17 Tips to Keep Your Holiday Spending Habits off the Naughty List

The holidays are upon us, and in addition to festive time spent with family and friends, for most of us it means a lot of money spent on holiday gifts and other once-a-year expenses. But, warns Leslie Greenman, don’t let this year’s holiday spending ruin all of the saving you’ve done throughout the year. She offers valuable tips on how to keep your holiday spending in check.

“We spend a lot during the holidays because we love giving to our friends and family,” says Greenman, a financial advisor and author of the new book Dating Our Money : A Women’s Guide to Confidence with Money & Men. “Watching someone you love open that perfect gift can be really gratifying. The holidays also give us a guilt-free pass to shop ’til we drop. You don’t have to feel bad about spending because you’re not buying things for yourself, or at least you shouldn’t be! And you can justify it by telling yourself, ‘Well, I have to get gifts for everyone or they’ll be disappointed in me!’”

But, Greenman notes, this psychology of gift giving isn’t good for your financial health.
“While it’s nice to give someone something they want, that good feeling will quickly fade when you see how much your holiday spending affected your finances,” says Greenman. “The good news is that with careful planning you can give everyone on your list a special holiday without having to pay for it for months and months to come.”

Read on for Greenman’s tips on how to keep your spending and your sanity in check this holiday season:

Financial Tips for Graduates

TANIEDRA L. McFADDEN

Congratulations, Graduates! You put in the time. You did the hard work. This is probably one of the most exciting and uncertain times of your life.  If you were fortunate enough, you left college with a new job or you are headed to graduate school, or you are following your passion for which college has prepared you. With all that preparation, there came an expense. Higher education can be very expensive. If you aren’t moving back home with your parents, you are going to be responsible for paying rent, utilities, credit card payments, and loan payments. It can be quite overwhelming.

The Key to Savings is to Pay Yourself

By Taniedra L. McFadden

Have you been trying to save money for that special item? A new home? A new car? Well make 2011 the year that you make it happen. For some of us, savings can seem very daunting. For all of us, savings is possible. One of the keys to saving money is to make YOU a priority and pay yourself.

Think of this… When you get paid, what bills do you pay? The mortgage or rent, the utilities, your car payment, student loans. Why not add yourself to that list? Do you find that once you’ve covered your expenses and bills, that you have money left over for the fun stuff like the movies, eating out, partying? Then you have money to save.

PREPARING YOUR CHILD FOR COLLEGE – WAYS TO SAVE ON TUITION Part II

In Part I, we discussed taking the CLEP test and Advance Placement courses in high school. So neither of those options work for you, don’t freight here are some other ways to shave some money off of your tuition bill:

 - Finish in Three Years

 - Live Off Campus

 - Avoid Buying New Textbooks

 - Junior or Community College

PREPARING YOUR CHILD FOR COLLEGE: WAYS TO SAVE ON TUITION PART I

Your child is a senior and after lots of research they have decided on the schools they want to apply to. You are thinking great this is the next phase in their life –totally excited and completely on board because after all you have been dreaming and hopefully planning for this day.  

Now you are faced with the realization that the average cost for tuition and fees at a four-year public college is $9,000 per year and at the other end of the spectrum at a private university you can expect the cost to be $35,000 or more per year for tuition and fees in the United States. These figures don’t even account for additional expenses such as room and board, books, supplies, equipment, and transportation. According to The College Board ®, the average 2009-2010 tuition increase was 4.4% at private colleges, and 6.5% at public universities. The staggering costs can leave parents and students with a feeling of getting punched in the stomach and wondering how will they cope. You may know of the more traditional ways of paying for that ever increasing education and this will include scholarships, loans, and savings. You can slash your educational costs by thousands of dollars if you follow the tips listed below. 

College Board's CLEP® program can save you money while earning your child college credits. CLEP exams are an accredited, proven tool allowing your child to place out of introductory classes by demonstrating knowledge in any of five subject areas.

Here are just some of the benefits for you and your child:

	Save money. At $77, CLEP is a fraction of the tuition and fees for a college course and books.
	Earn credit. Accepted at more than 2,900 colleges, a satisfactory score on any of the 33 CLEP exams can earn your child up to 12 credits.
	Accelerate. Taking CLEP exams early can help your child fulfill the requirements of his or her major more quickly.
	Explore options. Placing out of classes in which they are already proficient allows students to explore a wider variety of academic options.
	Graduate on time. CLEP can help your child cross the finish line in four years, whereas most students now take six or more.
	Reduce student loans. CLEP can lower the burden of college loans by eliminating the cost for one or more courses.

