tag:blogger.com,1999:blog-10660999713704685572024-02-22T00:37:24.944-08:00A Better Way To Bank!If you’ve ever wanted a better way to bank, now’s the time to learn about credit unions (CUs) & what’s in it for you. Consumers are realizing that they can save, borrow & access their money at a CU just like they would at a bank but with better deals. Read on & see why people just like you have decided to choose CUs as a better way to bank.
Enter to Win An iPad - Go to www.whatsinitforme.org!What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.comBlogger25125tag:blogger.com,1999:blog-1066099971370468557.post-90365350125725864452010-11-09T06:09:00.000-08:002010-11-09T06:09:37.308-08:00Strategies to Buy and Finance a Vehicle - Strategy #2Okay, you've decided on how much you can afford. Hopefully, you will have the opportunity to "test drive" your new car payment before you buy. Plus, this savings could be your down payment. Finding the right vehicle for you may be intidating but it shouldn't be.<br />
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Buying a car for many people is an emotional purchase which can be costly. Not that you don't want to love the car you will spend a great deal time driving but you are much more likely to make a financial decision that you may not be able to live with for up to 8 years depending on the amount financed. So, it is worth doing your homework BEFORE you ever visit a car dealer or even one being sold by an individual.<br />
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There are two misconceptions that people fall prey to:<br />
1. If you purchase from a dealer, the car will be guaranteed or will be free from maintenance troubles;<br />
2. You get a better deal from an individual<br />
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Both are not true, many dealers buy used inventory from auctions and have no idea how well the car was maintained and they sell the cars "as is." Some individual sellers are actually folks that buy used cars, fix them up and sell the to the public instead of an owner that actually used it for their transportation. <br />
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Start with "window shopping" from comfort of your own home by searching local dealers on the web. Many post their entire inventories on-line and offer "internet discounts." Also search websites like <a href="http://www.autotrader.com/">AutoTrader.com</a> that you can search autos offered by both dealers and individuals. Most of these sites allow you to search by make, model, body style, location, price and more.<br />
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Once you find vehicles of interest, you will need to determine the value of them by going to a website like <a href="http://www.nada.com/">Nada.com</a> or <a href="http://www.kbb.com/?trid=20&psid=1-1629-51260-4860-7-3&sissr=1&siomid=SI_128127744_3568803709_1">Kelly Blue Book</a>. These sites offer values on both new and used cars and have links to dealer inventories.<br />
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If you are purchasing a used vehicle, consider purchasing a <a href="http://www.carfax.com/cfm/general_check.cfm?partner=GCF_R&CMP=KNC-Google">CarFax</a> or similar report that will give you information about whether the car has been in an accident or totaled for events like flooding. This is important because there are vehicles out there that make it on the market with a "salvage title" which means that an insurance company has "totaled" the car and sold it for parts. Many dealers offer reports for free. Ask to see it before you shop if so. If not, definitely purchase one BEFORE you sign on the dotted line. <br />
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It is helpful to make a list of your three to five to take to the next step. Strategy #3 will give you hints when you are ready to take that test drive ...What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-23635279655757410412010-11-02T15:05:00.000-07:002010-11-09T06:15:59.593-08:00Strategies to Buy and Finance a Vehicle - Strategy #1Buying a car is one of the most stressful events in most people's lives. It's a big purchase that includes not only buying the car but includes a loan, as well. Most people don't think about these two things as independent of the other. Each must be considered for a deal you can live with. Unfortunately, most people end up buying on impulse and later regret it and sometimes can't afford it. <br />
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We will explore seven strategies to purchasing your new or new-to-you vechicle. First, we will tackle what you can affort. Even if you are lucky enough to pay cash for your car, there are many expenses to take into consideration before you buy.<br />
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<ol><li><b>Car Payment</b> - Start with your budget or spending plan. If you don't currently have a budget or spending plan, write down all the expenses you have each month and your income. Don't cut emergency and long-term savings from your plan to accommodate your new payment. If you have the time, start putting in savings the amount of your new car payment to test drive your payment. This can also becomes your down payment and car expense fund. </li>
<li><b>Lender</b> - Most credit unions offer preapproval before you go shopping. When you are preapproved, you can concentrate on finding the perfect vehicle at the right price. To find a credit union near you, go to <a href="http://www.whatsinitforme.org/">What's In It For Me</a> website and enter your zip code for a list. They can answer questions about warranties, credit life & disability insurance. Generally, credit unions offer lower loan rates, less expensive warranties and insurances. </li>
<li><b>Insurance</b> - Automobile insurance is priced differently based on make & model, miles driven, driving record and credit history (just one more reason to have a high credit score). If you finance your auto, then you will be required to carry full-coverage which is more expensive. </li>
<li><b>Gas mileage</b> - Depending on your commute and travel requirements, cost of fuel can make or break your budget.</li>
<li><b>Maintenance costs</b> - It seems strange to think about but how much a headlight, oil change and tires cost but these are the things that will also break the budget. For instance, some cars might cost $100 each while others cost $500. </li>
</ol>Once you determine what you can afford, you can begin researching the make and model that fits your lifestyle. Strategy #2 will cover how to find the car that's right for you.What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-6566033922508589542010-10-29T09:52:00.000-07:002010-10-29T09:52:14.581-07:00My Time is Up<div style="text-align: center;"><img height="183" src="http://blogs.theage.com.au/managementline/archives/syd-5aerlntueyg1b1urwbro_layout.jpeg" width="200" /></div><div align="left" style="text-align: center;"><br />
</div><div style="text-align: left;"><span id="internal-source-marker_0.8257251603877302" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">It’s been fun going on this financial journey with you, but my time is over. I am leaving my credit union to pursue other opportunities. Although my original purpose was to help you, I have learned a lot myself. While I suck at sticking to a budget, it’s nice to know where my money goes now and I will do my best to live on a budget in the future. I’m also fully prepared to pay my student loans when my lenders harassing me for their money. My next destination on this journey will be another blog- Broke College Grad. You can get all the links to the recent grad information on this site on my <a href="http://brokecollegrad.tumblr.com/">Tumblr</a>. I will post new information soon. Hope you have enjoyed this site. Stay financially free!</span></div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-70795560855190132092010-10-28T10:11:00.000-07:002010-10-28T10:11:22.233-07:0030 Day Spend and Save (Budget) Challenge Update: I Give Myself a D+<span id="internal-source-marker_0.749499254517243" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">My 30 Day Spend and Save Challenge is coming to a close. If I had to give myself a grade for this challenge, it would be D+. The only reason I did not give myself an F is because I did save some money towards my goals. I have learned about myself and money while doing this challenge. Here’s what I learned.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">I LOOOVEEE to shop.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> I also love to eat out and go out with my friends. I exceeded my clothes, entertainment, fast food, and restaurants budget. All of this fun and pretty clothes adds up to a whopping $593. 14. Holy cow! My original clothes, entertainment, and restaurants budgets combined equaled $450. I spent an extra $143.14. This is money I could have put towards my emergency fund or moving fund.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Budget more money for the essentials</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">. Sometimes I think my car hates me! Since my car was born in the mid-90s, it’s not very fuel efficient and it burns gas easy. I should have allocated an extra $50 in my budget for gas. Even though I’m not primarily responsible for groceries, I also should have put more money in my budget for groceries.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Budget for other expenses.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> Throughout this challenge, I had unexpected expenses. I had to renew my AAA membership, buy a lock for my gym locker, take some clothes to the cleaners, and pay for this job subscription service. (I’m thinking of cancelling that subscription.) I also had to pay for transportation for the trip I took to Philly this month. I will definitely add a miscellaneous category to my spending plan.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">While I did exceed my budget, I’m not going to beat myself up. This was my first time ever trying to live within a budget and I learned a lot. I’m taking all the lessons I learned from this month and using them to make adjustments in my budget and spending habits. Hopefully, I will be able to give myself a better grade next month. </span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-14577015813540536322010-10-26T08:37:00.000-07:002010-10-26T08:37:50.100-07:005 Myths about Credit Unions<span id="internal-source-marker_0.8611323557240933" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Since the stock market crashed in 2008, many people have been angry at the “Too Big to Fail Banks.” Arianna Huffington, Co-founder and Editor-in-Chief of the Huffington Post, even started the “Move Your Money” campaign to encourage people to move their money from big banks into local banks and credit unions. While some people may be tired of their bank, they continue to bank with them. I don’t understand it. Credit unions are a great alternative to big banks, but there are many myths about credit unions. Well it’s time for me to debunk these myths and give you the truth.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Myth #1: Your Money is Not Safe.</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Fact: Credit Unions are just as safe as banks.