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2012 Clothing Purchases, January & February

Written by on February 6, 2012 · 9 Comments

We are barely into the second month of the year, but I have done, er, exceptionally well on my spend $2,000 on clothing goal. In fact, I have already spent $308.87 on five pieces, but they are all items that I love and should have for a long time.

clothing purchases2 2012 Clothing Purchases, January & February

I am trying to be much more conscientious about my purchases and buy things that I know I will enjoy for a long time. Given that I’ve spent 15% of my annual clothing budget in barely a month, I think it’s time to cool my jets a little. No more purchases for the rest of February.

Everything I’ve purchased has been on sale for at least 50% off the retail price… so the bargain hunter in me is pretty happy! The most expensive piece was the J.Crew Emmaleigh sheath dress, at $116.30 including shipping. The jacket and the velvet blazer clocked in at around $76-$80 each. The leopard shrug was $28 and the snakeskin belt was $20. None of the things were truly necessities (maybe except the suit – I could argue they would become necessities once I head back to school!), but they all fill a hole in my wardrobe.

What items are you looking to add to your wardrobe?

 

Categories: Shopping, Spending

In Debt? Debt Management Plan Can Help

Written by on February 4, 2012 · 1 Comment

moneysolve 300x48 In Debt? Debt Management Plan Can HelpIn the last few years, many consumers have sunk into debt because of layoffs, loss of equity in their homes, or underemployment. If you are facing unsustainable levels of debt, see if a debt management specialist can help by setting up a debt management plan. Be sure to look for a reputable company with a positive history in the debt management and counseling industry.

A debt management plan is an agreement between yourself and your creditors that reset the terms of your debt: this plan may allow you to pay a lower amount of what you had originally owed and provide a longer timetable for you to repay the loan. The counselors at the debt management plan can help you negotiate and contact the creditors so you do not have to do it all by yourself. Once the plan is set up, the debt management specialist will implement and administer the agreement.

But a debt management plan, while it can provide relief, is not a panacea. To maintain a financially prudent lifestyle, consumers have to change the behaviors that led them into debt in the first place. Saving for an emergency fund, paying above the minimum on their credit cards every month, and keeping track of their income and expenses are all critical steps along the path to financial security. A debt management plan can help you get out of the hole faster, but the best thing in the future is to avoid getting into that hole in the first place!

Categories: Sponsored

Fess Up Friday

Written by on February 3, 2012 · 13 Comments

I got a traffic ticket that has yet to be paid. It’s due next month.

Taxes. They are not going to get done until March.

Even though I know they are an interest-free loan to the government, I love receiving tax refunds.

If I can go back to middle school, I’d tell my younger self that life will get better.

I look around my apartment and I see at least $300 worth of purchases that I have never used before.

Now it’s your turn to fess up. What are your confessions for this Friday?

Categories: Blogging, Life

The Monthly Cost of Technology

Written by on February 2, 2012 · 18 Comments

Our lives are gadgety ones. Technology has become such a big part of our professional and personal identities that it’s hard to imagine what it was like before the advent of cell phones, cable, e-readers, and the like. But all that technology doesn’t come cheap. When I was in middle school, pagers and AOL Instant Messenger – anyone still remember that? - were the big thing on campus. In fact, CB and I even expressed our interest in each other via an Instant Messenger chat (ah, the joys of young love). My family had modem dial-up until 2004. Now everywhere I turn, there is this explosion of technology – new gadgets, faster downloads, bigger screens, higher resolutions. It’s exciting, but it’s expensive.

Even not counting the initial cost of purchasing the device, the monthly costs of using and enjoying all the technology out there can be a hefty sum. Think about it. A smartphone plan costs at least $60-$70. A family of four with iPhones can pay $200+ a month. Cable subscriptions cost $20-$50, more if you want premium channels such as HBO. Even readers aren’t immune from the costs – new books on Amazon’s Kindle cost around $10/download. Read 4 books a month and that’s $40. I can go through 4 books a week if they are good ones… so if I weren’t careful, I can spend $160 a month. JUST on books.

For now, CB and I have been pretty successful in keeping our technology/entertainment costs down. We don’t have a TV, we don’t have any premium subscriptions to Hulu.com or Netflix, and neither of us are big gamers (although CB hopes he can be!) so there are no costs for game consoles or money for multi-player-games. I have an iPhone, but my company covers that cost. We also both have personal cell phones. CB has a $35/month plan on his cell phone and my cell phone is covered as part of my parents’ family plan. We do have DSL internet (I would almost argue that is a necessity nowadays), and that costs $40/month. If we do count the costs for the iPhone and my cell phone, our total technology costs would be $160+ a month. I have free books on the Kindle, and CB once purchased a $0.99 book for me (it was a very bad romance novel. I really couldn’t finish it, but then I felt that I’d be wasting that dollar if I didn’t read it, so I just skimmed very quickly and confirmed how bad it was).

