Cheap Fun

Yesterday was awesome. The boys and I were outside from 0930-1230. We played with silly string, bubbles, and wrote on our patio floor and out apartment fence (shhh, don't tell) with sidewalk chalk. After a good crockpot chicken lunch, the boys were ready for more outdoor fun. But it was HOT out. Soooo... What's a mom to do?

A few weeks ago I bought a couple of jump ropes for the kids. I didn't realize til I unraveled them that they were the super long ropes. So yesterday I used them as imaginary laser beams. Then I took a couple of our hula hoops and put them on the floor by the laser beams. Voila!! Indoor friggin obstacle course.

We had fun seeing who could get through the course without touching anything but the floor. Caden decided that jumping over the laser beams was too easy so he said we had to crawl under them. Easy for them!

By the time we were done I had two kids so tired that they put themselves to bed for their nap. :) After nap, we worked on art and alphabets. This was an excellent way to have a fun filled day without worrying about the bank account.

2 jump ropes: $3 each

2 hula hoops: $4 each

2 bubble sets: $1 each

3 silly string cans: $1 each

1 pack sidewalk chalk: $1 each

 

Total: $20 with $15 of it a one-time expense so that leaves $5 actually lost for the day. Not bad!!

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Money-Smart: Credit

So, I’ve been really working hard at getting money-smart. 2010 is my Financial Power year, meaning I will gain power over my money. My biggest “obsession” lately has been budgeting. Being the sole bread winner in a house of children and animals can be heavy on the wallet. But with lots of self control and determination, we single moms can survive financially!

Many of us find it far easier to just look the other way when we’re spending money.  At the end of the pay period, we’re desperate for the next check. But we don’t have to cringe each time our bills pop up. Someone once said, “It is far greater to predict and prevent rather than react and defend.” You know what bills are due each month. You know when you get paid and you know how much money you are bringing in. I’ve had to totally come face-to-face with my money and myself! I found a great budgeting spreadsheet to help me focus on being aware of what I was spending and how much is too much.

Okay, I’m putting my January budget in plain view for anyone to see. Now remember, we are still in the second week of January—we aren’t even halfway through yet! But already I see where I’ve overspent. (Now, now, before you get on to me—My dog needed a vet visit. These things happen.)

Anyway, check out what I am using and try to do something similar for yourself. Control your spending! Know what you’re doing with your money and prevent instead of react!

Bills	Budget	Actual	Difference ($)
ADT	$ 31.02	$ 31.02	$ -
Auto Loan	$ 603.90		$ (604)
Insurance	$ 123.00	$ 123.00	$ -
Cell Phone	$ 120.00	$ 120.00	$ -
Credit Card	$ 39.00		$ (39)
Day Care	$ 816.00	$ 400.22	(416)
Credit Report	$ 15.00		(15)
NetFlix	$ 15.00	$ 15.00	-
Necessities & Other	Budget	Actual	Difference ($)
Fuel	$ 85.00	$ 51.02	$ (34)
Food	$ 150.00	$ 144.42	(6)
Diapers	$ 45.00	$ 14.47	(31)
Soymilk	$ 18.00	$ 8.58	(9)
Ronin's Milk	$ 16.00	$ 7.62	(8)
Wipes	$ 30.00	$ 8.47	(22)
Pet Care	$ 45.00	$ 117.50	73
Kids Clothing	$ 20.00		(20)
Home Supplies	$ 50.00	$ 5.00	(45)
Kids Supplies	$ 30.00	$ 2.14	(28)
Other	$ 50.00	$ 17.71	(32)
Bank Charges	$ 6.00	$ 3.00	(3)
Total Expenses	Budget	Actual	Difference ($)
	$ 2,352	$ 1,113	$ (1,239)

My bank, USAA, offers so much great advice that I wanted to share some with you. Below is an excerpt from the Advice Center of USAA Federal Savings Bank.

