New article posted at "Everything Finance"
Everything Finance
New article posted at "Everything Finance" |
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5 Ways to Keep Your Friends Even Though You Have Different Budgets Posted: 23 Mar 2014 11:30 PM PDT 5 Ways to Keep Your Friends Even Though You Have Different Budgets is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
But. . .they can also be a huge drain on your finances. In your early twenties, you probably didn’t worry about this much because, after all, one of the main points of college (besides the education) is being social and having fun. However, once you leave college and taking your first (possibly low paying) job and face your (possibly very high) student loan debt, you may find that you can’t be quite so free with your money. If you’re friends are in a different financial situation or don’t care so much about paying down debt quickly, you may find yourself at odds. Your friends may still want to spend weekends at the bar drinking $8 drinks or eating out at the latest restaurant paying $40 or more per meal. What are people who are being mindful of their finances supposed to do? 1. Limit how often you go outRather than going out every weekend night, perhaps allow yourself to go out once a week with your friends. Yes, you’re still spending money going out, but you’re also having fun with your friends and relaxing and unwinding. 2. Suggest a different place to goIf your friends want to go to the latest sushi restaurant, you may have to pass, but you could suggest something that costs less. Maybe you could meet at a coffee shop to chat instead. 3. Ask your friends overYou and your friends may go out every weekend because that’s all you’ve ever done. You may be in a rut. Consider asking your friends over for a night in. A man I used to work with had game day (and night) once a month. Friends would come in and out throughout the day, and they’d play a variety of games. Another person had their friends over and had a BBQ and played volleyball into the night. A night in with friends can be fun. 4. Find more frugal minded friendsIf you think you’ll be pinching pennies for quite some time, you may need to expand your circle of friends to include some frugal minded friends. These friends won’t pressure you as much to go out. Instead, they might actually pressure you the other way and encourage you not to spend money. 5. Find other areas of your budget to cutIf you still want to go out regularly with your friends, find other places in the budget to cut. Maybe you’ll take your lunch to work, or perhaps you’ll give up cable television and stick with a Netflix subscription. Maybe you’ll pick up a few extra hours at work to have extra money to go out. If you find yourself spending (or saving) money differently than your friends, know that this is a typical scenario. Having different budgets doesn’t have to mean the end of your friendship if you’re willing to utilize some of the above tips. Have you found yourself spending less than your friends? If so, how did you keep the friendship and your budget intact?
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What Should Your Debt-to-Income Ratio Be? Posted: 25 Mar 2014 03:37 AM PDT What Should Your Debt-to-Income Ratio Be? is a post originally published on: Everything Finance - Everything Finance - Its all about Money! Your debt-to-income ratio is an incredibly valuable number. It will inevitably be brought up when applying for loans and credit, right alongside your credit score. Measuring your debt against your income gives it context, and the more you make, the more debt you can afford to take on. What, then, is a healthy debt-to-income ratio and what is manageable? Your debt-to-income ratio, put simply, is the percentage of your income that goes toward paying your debt. To calculate your ratio, start by totaling your monthly debt. Your monthly debt includes what you spend each month on your mortgage or rent, your minimum credit card payments, car loan, student loans, alimony or child support and any other debt you have Once you have your debt calculated, total your yearly income. This includes your gross income, bonuses or overtime, alimony and child support received plus any other income you may have. Divide this number by 12 to determine your monthly income. Once you have your monthly income and the amount of money that goes toward your debt monthly, divide the debt payments by your monthly income and multiply by 100. The number you come up with, a percentage, is your debt-to-income ratio. By most standards, a debt-to-income ratio of 36 percent or less is considered a healthy debt load for most people. From there, if your ratio falls within the 37 to 42 percent range, you should consider reducing your debt, but it is not yet an emergency. With a ratio of 43 percent to 49 percent, you might be in financial trouble and you should start paying your debts immediately to prevent an overloaded situation. Anything greater than 50 percent is a dangerous ratio. If you fall above 50 percent, you should be aggressively paying off your debts or seeking professional help. Aside from helping you get more credit or loans, a healthy debt-to-income ratio also helps you avoid the gradual rising of debt, which is a common pitfall. Controlling your debt-to-income ratio means you’re making sound decisions and managing credit card use and impulse buys, all things that point to a healthy financial standing. Managing your debt-to-income ratio is crucial for everything from managing debt to knowing how much house you can buy with your income. When you have a healthy debt-to-income ratio you can put more money toward other budget priorities, such as savings. |
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Posted: 28 Mar 2014 11:06 PM PDT Save Money on Cosmetics is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