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> Deposits in credit unions are insured by the National Credit Union Association up to $250,000. Many credit unions also pay a fee to the National Credit Union Share Insurance Fund to insure your deposits.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Myth #2: Credit Unions are Just like Banks.</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Fact: While credit unions offer many of the same services as banks, their mission is different.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> Banks work to make a profit, but credit unions work to serve their members. As a credit union member, you are part owner and you have a say in how the credit union operates.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Myth #3: They’re not convenient.</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Fact: Many credit unions are a part of cooperative networks that give their members access to thousands of ATMs and branches around the country. </span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">With these cooperative networks, you can walk into any credit union to complete your transaction like you were at your credit union.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Myth #4: You can’t belong to a Credit Union unless you work for a certain employer or join a union.</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Fact: It’s true that credit unions have membership qualifications, but most people can join credit unions.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> There are many credit unions that allow you join if you live, work, worship, or go to school in a certain area. You also may able to join a credit union through a family member or by being <span id="internal-source-marker_0.8611323557240933" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">a member of an organization.</span></span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><strong>Myth 5: You have to pay a fee to join a credit union</strong></span></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><strong>Fact: The "membership fee" is actualy a small minimum balance you must maintain in a savings account</strong>. This balance makes you a member of the credit union. </span></span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">It </span></span></span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">usually is $5 to $25. You can get this money back if you decide to leave the credit union. </span></span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Now that you know the truth, may be you should consider joining the "<a href="http://moveyourmoney.info/">Move Your Money</a>" campaign. You'll be happy that you did. </span></span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-53212767354922808942010-10-25T07:37:00.000-07:002010-10-25T07:38:56.179-07:00Don’t Default on Your Student Loans!<div style="text-align: center;"><img height="213" id="internal-source-marker_0.13150611493967373" src="https://lh4.googleusercontent.com/vcZDtElM9j0zSRnsZSTrgLgFxXhfv2jQ5pp7FbVCc3ML7cEFWQNwULhjaTbIcHZaP5bMg4GaYijmnWj7Y23IF3SVPdQ_OEynMbe_ZQi58qkL4DZOZw" width="400" /></div><div style="text-align: left;"><span id="internal-source-marker_0.13150611493967373" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Congratulations!!! You have to start paying off your loans within the next month! YAY!!! (OK. I’m sorry for the sarcasm.) Many recent grads are still struggling to find work and making student loan payments may be tough. Despite the fact that you may unemployed or underemployed, whatever you do, do NOT default on your student loans. DON'T DO IT! DON’T…DO…IT! Not paying back your student loans can get you into a lot of financial trouble. The following things can happen if you are delinquent in your loan payments:</span></div><ul><li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Your entire loan balance will be due immediately.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">You lose eligibility for loan deferment.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">You won’t be eligible for additional federal student aid. (You do want to go to grad school right?)</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Your account will be turned over to a collection agency and you will have to pay additional charges, late fees, and collection costs.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Arial; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> </span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Your credit will go down the toilet. Since your credit will be trash, you might not qualify for credit cards, a car loan, a mortgage, or renting an apartment or you’ll qualify for an astronomical interest rate that will cost you more money.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Forget about a tax refund.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Uncle Sam will garnish your paycheck if you ever do find a job.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">It may take longer for you to find a job or get a professional license if employers do credit checks.</span></li>
</ul><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">I understand if you have bills that are high as the sky, but you have options if you cannot afford to make your student <a href="http://whatsinitforme-cu.blogspot.com/2010/10/so-you-cant-afford-to-pay-your-student.html">loan </a>payments. Remember you can apply for a deferment or forbearance. You can also<a href="http://whatsinitforme-cu.blogspot.com/2010/10/should-i-consolidate-my-student-loans.html"> consolidate</a> your loans or switch your <a href="http://whatsinitforme-cu.blogspot.com/2010/10/paying-off-your-student-loans.html">payment</a> plans. There is no excuse for you not to be responsible and take care of your student loans. If you don’t, it will cost you in the future. (I warned you.)</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;">All information presented only relates to Federal student loans and is provided by the Department of Education. If you have private student loans, contact your lender(s).</span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-8089118272078121932010-10-22T10:47:00.000-07:002010-10-22T10:57:05.138-07:00Should I Consolidate My Student Loans?<span id="internal-source-marker_0.802470263299309" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Keeping up with all your different student loans can be a hassle. If you borrowed money from multiple lenders, you may have difficulty keeping up with all the due dates now that you have to start paying off your loans. One option that may help you is loan consolidation. Like many things in life, loan consolidation has its advantages and disadvantages.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Advantages</span><br />
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<ul><li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">One payment to one lender- With consolidation, you only make one monthly payment and you have one lender- the Department of Education.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Lower Monthly Payment- Your payments are lower because you have longer repayment period. Under the standard repayment plan, your payment period can be up to 30 years.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">A fixed rate- Your consolidated loan will have a fixed interest rate during the life of the loan. Your rate is based on the weighted average of all your consolidated loans. Your interest rate will not exceed 8.5%.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">No Minimum or Maximum Loan Amounts or Fees- Consolidation is free.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Arial; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> </span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">No penalty for paying off your loan early</span></li>
</ul><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Disadvantages</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;"></span><br />
<ul><li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">More interest- Since you have an extended repayment period, you will pay more in interest over the long term.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Loss of benefits. With consolidation you will longer be able to take advantage of certain incentives such as loan cancellations and interest rate reductions.</span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Higher interest rate- The interest rate on your consolidated loan may be higher than the interest rates on you individual loans.</span></li>
</ul><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Consolidating your loans can help you if your individual monthly loan payments are too high, but consider ALL your options before you consolidate. If your payments are too high, contact your lender and try to switch payment plans. Remember the <a href="http://whatsinitforme-cu.blogspot.com/2010/10/paying-off-your-student-loans.html">IBR</a> plan allows you to make monthly payments according your income. Consolidation is a good option, but consider what you give up before you consolidate your loans.</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">NOTE: DO NOT consolidate your federal student loans with your private student loans. When you mix the two types of loans, you loans are no longer backed by the government and you have a private lender. You lose all the benefits you have with your federal student loans when you consolidate with a private lender.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">For more information about loan consolidation, visit <a href="http://www.loanconslidation.ed.gov/">http://www.loanconslidation.ed.gov/</a>.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;">All information presented only relates to Federal student loans and is provided by the Department of Education. If you have private student loans, contact your lender(s).</span></span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-14772001959562529162010-10-21T07:54:00.000-07:002010-10-21T07:54:31.807-07:00Happy International Credit Day!<div style="text-align: center;"><img height="200" id="internal-source-marker_0.2757042430028251" src="https://lh3.googleusercontent.com/6JjHYBq2GIVbT_WPTdN33vvcLN-796VaspU5_bQC-GQySQKbWQqpuC1FgKvuPmgbSTm-nUCPoYdwddasxmTTOZ6Si4Uo5vOGtJOPsMeFc1lNoJXRjA" width="157" /></div><div style="text-align: center;"><br />
