Managaing your Money: Mint.com

We are always talking about how to save money while shopping or how to save up for something, that's why you're here isn't it? Well one of the ways I keep track of my money is by using Mint.com. I have been using Mint for over a year now, and I think it really helps.

Basically this site keeps track of all your accounts for you, and lets you know where you stand financially. There are a few things you should know

• The site is totally free!
• You create an account here- then link all of your accounts to it ( it is completely secure)
• Connect your credit card accounts
• Connect your bank accounts-checking and savings
• Connect your loans
• Connect your investments( IRAs, 401Ks
• Add your home and car as well
• Then you can look at different categories to see where you stand and what Mint recommends
• Cash versus Credit Card Debt
• Look at your Budget that Mint has come up with for you
• How you are doing with your pre-set goals
• You can also see the ways that Mint suggests for you to save money in different categories.

You will get a weekly email letting you know where you stand financially, your bank and credit card accounts update automatically so Mint always knows where you stand. If there is a problem with any accounts you will get an alert email as well.

A guide to Budgeting: Saving for a Want

I was recently watching Suzie Orman talk about how people today spend money they do not have to the tune of 10s of thousands of dollars. And she wondered why? Why do people spend more money than they have. Her rule was basically if you don't have it, you don't spend it.

I have been trying to live by this rule. It is easy to see a pair of shoes or go out to dinner and charge it to the credit card without a second thought. But then what happens when the credit card bill comes in and you can not afford to pay it off?


Now suddenly you are stuck with credit card debt on something so silly as a meal out or a new outfit.

What is wrong with saving up for something? I would love 2 new tv's for my house, I feel like the only one without a flat screen sometimes. But I am ok with it, my two tv's are not old and they work just fine. So for now I can save up for 2 really nice tv's in the future and pay cash for them.

I think if you can set a goal of something you want, you can find a way to pay for it. That is what saving money is all about, and I am here to teach you simple ways to save money without any extra work

A guide to Budgeting: The All Cash Method

This method of budgeting is basically simple: you pay cash for everything. No credit cards at all!

I think there are pro's and con's to this method so let's look at them:

Pro's:
You never go into debt because you are only using cash
You are more aware of your spending because you physically see less money
You live by the rule that once its gone it is gone

Con's:
Using credit cards correctly helps build credit allowing for lower interest rates on big purchases such as cars/homes. With this method you do not build your credit score.
You do not have any credit cards for emergencies, if you run out of cash you are stuck.


I see why people use this method, and I am proud of them for having so much self restraint. But for it to work you need a large emergency fund in liquid form. The emergency fund would have to be at least the amount of your credit card limit.

A guide to Budgeting: The Savings Budget

This type of budget is the one I use. I will call it the:
"Savings Budget"

Basically I have a list of every single bill and expense I have such as
Cable, electric, cell phone, rent, car payment, car insurance, gas, general shopping/misc,credit cards.
Then next to each I list the price I pay per month, if it is something like electric that changes slightly every month then I over average. Whenever any of the bills/expenses come in under my budget I move the saved money into my savings account. It could be $2 or it could be $40 doesn't matter, as long as it adds to my savings account.

I also have a set amount of money I need to make each week to cover all of my bills, if I make more than that amount the money goes straight into savings.


This type of budget works really well for me!

Using Credit Cards: Pros and Cons

I have talked about budgeting and how you should have a budget and stick to it so that you can save more money over time. I have mentioned that some people do this by not using credit cards at all.

I happen to think that credit cards are fine to use, if you do it properly. They are a great way to help raise your credit score. You just have to follow a few simple guidelines:

-Try to never have more than 30% of your credit limit used. If your limit is $1000, never have more than $300 spent.
-Paying the card off every month is a great way to avoid interest charges, but paying off a large amount one month(say $200 of the $300) then paying the other $100 off the following month shows credit card companies that you can pay off charges as well as make payments. Plus the interest would be minimal under $5.
-This one seems simple enough-pay the card on time. If need be set up an auto-payment every month or have them send a reminder email.
-Also if you use your credit card regularly-make sure you have one that rewards you with cash or points.
-If you never use your credit card try having one of your monthly bills get charged to it, like your cell phone. This way you know you can pay it every month and you will be working towards a better credit score.