Quality Vs QuantityAll of us have different skin issues and beauty needs, which is why I am not going to suggest buying the cheapest make up you can find. Instead, seek out cosmetics that are high quality and make you look your best. No matter the price or brand, avoid products that make your skin break out. You shouldn’t have to spend more money on fixing your skin. If you choose to use higher end products, try to narrow down your make up needs to a few items. Not only will this save you time in the morning, but it can help keep your make up space clean and organized. If you are really into experimenting with different lip colors or eye shadows, then perhaps stick with more inexpensive brands, since you may only use the product a few times. Don’t Be Afraid to ReturnIt doesn’t matter if you buy your foundation at Target or in the Macy’s beauty department, you should return any product that you do not like or are unsure of. You don’t want to waste money on unused products. There have been several times I have gotten the wrong foundation shade and have returned it easily just from explaining that it was the wrong shade. There was also a time when I had to return a Bare Minerals product to Sephora because it caused my face to break out horribly. Was it embarrassing? Yes, but it was worth it to get my money back. Take Care of Your SkinThis may seem like a strange tip for saving money on make up. However, isn’t it true that we use a lot more make up when our faces are going haywire. A clear complexion helps save money on cosmetics because you don’t need as much. I know from experience clear skin is not the easiest thing to come by. Here are a few of my inexpensive acne-free tips:
Those are just three simple tips to cutting your make up costs. They may be common sense, but I know many of us, myself included, tend to overlook them. Sometimes it is a pain to take back the ugly $4 lip gloss or to keep our make up routines down to four products, but it can make a big difference in our budgets. |
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When You’re Not Making Enough Money Posted: 29 Mar 2014 05:12 PM PDT When You’re Not Making Enough Money is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
For some people, not making enough money may be due to unexpected job loss, perhaps a job demotion. For others, you may be a recent college graduate and are trying to work your way up that pesky never-ending corporate ladder. Whatever the reason may be, it’s hard to not get a permanent chip on your shoulder and feel down on your luck when you feel like you’re living paycheck to paycheck and there doesn’t seem to be an end in sight. I know, because I’ve been there. So if you’re looking for some inspiring words, here is my best shot: Know that seasons don’t last forever Consider this hardship in your life as one season. Everyone knows that seasons don’t last forever, even though there may be some terribly long winters. You won’t be broke forever, as long as you keep working hard and paying your dues. Eventually, the balance on your loans will shrink, your debt will be paid off, and you’ll be earning and saving money instead of paying for your past. Don’t give up hope and keep the end goal in sight. Work smarter, not harder Maybe you’re working 80-hour weeks spread out across three different jobs and you’re simply wiped out. Figure out a way to work smarter and not harder. Make sure you’re using all your resources efficiently. At one point after recently graduating college, I was working seven days a week among four different jobs. Eventually, I cut out the jobs that weren’t paying as much, and focused harder on the ones that were. Set your own milestones If you’re only milestone is to be making more money, you’re going to be unhappy until you get there. Learn to find happiness in the journey and not the destination–as impossible as that may seem. Set up little milestones that are attainable in the short term that will help you feel like you’re reaching accomplishments on a regular basis. Focus on a solution If you’re still feeling overwhelmed by bills and the lack of money, focus on the solution to lighten your problem. Do you need to make more money? Do you need to spend less money? Do you need to reduce expenses? Could you move in with family temporarily? Could you sublet a room in exchange for housework? Too often we get bogged down in our problems that it’s difficult to even think that there is a way out of the mess. Stop feeling sorry for yourself and instead come up with a solution. Most importantly, remember that everyone goes through bad times in their lives. You’ll eventually make more money if you keep working. |
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The Importance of Diversifying Your Side Gig Posted: 31 Mar 2014 12:35 AM PDT The Importance of Diversifying Your Side Gig is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
For instance, I started my side gig three years ago. I was submitting blogger’s posts to carnivals for a small fee. Around that time, I also began writing posts for other bloggers. That turned out to be a smart move because within another year, the carnival submissions business all but dried up. Initially, I was the one who reduced the carnival submissions business because I had more clients than I could handle. I had to cut a few clients so my load was more manageable. Then, within another 12 to 18 months, almost all of my clients were gone. Why? Some no longer found submitting to carnivals a good business move. Other clients moved to other people who offered the same service for a lower price. Had carnival submissions been my only side gig, I would currently be without a side gig. Thankfully, my freelance writing business grew, though I’m trying to diversify from that one now so that I’m protected should it start to dry up. If you’re starting a side gig and are interested in diversifying, try these tips: 1. Find another job that is a natural task for the one that your currently doingIf you’re tutoring high school students in math, for instance, why not also offer services to prep them for the ACT and SAT? You could even expand to prepping college graduates for the GRE math portion. 2. Keep an eye out for current trendsIf you’re a freelance writer as I am, you may want to also learn all you can about social media and Pinterest. If you can offer a side gig promoting posts on social media or creating Pinterest-friendly pictures for your clients, you’ve not only become more valuable to your client, you’ve also expanded your business and your revenue stream. 3. Find a job in a different field that is relatedAs a freelance writer/blogger, I am always looking for ways to expand my writing from the blogosphere to other areas like print media. Then, if one area dries up, I always have the other area to fall back on. 4. Don’t forget local clientsWe live in a world that, thanks to the Internet, makes working at home possible for more people. However, I think too many of us stay focused on the online world. If you’re a social media manager, yes, you can get a job working for a company hundreds, if not thousands, of miles away. However, don’t forget to look at your local city and community. There are local businesses that likely need your help, too. This is yet another great way to expand your business. If you’re a freelancer with a side gig, do you make sure to diversify your income streams? If so, what other tips can you give? |