</div><div style="text-align: left;"><span id="internal-source-marker_0.2757042430028251" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Today is International Credit Union Day! Credit unions have been serving communities with financial services for over a hundred years. Despite their long presence, many people still do not know what a credit union is. With all of the turmoil in the financial sector, credit unions are a good alternative to the “Too Big to Fail Banks.”</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">This morning I read a guest post from our friends over at <a href="http://www.budgetsaresexy.com/2010/10/how-bank-of-america-made-me-bald/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+budgetsaresexy+%28Budgets+are+Sexy.%29">Budgets are Sexy</a> about a terrible customer service experience at Bank of America. T. Penny tried to refinance his home with Bank of America and they gave him the run around. They also screwed him out of $863.33. Towards the end of his post, he said, “Nurture me, big banks!” I have some news for you T. Penny. It ain’t gonna happen! Big banks are only in business for themselves and to make money. That is why they engaged in risky lending practices and lead us into this deep recession. However, you will get the tender, love, and care you need at a credit union.</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Since credit unions are not for profit institutions, they are there to help you. You are not just a number at a credit union, but you are a member. This means you have a say in how your credit union operates. You get to vote for the Board of Directors and serve on committees. There is not a small group of people waiting to receive an enormous bonus at the end of the year. You also can receive lower rates on loans, higher rates on deposits (savings), lower fees, and personable service. Many credit unions also offer financial counseling to help you get your finances straight.</span></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.2757042430028251" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">If you are tired of being taken advantage of by your bank, it’s time to boycott your bank. Credit unions will welcome you with open arms. On this International Credit Union Day, stop by your local credit union and ask them how they can help you. Many credit unions across the country are having celebrations for this special day and would love to talk you. Happy International Credit Union Day!</span></span></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><em>For MD, D.C., VA residents, visit </em><a href="http://whatsinitforme.org/"><em>whatsinitforme.org</em></a><em> to find a local credit union.</em> </span></span></div><div style="text-align: left;"><br />
</div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-50565021470114453612010-10-20T10:04:00.000-07:002010-10-20T10:12:43.360-07:00So You Can’t Afford to Pay Your Student Loans<span id="internal-source-marker_0.7441297570293374" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Since the day you gradated, the student loan people have been on your back by sending you letters every week. I have some bad news and good news for you my recent grad. The bad news is the only way you can get out of paying your student loans is if you DIE! The good news is you do have a few options if you cannot afford to pay your loans back at this time. Here’s a breakdown of your options.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Deferment</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Every graduate has a grace period of at least six months, but you can also defer your loans. A deferment is a temporary suspension of repayment on your principal loan balance for specific period of time. You do not have to pay interest on subsidized loans during deferment, but you must pay it on unsubsidized loans. If you do not pay the interest on your unsubsidized loans, it will be added to your balance and you will pay more money. You qualify for a deferment under the following conditions:</span><br />
<ul><li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.7441297570293374" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Enrolled in school at least part time</span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.7441297570293374" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Studying in an approved graduated fellowship program or in an approved rehabilitation training program for the disabled</span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Unemployed(Deferment up to three years)</span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Economic hardship{Deferment up to three years (including Peace Corps)}</span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">A member of US Armed forces reserve or the National Guard. You must be called or ordered to active duty while in school at least part time or within six months of having been enrolled at least half-time.</span></span></span></li>
</ul><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span></span></span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.7441297570293374" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Forbearance</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">If you do not qualify for deferment, you can apply for a forbearance. A forbearance allows you to postpone or reduce your monthly payments for a specific time period due to financial hardship or illness. You are responsible for paying the interest on both subsidized and unsubsidized loans. If you do not pay the interest, it will be added to your principal balance and you will pay more money.</span></span></span></span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.7441297570293374" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Along with deferment and forbearance, there are also loan forgiveness programs.</span></span></span></span></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Teacher Loan Forgiveness Program</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">You can get up to $17,500 of your loans cancelled under this program! You have to teach in a low income elementary or secondary school for five consecutive years. There are some conditions. To receive up to $17,500 in loan forgiveness, you must be a math or science teacher in a secondary school or a special education teacher. You receive up to $5,000 in loan forgiveness if you are an elementary teacher or secondary teacher that teaches a subject that relates to your major. If you are an aspiring educator or thinking about going into education, take advantage of this program. The world needs more great teachers.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.7441297570293374" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Public Service Employees</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">With this program, your remaining balance can be forgiven after you made 120 payments. Only federal Direct Loans qualify for this program, but you can have your other federal student loans consolidated into a Direct Loan to take advantage of this program. You qualify for this program if you are employed full time in the following sectors:</span></span></span></span></span></span><br />
<div></div><div></div><ul><li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">A federal, state, local, or tribal government organization, agency, or entity including public schools, colleges and universities</span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">A public child or family service agency</span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">A 501(c)(3) non-profit organization</span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Tribal college or university</span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.9056832000021622" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">A private organization that is a not for-profit business, labor union, partisan political organization, or religious organization provides the following public services</span></span></span></li>
<ul><li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.9056832000021622" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Emergency management</span></span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Military service</span></span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Public safety, public health, public education, or public library services </span></span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Law enforcement</span></span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Public interest law services</span></span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Early Childhood services</span></span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Public service for individuals with disabilities and the elderly</span></span></span></span></li>
<li><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">School library or other school-based services</span></span></span></span></li>
</ul></ul><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.9056832000021622" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">These programs can really work for you. For example, let’s say you have $43,000 in loans. You are a preschool teacher that makes $24,000 a year and you are single with no children. You choose the <a href="http://whatsinitforme-cu.blogspot.com/2010/10/paying-off-your-student-loans.html">IBR</a> plan and your loan payments are $95 a month. If you were to make 120 payments of $95, you are only paying back $11,400 of your $43,000. I understand that life circumstances could change with this example, but you still won’t pay anywhere close to your original balance. Remember people buy $40,000 cars (which depreciate in value) and pay it off in less than 10 years. If you use these programs, you don’t even pay full amount of your loans and your income will increase over time with your degree. Don’t be discouraged by your debt. Take advantage of these programs, make your payments ON TIME, and you will succeed.</span></span></span></span></span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;">All information presented only relates to Federal student loans and is provided by the Department of Education. For more information about these programs, visit <a href="http://studentaid.ed.gov/">studentaid.ed.gov</a>. If you have private student loans, contact your lender(s).</span><a href="http://tiny.cc/zo4bz"></a><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-51887653057189107772010-10-18T10:59:00.000-07:002010-10-18T11:17:13.248-07:0030 Day Spend and Save Challenge Update: I Don’t Know if This (Budget) is Going to Work<span id="internal-source-marker_0.4185386300909401" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">This past weekend, I went to Philly for homecoming at my Alma Mater (Temple U.) and to celebrate my birthday with my friends. I had a blast! But I think I threw my spending plan out of the window. I spent more than $200 in 3 days. This is the cost of my cell phone bill and gas for an entire month! Where did all that money go you ask? It went to clothes, food, hair, transportation, and parties. If you remember from my past updates, I already exhausted my clothes budget and restaurant budget. Since I went over budget in these areas, I had to apply these purchases to other categories. I no longer have any money in my hair, skin care budget, or fast food budgets. I noticed that I did not allocate enough for gas money, so I might go over that budget too. I have $77 left in my entertainment <a href="http://whatsinitforme-cu.blogspot.com/2010/09/7-reasons-why-you-need-budget.html">budget</a> and I just started celebrating my birthday. (My birthday is tomorrow-10/19.) There are still 12 days left in this month. I don’t think I’m going to stay within my overall <a href="http://whatsinitforme-cu.blogspot.com/2010/09/making-spending-plan.html">spending plan</a>. I need help.</span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com2tag:blogger.com,1999:blog-1066099971370468557.post-47558228321623063442010-10-15T09:13:00.000-07:002010-10-22T10:51:58.898-07:00Paying Off your Student Loans<div style="text-align: center;"><img height="193" id="internal-source-marker_0.14248446134834147" src="https://lh6.googleusercontent.com/-_E5h2C0Hrer1ByJ_3DN3oQfBh4X7sOFuQ48CdoG-pQFEHjxkd82mCQq85ptSDaJWqzrjHvzI6gCjV4bYDqhjpld7KqquOLsnwUpAxWQRY17whYrpA" width="200" /></div><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">For those of you who graduated in May 2010, your grace period is quickly coming to an end. I’m sure you receive letters from your student loan creditors every other week. Although you wish your debt would just go away, you have to pay off your student loans (unless you want your credit to go down the toilet.) The Department of Education has several payment plans to help you pay off your debt. Here is a breakdown of some of the most common plans.