A guide to Budgeting: The Envelope Method

One of the ways that you can budget your money so that you can stay on track and not over spend is to use the:

"Envelope System"

This is pretty basic, and for a lot of people it works. What you do is one day per week, say Sunday, you take out a specific amount of cash. Lets use $200 as an example. You then split up the $200 into different envelopes which are labled with categories such as: Groceries, Clothing, Gas, Going out to eat. You could split up the money as:

Groceries: $100
Clothing: $20
Gas: $30
Going out to eat: $50

Then live by the rule that once the money is gone for the week it is gone. If you have left over money in any category you could then deposit that into a savings account or you could roll it over to the next week. Then possibly the following week the clothing category would have $30 in it.

Free Suze Orman Subscription

I love this deal, because I think Suze Orman is fantastic at money management. You can get a  FREE 1 Year subscription -  Suze Orman Money Navigator Newsletter – Just enter code: WENDY in the gift code box (Normally $63).


Thanks Mojo!

How to Stretch a Budget: Lowering monthly bills

One of the biggest parts of every budget is the steady monthly bills: Cell Phone, Cable, Internet, and Insurance.


Here are a few of my best tips for saving money on your monthly bills:

Cell Phone bill:

• Ask your cell phone company what kind of discounts they offer
• - AAA, AARP, companies you work for, banks, clubs and more.
• Go over your current cell phone plan and see if you are using what you are paying for
• Do you have more minutes then you will ever use?
• It is better to have more than you use, but paying more for something you do not use is a waste of money.

Cable/Internet/Home Phone Bill:

• Ask to price match competitors- they will, just so they do not lose your business
• Even $5 a month adds up to $60 a year.
• Cancel extras that you do not use such as movie channels
• If you are on a contract-when it ends make sure you sign up for the new discount deals available

Home and Car Insurance:

• Find Discounts:
• Have your home and car insurance through the same company
• Only have as much insurance as needed, if your car is old it might not be worth it to have full insurance.
• Shop around for companies, it is easy to be loyal to one-but another could save you hundreds each year for the exact same coverage.

*Just remember: There is nothing wrong with asking for a discount or a price match or switching companies, the company wants your business so they will do whatever it takes to keep it.


Let me know what else you do to save on your monthly set bills!

Working on a Budget?

We are always talking about how to save money while shopping or how to save up for something, that's why you're here isn't it? Well one of the ways I keep track of my money is by using Mint.com. I have been using Mint for over a year now, and I think it really helps.

Basically this site keeps track of all your accounts for you, and lets you know where you stand financially. There are a few things you should know

• The site is totally free!
• You create an account here- then link all of your accounts to it ( it is completely secure)
  • Connect your credit card accounts
  • Connect your bank accounts-checking and savings
  • Connect your loans
  • Connect your investments( IRAs, 401Ks
  • Add your home and car as well
• Then you can look at different categories to see where you stand and what Mint recommends
  • Cash versus Credit Card Debt
  • Look at your Budget that Mint has come up with for you
  • How you are doing with your pre-set goals
  • You can also see the ways that Mint suggests for you to save money in different categories.

You will get a weekly email letting you know where you stand financially, your bank and credit card accounts update automatically so Mint always knows where you stand. If there is a problem with any accounts you will get an alert email as well.

Free Credit Report

Just a reminder that in accordance to the FACT Act, all three credit reporting agencies are required to offer you a free credit disclosure every 12 months. You can request this free report on the government approved website AnnualCreditReport.com. 

Once you request your free report check for inaccuracies. This way you can help improve your credit score if there is something wrong.


Thanks Mercedes!

Expense Tracker

I just used this Expense Tracker and I am quite impressed. It lists every single expense you could possibly have, and you fill in your monthly expenses for each category. Then at the end you get advice on what you should do.

My advice was to get up to an 8 month emergency savings fund- and it gave the exact amount I need as well as how much more money I need to get there (WOW!).
Also I assume that if you were making less than you were spending it would suggest ways to reduce your bills/expenses....

I think it is worth a look!

A note about credit cards...

I have talked about budgeting and how you should have a budget and stick to it so that you can save more money over time. I have mentioned that some people do this by not using credit cards at all.