While in High School Advance Placement (AP) credits can save time and money. The better your child does in high school can determine how long they have to attend college. Subsequently, the longer they attend college the higher the cost will be. How much money can you save if you took enough AP courses in high school to place out of five courses at a university? That would be the equivalent of an entire semester’s worth of work for a savings of over $15,000 for private school tuition. Is taking five AP courses in high school unrealistic? I think not so parents it is up to us to guide our children and ensure they are getting the most out of their high school years.

The cost of higher education is outpacing the rising cost of living by an incredible amount and only getting worse every year. I think our children owe it to themselves, and us, to receive a quality education at a reasonable cost. One way to control the cost of college is to be cognizant of how you can save money along the way and leading up to when your child enters college. Saving thousands of dollars now and not taking out massive student loans will start our kids out on the right foot in building wealth. An education should never feel out of reach and with some planning, hard work and creativity it can remain attainable.

Article by Eslyn

LIVING GRAND: BAD MONEY HABITS!

Changing Them Are Simpler Than You Think!

They’re this seasons “It Shoe”. They’re hot and on sale. But do they belong in your closet? For years I have been an impulse shopper you know the type of person who had to have the latest and the best. They say humans are creatures of habit. And this is especially true when it comes to how we manage our money.

Not only are bad money habits pervasive, they can dramatically impact our everyday lives and future; changing them seems to be a beast all unto itself. I have to be clear, I was not someone who did not know how to make the most of the money and was well educated on ways to make it work for me both in a traditional and non-traditional sense; however I just chose to ignore it. I am a true entrepreneur at heart and thought I was immune to the pitfalls of bad money managing habits. For years I would dispense advice on how to make money, invest money and get out of debt. Yet I seemed to ignore the advice I was giving. It finally dawned on me if I can dispense it and watch others realize their dream, why can’t I do the same for myself.  With some real examination and fact facing, I began to take heed to the messages I was giving. And because I realized my financial health is as important as my emotional and physical health I began to reshape how I view my money.

What money habits do many of us desperately want to reverse? Impulse spending is at the top of the list, a recent survey conducted by the National Endowment for Financial Education (NEFE) revealed that four out of five American adults have made impulse buys in the past year -- and 66% later regretted at least one of these impulse purchases. The glaring question is: how to change this habit? CreditCard.com's Lisa Bertagnoli offers eight steps to change bad financial habits that each of us can put into play:

1. Determine Spending Triggers- Maintain a money journal documenting each thing you buy, as well as when and why you buy it, begin to understand what stresses and behavioral patterns result in dysfunctional spending.

2. Distinguish "Wants" From "Needs”- Don't go into debt for things that are purely discretionary, like private school tuition if you live in a district with great public schools.

3. Think Before You Buy- Put strategies in place that require you to pause and consider the implications of your purchases before you pull the trigger. G. Alan Marlatt, a psychologist and Director of Seattle's Addictive Behaviors Research Center, told Bertagnoli that he recommends would-be buyers work through a four-part matrix of the immediate pros and cons of making an impulse buy, and the pros and cons of not making that same purchase, prior to making a purchase.

4. Take the First Step- No matter how small. Paying off even a single high-interest credit card can create massive confidence and relief, snowballing into the momentum required to eliminate other debt.

5. Euphemize- The mere word "budget" strikes fear into the hearts of many us. Calling it a "spending plan" shifts the emphasis to what you can buy, rather than what you can't.

6. Work a Plan- Set your shopping trips up for success and ration spending by taking along a shopping list, just enough cash to buy what you need, or even a trusty pal who can reign you in.

7. Allow for Small Treats Along the Way- Extended deprivation is a setup for failure; plan to give yourself inexpensive rewards for meeting financial milestones, like saving a certain dollar amount or paying a bill off.

8. Push Through the Glitches- Relapsing into a spending fit or making a late monthly payment is not cause for you to call off your whole money management mission. Have some compassion for yourself -- if you backslide, get right back on your financial fitness program (and return those shoes!).

I want to reiterate, it’s never too late to change your thinking and views on spending money. While you may not have been taught how to manage money and the ways to make it work for you, being financially savvy is not something for the super wealthy, it is innate and something we DESERVE!