</span></div><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Standard</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">This plan gives you 10 years to pay off your debt. Your monthly payment will be a fixed amount of at least $50. You may have a higher payment with this plan, but you will pay less in interest since you have a shorter payment period.</span></div><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Extended</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Under this plan, you have 25 years to pay off your loans. You will have a lower payment, but you will pay more in interest because you have a longer repayment period. There are some restrictions with this plan. If Direct Loan is your creditor, you must have more than $30,000 in Direct Loans. If FFEL (Federal Family Education Loan) is your creditor, you must have more than $30,000 in FFEL Program loans.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Graduated</span></div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">With this plan, your payments start out low and increase every two years. This plan also gives you 10 years pay off your loans. This plan is good if you expect your income to steadily increase over time.</span></div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">Income Based Repayment Plan (IBR)</span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">The Income Based Repayment Plan started in 2009. Under this plan, your payment is based on your income and family size. You are eligible for this plan if your monthly payment is lower under IBR than under the standard plan. This plan also comes with a few incentives. If you repay under IBR for 25 years and meet other requirements, your remaining debt can be cancelled. If you work in public service and repay under IBR, your remaining debt can be cancelled after 10 years in public service. While this plan does have incentives, it also has disadvantages. Because you are making a lower payment, you may pay more in interest. You also have to send your lender documentation about your income and family size every year. You can get an estimate of your payment under this plan by using IBR <a href="http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRCalc.jsp">caluclator</a>. </span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">For more information on all these plans, visit</span><a href="http://www.nslds.ed.gov/nslds_SA/"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> </span><span style="background-color: transparent; color: purple; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline;">nslds.ed.gov</span></a><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">NOTE: Paying off your student loans may feel overwhelming, but remember you made an investment in yourself. People pay $50,000 for a luxury car that depreciates as soon as they drive it off the lot and pay it off within 5 to 10 years. Your earnings and career appreciate overtime with your degree. Don’t stress, make your payments on time, and focus on your new career.</span><br />
<br />
<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: italic; font-weight: normal; text-decoration: none; vertical-align: baseline;">All information presented only relates to Federal student loans and is provided by the Department of Education. If you have private student loans, contact your lender(s) for repayment options.</span><a href="http://tiny.cc/zo4bz"></a></div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-32002311445765664932010-10-13T12:02:00.000-07:002010-10-13T12:02:26.081-07:0030 Day Spend and Save Challenge Update: Bring Cash When You Go Out<span id="internal-source-marker_0.04988196289504526" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Having this spending plan has taught me a lot about my spending habits. In addition to being a shopaholic, I love to eat too. My original <a href="http://whatsinitforme-cu.blogspot.com/2010/09/30-day-spend-and-save-challenge.html">budget </a>for eating out at restaurants was $40 this month. After this weekend, I have spent $106…and it’s only going to get worse. My birthday is next week and I plan to go out to dinner. I blame my friends for being born in the same month as me! I went out with my friend for her birthday last weekend and spent another $36 on a meal (too much money!) </span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.04988196289504526" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Fortunately, I think I have found a solution, so I won’t get into trouble again. One tip that financial planners give on sticking to a <a href="http://whatsinitforme-cu.blogspot.com/2010/09/30-day-spend-and-save-challenge.html">budget </a>is to use cash. I understand why this works. I went out with my friend Friday and Saturday night. I noticed that I spent less money the night I used cash instead of my debit card. For now on, I am going to use cash anytime I go out with my friends. This will prevent me from spending too much money. I have also decided to apply my extra spending at restaurants to my entertainment category for the rest of month. Eating out is a form of entertainment for me because I’m usually spending time with friends. But what will I do when my entertainment money runs out? I really don’t t have other areas where I can make up the difference. I not being <a href="http://whatsinitforme-cu.blogspot.com/2010/09/be-fair-to-your-money-and-stick-to-your.html">FAIR</a> to my money and I don’t know what to do. Can you guys help me?</span></span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com1tag:blogger.com,1999:blog-1066099971370468557.post-23214286576988964532010-10-12T10:31:00.000-07:002010-10-12T10:31:38.730-07:00Maybe You Should Leave the Nest<span id="internal-source-marker_0.15445458635016657" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">I understand that moving back home after college is not for everyone. You may not get along with your parents or you just do not want to give up your freedom. Moving home does has its drawbacks.</span><br />
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<span id="internal-source-marker_0.15445458635016657" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Lack of Privacy</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;"></span><img height="267" src="https://lh3.googleusercontent.com/5NKFG-MixD3520B9MKcbbk5CThkuNLCgzru9DYfutYYvrhnqxV_wXrnQ3Frz2LdjRxN20I1iO5wF69prWJ0WYdC4ZHmIOBXOngFDqpf6Bo9eatYFrw" width="320" /></div><div align="center"><br />
</div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">For the past four years, you could come and go as you please. No one was there to nag you about where you were going and what time you were coming home. You could do what you want without your parents having a clue. When you live at home with mom and dad, you have to live by their rules. This means letting them know when and where you are going to get your next hangover. You also may not be able to bring that hot girl/guy you just met at the club home. For some of you, moving home may put your dating life on ice.</span></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><span id="internal-source-marker_0.2473117533516131" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Squander Your Money</span></div><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;"></span><div style="text-align: center;"><br />
<img height="164" id="internal-source-marker_0.2473117533516131" src="https://lh3.googleusercontent.com/ekL_Bm7anoMwXR6s4wUFs9vbrMxWnLXofFrDerV1k3u_xQjZeup5UyDcoZGd_d7G7PFYDJszxNcH88SKkqpWkc3z-Y2aRY9cgp1rhCZYrSuaMddJpw" width="200" /></div><div style="text-align: center;"><br />
</div><div style="text-align: left;"><span id="internal-source-marker_0.2473117533516131" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Without the responsibility of paying bills, you have more discretionary income. It’s easy to blow your money on clothes, vacations, gadgets, and anything else your heart desire. This defeats the purpose of <span id="internal-source-marker_0.2473117533516131" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">you living at home to save for your own place or pay off debt. </span></span></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span id="internal-source-marker_0.2473117533516131" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Regression</span></span></span></div><div style="text-align: center;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;"><img height="239" id="internal-source-marker_0.2473117533516131" src="https://lh5.googleusercontent.com/mikl3JcXuqdthDiw3EW0cI1Qx4VxTP-k4ZIKNVFHZvMDIPTd_PybA8PPMKumJ54hC1IEKDtL-z0yk8VB9dxuHCtgZ0oVjYsIrBG5vKoIZjg1C10QwQ" width="320" /></span></span></span></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">The purpose of you moving back home is to get your life together. With mom doing the cooking and cleaning, it’s easy to <span id="internal-source-marker_0.2473117533516131" style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">get comfortable living at home and lose motivation to stand on your own two feet. You begin to depend on your parents to do everything for you. You parents also may treat you like the teenager that left 4(5,6) years ago. After all you are their “baby.”</span></span></span></span></span></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">I’ve experienced some of these drawbacks living at home. My shopaholic tendencies are starting to show again and I’m not always motivated to go after different opportunities. While I prefer not to live at home, I can deal with mom’s craziness until I save enough to survive on my own again. However, everyone is different. Some people prefer to struggle to make it on their own than give up their freedom. If you feel that living at home is stifling your growth as a man or woman, maybe you should move out. You decide what’s best for you.</span></span></span></span></span></span></div><div style="text-align: left;"><br />
</div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-39315013213472565542010-10-12T10:09:00.000-07:002010-10-12T10:34:29.520-07:00A Perfect Example of Why You Need an Emergency Fund<div align="center"><img height="320" id="internal-source-marker_0.823855406609181" src="https://lh5.googleusercontent.com/kL1BILvIagfKFltcWeCsVON2j_Q-8fwcZCEJ0lI_2wW8S6QJlHm3_-9kPjlCQS_2yfpyvc5jqHRSukMun-MigUCGJ0Tizw16S3BRlaw8tBEQ5rzNYQ" width="214" /></div><span id="internal-source-marker_0.08523431279987226" style="background-color: transparent; color: black; font-family: Arial; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"></span><br />