Q:  I have several credit cards that are paid off. Will it help or hurt my credit score to close them?

A:  It depends on how much debt you are carrying on all your credit cards combined. Each credit card provides a line of credit to offset any debt carried on the others. By closing one, you reduce the total line of credit to help your overall ratio of credit used, to credit available to use. Ensure that your total credit card debt does not exceed 35% of your total credit available. For example, if you have $10,000 in credit available make sure you owe $3,500 or less.

The ideal would be to pay off all of your debt and then keep two or three major credit cards including one that shows the longest credit history. Make a list of all other cards you want to close. Keeping that debt to credit limit ratio in mind, close them in order of newest to oldest, at a rate of one to two per year, and never within six months of a major purchase like a car or home. Obtain a free credit report once a year at annualcreditreport.com.

While in the process of closing your credit card accounts, use any non-merchant cards such as Visa, MasterCard, Discover or American Express to make one purchase each month and then pay the balances off in full. This will keep the cards active, and good payment histories accumulating on your credit report. Payment history accounts for a whopping 35% of your credit score.

Stop saying "yes" to store credit cards for promotional discounts. They undermine the percentage of your score that is attributed to the length of time you have had accounts plus new inquiries also negatively impact your score. Finally, most merchant cards have high interest rates. If you don't pay the balances off in full those promotional discounts cost you in the long run.

Also, check out this really helpful website to find out What's real and what's a scam.
Sources:
https://www.usaa.com/inet/ent_utils/McStaticPages?key=advice_QandAs_Debt_Webinar&offerName=prihome_advice_QandAs_Debt_Webinar

[Posted with iBlogger from my iPhone]

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Stocks?

Okay, I have absolutely no clue about stocks, marketing, CD’s, or any other investment type of … thing. I am a complete ditz when it comes to this stuff. But I’ve been thinking, a friend of mine just told me he’s thinking of cashing in some stocks. Instead of taking out a loan to get a building done up for his business, he wants to cash in stocks? Why does that phrase, “cash in stocks” sound so damn appealing to me? Where are these stocks and how can I cash them in too?

I realized that I am way behind in the financial world. Actually I’m not even behind. I’m nonexistent!! I’m a pee-on! I need to get my head outta my ass and find out what I need to do in order to secure my and my kids’ futures financially! I mean, what if I was forced out of my job for some reason? I don’t even have a credit card I can use because the one I do have is max’d out due to bills and groceries! Wow, I am in some trouble or at least heading down the wrong path.

So I’ve decided I am going to take some time as often as I can to learn about the stock market. It’s boring as hell and I remember watching Trading Places (with Eddie Murphy) and not having a clue what the hell it was really about. It was funny and entertaining, but I felt really stupid. So other than studying for promotion (please God, keep me focused), I will be studying for even more money. Maybe in order to keep me faithful to this, I’ll have to come back and write about what I’ve learned so far. That’s what I”ll do. I’ll try to make it as fun and interesting as I possibly can. Even though it’ll be pretty tough. I’m not looking forward to it at all. But I am interested in making money.

If you have any tips for me, please please PLEASE share them! Oh! Before I forget, I did find a website that might help me and whoever else is even slightly interested in learning about this stuff. The article is titled Introduction to Stocks 101.

I guess I have some learning to do. I’ll let you know how it’s coming.

Love,

JS

[Posted with iBlogger from my iPhone]

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The Newly Single Mom's Financial Shock

Finances are precious, precious things for the single mom.  Whether you are or aren't receiving child support, you will find yourself accounting for every penny you have.  I’ve got two young kids who are both in daycare and one just started potty training.  I’m looking at $800+ a month in daycare costs.  Then there’s diapers, formula, baby wipes, pull ups, and the regular groceries on top of that.  Living off of one paycheck and no child support left me waiting impatiently for the next payday.  

I had to learn to adjust my lifestyle according to what I had in my wallet.

