SavvySugar

Don't Let Friends Warp Your Budget

SavvySugar — Tue, 12 Jan 2010 08:00:49 -0800

Just because you've made sticking to a budget a priority this year, doesn't mean all of your friends will share your goals. It's pretty likely that not all of your friends have the same budget and spending parameters. Still, that doesn't mean that your financial objectives have to suffer in their company - or that you have to find new friends. Just be aware of how your spending habits change, and be your own best advocate to get your budget back on track.

Skip the Mall - I have a few friends I just refuse to shop with, for a few reasons. I've been convinced to splurge on countless items that were never in my budget, falling prey to the flattery of good friends, or to keep up with the spending habits of a friend who lives way beyond my means. No more. This year, I'm finding new activities to do with my girlfriends. Try browsing a bookstore, going for a walk, or working out together. These activities will take spending large sums of money out of the equation all together.

Get more advice after the jump

Your Two Cents: Friday Night Out?

SavvySugar — Fri, 15 Jan 2010 06:00:47 -0800

One of the great debates (and arguments) I've had with a good friend in the years post college is whether or not to head out after work on a Friday night. For her, the end of the week is always cause for celebration, and her celebration usually involves dinner and drinks out. But while she revs right up after work and heads to the closest happy hour or wine bar, I'm celebrating the week's end in my sweats with a movie and an order of takeout. After a busy week at the office, I can hardly sum up the energy required to pop in the DVD, let alone make it to meet the girls for a round of drinks. Instead, my big night is usually Saturday, once I've recuperated from the long workweek, and have a good night's sleep behind me. What about you? TGIF! - does that mean you're headed out or are you headed home to unwind?

Happy Holidays! Now Give Yourself the Day Off!

SavvySugar — Fri, 25 Dec 2009 04:00:29 -0800

Happy Christmas and holiday season! Are you kicking back with your friends and family instead of kicking back a grande Pumpkin Spice Latte between frantic emails? If so, savor the time you have with your nearest and dearest and away from the daily grind. Leave your BlackBerry and iPhone alone and don't even think about checking your work email - those means make it way too easy to be busy on an official company holiday. Your boss is giving you a break, and step two is giving yourself a break. Enjoy relaxing, you deserve it! Happy holidays, working girls.

Savvy Links!

SavvySugar — Wed, 02 Sep 2009 12:00:48 -0700

Make it a cheap and fun girls' night in. - Glamour
As a woman, the most important thing you can do for yourself financially is to take yourself seriously. - Self
Want more vacation time? Just ask. - MainStreet
Save money on college textbooks by renting them from third-party companies. - WalletPop
Do tell: What does empowered mean to you? - TresSugar

Happy Holidays!

SavvySugar — Thu, 25 Dec 2008 05:00:03 -0800

Did your boss give you the day off from work today? If so, savor the time you have with your family and away from the office. Leave your Blackberry alone and don't even think about checking your work email - those means make it way too easy to be busy on an official company holiday. Your boss is giving you a break, and step two is giving yourself a break. Enjoy relaxing, you deserve it! Happy Holidays, working girls.

Cheapest Family in America Tells Its Secrets

SavvySugar — Fri, 19 Dec 2008 09:30:37 -0800

"Economides" may sound like a fictional last name in a book teaching kids about money, but it's in fact the fortuitous surname of the so-called "cheapest family in America." The Economides family, composed of parents Steve and Annette and their five kids, live in Arizona debt-free and on an annual income of about $44,000. Five of the seven family members were featured on a Today show segment yesterday that covered how the family handles Christmas spending, and spending in general. Find out more about this frugal family when you read more.

The family doesn't use credit cards, paid off their first home in nine years when they were bringing in $33,000 a year, and their second home is almost paid off, too. Annette calls herself "the Warren Buffett of groceries," the two daughters say they buy brand name jeans but never pay more than $8 a pair, and one of the girls recently paid cash she saved for a used truck. The Economides do their Christmas shopping in thrift stores and explains that many Americans think things must be new for Christmas, as if new is equal to love.

