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Ideas for Money and Finance Blog.


Hello! Welcome to the Ideas for Women Money and Finance Blog!
Do you have IDEAS that Inspire, Dare, or Educate women to Achieve and Succeed? Please share by joining the discussion in the comments - and soon in our forum!
And thank you for visiting!

April 30, 2012


  

Introductions—A Necessary Evil
         


By: JL Lopez  — Category: Uncategorized


Greetings! I am excited to be writing for IdeasforWomen.com and to be sharing some ideas with you readers about Money and Investing. More and more ladies have had no choice but to become savvier about their finances, so this is really a hot topic nowadays.

But before we begin, let me tell you a little about me. I am a freelance writer and blogger that recently transplanted from the Midwest to the Southwest. I have been married to my high school sweetheart for 13 years, and we have two pre-teen boys.

I have had the privilege to write for a print publication and numerous blogs, including my own website Live Simply, Live Thrifty, Live Savvy. Since finances can seem a little complicated, my goal has been to break it down and make it simpler to understand. I will be sharing daily tidbits on how to save money, make money, and make the most of the money that you do have. Since I am new here, I will be easing into some more basic topics and moving on up from there.  As the household bookkeeper, I know firsthand how difficult it can be to do more with less, but I have developed some viable strategies through trial and error.

I would love to hear from all of you on financial topics that you are interested in hearing more about or tend to struggle with.  Here’s to financial fitness for all of us! :)


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April 26, 2012


  

Some new links for Budgeting Families
         


By: Terri Forehand  — Category: Uncategorized


Budgets and budgeting can be an endless boring subject if you don’t see immediate results. There are professionals out there where you can google and find more information on budgets and the reward of budgeting that might just get you off to the right start.

Mary Hunt has several sites that give wonderful ideas on being frugal and on budgeting, saving money, and reducing grocery and household expenses.

Another site that offers many cool ideas is www.BetterBudgeting.com  They offer an online newsletter that you can subscribe to which will give you monthly budgeting news right in your in box.

Check out this months edition at http://www.betterbudgeting.com/ezine/12/apr2012-780936.htm and you will see what I mean.

Budgeting needs to be successful and you need to feel it is worth the effort. To see those efforts though, you must allow yourself time for it to work. You need to be disciplined about your spending, saving, and using coupons. You need to track your spending and be willing to cut out unnecessary items from your list.

Budgets can be specific to groceries, general bills, clothing budget, or gardening budget. Specific budgets for each category helps you to control your spending on certain items. A general budget that includes everything you spend on running your household will include all those sub categories. The BIG picture so to speak about what your income is and what your expenses are.

Take a few minutes to search the web for other budgeting ideas and then go back and look at how you work your budget. Over the next week, see where you can make changes so your budget will be a success.


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Beware of Scams
         


By: Terri Forehand  — Category: Uncategorized


I see many articles on scams for money targeted to the elderly, newly widowed, or those with deep credit card debt but I don’t often see warnings for women. Is that because women are smart enough to not be scammed? NOT.

I would like to think that women are smart enough not to be scammed but an afternoon of any court tv show will show just how weak we women can be.  We have a heart to help, nurture, and give… even if we don’t have the means to do it. We tend to believe a sob story if it sounds realistic and we want to believe that what others tell us is true.

Here are a few tips to keep from being scammed by those who may be trying to take what you have worked hard to attain.

1. Don’t give others access to your checking or savings account and that includes boyfriends, girlfriends, or family members that don’t really have a reason to get into it.

2. Limit the charities that you donate to. Investigate and give to those that are reputable and have been established. Churches, research groups, and other designated agencies will have documentation that proves where they spend the money you give. They will have filed the proper tax papers to become a charity and will have contact information available at all times.

3. When loaning large amounts of money to a friend or relative, have a contract with the stipulations for paying back the money. Without a contract you may never recoup your money and have no legal recourse. Financial exchanges between family and friends are the cause of many family feuds.

4. Do not give account numbers and money over the phone no matter what the cause. It is not always possible to determine if the caller is legitimate and handing over account numbers opens you up for deception. Ask instead that they send you some information to review so you can make an informed decision.

Women, especially those who live alone need to be cautious about where they donate money, who they loan money to, and what charities they choose. Be aware so you are not a victim of an unknown scam. Report anything your feel might be sketchy and always report money that may be missing from your account immediately. Protect your identity and keep credit cards secure. These small steps may help to keep your money safe.


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April 22, 2012


  

Budget Mondays. What if you don’t have a budget?
         


By: Terri Forehand  — Category: Uncategorized


I have had several readers say that a budget is unrealistic for them. They pay bills either as they come in or once a month. What gets paid does and if there isn’t enough money for the remainder of the list, sorry. Better luck next month.