My wallet.  :-/

When you’re a new single mom, you realize that you’ve taken that second paycheck for granted.  When you did your grocery shopping, you pulled things off the shelf after deciding it was better than the item next to it.  You got the best type of baby formula.  You threw in an extra 3-pack of baby bottles.  And who the heck doesn’t believe that Huggies is way better than Pampers?  Oh and btw, those cool strawberry puffballs in the can made just for your infant?  Loved those.  You didn’t realize how much more you were spending and how much more you could’ve been saving! 

Your household income is now half of what it used to be and since your paycheck is the only source of income, you’re going to have to do more with less.  My $800 in daycare costs was fine with two paychecks but now I have to carry that alone AND buy the groceries, and pay the bills, and I need an oil change for my car!  Oh and plus, I’ve got two dogs so we’re looking at dog food AND possible vet bills.  

What’s a girl to do? 

First things first.  Write a list of all your expenses.  All of it.  Be honest with yourself.  Everyone has a habit they’ve got to admit to.  If it makes you feel better, I’ll admit mine—I eat out too damned much. 

Strip it down to the bare necessities.  Let’s say: Groceries, Rent, Utilities, Auto, Debt Payments, Clothing.  Now take a look at the bare necessities.  How can you minimize spending in each of these categories?   

Look at your utilities—do you really need cable?  If you can’t or don’t want to get rid of it, at least take it down to the basic channels.  I use Netflix- $15 a month is wayyy better than a cable bill.  Do you have a cell phone?  If so, why do you also have a house phone?  Save money on electricity and water by shutting off lights when you’re not using them and stop leaving the water running when you’re brushing your teeth. 

Save money on fuel by keeping your speed at a consistent pace (set your car on cruise control).  You waste fuel every time you pound that gas pedal.  Get your oil changed and tires rotated regularly.  This helps maintain good gas mileage.  Also, shop around and look for a bank that offers a lower interest rate on auto loans—then refinance!

Now look at your debt payments (loans and credit card bills).  You can find tons of websites that talk about how to pay these debts off faster.  Pay more than the minimum. 

You can’t do much about rent other than… find another place to live.  If your rent is decent and the location is safe, I’d stay where I was.  But if you could use a change of scenery and found a cheaper (and still safer) place to stay, why not?

Clothing—shop at the cheaper outlets!  I love those shops that have cheap clothing.  I absolutely cannot stand spending $40 on a pair of jeans.  So I keep my jeans forever and ever until the hole in my knee turns into a big huge rip.  LOL Anyway, the point is – screw brand names!  Unless you can find them really really cheap, of course.  J

Groceries—my favorite nightmare.  I have only two tips.  Bring a calculator and look for store brand items.  Punch in the cost of each item as you put them in your cart.  It’s amazing how much you can save when you’re more conscious of how much you’re spending.  I don’t buy name brand diapers anymore.  I buy the cheapest brand available.  Luckily, my youngest son Sean doesn’t have any tummy sensitivities to formula.  He makes grocery shopping easy!

Another thing about groceries that I just remembered—look for places that offer cheaper foods or help for families in need.  Angel Food Ministries is an excellent way to save money.  I’ve basically cut my grocery bill in half by buying through them.  Churches are a blessing when it comes to support. 

When it comes to single momming, you cannot be proud.  I mean, of course be proud of who you are and all that.  But do not be too proud to ask for help.  Don’t ever feel that you should not apply for foodstamps, WIC, or any other means of help.  If you don’t qualify, fine.  But don’t not  apply.  There are so many resources out there that are available and meant for us!  Be sure to stick to a good, healthy budget too.

Finally, you want to make sure you have some money for emergencies and… treats.  Yes, I said it.  Treats.  Everyone needs treats, especially us.  Moms in general.  Or hell.  Women in general!  LOL As long as you limit your treat spending to “treats” and stay away from incorporating them into a normal way of life, be happy to reward yourself for being a great and powerful woman!

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