<div class="c1"><span class="c4"><span style="font-family: Times, "Times New Roman", serif;">Last Friday, I had a great start to my day. I locked my keys in my car! Thankfully, I had AAA membership so handling this situation was easy…so I thought. When I called AAA for them to unlock my car, I discovered that my membership was expired. I renewed my membership because I needed to get my work day started. That cost me $101.25. For a recent grad trying to build her savings, that’s a lot of money. Thankfully, I had the money pay for it. This kind of situation happens all the time, but what would of happened if I didn’t have the money? What would have happened if I didn’t have a budget and spent every dime of my paycheck? I would of have been out of luck! Life happens all the time. You car gets a flat tire, you lose your job, you get sick, or someone dies. Not having money to cover emergency expenses causes more stress in emergency situations. If you don’t have an emergency fund, start one! Even if you can only save $5 a paycheck, something is better than nothing.</span></span></div><div class="c1"><br />
</div><div class="c1"><em><span style="font-size: x-small;"><span style="font-family: Arial, Helvetica, sans-serif;"><span class="c2">Need to find somewhere to place your rainy day fund, click</span><span class="c2"><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.whatsinitforme.org%2F&sa=D&sntz=1&usg=AFQjCNHq9PLTv1YSwf2B25D4LuuHCa9Z2w"> </a></span><span class="c6"><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.whatsinitforme.org%2F&sa=D&sntz=1&usg=AFQjCNHq9PLTv1YSwf2B25D4LuuHCa9Z2w">here.</a></span></span></span></em></div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-69059403073750119642010-10-07T09:54:00.000-07:002010-10-15T09:25:53.311-07:00Don't Leave the Nest Just Yet<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMrSRM0lCcmQ0ycXK_BJGATtig-xMmHHtiP1cHnfgK3ZUH0i8rBhHaV7tXdovaGY30wIlftt3NANr-UxTeN09VMyHje6FikAFWeRZ-dPB9RsdphB9dDX2Dnne8XxkPFD0ipfJ832JpuFd2/s1600/live-with-parents2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" ex="true" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMrSRM0lCcmQ0ycXK_BJGATtig-xMmHHtiP1cHnfgK3ZUH0i8rBhHaV7tXdovaGY30wIlftt3NANr-UxTeN09VMyHje6FikAFWeRZ-dPB9RsdphB9dDX2Dnne8XxkPFD0ipfJ832JpuFd2/s200/live-with-parents2.jpg" width="200" /></a></div><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">OK. I know you don’t want to hear this, but don’t fly the nest just yet. Yes. I know you have lived away from your parents for four years and you don’t want to give up your freedom. Trust me. I know it’s hard. I went through serious post college withdrawal when I first moved back home. I had no job, no friends, and no money. While the transition was hard, I’m glad I was able to move back home. Here’s why:</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Free Free Free.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> My mom loves me enough to not charge me for anything…well almost anything. She does want me to put money towards the gas bill this winter, but that’s nothing compared to the $700 in bills I had every month with my apartment. I don’t have to worry about food, rent, cable, car insurance, phone, internet, or a gym membership. All I have to worry about is my cell phone bill, gas, and my student loan payment. That’s it. Living at home allows me to save money to put towards my financial goals such as moving and building an emergency fund.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Employment.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> Because I have solid network in my hometown, I was able to land a job two weeks after I moved back home. It’s a temporary job, but it allows me to continue to develop my skills. Having a temporary job is also better than being broke and being home with nothing to do all day. I have faith that my next opportunity is right around the corner. </span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">No Financial Stress.</span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;"> I was completely stressed out over my finances this past summer. Between my minimum wage part time job and making one costly mistake, paying the bills was extremely hard. One day I was so stressed over my money that I didn’t even leave my house and cried on and off all day. I don’t have those worries living at home. All I have to focus on is finding a permanent job and saving money to move out.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: bold; text-decoration: none; vertical-align: baseline;">Family. </span><span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Although my mom can get on my last nerve and I hate driving my brother around, this is the last time we will all live together as a family. My brother goes off to college next year. My mom is moving for her job in two years and I’m moving out within a year. I cherish all our family dinners, outings, and the time we spend with other family members. The memories we are creating are priceless.</span><br />
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<span style="background-color: transparent; color: black; font-family: Times New Roman; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">As you can see, moving back home allows you to save money, gives you a support system, home cooked meals, and reduces stress. Living at home (temporarily) may not be a bad deal after all.</span>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com1tag:blogger.com,1999:blog-1066099971370468557.post-21001409813298934382010-10-06T08:23:00.000-07:002010-10-06T08:30:29.997-07:0010 Common Money Mistakes Made by Recent Graduates<div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c3">Since I'm a recent grad, I decided to do my next series on recent graduates. All my fellow recent graduates know it's hard trying survive in this rough economy. We are bound to make mistakes now that we are in the real world. I found these common mistakes from a guest post over at </span><span class="c4"><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.realmofprosperity.com%2F&sa=D&sntz=1&usg=AFQjCNGWtk_rwlRkgOVtgu6Z4SNkW5D_xg">realmofprosperity</a></span><span class="c3">. For each mistake, I'm going to tell whether I'm guilty or innocent.</span></span></div><div class="c2"><br />
</div><div class="c2"><span class="c3"><span style="font-family: Times, "Times New Roman", serif;"></span></span></div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>1. Overspending on the wardrobe.</strong></span><span class="c3"> </span><span class="c0"><em>Guilty</em></span></span></div><div class="c2"><span class="c3"><span style="font-family: Times, "Times New Roman", serif;">I love to shop and I get bored with my wardrobe. After struggling through college and working a minimum wage job during the summer, I felt rich once I got my first paycheck from my current job. It feel good to not worry about bills and to spend money on things I wanted. While I needed work attire, I could of bought a few pieces at a time instead of going on two shopping sprees.If you need a work wardrobe, buy a few quality pieces at a time. Use coupons and shop sales and clearances whenever you can.</span></span></div><div class="c2"><br />
</div><div class="c2"><span class="c3"><span style="font-family: Times, "Times New Roman", serif;"></span></span></div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>2. Partying and drinking more while out of school.</strong></span><span class="c0"><em> I Plead the 5th. </em></span><span class="c3">I’m not sure where to place myself. It’s okay to go out, but if you are fortunate to have a job just remember you have to get up for work in the morning. If you don't have a job, you can be using that money for your job search. You can spend a lot of money going to happy hours or going to clubs every weekend. It is also not wise to play Mr or Ms. Big Shot and pick up the tab for everyone.You are only fooling yourself and wasting your money. Skip happy hour sometimes and find cheaper alternative ways to have fun. Your body and wallet will thank you for it.</span></span></div><div class="c2"><br />
</div><div class="c2"><span class="c3"><span style="font-family: Times, "Times New Roman", serif;"></span></span></div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>3. Eating out too much.</strong></span><span class="c3"> </span><span class="c0"><em>Guilty</em></span><span class="c3">. I’m guilty because I don’t mind spending $30 or $40 on a meal. (I know, a waste.) Eating out can be expensive and it can affect your health. Learn how to cook some of your favorite restaurant meals. It may not always taste the same, but you can control amount of calories you’re consuming and save money. </span></span></div><div class="c2"><span class="c3"><span style="font-family: Times, "Times New Roman", serif;"></span></span></div><div class="c2"><br />
</div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>4. Buying swanky gadgets. </strong></span><span class="c0"><em>Innocent. </em></span><span class="c3">Even though I want a Mac, I have not spent my savings on a new laptop. (Although my current laptop almost blew out on me.) The money you want to use to buy a new iPhone, plasma TV, or laptop can go towards your student loan payments. Your current gadgets are good enough until you can afford to buy the latest and greatest gadgets. </span></span></div><div class="c2"><br />
</div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>5. Abusing the credit cards.</strong></span><span class="c3"> </span><span class="c0"><em>Innocent. </em></span><span class="c3">My mom yelled at me for four years, “ Don’t get a credit card cause I will not help you pay the bill!” I was a good girl and I listened. All I have to worry about is my $50,000 of student loan debt. Woo hoo!!! For those of you who have credit cards, it’s easy to get caught up and start using credit cards to pay for things. You’re making big money now so you can just pay if off later right? WRONG! Or you can use credit cards to get by until you find a job right? WRONG AGAIN! Do not abuse your credit cards with the intention of worrying about it later. Never be tempted to carry a balance on your credit card. Always pay the full balance. </span></span></div><div class="c2"><br />
</div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>6. Not being savvy when grocery shopping.</strong></span><span class="c3"> </span><span class="c0"><em>Guilty.</em></span><span class="c3"> One tip my mom gave me to eat what was on sale. I didn’t always do this when I was living on my own. I also didn’t use coupons. Using coupons may make you feel like a soccer mom(no offense to soccer moms), but you will save money on your grocery bill. Look through the supermarket circulars to find sales and use coupon sites. </span></span></div><div class="c2"><br />
</div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>7. Celebrating with an expensive trip.</strong></span><span class="c3"> </span><span class="c0"><em>Innocent.</em></span><span class="c3"> My dream last year was to backpack around the world for an entire month after graduation. Good thing my money did not allow me because I was able to focus on my career. As recent graduates, we do feel entitled to a trip after putting our blood, sweat, and tears into getting a degree, but it may not be the best idea. Vacations cost money that you may not have and you need to focus on starting your career. You will have plenty of time to travel and enjoy the good life once you are established in your career. </span></span></div><div class="c2"><br />
</div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>8. Purchasing a new set of wheels.</strong></span><span class="c3"> </span><span class="c0"><em>Innocent. </em></span><span class="c3">I am driving the purple bucket that my dad left me. I hate my clunker as much as the next college grad, but buying a new car can become a financial burden. Buying a new car gives you more debt on top of your student loans and credit cards. A new car also depreciates in value as soon as you drive it off the lot. Get as many miles off your clunker and drive it until the wheels fall off. If you must buy a new car, buy a gently used car. </span></span></div><div class="c2"><br />