There are several reasons a budget is helpful. Your bills, the amounts due, and the due dates are in black and white in a written budget. This keeps you aware of when an item is due and you avoid late fees.

It also helps you plan in advance for a bill coming up that may be an additional payment such as quarterly insurance premiums, license plate fees, or bills for dental or vision exams.

You can still pay your bills on a monthly basis and even as they come in. However, I believe if you have a written budget and can highlight when a bill is paid it gives you a clear picture of where your money goes. It keeps you accountable to meet those financial goals you set at the beginning of the year.

A budget helps you to track extra spending. A budget helps you take control of your bills and offers you a simple system to reduce debt and reduce unnecessary spending.

Every budget should have a place to list all income for the month. Every budget should also have a clear list of all expenditures including a column for giving. Those that prefer to pay once a month can list everything in one column according to due dates. If you pay weekly or biweekly, then make more columns for the items that get paid with each payday. Remember to list income biweekly or weekly as well.

Your assignment this month is to decide if you want a monthly, weekly, or biweekly budget and make a list of how it would look on the page. You can try both ways and experiment on which way would work best for your family’s financial plan. Be ready to explain why you don’t think a budget would work for you. Next week I will give you the reasons most think they can’t live within a budget.


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April 21, 2012


  

Friday’s View on Investing.
         


By: Terri Forehand  — Category: Investing,Uncategorized


Every good financial plan has a place for debt reduction, less spending, giving and investing. Individual ideas on investing run the spectrum from investing far into the future with college savings plans for newborns all the way to not saving past today because there is no promise of tomorrow. Where do you fall on the investing spectrum?

Most people see the value in investing some part of their income  for the future. A small portion of Americans save up into the millions of dollars for the future and their money keeps growing.  A small portion of Americans are on the other end where they can’t begin to think of investing because they can ‘t even pay their bills today. The rest of us lie somewhere in the middle. Maybe you have a retirement program at work where your employer contributes but you can’t maximize on that because you cannot afford to contribute anything else.

Maybe you have a savings account started but something always seems to get in the way of growing that money. The car needs repair, the furnace needs service, your little one fell at the playground and needs a cast on a broken arm. Life gets in the way. That is why it is so important to have a financial plan.

A financial plan can be altered and it can be changed. But if you have a written plan for where you want to be financially in 5 years, 10 years, and by retirement age you can make adjustments during life to make sure you have the money you need at any given time.

Tips:  Work on becoming debt free first. At least get rid of credit card debt.

            Save something every payday, if not in a retirement account than at least in a savings account that is protected. Having the money in a different place than your wallet or your check book will make you think before you spend it.

            When you work overtime, make sure that some of the extra money goes to paying down debt or is invested in a savings plan. If you work two jobs, take a portion of income from the lowest paying job and save or invest after your debt is paid.

Your assignment this week: Evaluate how much debt you need to pay off and how long it will take you. Set a goal for when you can begin to save and invest.


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April 18, 2012


  

Insurance Tuesday:
         


By: Terri Forehand  — Category: Uncategorized


If you are considering purchasing a new home, you must also have insurance on the mortgage. How do you decide how much and what kind of insurance is needed to protect both your budget and your property?

By law, you must have some kind of homeowners insurance. In most states you can decide if that is to protect the price of the replacement of the home including the mortgage or if it also includes a pay off if something should happen to you before the mortgage is paid in full. It is always best to consult with an insurance expert but the rule of thumb is the older you are when your purchase your home the more likely you should add a life insurance clause into the policy.

Adding a life insurance policy into the policy does two things. It protects the bank and it protects your family. It protects the banks investment in you by allowing them to be paid in full if you should die before the mortgage is paid in full. It might seem morbid, but it is good business.

It also protects your loved ones, a partner or spouse and any children. It is an insurance that they will have a roof over their heads in case you are not there to pay the bill. This also may seem morbid, but it is also good financial business.

Your assignment this week: Double check your homeowners/ mortage insurance policy and see where you stand in case of accidental death before the mortgage is paid in full. If you are just now purchasing a home, check with your agent to make sure you are getting the right coverage. Let me know what you discover.


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Late Again Monday….. but here is why.
         


By: Terri Forehand  — Category: Uncategorized


Late again Monday and here is why. Life gets in the way. Life gets in the way of saving, budgeting, spending, investing, and managing our money and none of us is immune. Life activities and changes make day to day living anything but boring but it can be very distracting when trying to get ahead in the money department.

