A Case of the "I Wannas"
Have you ever suffered from a case of the "I wannas?" I want a new television. I want a new car. I want a new house. I want a new outfit. It seems like every time you turn around there is something new, better and cooler than what you already have. It can be exhausting to keep up with everything, and frustrating when you know that you can't have the thing you want the most right now. The "I Wannas" are dangerous because if they aren't put in check you may end up running up credit card debt and totally blowing your current financial situation.
I've found the best way to deal with these is give myself a little bit of spending money every month. Some months I'm able to put it aside and save it for those months when I find something I really want, like right now. It is important that you have some money set aside to pay for the things you just want. This can be referred to as fun money, blow money, or allowance. No matter what you call it, it is money that you can spend just because you want to. This is a key to having a successful budget, because it gives you a little wiggle room, and stops you from feeling totally deprived, which is a sure way to blow your budget. The key is to stick to the amount you have budgeted each month.
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Weekend Challenge 19: Staying on Track
This weekend the challenge is a check up to see if you are staying on track with the goals you set at the beginning of the year. A lot of people stop focusing on their goals by this time of the year, so it is a great time to review them and make sure that you are working towards the right goals and still making solid progress on your financial situation.
It will not take long to check on your budget and your debt payment plan. You can also make adjustments if you need to so that you have a little extra money for your vacation plans this summer. You should always strive to live within your means and not fall back on credit card debt to cover any of your expenses. You can make it through the summer if you stay focused. This weekend is time to make sure you are still focused on the bigger picture.
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Start Planning Your Summer Vacation
The countdown to summer has officially begun at my house, and with only eighteen days left until school is out, we have a lot of activities to plan and things to do. Even when I don't officially have a stretch of three months off I love summer. The lazy days, the heat and the chance to slow down a bit. But the best part is summer vacation at the beach or camping in the mountains. If you haven't started planning your summer yet, it's definitely time to start.
Summer plans do not have to be expensive. There are ways you can save money so that you can do the things you want to the most. Make this a great summer by sticking to your vacation budget and making a commitment to to not go into debt, while you still do the things you enjoy the most. Some of the most memorable things you do will not cost much money.
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Weekend Challenge 18: Update Your Resume
This weekend your challenge is to update your resume. It is important that you take the time to do this a few times a year. Updating your resume as you go makes it easier to include all of the skills you have acquired and the honors you have won. If you are not already on LinkedIn, you should set up your profile this weekend as well. This is an important challenge to complete even if you are not currently looking for another job.
Keeping an up-to-date resume means that you are prepared if your dream job opens suddenly or if you find yourself looking for work without a lot of thought. It also allows you to see where you need to improve your skill set and determine how to get additional training so that when you are ready to look for new work, you will be qualified for the next job you want to have. Take the time this weekend to update your resume.
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Too Many Student Loans
Student Loans are a common solution to the difficult problem of paying for college. As tuition increases, so does the debt load for students who are graduating for college, having financed nearly all of their expenes. The focus in the news lately has been on lowering the cost of student loan interest rates, which can be helpful. But there is little focus on helping people reduce the amount they need to borrow when they are in school. If you are looking to reform the student loan program, it should also include more intensive entrance counseling for students considering using student loans to pay for school.
But that doesn't help those people who have already graduate with massive amounts of student loan debt. It needs to be priority to pay off that money as quickly as possible. A large student loan payment can limit you ability to do a lot of things and limit your spending power when it comes to buying a home or your investing power when it comes to your retirment. A student loan payment is not a short-term problem since most payment periods are spread over a period of ten years or longer. Your student loan will not go away during bankruptcy. And the only way to get rid of it is to become permanently disabled. It makes sense to start focusing on paying back as quickly as possible as soon as you graduate from college.
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I Can't Afford to Work
Every few years I sit down and crunch the numbers trying to determine if it is time for me to go back to work full-time at a real job. And every time I do that I find that I would not come out ahead financially, especially compared to the money I make as a freelancer. I do juggle several different hats and jobs, but the difference in pay plus the cost of childcare for my children means that it makes more sense for me to continue to work at home, even after they are all in school. In our area after school care costs are quite high.
However, if you are making around $20,000 a year, you may not be making enough to justify working while you have a little one at home. You may be spending more on childcare and commuting costs than you are bringing home. However, if you need that income to make ends meet, you may just need to look into other ways to make money. Working from home may be a great solution for your situation.
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Weekend Challenge 17: Preparing for Emergencies
This weekend the challenge focuses on preparing for emergencies. This can be anything from a natural disaster to a medical emergency to a financial emergency. You can make dealing with these situations much easier if you have prepared and have a plan in place.
It is important for you to put together an emergency kit and start saving up your emergency fund if you have not already. Additionally you may want to decide where you will go if you need to evacuate the area. This is especially important if you have pets. It can be difficult to find a place to stay with animals. You should also have a plan in place if you have children about who is going to pick them up during an emergency. Be sure to include emergency items for your pet in your kit. Many people forget to include these items, and struggle to care for them during an emergency.
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College Costs
Last week one of the major news stories focused on the fact that the student loan interest rate may double. While the issue is an important one, I don't think that it fully addresses the situation. While the interest rate may go up or down, the real problem is the amount of money that people are borrowing to pay for college. It can be staggering to graduate thousands of dollars in debt in a struggling economy. The amount you borrow will affect you in the long-term.
You can do things now to lower the amount you pay for college. You can work and go to school. Additionally you can look at your other living expenses and find ways to reduce them. If you work actively to reduce the amount you borrow, you will be much better off once you finish college. Take the time now to create a plan so you do not graduate with a ton of student loan or credit card debt.
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Are You Ready to Start Your Family?
Having children are one of the best ways you can guarantee that your life is going to change. Your priorities will shift from the way you spend your time to how you manage your money. You need to be ready to make those changes before you have your first child. It helps to have a solid financial plan in place before you begin, but you can set one up now if you haven't already. Your financial plan should include things like your retirement and your child's education.
You should also be ready to pay for things like childcare. Your child will get more expensive as she gets older. You need to be ready to adjust your spending and work out the priorities of how you spend your money in relation to your child now. You may also be considering staying home while your kids are young. No matter what you decide you should be prepared to make changes to your plan along the way.
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Weekend Challenge 16: Get Connected
Successful people surround themselves with people who support their dreams and are respectful of their goals. It is important that you take the time to set up a good support system so that you reach your financial goals. There are several different ways you can do that. This week the challenge focuses on setting up a support system so you can succeed.
It is important to surround yourself with people who understand what you are working towards and are supportive of it. Some friends may balk at the changes that you are making, but sometimes you need to go ahead and do the things that are best for you. This is especially true when it comes to finances. If you have spending problems you may also need to get professional help to overcome the issues. Take time this weekend to make sure you are connected with a good support system in place.
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