They are now teaching others about being frugal and have a book called America's Cheapest Family. The Today Show host said that these ideas aren't new and that our grandparents used to do them, but they are new to us. The concept of living within or below our means is definitely not original, but kudos to this family of seven for doing it so successfully.

Is Your Company Having a Holiday Party This Year?

SavvySugar — Tue, 21 Oct 2008 14:00:17 -0700

The chill in the air can only mean that the holidays are just around the corner, which usually means an invitation for the annual office party would appear in your inbox any day now. Word on the street is that after a rough year that included the termination of CosmoGIRL!, Hearst Corp. has canceled its holiday party, and perhaps its decision is an indication of what other corporations will do about celebrating this year.

I imagine the party scene this holiday season will look much different than what most workers are used to - if not canceled altogether, most company parties will probably be more prudent than in the past.

Source

88-Year-Old Waitress Says It's All About the Blarney

SavvySugar — Mon, 20 Oct 2008 15:30:40 -0700

Most of our retirement dreams revolve around a lot of R and R, but 88-year-old Rosie Donaghey came out of her retirement at age 70 to work as a waitress. This golden girl reentered the workforce after her husband passed away in 1994, and now has a loyal customer following that appreciates her wit and wisecracks. She currently works at the Wicked Wolf restaurant in East Bronx, NY, where she's locally famous for saying things like, "I'd rather be shot than eat clams."

Rosie says that working isn't a necessity for her financially, but it's apparent that the job means just as much to her as it does to the customers that love her. Going after what we want doesn't ever have to end! She also has some advice for anyone striving to be a great waitress: "Be pleasant, and let them take their pick of tables." She later added, "I guess it's the blarney."

Her last statement rings true in many professions - the gift of gab can go a long way.

Source

Link Time!

SavvySugar — Thu, 05 Jun 2008 14:12:20 -0700

The Washington Post explored the topic of why a master's degree could hurt your job search, but suggests that may only be the case if you have less than three to five years’ work experience. - Girls Just Wanna Have Funds
Think about a budget as a way to reach your goals, and follow these five steps to build a budget that will bring you peace of mind. - Kiplinger
Take a sick day instead of going into the office when you're ill, and consider these four suggestions when making the decision to stay home. - The Job Bored
If you're living in a city that doesn't suit your personality, it doesn't mean you should put your life on hold until you find that perfect location. - Employee Evolution

Savvy ATM: How Much Debt Is Too Much?

SavvySugar — Wed, 09 Jan 2008 09:02:45 -0800

I always find stories that interest me in Glamour. It's my favorite magazine because I think it offers something for most women. An article titled "Make this the year you get out of debt" particularly caught my eye, and not just because it had debt in the title. The introduction to the story went like this:

"Molly, 24, is the luckiest person in the world. She has a new boyfriend, lives in a trendy Brooklyn neighborhood and has a stylish gig designing clothes for a company that flies her to Europe literally just to shop."

Sounds like she's got it made, until you read the rest of the article and discover that she has $79,000 in debt! That number made my jaw drop, as not a penny of that number is linked to a mortgage. She rents her apartment and has four maxed out credit cards. Molly's not alone with her ghastly debt; a LendingTree online survey showed that 32 percent of women ages 25 to 34 have at least $10,000 in credit card debt only.

Unless you're earning millions of dollars, carrying almost $80,000 in credit card debt is way too much. But is there any level of debt that's acceptable? I think many people decide they have too much debt when they simply feel like they've reached their threshold. But using your emotions to figure out your capacity for debt is like Karen Smith forecasting the weather via her breasts in Mean Girls. There's actually a pretty simple formula to help you figure out if you have too much debt. To find out what it is, just read more.

It's called your debt-to-income ratio (DTI) and to find it just divide your debt by your gross annual income. So, let's say Molly's income is $150,000 and she has $79,000 in debt. Those numbers would give her a debt-to-income ratio of about .53 or 53 percent. That means that over half of her earnings are going towards debt payments. If Molly tried to get a loan - or anyone else with a ratio above 45 percent - she would be perceived as being overextended and lenders would offer her higher interest rates. A ratio of 30 percent or lower indicates that you have enough gross income to make debt payments and your loan offers would be lower.
How's your DTI? Any surprises?

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