</div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>9. Renting a new crib by yourself.</strong></span><span class="c3"> </span><span class="c0"><em>Innocent.</em></span><span class="c3"> While it may be nice to have a place all to yourself, a roommate cuts expense. You might be tired of living with other people, but you save money in the long run. You can put that extra money into savings for a house. You can also do what I did and move back in with your parents for awhile. Mom and Dad might nag you, but dealing with them allows you to save for a house too. </span></span></div><div class="c2"><br />
</div><div class="c2"><span style="font-family: Times, "Times New Roman", serif;"><span class="c1"><strong>10. Forgetting to save for retirement.</strong></span><span class="c3"> </span><span class="c0"><em>Guilty. </em></span><span class="c3">When you are young, retirement seems sooooooo far away, but it’s important to start early. If you start saving now, you will have a lot more money than someone who starts saving in their 30s or 40s. Sign up for your company’s 401k plan especially if they match your contributions. If your company does not offer retirement plans, you can set up a Roth IRA. Since I haven’t found a permanent position, I am looking into various Roth IRAs offers. </span></span></div><div class="c2"><br />
</div><div class="c2"><span class="c3"><span style="font-family: Times, "Times New Roman", serif;">I’ve been charged with four counts of recent grad mishaps. I guess I’ll start serving my sentence now-sticking to my <a href="http://whatsinitforme-cu.blogspot.com/2010/09/30-day-spend-and-save-challenge.html">spending plan</a> and researching IRA accounts. What mistakes have you made as a recent grad? </span></span></div><div class="c2"><br />
</div><div class="c2"><span class="c3"><span style="font-family: Times;"><em>Contributors: Mr Credit Card </em><a href="http://www.askmrcreditcard.com/"><em>www.askmrcreditcard.com</em></a><em>.</em></span></span></div><div class="c2"><span class="c3"><span style="font-family: Times;"><em>Simon Zhen </em><a href="http://www.realmofprosperity.com/"><em>www.realmofprosperity.com/</em></a> </span></span></div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com1tag:blogger.com,1999:blog-1066099971370468557.post-85355322117983538222010-10-04T12:52:00.000-07:002010-10-04T12:52:50.574-07:00<div class="c1"><span class="c0 c2"><strong>30 Day Spend and Save Challenge Update: I Got Into Some Trouble</strong></span></div><div class="c1"><span class="c0">Yeeaaahhhh…. So I got into some trouble this weekend. Remember in my <a href="http://whatsinitforme-cu.blogspot.com/2010/09/making-spending-plan.html">Making A Spending Plan</a> post I said “you may be a fashionista and like to buy shoes every month, but this is a “want,” not a need." Well I kind of didn’t take my own advice. I allocated $200 for the month for clothes and I spent $227.28 in 2 hours. I allocated $40 for eating out and I spent $50.77 within 2 days. Let me reintroduce myself. “Hi. My name is Lauren and I’m a shopaholic who likes to have fun.”</span></div><div class="c1"><br />
</div><div class="c1"><span class="c0">What was the cause of this overspending? I got a coupon that said $50 off your purchase of $100 or more and it was my friend’s birthday. I know you were asking, “What did you buy and what did you order?” I actually bought 3 outfits that I can mix and match with accessories. Good for my wardrobe, not so good for my spending plan. My problem is not that I don’t have enough clothes; I just get bored with my wardrobe from time to time. Since it’s the beginning of fall, I felt like I need some new pieces. As far as food, I spent most of money when I went out for my friend’s birthday and I ordered two drinks with my meal.</span></div><div class="c1"><br />
</div><div class="c1"><span class="c0">Luckily, I have other places in my spending plan where I can make up for my overspending. I’m being <a href="http://whatsinitforme-cu.blogspot.com/2010/09/be-fair-to-your-money-and-stick-to-your.html">FAIR </a>and flexible with my budgets by deducting that money from other areas. Since the hair salon is my favorite hated place in the world, I can deduct money from my hair budget. I have been doing my own hair lately because I don’t want to give someone $40 of my money every two weeks. I also don’t like to spend five hours of my Saturday in the hair salon. The only time I will get my hair done during this month is for my birthday (10/19). This will only cost me $40. That’s leaves me with $81.95 in my hair budget.</span></div><div class="c1"><br />
</div><div class="c1"><span class="c0">While I was able to be flexible, this overspending can be a problem. I will have to start making student loan payments within the next few months. I also want to move out of my mom’s house. Is there is a shoppers anonymous group I can go to? I need you guys to help me!</span></div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com1tag:blogger.com,1999:blog-1066099971370468557.post-36184172087805036542010-09-30T13:09:00.000-07:002010-09-30T13:09:53.697-07:00Be FAIR to Your Money and Stick to Your Spending Plan(Budget)<div class="c0"><span class="c1">Making a spending plan is easy. Sticking to it? That’s another story. The hardest part of having a spending plan is actually following it. I’m nervous that I will blow mines out of the water during my 30 Day Spend and Save Challenge. After doing some research on “sticking to a budget” (sorry for using the dirty word), I came up with an acronym to help me stick to my plan. It's <strong>FAIR</strong>.</span></div><div class="c0"><br />
</div><div class="c0"><span class="c1 c2"><strong>F</strong></span><span class="c1">lexible- In order for your spending plan to work, you have to be flexible with yourself. If you overspend in one of categories, pull money from other categories where you spend less money. You can also compromise with yourself. If you want to go to a concert that takes up most of your entertainment budget, cut back in other areas. Stay in for the weekend, eat less expensive food, or ditch Starbucks and fast food. You should also review your spending plan at least once a month. If something isn’t working, make changes.</span></div><div class="c0"><br />
</div><div class="c0"><span class="c1 c2"><strong>A</strong></span><span class="c1">ccountability- Sometimes you need someone to help you stay motivated and keep you accountable for your actions. Share your spending plan with someone you trust. Review your plan and spending habits with them at least once a month. Make sure you pick someone that will question your spending habits. I’ve asked you guys to help me stick to my plan. I hope you keep me on my toes. I am going to give a report every week.</span></div><div class="c0"><br />
</div><div class="c0"><span class="c1 c2"><strong>I</strong></span><span class="c1">ncentive -Create incentives to help you stick to your plan. Rewards and incentives help you to stay motivated. If you manage not to exhaust your clothes budget, use the extra money and reward yourself to a nice dinner or something else you like. Remember, a good reward could be putting that money into savings.</span></div><div class="c0"><br />
</div><div class="c0"><span class="c1 c2"><strong>R</strong></span><span class="c1">emember- Why did you start a spending plan? What financial goals are you trying to achieve? Remembering your goals will also help you to stay motivated. It will also help you to fight the temptation to spend money on unnecessary things or break your budget. A visual piece can help you remember your goals. Write them down or find something that represents your dreams. Put them in a place where you can easily see them. You can put them in your wallet, so you can see it every time you are about to spend your money. One of my goals is to relocate to either NY or LA to work in entertainment. Maybe I’ll use my Metro Card for the NYC Subway. </span></div><div class="c0"><br />
</div><div class="c0"><span class="c1">During my 30 Day Spend and Save Challenge, I’ll remind myself to be <strong>FAIR</strong> to my money. Besides, a spending plan is suppose to put me in control. I hope you guys will take the 30 Day Spend and Save Challenge with me and be pair <strong>FAIR</strong> to yourself.</span></div><div class="c0"><br />
</div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-88204213908943033112010-09-28T07:11:00.000-07:002010-09-28T07:16:06.815-07:0030 Day Spend and Save Challenge<span style="font-family: Times, "Times New Roman", serif;">I made my spending plan and it goes into effect Friday October 1. <span id="internal-source-marker_0.40154348016646413" style="background-color: transparent; color: black; font-style: normal; font-weight: normal; text-decoration: none; vertical-align: baseline;">Over the next 30 days, I am challenging myself to live within my means and stick to my plan. Can I do it? Yes. Am I afraid of failure? YES!!! I think it would be a lot easier if I had people to keep me accountable. Can you guys help me? Each week I’ll update you on my progress. I need you guys to keep me in line. If I’m being a bad girl and not following the plan, feel free to lash out on me (just keep it clean). I posted my spending plan again so you can show me where to make changes before I start. You can also join me in this challenge. Make your own spending plan and challenge yourself to stick to during the month of October. Remember, it’s all about steps to financial freedom. </span></span><br />
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<div align="center"><span style="font-family: Times New Roman;">My Monthly Spending Plan </span></div><a href="http://www.blogger.com/" name="0.1_table01"></a><br />
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<tr valign="top"><td height="12"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
</tbody></table></div><a href="http://www.blogger.com/" name="0.1_table02"></a><br />
<div align="left"><table style="width: 1214px;"><tbody>
<tr valign="top"><td height="12"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr valign="top"><td height="12"><a href="http://www.blogger.com/" name="0.1_table03"></a><br />
