money

Do Men And Women Handle Money Differently?

by Pam on April 30, 2010

I’ve been reading a very interesting book about understanding the differences between men and women called Men Are Like Waffles Women Are Like Spaghetti by Bill and Pam Farrel. Although it doesn’t focus too much on men and women’s differences when handling money, there are a few things the authors mentioned that caught my attention that I thought I would share:

“A man will pay $2 for a $1 item he wants.

A woman will pay $1 for a $2 item she doesn’t want.”

Another illustration the authors provide compares when men and women eat out with their friends:

“When the bill arrives, Mike, Charlie, Bob, and John will each throw in $20, even though it’s only for $22.50. None of them will have anything smaller, and none will actually admit they want change back. When the girls get their bill, out come the pocket calculators.”

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What Are You Saving Money For?

by Pam on October 28, 2009

It’s great to save money, but what are you saving it for? Money is simply a means to an end. It helps you to achieve your goals, whatever they may be. But saving is almost impossible if you don’t have a goal for the money you are saving.

If you are currently having difficulty saving money, you need to ask yourself what your goals are. Do you want to travel, start a hobby, or buy a motorcycle? It’s important to define your goals. Once you have determined what you are saving for, it will make it so much easier to save.

It’s really hard for a person to save money for the sake of saving. What good is money if you don’t have a plan for it? It’s like buying a vehicle and then letting it sit in your garage untouched. The best way to ensure that you will be able to save is by determining what your goals are. It’s important to consider your short, medium, and long- term goals and then begin to tuck away money towards each of those goals.

Focus on your goals instead of focusing on how hard it will be to save up to reach your goals. By doing so, you will be motivated to live within your means and you will be less likely to overspend. As the saying goes, “keep your eyes on the prize.” Try it and see how it works for you. Saving doesn’t have to be a hard and frustrating task. It can be easy if you motivate yourself by setting targets that will enable you to achieve your goals and aspirations.

Avoid Money Wasters

by Pam on May 7, 2009

Although I have written blogs about some big money wasters already, I think it’s important to emphasize them so that we can avoid them. There’s no point in wasting money that we work hard for. Think about it this way, if you waste your money, you are also wasting your time. Why? Because the more money you waste, the more time you have to spend working to pay for it all! Below is a list of just some of the money wasters out there. There are many more, so watch out for them!

1. Eating out rather than bringing your own lunch to work. Bring some leftovers from last night’s supper rather than spending $5 to $7 everyday to buy lunch.

2. Buying food and then letting it rot in the fridge. It happens to all of us. But why? We need to be more aware of what we are buying and make sure that we are eating it before it goes bad.

3. Bottled water. Rather than buying hundreds of bottles and polluting our environment, why not save your money and the environment and drink filtered water brought from home? At around $1.50 a bottle, if you buy one bottle of water every day, you are wasting almost $550 per year!

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Teach Your Kids About Money

by Pam on May 2, 2009

Whether you like it or not, if you are a parent, you are a role model for your kids. Your kids observe the way you handle your money and will often handle theirs the same way. However, even if you are financially savvy, your kids won’t necessarily be as successful without some guidance starting at a young age.

Here are some things every kid should learn about money from their parents:

1. Money doesn’t grow on trees. Parents have to work hard for every dollar they earn.

2. Parents have priorities for their money. It needs to be used first for food, shelter, clothing, and savings, and whatever is left can be used for extras. Kids have to learn that they cannot always get what they want.

3. Teach your kids the value of giving. Encourage them to give part of their allowance to a charity or sponsor a child as a family.

4. Teach your kids the value of hard work. Have your children do some small chores around the house in order to earn their allowance, rather than just handing it to them.

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10 Ways to Make Money Fast

by Pam on April 28, 2009

If you are in need of some fast cash, here are some ways you can earn money quickly:

1. Sell stuff that you don’t need or no longer use. Yard sales are great for getting rid of larger items. For smaller stuff, advertise your items online and sell them on Ebay, Craigslist or Amazon. Offer to sell stuff for family and friends as well if they are unfamiliar with selling stuff online. You can share in the profits.

2. Tutor. If you enjoy teaching others, why not consider tutoring? I have had some great experiences teaching English to international students at a local university. Tutoring is a great way to supplement your income and you will meet a lot of neat people.

3. If you enjoy making crafts, make your favorite ones and sell them online at www.etsy.com.

4. Do odd jobs such as mowing lawns, trimming hedges, and shoveling snow. Advertise your services for free on community billboards.

5. Consider taking on a boarder if you have an extra bedroom and more than one bathroom in your home. You could also rent out your garage or parking spot. If you take this route, make sure to have the proper legal documents in place.

6. Offer to baby sit or take care of someone who is elderly.

7. Start your own small business in whatever you are skilled in. You can make extra money by cleaning people’s homes and businesses or by repairing computers or appliances. You could even start a business walking people’s dogs!

8. If you like entertaining people with your musical talents, consider busking to make some extra money. Start playing music or singing on the street, and people that pass by will often give you their spare change. Keep in mind that in many places you need to obtain a license to busk.

9. Bake cookies, pies, and breads and sell them at a local farmer’s market.

10. Participate in a research study as a “guinea pig” and you can earn some fast cash.