How much are you spending per month on technology (cell phone plans, cable, netflix, internet, e-books, data plans, etc.)?

Business Insurance Experts Premierline Direct

Categories: Technology

Spending Money in Las Vegas – Eat, Play, Sleep?

Written by on February 1, 2012 · 14 Comments

I’m heading to Las Vegas this month for a mini-weekend getaway (pulling kind of a #8). Las Vegas has so much to offer tourists - whatever you like, you can probably get it in Sin City. But if your budget is not unlimited, you’ll have to choose what’s on the top of your priority list. So what do you spend your money on? Do you like to eat (try out new restaurants and buffets), play (gambling & shows) or sleep (hotels)?

Eat

I had a few friends who went to Vegas to specifically have dinner at Bouchon at the Venetian. With entrees hovering around the $30-$40 range, it’s the place for folks who like to eat! There are great restaurants inside all the casinos – in fact, I’d say Las Vegas has highest concentration of high-end restaurants all along one street. Where else can you walk from Tau to Guy Savoy to Nobu in less than 10 minutes? But even for someone who loves food as much as I do, I can’t bring myself to shell out the big bucks. I love food, but I feel that I can get better food, for cheaper, in Southern California than I can in Las Vegas. When I travel, I like to try the local specialities of the place , but there’s nothing that particularly pulls my attention to Las Vegas. Or rather, because of my budgetary concerns I refuse to let myself be swayed! So perhaps I’m just a fox crying sour grapes!

Play

If you want to party it up, Las Vegas is the place to be. I was comparing notes with a friend who goes to Vegas quite often about what we like to do and how much we spend, etc. It turns out that she usually stays at Imperial Palace, whose location on the Strip and price outshine its amenities. But that’s OK, because she spend only a few hours in her hotel room while she’s in town. The rest of the time she is dancing up a storm at all the hottest clubs. Cover charges and drinks range from $20/entrance to $60/entrance. If you want bottle service, that can set you back $1,000-plus. If you are a group of girls, my friend has informed me, you can into clubs free or for a discounted rate.

Sleep

me as old lady Spending Money in Las Vegas Eat, Play, Sleep?So if I don’t spend my money on food or entertainment, what DO I spend on? Apparently, I am an 80-year-old stuck in a twentysomething’s body, because more than anything else a nice hotel to rest in is my priority #1. Las Vegas hotels give you the biggest bang for your buck. Because they can count on gaming revenue, the 5-star and 4-star hotels are often cheaper than comparable hotels in any other area. As long as I don’t go during New Year’s Eve or Super Bowl Sunday, the prices are usually very reasonable.

Case in point: the Four Seasons in Las Vegas cost $234/night for a Superior Room on a weekend in April, but the Four Seasons in Santa Barbara cost $605/night for a Superior Room on the same weekend! (Now you understand why we are high-tailing it out of Santa Barbara right after the wedding reception).

So that’s what I spend most of my money on in Las Vegas – the hotel. The other things – eat and play, I try to do on the cheap. We walk around taking in the night lights.  I’ve wanted to see a Cirque du Soleil number but never could pluck down the money for tickets. Instead, we watch the free pirate show at Treasure Island. We try to fill up on a buffet and then have dinner at mid-priced restaurants such as Noodles in Bellagio, where we can get a big steaming bowl of beef noodles for $10/person. When we lounge in the hotel room, it’s truly enjoyable. I watch HGTV, take naps, hang out in the casino for a little bit of slot machine action before we go back to the comfort of our room and lounge all over again.

When I compare notes with my friends, many times we spend about the same. I may sleep on expensive sheets, another friend will have seen Cirque du Soleil, and another have sampled the finest meals at all the restaurants. That’s what’s so great about personal finance – different strokes for different folks! icon smile Spending Money in Las Vegas Eat, Play, Sleep?

What you go to Las Vegas, what’s your spending priority? Eat, play, or sleep? (Or are you a high-roller that goes all out on all 3 elements?)

Categories: Holidays, Luxury

Giveaway: Stiletto Hardware Memory Foam Cushion for High Heels

Written by on January 31, 2012 · 8 Comments

It’s no secret that I love high heels (exhibit A: name of this blog). I stand in them, I walk in them, I even dance in them (exhibit B: tango)! What I don’t love, however, is the discomfort that comes with subjecting your feet to 3-inch – or even higher – heels. I’ve been a frequent user of foam inserts, so when Stiletto Hardware contacted me to try out their memory foam cushions, I said yes enthusiastically.