<div align="left"><table style="width: 360px;"><tbody>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><u>Income</u></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Paycheck</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">1550</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><i>Total</i></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">1550</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><u>Expenses</u></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><u>Needs</u></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Gas</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">100</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Cell Phone</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">100</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Food</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">Groceries</span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">40</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Clothing</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Emergency Fund</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Moving Fund</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">300</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Hair</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">120</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" colspan="2" height="12"><span style="font-family: Arial; font-size: x-small;">Tithes/Offerings/Charity </span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><i>Total</i></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">1260</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><u>Wants</u></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Food</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">Fast Food</span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">10</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">Restaurants</span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">40</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Entertainment</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Skin Care</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">20</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><i>Total</i></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">270</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">*Extra Money</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">20</span></td></tr>
</tbody></table></div></td></tr>
</tbody></table></div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com4tag:blogger.com,1999:blog-1066099971370468557.post-73718276859849256132010-09-28T07:08:00.000-07:002010-09-28T07:13:50.775-07:00From Rags to Riches: Pay Yourself First.<span style="font-family: Cambria; font-size: small;"><em>I want all of us to have financial freedom. The key to financial freedom and the road to prosperity starts with one simple concept- pay yourself first! Our friend Kerri Smith show us how we can go from rags to riches by applying this concept. </em></span><br />
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<span style="font-family: Cambria; font-size: small;">Have you wondered how rich people got to be rich people? Some, of course, are born into money but others come from very humble beginnings. Even those born into money have to find ways to save or make more money than they are spending. They have also learned that everything has a price and the most precious is their time. </span><br />
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<span style="font-family: Cambria; font-size: small;">The value of your time will change over your lifetime; however what you do with the money you make will decide whether your financial picture will be that of rags or riches. </span><br />
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<span style="font-family: Cambria; font-size: small;">We know the government will take 20-30% with all the taxes such as federal income tax, state income tax, sales tax, property tax and so on. So, you should retain a portion of your income to build your financial wealth – that’s paying yourself first! That’s before you buy groceries, pay your rent or any other bill. </span><br />
<span style="font-family: Cambria; font-size: small;">By paying yourself first, you build a nest egg to fund future goals, a cushion in case of an emergency and it will build your confidence. Believe it or not, the lack of a nest egg will influence your decisions. You will stay in a dead-end job or put off going back to school or it can deter you from starting a new business. </span><br />
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<span style="font-family: Cambria; font-size: small;">Most people spend what they make and even more by using credit. One way to think about spending is to equate everything to your hourly wage. For instance, if you make $15 an hour and they take out $5 for taxes, it leaves about $10 per hour in your pocket. When you buy a new iPad for $499, you will have to work 50 hours to pay for it – 50 hours! And if you buy it on credit, you will be working a lot more hours than that to pay for it. Even smaller purchases such as DVDs or fancy frozen coffees, they really add up. Before you make a purchase, consider how many hours you will have to work to pay for it and you will definitely change how you spend your money.</span><br />
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<span style="font-family: Cambria; font-size: small;">How do you start paying yourself first? It’s simple really. Start with 2-5% of your take home pay and deposit it into a savings account directly from your paycheck. There is an old saying, “if I don’t see it, I won’t spend it.” That’s just one of the reasons taxes are taken out of our paycheck. Ideally, you would want to get to 10-15% of your take home pay. </span><br />
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<span style="font-family: Cambria; font-size: small;">A clever way to remind yourself, is to set up a timer on your phone or computer for payday and put three words in the description “pay yourself first” … You’ll be richer for it. </span><br />
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<strong>- Kerri Smith, CU Member</strong>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-55747777040099644412010-09-24T11:30:00.000-07:002010-10-12T09:27:00.607-07:00I Made A Spending Plan(Budget) and I Don't Like It!<span style="font-family: Times New Roman; font-size: small;">I’m trying my hardest not to use that dirty word (budget), but I have slight anxiety over this spending plan thing. I made my spending plan and I do feel a little restricted. Let me explain some things about me. I love shopping, going out with friends, and having fun. I also like nice things and don’t have a problem spending money. My spending plan probably reflects all of these things. I am going to start following my spending plan next week, October 1. I’m a little scared that I’m not going to follow it especially since my birthday is next month. I usually spend a good amount of money celebrating my birthday. I need your help, so I can stick to my spending plan. Take a look at it and tell me if I should make any changes. Keep in mind that I’m a recent college grad that lives with her mom. This means I do not have a lot of bills, but I’m trying to move out of her house around this time next year. I need all the help I can get!</span><br />
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<div align="center"><span style="font-family: Times New Roman; font-size: small;">My Monthly Spending Plan </span></div><a href="http://www.blogger.com/" name="0.1_table01"></a><br />
<div align="left"><table style="width: 1005px;"><tbody>
<tr valign="top"><td colspan="8" height="12"></td></tr>
<tr valign="top"><td height="12"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
</tbody></table></div><a href="http://www.blogger.com/" name="0.1_table02"></a><br />
<div align="left"><table style="width: 1214px;"><tbody>
<tr valign="top"><td height="12"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr valign="top"><td height="12"><a href="http://www.blogger.com/" name="0.1_table03"></a><br />
<div align="left"><table style="width: 360px;"><tbody>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><u>Income</u></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Paycheck</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">1550</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><i>Total</i></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">1550</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><u>Expenses</u></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><u>Needs</u></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Gas</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">100</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Cell Phone</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">100</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Food</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">Groceries</span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">40</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Clothing</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Emergency Fund</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Moving Fund</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">300</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Hair</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">120</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" colspan="2" height="12"><span style="font-family: Arial; font-size: x-small;">Tithes/Offerings/Charity </span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><i>Total</i></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">1260</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><u>Wants</u></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Food</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">Fast Food</span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">10</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">Restaurants</span></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">40</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Entertainment</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">200</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">Skin Care</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">20</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;"><b><i>Total</i></b></span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">270</span></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"></td></tr>
<tr valign="top"><td bgcolor="#ffffff" height="12"><span style="font-family: Arial; font-size: x-small;">*Extra Money</span></td><td bgcolor="#ffffff"></td><td bgcolor="#ffffff"><span style="font-family: Arial; font-size: x-small;">20</span></td></tr>
</tbody></table></div></td></tr>
</tbody></table></div>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-27371001560455639922010-09-23T08:00:00.000-07:002010-09-23T08:00:44.250-07:00Banks vs. Credit UnionsFor those of you who don't know the difference between credit unions and banks, our friends over at FoolProff made a great video that explains credit unions. Check it out!<br />
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</script>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-29166296443614156472010-09-22T07:43:00.000-07:002010-09-22T07:43:15.959-07:00Making A Spending PlanNow that we know the importance of a “spending plan,” it’s time to make one. Remember we’re not using that dirty word (budget). We are going to use our spending plan to get our financial lives together. I’m going to make my spending plan and I will share it with you guys. <br />
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The first thing we are going to do is gather all records of our income and expenses. This includes pay stubs, bank statements, bills, and receipts from the past month. We are going to use these records to list our income and expenses in our spending plan. You can use the traditional pen and paper method, an online tool, or software such as Quicken or Microsoft Money. Software programs or an online tool may make it easier to track your spending and make adjustments. <br />
