



 It is also wise to carry these in your car year-round to give to anyone who may be asking assistance on the side of the road or at a stoplight.  What do you do to give back to your community?





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Wednesday, March 11, 2015

Penny For Your Thoughts: Club Thrifty

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 Today's thoughts are brought to you by........Club Thrifty


 In 2013, Holly was able to quit her day job to pursue blogging and freelance writing full-time. In addition to writing here, she also a staff writer at Get Rich Slowly, The Simple Dollar, Frugal Travel Guy, and U.S. News and World Report Travel.  Her work has been featured on The Wall Street Journal, Fox News, Forbes, Lifehacker, Yahoo!, and many other online publications. http://clubthrifty.com/


Budgetlovingmilitarywife asked-How big of a nest egg will someone need today to retire at age 65 years? and 30 years from today? 

 To be honest, that totally depends on each individual and their retirement goals. To come up with a feasible figure, I recommend using a few online retirement calculators and tinkering with the results until they reflect your personal situation.  For example, many retirement calculators I have used assume that my husband and I will need 80% of our income to retire, but that is clearly not the case!  Fiddle with the numbers and criteria until you figure out your retirement number.

Mrs. Frugalwoods said- I'd ask how they've been most/least successful in their savings and frugality efforts. And, what they wish they hadn't spent time and energy on.

Our savings efforts saw a serious boon when we started using a zero-sum budget.  Putting all of our spending into neat little categories we could live with resulted in an almost overnight change.Frugality is part of that, of course, since we have to live a frugal lifestyle to live within our budget in the first place

I don’t feel like I’ve wasted in a lot of time in my pursuit of savings.  I did coupon a lot when we were younger, but we earned a lot less than and the savings were “worth it.”  Now that we have kids and are much busier, we mostly focus on sticking to our budget and keeping our monthly expenses as low as we can.

Debt debs wondered- Best financial decision / practice that they have done themselves? Worst financial decision / habit that they have done or that they've heard of (maybe they don't have anything that bad)?

Our best financial habit is sticking to a carefully crafted zero-sum budget month after month.  To us, it means the difference between spending our money aimlessly and having a well thought-out plan that helps us achieve our goals.  And after all these years, I actually think that budgeting is fun!My worst financial decision ever was financing a $25,000 car when I was in my early 20s.  I had a very low income at the time and could barely afford my payments.  Years later, I still remember when it felt like to spend almost half of my income on transportation each month.  Once I paid it off, I vowed not to let that happen ever again!

Jessica Harlow- How much family finances info should you share with your kids, and when should you start?

Our kids are only 3 and 5 so we share very little with them at this point.  I focus a lot more on showing them what it means to be financially responsible by living a life I am proud of.  My kids do know that we don’t buy certain things because we are saving for others.  They also know that money doesn’t grow on trees- and that mom and dad work for every cent!  I think any time is appropriate to start talking to your kids about money.  Why wait?

Sunday-How can financial independence be attained when income or earnings are not stable?


I think the key to getting ahead with a fluctuating income is simply living well below your means.  When you are able to adopt a very frugal lifestyle, you are better equipped to weather any financial storms or dry spells.  My husband and I both have fluctuating incomes and having low fixed expenses makes our situation much more doable.  I dislike stressing out over money and very much prefer to have a surplus at all times.  Living well below our means ensures that we always do.


Thanks Holly for sharing your insights with all of us. Please enjoy your virtualImage result for penny  may it bring you good fortune and luck. For all of Brian's latest news and updates visit http://clubthrifty.com/


This is the second interview in a 6 part series! Please come back next Monday for part three!
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The Penny For Your Thoughts asks heroes, mentors, experts, and all around awesome people to share their knowledge, helpful tips, secrets, and more. Every other month we'll feature a new subject and interview based on your questions. Have someone you want to see featured, or questions you think we should ask? Email marthapreston888@yahoo.com


If you have a suggestion for the interview topic for May then please share your thoughts at Ask Marty Anything


 Free Money at FusionCash!

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