SavvySugar

Six Steps To Worrying Less About Your Money

SavvySugar — Fri, 29 Feb 2008 04:22:39 -0800

For those of you who may have been wrapped up last week gearing up for the Oscars, take a look at these great money tips that Real Simple featured in their March issue. They're concise, realistic, simple but thorough, and cover savvy issues like spending habits, savings goals, costly gas prices, retirement savings, budgeting, and developing a financial plan. Peruse them at your leisure, and then act with confidence when you've chosen which steps would help you worry less about your finances.

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Six Steps to Worrying Less About Your Money: Part VI

SavvySugar — Mon, 25 Feb 2008 14:02:37 -0800

There are some parts of our financial lives that require more attention than others - saving for college or buying a home are two areas that can be a bit overwhelming to think about, not to mention begin tackling these goals. A financial plan can help you overcome this anxiety and Real Simple names needing one as the sixth worry in its March issue feature. To read their recommendations for developing a financial plan just read more.

Write down the names of three people you know and admire who are diligent about money: Ask them how they plan their finances and collect their practical advice. Apply the tips that make sense for your situation to your unique plan.
Do some reading: Between books and blogs, there's a wealth of information out there. The magazine names Beth Kobliner's as a good resource for people in their 20s and 30s.
Find a planner: Ask friends and family for any references and find a fee-only financial planner. You could also use the National Association of Personal Financial Advisers website or the site run by the Garret Planning Network - look for the letters CFP (certified financial planner) following the adviser's name.

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Six Steps to Worrying Less About Your Money: Part V

SavvySugar — Fri, 22 Feb 2008 09:26:17 -0800

While the act of creating a budget may not be the first thing you want to do with the little spare time you have, the effects of budgeting - like being able to take that long awaited vacation - are more than worth the little effort it actually takes to organize your spending. Real Simple lists needing a budget fifth in the March issue's feature. To see the magazine's simple and useful tips for building a budget just read more

Grab a blank notebook: Write down every penny you spend for a whole month so you know where your money is actually going.
Take stock: At the month's end, categorize your spending in to basic categories (food, clothing, shelter, savings, etc) and divvy up your expenses.
Play with the numbers: If there's a concert you want to go to next month, rearrange the numbers so that maybe you spend less on eating out to buy the tickets. Your list of monthly expenses should serve as a guideline for all future spending.
Sign up for an online money-tracking program, like wesabe or mint: These programs can be linked to your credit card and bank accounts and will categorize your expenses for you. All you have to do is enter any purchases you made with cash.

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Six Steps to Worrying Less About Your Money: Part IV

SavvySugar — Thu, 21 Feb 2008 13:03:46 -0800

We've been chatting a lot about retirement around here and Real Simple seems to be on the same page. The fourth worry they name in their March issue feature is not knowing how much to save for retirement. I've already mentioned that specific retirement savings goals will vary from one person to another, but when you look at the big picture most have an ultimate goal of retiring comfortably. One financial planner the magazine spoke with said that ideally, you would save 15 percent of your yearly income for retirement but in reality few meet this percentage. To see what steps they recommend to figure out how much you need for your retirement savings just read more.

If you have not opened a 401(k), do so now: If your employer doesn't offer one then open an IRA and if you're self-employed consider opening a SEP-IRA.
Dig up the following documents for you and your spouse: Most recent retirement account statements, the social security statement that the government sends you each year (you can get a replacement copy here, paperwork for your pension plan if you have one.
Visit a free online calculator: Reference the documents you've gathered and play around with different retirement scenarios using a retirement planner calculator.
If calculators leave you cold or bored: Think about making an appointment with a financial planner.

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Six Steps to Worrying Less About Your Money: Part III

SavvySugar — Wed, 20 Feb 2008 13:56:31 -0800

Anyone that has a car - and even those of you who don't have a tank to fill up - knows that gas prices are frustratingly high and don't show signs of budging any time soon. Real Simple lists worrying about high gas prices as number three in the March issue's feature, and has some useful recommendations for those of you who don't have a super-green method for commuting to work and running errands. To see what they are just read more

Go to GasBuddy and enter your ZIP code: It will sort out the gas stations in your area that charge the highest and lowest prices.
Clean out the junk in your trunk: A heavier car works harder than a lighter one and uses more gas, so take out any large items you usually keep in your trunk.
Check your oil, air filter, and tire pressure: A well-tuned ride can increase fuel efficiency by up to 17 percent.
Treat your car like your skin: Keep it sun by parking in a garage or in the shade to prevent gas from evaporating right out of the tank.
Buy a fuel-efficient car: When you're ready to get rid of your current car compare various fuel-efficient models.

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Six Steps to Worrying Less About Your Money: Part II

SavvySugar — Tue, 19 Feb 2008 12:26:37 -0800

Is the size of your savings not exactly healthy? You're not alone - the US Department of Commerce estimates that the average American household only saves 0.4 percent of its disposable income, which is down by more than 2 percent from 1999. Saving too little is the second worry that Real Simple covered in their March issue feature, and they suggest coming up with a savings goal and setting up an automatic deduction from your checking account to get your savings beefed up. To find out what steps they recommend to get your savings where it needs to be, just read more

Make your savings goals feel intensely real: Determine what you want or need and internalize the goals so you feel like the future is now. Maybe even change your computer passwords to serve as reminders of your goals.
Open a 401(k) retirement account: It's the easiest and smartest way to save long term. Invest wisely.
Start a savings fund for immediate needs: Set up a specific amount to be automatically deducted from your checking account and moved into a savings account.

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Six Steps to Worrying Less About Your Money: Part I

SavvySugar — Mon, 18 Feb 2008 14:11:41 -0800

Guess who made the cover of Real Simple's March issue? A cute piggy bank! It wasn't pink, but it served its purpose. I was so excited that the magazine was offering a plan to help readers quickly get their finances in order that of course I had to share them with you. The first worry Real Simple attempts to tackle is spending too much, because scientists have found evidence that your brain releases dopamine when you're about to buy something you desire. Turns out money, sex, and chocolate are even more related than we thought! To find out what steps the story recommends for cutting back on your spending, just read more

Make shopping harder: Delete the bookmarked shopping sites from your computer and have yourself removed from catalog mailing lists.
Open your wallet and remove all but one credit card: Take away temptation by storing your extra cards in a drawer or canceling them.
Change some of your everyday habits: Change your daily routes to avoid the places that tend to make you spend.
Cut out convenience foods: Prepare snacks at home and bring them to work. Step up the savings even more by bringing lunch, too, and planning your week's meals on Sunday.

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