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After you picked your preferred method, record your monthly income. Keep in mind that your monthly income can include other things beside your pay. If you receive monthly income from investments, government benefits, rental property, or other business ventures, include this in your income. The next thing is list to your expenses. Place your expenses into categories such as food, rent or mortgage, transportation, clothes, utilities, insurance, unpaid debt, entertainment, etc. Some of your expenses may vary from month to month. For example, your electricity bill varies based on your usage. Put a range for these types of expenses. <br />
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Once you have made your expense categories, put them into two main categories- “needs” and “wants.” Be honest when listing your categories into “needs” and “wants.” Although you may be a fashionista and like to buy a new pair of shoes every month, this is a want, not a need.You might need your coffee in the morning, but you do not need to buy it from Starbucks every day. You need to eat and a place to live. You need transportation to work or school. Generally, your needs include food, basic clothing, housing, transportation, unpaid debts, and your other bills. Everything else is basically a “want.” You can put money towards your wants once your needs are covered.<br />
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If you have no money left once you made your spending plan, you need to reevaluate your needs.”Yes. You need to be entertained, but you do not need to go out to eat every week. Find areas to cut back on your expenses. Eat less expensive food, move back into your parents’ house for a while, use coupons, drive less, and find cheaper forms of entertainment. <br />
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Once you created a budget you can live with, stick to it. Evaluate your budget every month and make any necessary changes. Living with a spending plan takes discipline, but it’s worth it. <br />
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<em>Contributor: Carol Szaroleta, Director of Marketing & Business Development, Destinations Credit Union, </em><a href="http://www.destinationscu.org/"><em>www.destinationscu.org</em></a><br />
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</script>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0tag:blogger.com,1999:blog-1066099971370468557.post-35670030873836587192010-09-20T09:09:00.000-07:002010-09-22T06:34:24.703-07:007 Reasons Why You Need A BudgetFor most people, “budget” is dirty word. You cringe, roll your eyes, or just get irritated when you hear the word. Most people think budgets place restrictions on their lifestyle or they are too much of a hassle to make. While you may hate budgets, you NEED one to have financial success. A business cannot be profitable and successful if they do not have a budget. The same applies to you. If you want financial freedom, you need a solid plan. To remove your negative perception about budgets, I am going to refer to budgets as “spending plans.” A budget is nothing but a plan of how to spend your money wisely. A spending plan helps you to do these things. <br />
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1. <strong>Know where your money is going</strong>. Have you ever gotten paid and wondered where did you money go? After paying bills, going out on the weekends, getting your hair done, going grocery shopping, and buying a gas, you felt like you have no money left. A spending plan allows you to track where your money is going. It also shows your spending habits and how much money you actually have. <br />
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2. <strong>Control your finances</strong>. A spending plan allows you to control your money instead of letting your money control you. You decide how to spend your money by allocating a portion of your income to different expenses.<br />
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3. <strong>Focus on your financial goals</strong>. What are your financial goals? Are you saving for one of your “firsts”- a car, house, or wedding? Or are you saving a vacation? A spending plan allows you to focus on your financial goals by cutting out any unnecessary spending. You can also put money towards your goals. It will help you to fight the temptation to run to the mall to take advantage of a sale or go happy hour every day.<br />
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4. <strong>Get out of debt and avoid debt</strong>. A spending plan helps you to live within in your means. It shows you how much money you can put towards paying of your debt (hopefully more than the minimum payment). If you want to put more money towards paying off debt, a spending plan can show where you can cut back. Spending plans also help you to stay out of debt by helping you to not spending more money than you earn. By not overspending, you are not using high interest credit cards to pay bills. You save money in paying interest and protect your credit. <br />
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5. Save for the future. Life happens. You could lose your job, get sick, your car can break down, lose a love one, etc. Having money to cover any emergencies can help reduce stress in trying situations. Financial planners usually recommended that you have at least 6 months of your income in savings. A spending plan helps you to set aside money into an emergency fund. As previously mentioned, it can also help you save towards your financial goals like buying a car or a house. <br />
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6. <strong>Extra money</strong>. Since it helps you to track your spending habits, a spending plan shows you where you need to cut back on your expenses. You will also have extra money from not paying a lot of interest on credit cards and other debt. This will give you extra money that you can put towards savings or your financial goals. Cutting out unnecessary expenses also allows you to take advantage of other opportunities. You can save for retirement, start investing, or save to go back to school with the extra money.<br />
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7. <strong>Freedom.</strong> Managing your money will not be a burden with a spending plan. You will not have to worry about whether you have enough money to pay your bills. With your spending plan, you know exactly how much money you have. Your life will not be constrained by your money. You can splurge on that new TV or take that exotic vacation because your expenses are covered. A spending plan puts you in control and allows you to be free. <br />
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Having a spending plan can only help you. It takes discipline, but you won’t be up to 3 AM worrying how you’ll make it until your next paycheck.<br />
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</script>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com1tag:blogger.com,1999:blog-1066099971370468557.post-46716820242617053772010-09-15T12:47:00.000-07:002010-09-22T06:30:32.176-07:00It's Time to Evaluate Your Finances and Your Bank.<noscript></noscript><br />
<div id="gview-butter" style="display: none; left: 451px;"></div><div id="gview"><div class="view" closure_uid_l6q85o="19" id="view" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: small;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">Hello world. My name is Lauren Gill and I am an intern at Johns Hopkins Federal Credit Union. I'm here to help you get your finances straight. As a young adult, you experience a lot of “firsts”- first full time job, first car, first house, first marriage (hopefully your only one) and first kid. All of these “firsts” require good money management skills. During my short time working in financial services, I discovered that many young adults do not know how to manage their finances. You struggle to pay bills and you do not know where your money is going. Good news… you can take control of your financial life by starting to make good decisions. </span></span><br />
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<div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">One of the most important financial decisions you make is where to bank. This may not seem like a big deal, but it does make a difference. During this recession, we have had to bail out the big banks. What have we got in return? Nothing! Banks have paid their executives large bonuses, cut back on lending, charged us more fees, and have taken away services. There is a better way to bank. </span></div><span style="font-family: Georgia, "Times New Roman", serif;"><br />
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<span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">One of the banking sector’s best kept secrets is credit unions. Credit unions offer the same products and services as banks. For those of you who don't how credit unions are different than banks, let me break it down for you.</span><br />
<ul><li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-family: Georgia, "Times New Roman", serif;"><span style="font-size: small;">Credit unions are not for profit, cooperative institutions that are owned by its members. That means any profits a credit union earns is returned to its members with higher interest rates, lower rates on loans, and lower fees.</span> </span></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">At credit unions, you are not a number or a customer. You are a valued member. As a member, you receive quality customer service. You also get to vote for the Board of Directors which is a group of volunteers. </span></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">Credit unions’ philosophy is “people helping people.” Credit unions offer their members financial counseling and they give back to their communities through charity work. </span></li>
</ul><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-size: small;"><span style="font-family: Georgia, "Times New Roman", serif;">Although credit unions have membership requirements, anybody can join a credit union. To learn more about credit unions and find a credit union you can join go to </span><a href="http://www.whatsinitforme.org/" target="_blank"><span style="font-family: Georgia, "Times New Roman", serif;">http://www.whatsinitforme.org/</span></a><span style="font-family: Georgia, "Times New Roman", serif;">. <u>You can also enter to win one of three iPads.</u></span></span></div><br />
<span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">To help you to get your financial life on track, my first series will be on budgeting and saving. If there is anything about budgeting you would like me to discuss, feel free to send me an email at </span><a href="mailto:whatsinitformecu@gmail.com" target="_blank"><span style="color: blue; font-family: Georgia, "Times New Roman", serif; font-size: small;"><u>whatsinitformecu@gmail.com</u></span></a><br />
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<div class="separator" style="clear: both; text-align: center;"><span style="font-family: Georgia, "Times New Roman", serif;"></span></div><span style="font-family: Georgia, "Times New Roman", serif;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">Here’s to being financially free!</span> </span></div><script type="text/javascript">
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</script>What's In It For Me?http://www.blogger.com/profile/11000731123495359508noreply@blogger.com0