I happen to think that credit cards are fine to use, if you do it properly. They are a great way to help raise your credit score. You just have to follow a few simple guidelines:

-Try to never have more than 30% of your credit limit used. If your limit is $1000, never have more than $300 spent.
-Paying the card off every month is a great way to avoid interest charges, but paying off a large amount one month(say $200 of the $300) then paying the other $100 off the following month shows credit card companies that you can pay off charges as well as make payments. Plus the interest would be minimal under $5.
-This one seems simple enough-pay the card on time. If need be set up an auto-payment every month or have them send a reminder email.
-Also if you use your credit card regularly-make sure you have one that rewards you with cash or points.
-If you never use your credit card try having one of your monthly bills get charged to it, like your cell phone. This way you know you can pay it every month and you will be working towards a better credit score.

Working towards better finances?

Stop everything! Suze Orman has a new website! Haha...

I am a huge Suze Orman fan! She tells it how it is financially, and what you are doing wrong and how you should fix it. The site is called Money Minded Moms, but I am not a mom and I still find the site super helpful and informative.

There are discussions on:

Can we afford to have a baby

Raising Money Minded Kids

And of course Erasing and Managing Debt

*This just made my day :D

A guide to budgeting money: The all cash method

This method of budgeting is basically simple: you pay cash for everything. No credit cards at all!

I think there are pro's and con's to this method so let's look at them:

Pro's:
You never go into debt because you are only using cash
You are more aware of your spending because you physically see less money
You live by the rule that once its gone it is gone

Con's:
Using credit cards correctly helps build credit allowing for lower interest rates on big purchases such as cars/homes. With this method you do not build your credit score.
You do not have any credit cards for emergencies, if you run out of cash you are stuck.


I see why people use this method, and I am proud of them for having so much self restraint. But for it to work you need a large emergency fund in liquid form. The emergency fund would have to be at least the amount of your credit card limit.

A guide to budgeting: Saving for a want!

I was recently watching Suzie Orman talk about how people today spend money they do not have to the tune of 10s of thousands of dollars. And she wondered why? Why do people spend more money than they have. Her rule was basically if you don't have it, you don't spend it.

I have been trying to live by this rule. It is easy to see a pair of shoes or go out to dinner and charge it to the credit card without a second thought. But then what happens when the credit card bill comes in and you can not afford to pay it off?


Now suddenly you are stuck with credit card debt on something so silly as a meal out or a new outfit.

What is wrong with saving up for something? I would love 2 new tv's for my house, I feel like the only one without a flat screen sometimes. But I am ok with it, my two tv's are not old and they work just fine. So for now I can save up for 2 really nice tv's in the future and pay cash for them.

I think if you can set a goal of something you want, you can find a way to pay for it. That is what saving money is all about, and I am here to teach you simple ways to save money without any extra work

A guide to budgeting part 2

This type of budget is the one I use. I will call it the
"Savings Budget"

Basically I have a list of every single bill and expense I have such as
Cable, electric, cell phone, rent, car payment, car insurance, gas, general shopping/misc,credit cards.
Then next to each I list the price I pay per month, if it is something like electric that changes slightly every month then I over average. Whenever any of the bills/expenses come in under my budget I move the saved money into my savings account. It could be $2 or it could be $40 doesn't matter, as long as it adds to my savings account.

I also have a set amount of money I need to make each week to cover all of my bills, if I make more than that amount the money goes straight into savings.


This type of budget works really well for me!

A guide to budgeting money

This is going to be a series of posts in which I explain different ways people use to budget their money.

The first way to budget your money so that you can stay on track and no over spend is to use the

"Envelope System"

This is pretty basic, and for a lot of people it works. What you do is one day per week, say Sunday, you take out a specific amount of cash. Lets use $200 as an example. You then split up the $200 into different envelopes which are labled with categories such as: Groceries, Clothing, Gas, Going out to eat. You could split up the money as:

Groceries: $100
Clothing: $20
Gas: $30
Going out to eat: $50

Then live by the rule that once the money is gone for the week it is gone. If you have left over money in any category you could then deposit that into a savings account or you could roll it over to the next week. Then possibly the following week the clothing category would have $30 in it.