It's the best way to stay on top of your financial situation.
When you were in school, chances are you knew what you needed on each test to get an A, B, or C (or avoid an F). At work, you have project deadlines to meet and performance criteria to fulfill. When it comes to your finances, there isn’t a convenient, single number you can use to track your progress.
In school, there was your GPA. In personal finance, you can’t just look at your account balances because they don’t give you the whole picture.
That’s where measuring and tracking your net worth can come in handy. Every month I record a snapshot of our family’s net worth in a simple Excel spreadsheet.
If you are planning a procedure, be savvy about the price.
Patients have dodged a proposed tax on liposuction, Botox injections and other elective medical procedures, but cosmetic surgery is still no bargain.
Despite a 12% decline in cosmetic procedures during 2008 (the latest figures available), Americans still spent $11.8 billion on cosmetic surgery, according to the American Society of Aesthetic Plastic Surgery. Congress sought to capitalize on that interest with a 5% tax -- aptly nicknamed the “Botax” -- but cut it from health reform bills late last year after intense lobbying pressure from doctors and drug makers. Lawmakers estimated the Botax would have pulled in $5.8 billion over 10 years.
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The tax would have put extra burden on consumers, considering most procedures are entirely out-of-pocket already. “It is a consumer purchase funded out of the household budget,” says Tom Seery, the founder of RealSelf.com, a review and price site for cosmetic procedures. “Rarely if ever does insurance pay for that.”
While no surgery is trivial -- and all carry risks -- many consumers will elect to go under the knife this year. If you're set on Botox injections, a facelift or tummy tuck, here are five ways you can cut costs.
Thinking jewelry for your valentine this year? Here are tips to get more and spend less.
If you're a woman, this post is my Valentine's Day gift to you: Forward it to your beau with a note like "Came across this article; thought you'd be interested."
If you’re a guy faced with jewelry shopping this Valentine's Day, I feel your pain. Jewelry shopping is bad on so many levels: First, you might end up at someplace like a mall. Then you'll be expected to spend a lot for what looks so little (hey, I could have bought a used motorcycle with that!) And finally, you're going to feel about as comfortable as you do when you go to Victoria's Secret (might as well while you're at the mall).
But if your valentine likes jewelry, there are obvious rewards that go along with giving it (see Victoria's Secret comment.)
So let's see if we can make the process a little less painful by arming you with a few quick tips to make it less stressful and less expensive.
A new study shows that parents pick lower-calorie fast-food meals for their kids but not for themselves.
A Seattle researcher says there is now.
In a new study, the amount of calories selected by parents for their child's hypothetical meal at McDonald's restaurants were reduced by an average of 102 calories when the menus clearly showed the calories for each item.
Job Search Difficulty Index ranks major cities based on number of job-seekers vs. online employment ads.
Are you looking for a job? Maybe you’re in the wrong city.
The online job search engine Juju.com has released its January index of the best and worst cities in which to look for a job. The Job Search Difficulty Index was calculated by dividing the number of unemployed workers in each metro area, as reported by the Bureau of Labor Statistics, by the number of jobs in Juju's index of online jobs, compiled from thousands of employer career portals, recruiter Web sites and job boards.
She became fed up with big banks long ago.
As Americans lose patience with the overweening greed on display at certain gargantuan banking institutions, a lot of people are talking about moving their money out of megabanks into small community banks or credit unions. I moved my money to a credit union years ago -- and thereon hangs a tale.
From the moment I graduated from college, I did business with banks. I’d never heard of credit unions, and when I did get wind of their existence, I didn’t understand what they were. I imagined they had something to do with labor unions.
Watch out for inflated prices, damaged goods and pseudo deals.
Outlet malls have a reputation for big-name brands and low prices. Now, shoppers can add Bloomingdale’s to their list of potential bargains.
Parent company Macy’s announced last week that it will open four Bloomingdale’s outlet stores before fall, in Paramus, N.J.; Miami; Sunrise, Fla.; and Woodbridge, Va., with more locations planned for 2011. The outlets will sell clearance items from the mainstream Bloomingdale’s stores.
Considering that competitors Saks, Neiman Marcus and Nordstrom already have booming outlet divisions (Off 5th, Last Call and Nordstrom Rack, respectively), Bloomingdale’s move is more about opportunity than desperation, says Kim Picciola, a senior analyst for Morningstar who covers the retail sector. “They can really use outlet locations to unload excess inventory,” she says. Bloomingdale’s outlets will also expand the brand’s customer base, because outlet malls tend to draw more value-oriented crowds.
But in the struggling economy, the eye-popping deals shoppers have come to expect don’t always materialize, says Howard Davidowitz, the chairman of Davidowitz & Associates, a national retail consulting firm and investment bank based in New York. Retailers and designers have scaled back inventory amid slumping sales, which leaves less overstock. Some of that may go instead to discount stores such as T.J. Maxx, sample sales and even charity.
Many brands -- including Coach, Ann Taylor and Brooks Brothers -- fill the gaps with outlet-only lines that they sell at full price.
Here's how a couple balanced family demands and their own limited budget -- and loved the results.
Note from J.D. Roth of Get Rich Slowly: This guest post from Lars is part of a new feature here at Get Rich Slowly. Every Sunday will include a reader story. Some will be general “how I did X” stories, and others will be examples of how a GRS reader achieved financial success.
I got married last month. It was a bit of a whirlwind romance: At the beginning of 2009, we’d been talking about an engagement later in the year, with a wedding in 2010. Things being what they are, the engagement got moved up a couple of months, and we decided to plan a wedding for the end of the year.
The first question we had to ask ourselves was, “What size wedding do we want?” The next question was, “What can we afford?”
A little background
Let’s talk about our personal situation for a moment before I answer the questions in detail. My wife is finishing school and doesn’t work. I finished grad school 18 months ago, and had a bout of unemployment for the last four months of 2008.
As I’d just gotten out of school, I hadn’t yet amassed much of an emergency fund. I mostly lived off of credit cards during that period. After moving, paying rent for two months on two apartments, and a small weekend trip to Europe earlier this year (before the wedding was in the works ... if I had known we were getting married this year, we wouldn’t have gone), I racked up more than $10,000 in credit card debt. I set a goal in April to have my debt paid off by the end of January 2010 -- a goal I’m quite pleased to say that I’ll meet.
Basically, the takeaway here is that we didn’t have much money for a wedding.
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