Article by Eslyn

Living Grand: Getting Your Financial Life In Order, Winter To-Do's

The mere mention of finances makes many of us cringe. It can be daunting, but here are some simple steps that can make it easier to deal with. Every season, we'll bring you the top to-dos to get your financial life in order. Winter is closing in, but that doesn't mean you can hibernate, your winter finances need to stay just as warm as you do.

Here are the key items on your winter to-do list: 

     

Reassess your budget - Deadline, December 15. Remember our lives are continuously changing, just like we change our hair, make-up  and the company we keep,  we should re-evaluate our lifestyle and make sure we are sticking to our budget and if not create a new one.

Check Credit Score - Deadline, December 15. Reasons for this should be obvious especially given today’s climate of identity theft. You especially want to stay on top of this if you are in the market for big ticket purchases like a car or home.

Look closely at your bills – Deadline, December 15. Know what you are spending on cable, cell phone and other utilities. Check with your carriers and providers to see if there are any specials you may be entitled to, even if it is for a short period of time. If you are able to save $15 a month on your cable bill over a 6 months period; that translates into a $75.00 savings. Remember most providers are not automatically going to give you the discount, they are in the business of making money and you should be in the business of keeping yours.

Max out your Retirement account – Deadline, December 22. Make sure you are getting the most out of your 401(k) by contributing the maximum which is $16,500 for 2011 and for those of you over the age of 50 the catch-up contribution remains the same plus an additional $5,500. If your employer matches your contribution, well this is just free money honey.  Your ultimate goal should be to have as large a nest as possible.

Compare your interest rates – Deadline, January 1. Interest rates are constantly changing, so make sure you are getting the best value by comparing your savings account to the competition. The same goes for credit cards, if your APR goes up call the company and see if they will lower it.

Organize Tax Forms – Deadline, January 17. Keep all your forms (W-2, 1099s and anything else that shows up) that are mailed to you in a safe place. This is also the perfect time to organize all receipts and any other paper work you will need to file your taxes. And as we all know the date we dread for taxes to be filed is April 15th.
Remember honeys, this is your financial health, the best way to become savvy is to educate yourself the same way you do in other aspects of your life. None of us are born money gurus but with a little time and a wealth of information just a click away on the world wide web we can all be one step closer to really  “LIVING GRAND”.

~ Eslyn

For questions or topics you would like me to write about email me at eslyn@grandlifedaily.com.

This Holiday The Best Gift You Can Give Yourself Is Financial Well Being

This is the time of year we want to buy gifts for everyone on our list: our children, nieces, nephews, parents, siblings, friends, the mailman, and our boss.  Ask yourself at what point does it stop?  Every year we shell out more money than what is necessary in order to compete with the previous year and many of us go into debt over the foolishness.  To me we confuse giving with true generosity.  We want our loved ones to be happy, but if our finances are strained where is the love and happiness in that?

Living Grand: Getting Your Child Ready For College - Tap In To Your Resources

By the time a child is in sixth grade, families should start talking about going to college. Make it clear that you expect your children to go to college, and together start planning how to get there. Everyone knows that high school courses and grades count for admission to college, but what many of us do not realize is we have a network of people at our finger tips that can help with the process. These are people we talk to everyday that are alumni of these institutions.

If you think about it on a daily basis you are either introducing or being recommended to someone whether it's for employment, medical, financial, legal, even to have your hair styled. Why not use the same tactic to help your child get one step closer to accomplishing their life goals? Let’s help our children get into the University of their choosing. This is a common denominator amongst so many, in terms of preparing our children for college. Just the mere mention of this daunting task brings folks out of the woodwork offering all sorts of tips and their experiences.

We put so much time into researching the school, saving money, locating loans and ensuring our children our ready academically. What about networking?  There is nothing like having a network to help you achieve your goals or at least make the initial contact.  And while it may take some time and planning to come up with a list of those who are willing to help, it will be well worth it.  I'm sure you are saying I do not want to burden someone; however, but you would be surprised how many people are willing to make that phone call or introduce you to other alumni, or someone who is affiliated with the school in some shape form or fashion.

At some point we are all faced with having to send our babies off to school so get up and start talking to your boss, clergy, cousin or aunt…heck people! Reach out to your friends on Facebook. Although, this does not guarantee immediate acceptance into the school; you and your child can certainly benefit from the experiences that the alumni have to share.

Food for thought, while it has become both the norm and necessity for parents to make the initial contacts for their children, it is still up to the student to close the deal.

~Eslyn

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