Posts Tagged ‘ Consumer Finance ’

Why spend money when you can get stuff for free? Invite some friends over and swap things you no longer need.

Here’s the idea:

1) Everyone brings one full bag of stuff they no longer want. Decide on the size of bag –  a regular, brown grocery bag is probably the easiest.

2) Everything must be in excellent condition – completely usable. Clothes are best (who doesn’t want some “new” clothes?), but jewelry, books, games, household and kitchen items are OK too.

3) Depending on who’s invited you might want to choose a “main theme” such as “women’s clothing” or “kid’s clothing”.

4) Keep it simple for the host or hostess – everyone brings a dish to pass.

5) BYOB

6) Provide private space for people to try on “new” clothes.

7) Unless you set guidelines, recognize that some people will walk away with more items than others.

Have fun!

By the end of the party you should all have exchanged a bunch of stuff you weren’t using with “new to you” stuff you’ll eagerly use. And you spent the evening with friends. It’s a win-win-win idea.

There’s no need to pay full retail price for the things you need (or even want). Look on eBay and see if it’s currently listed. If it is not, or if current bidding is more than you want to spend, let eBay notify you when it’s available again.

To do this, you’ll want to create a “saved search”:

1. Search for what you’re looking for
- Locate the search box at the top of any eBay page. Enter two or three words that describe what you’re looking for and click the Search button.
- To quickly narrow your search results, use the Refine search section on the left side of your search results. Your saved search includes both your search words and any search options you select.

2. Click the “Save this search” link at the top of your search results. From here you can:
- Name the search (for example: “Decorations for 4th of July party”)
- Request email notification of new items that match this search. eBay will send you one email a day, containing up to 20 matching items.

3. Click “Save”
That’s it! Let eBay do the looking for you, and hopefully you’ll get want you want without having to pay “regular” prices for it.

While much of our country faces tough economic times, some segments of society are in a position to actually profit from the current situation. Those who can benefit in today’s economic environment include…

Those entering the housing market
If you’ve been waiting to buy your first home, or if you sold a house a while ago and have been waiting on the sidelines, you’ll be able to profit from the drop in home prices. You’ll now be able to get more for more money. You’ll be able to devote a smaller percentage of your take-home pay to your mortgage, freeing up money to meet your other financial goals.

Those years away from retirement
Whether or not you currently have cash in your retirement accounts, you’ll be able to fund your accounts for 2009 with cash. Use this cash to take advantage of the lower prices of mutual funds and/or stocks to buy investments you’d like to hold for the long term.

Those on a budget anyway
Students and others living on a fixed income are now not the only ones watching their pennies. Instead of feeling deprived, and seeing others spend money freely, many more people are also trying to live on a strict budget. It’s easier to live within or below your means if those around you are also.

So when you hear the media drone on about how horrible things are, remind yourself that things aren’t terrible for everyone.

To lead a prosperous life we need to treat money with respect. Only when you respect money does it know that you want it to stick around – and that you want more of it.

Here’s one easy way to increase your respect for money. While I’m talking, literally, about nickels and dimes (or less), it doesn’t matter – money is money. 

Roll your coins – or use them
Whenever I see someone with a cup or bowl overflowing with coins, I figure they have more money than they know what to do with. After all, since they have money lying around, not being used or even paid attention to, they must be rich, right?

Unfortunately, I fear that the reality is quite different. People who don’t treat their money with respect don’t just have lots of unused change lying around. They very often have significant consumer debt – another way of not respecting money.

So be nice to your money. Roll your coins and deposit them in a savings account. Perhaps deposit them into your children’s college fund, where they really will add up over time. Or use your coins to pay for things – stores love it when you to do this. (Stores have to pay a service fee, in addition to the value of the coins, to get rolled coins.) Just don’t let your coins feel unwanted and unneeded. Treat your money with respect and you’ll have more of it.

Sometimes really smart people do things which, well, aren’t so smart. Here are a few common examples of how some people throw away money.

Fund your 401(k) - at least as much as is matched by your employer
If your boss offered you a $3,000 raise, what would you do? Turn it down? Say “no thanks”? If you’re not taking advantage of your firm’s 401(k) matching program, that’s exactly what you’re doing.

Many corporations that offer 401(k) plans will match employee contributions up to a certain level. This is free money!!!! Granted, you don’t have access to your money until retirement age without paying a penalty, but still – It’s free money!

As an example, let’s say your salary is $50,000 a year and your employer matches your 401(k) contribution up to 3% of your salary. That means if you invest 3% or your salary, or $1,500, in your 401(k), your employer will also contribute $1,500 – Free money!

If ever there was a good reason for living below your means, this is it. Cut down on your expenses so that you can contribute the maximum amount matched to your 401(k). Hopefully, you can fund your 401(k) even more, to the maximum amount allowed by law. But put in at least as much money as your employer will match. After all, you wouldn’t turn down a raise, would you?