Interest rates are good now for purchasing a home and my husband is only a couple of years from retirement age ( 65) so we have been looking and planning for where we want to live when this life change occures. The trouble with planning is the best laid plans can change. We found a house we like now, and he might transfer to a higher position in the company he works for, and the move might take place sooner rather than later. This of course affects everyone in our families but it also affects our financial plan.

Your financial plan needs to be at a place where you are beginning to stablize before you think about making real estate investments. By this I mean, you must have a fairly good credit score, a steady income, and the downpayment. We have these three things in place, however there is more to consider.

Retirement means you don’t have to worry about what schools your kids go to or what kind of sports are availble to keep the kids busy. You do have to think about your budget, where you will go for medical care, and if the purchase is something you can live in as you age.

Different ages and stages mean different obstacles and more to consider but the financial facts remain steady. Income, spending, and savings all become an important factor in where you retire, where you can afford to buy, and how long you can afford to stay there.

Your assignment this week: Look at where you live today and research possibilities for the future. What financial changes do you need to make to have those dreams become a reality?


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April 12, 2012


  

Wednesday’s Investing Ideas:
         


By: Terri Forehand  — Category: Uncategorized


Wow, what a difference a week makes. Last week the stock market and Wall street were closing on a daily basis at one of the best gains experienced in several months. This week they are experiencing several days of losses once again. What ideas are you considering as ways to invest and grow your money? Here are some ideas to keep in mind.

If you have money in the stock market, leave it alone. Make sure that the amount you invest can stay there long term until it gains and regains in value.

If you don’t have money to keep invested for long term, consider investing in a term CD or a savings account.

Real estate is always a good place to invest but that is also if you can afford to own the property for long enough for the markets to improve and to gain equity in the home.

A general savings account can earn the least amount of interest but can be the most flexible and safe place to save smaller amounts of money. It is easily accessible for emergencies and offers lower penalties for withdrawls and in some cases is cost free to withdraw.

There is a variety of ways to invest and save money. It takes some research and honesty about what you want for your financial plan. Talking with an investment counselor can  be of assistance when trying to decide what and where to invest your hard earned money.

Your assignment this week is to research your investment possibilities in your area. Decide the amount and when you want to start an investment plan.

 


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Researching the best rates?
         


By: Terri Forehand  — Category: Uncategorized


As a consumer it is important to research the best rates for everything you purchase. You may feel like it is a waste of time because prices vary so much within the markets for each topic but in the long run, it can save you hundreds of dollars on big purchases.

Here are topics where it is most important to research rates:

Home mortgage interest rates

Car loan interest rates

Mutual funds, stocks, brokerage fees,

Insurance premiums in the health insurance, auto insurance, and home owner insurance arena

Interest rates for IRA’s, Savings Accounts, Interest earning checking accounts,

Gasoline prices.

These arenas offer a wide range of interest rates and premiums and should be researched before purchasing items within those areas. The interest rate on a mortgage over the coarse of 30 years adds up to thousands of dollars. Why wouldn’t you find the lowest rates before signing on the dotted line? If you are in the process of doing just that, you will probably be advised that interest rates are expected to begin climbing as they most often do in an election year and soon after. Research helps you to make wise decisions.

Researching your rates and finding the best price for the products that you will be paying on long term can be essential to maintaining and protecting your budget.

Your assignment this week: Shop for the best rates on the next item you are considering as a purchase.


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April 10, 2012


  

How does a second home fit into your budget?
         


By: Terri Forehand  — Category: Uncategorized


How many of you have or have considered purchasing a second home? Is it for a weekend get a way or future retirement, or is it used as rental property?

Purchasing a second home may be beneficial to your overall net worth if you can find a way to fit it into the budget. It also may not be as difficult as it seems depending on your credit score and your debt to income ratio. This is when having little to no credit card debt and more money in a savings account or mutual fund can help you obtain the piece of real estate you desire.

If you are considering the purchase of a second home here are some quick tips to consider.

1. Get a pre-approval from a reliable bank before you shop around. This saves time and money along with helping you to avoid buying something that you cannot afford. It helps you focus on properties within your budget.

2. The mortagage interest is tax deductible which for those whose children are grown and who have no major deductions, can add a tax benefit to your budget.

3. It affords you the opportunity to collect rent if you use the property as a rental, or save hotel costs if you use the place as a summer retreat.

4. It offers you the opportunity to pay down the mortgage while you still hold down your full time job. It allows you the time you need to decide on the right time to sell the home you are in and gives you ample time to slowly relocate and organize the move.

If your budget allows and if your savings account can offer you the down-payment on a second home, it might be worth considering especially now with mortagage interest rates at a reasonable fee. Give it some thought.

Your assignment this week: consider the possibilities of owning a second home. Is it realistic for you and your family?


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