Stiletto Hardware makes ball-of-foot cushions for high heels and heel cushions for flats. What makes them so special is the top layer of memory foam. It diffuses pressure points and molds to your foot, making them so comfortable! Stiletto Hardware was nice enough to send me a sample pack to try out – and WOW. These cushions make a huge difference, especially in heels that have a very thin insole and when I am on my feet for a long time.

Giveaway large print 300x225 Giveaway: Stiletto Hardware Memory Foam Cushion for High HeelsOther great features include:

  • Sophisticated and thin design
  • Antifungal and anti-microbial
  • Made with Poron
  • Strong adhesive backing but also easy to remove without ruining your expensive shoes
  • Made in USA

Stiletto Hardware has also agreed to sponsor a giveaway. One lucky reader will win a prize package of 3 pairs of insoles (one of each product that Stiletto Hardware currently offers). Please click on the permalink and enter via Rafflecopter.

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Categories: Beauty - Tags:

Dollar In, Dollar Out: What’s The Best Expense Tracking App?

Written by on January 30, 2012 · 25 Comments

For the longest time, I thought I didn’t have to keep track of my spending, I told myself that I make a decent living, I save for retirement, I don’t spend wildly… and it just seems so restrictive to have to keep track of every penny that comes in and out of my wallet.

Incidentally, I’ve always felt that way about calorie counting – hated it, didn’t see the point of it, assumed my metabolism would just take care of everything. But as my dresses fit a little more snug and jeans hung a little tighter, the truth became clear. It’s all a matter of mathematics, and I’m not going to reverse the trend without some serious work. About two weeks ago, after I heard about the app MyFitnessPal through Newlyweds on a Budget, I decided to give it a try. I started counting every bite and every sip. Instead of finding the tracking restrictive, I love knowing exactly where my calories are “spent” on.

The very act of typing in numbers keeps me accountable and keeps me informed, and that’s what I need with my spending as well. After all, saving money is all about math as well – dollar in, dollar out. And it’s mightily hard to control or reduce dollar out when I don’t have any idea how much dollars are going out and what they are going out for. That’s why I am on the hunt for a good expense tracker app, something that does for dollars what MyFitnessPal does for calories, if you will.

  • I’d prefer the app not be linked to my checking or credit card account. I like Mint’s interface, but at this stage of my spending, I need something that forces me to manually enter the numbers.
  • I’d like the app to be able to separate my spending into different categories, and if it has preset categories, allow me to add my own. Little charts and graphs to display the data are always appreciated, but I don’t need anything too crazy.
  • I’d like the app to track income input as well – ideally also support the capacity to separate out taxes, pre-tax medical premiums, etc.
  • There are lots of great paid apps out there, but ideally the app is free. (I think my experience with my MyFitnessPal spoiled me).

Some apps, both paid and free, that I am considering are: ExpenseTracker, iXpenseIt, and Buxfer.

So, I’m asking for your help. Please share in the comments what you use and what you like (and what you don’t like)!

Categories: Budget

10 Ways to Deal with Your Wanderlust When You’re Short on Time and/or Money

Written by on January 27, 2012 · 18 Comments

wanderlust 10 Ways to Deal with Your Wanderlust When Youre Short on Time and/or MoneyI’ve been bitten by a serious case of wanderlust lately. Part of it is the fact that I have not flown since last October, and another part is that I just really cannot wait until our honeymoon to Buenos Aires. What to do, what to do, when you are itching to travel, but cannot (at least not yet) because of lack of resources, whether that be time or finances?

Here are 10 ways to deal with that wanderlust when you’re short on time or money.

  1. Attend a travel convention. That’s what I’m doing this weekend – the Los Angeles Time Travel Show is here, and if I can’t head to London or Barcelona at least I can listen to Rick Steves TALK about the wonders of Europe. (If you want to go, use the code “LATR” or “LATO” for $2 off the $10 admission tickets).
  2. Set up a dedicated travel fund. If one of the obstacles to a trip is money, there’s only one way to resolve that obstacle – with money! Putting dollars away in a specific fund help us prepare for a big vacation – our Galapagos Fund has grown from a twinkle in my eye in April 2010 to $10,000+ now.
  3. Subscribe to well-written travel catalogs with lots of colorful photos and detailed itineraries. OK, this might only make your wanderlust that much more powerful, but it’s a fun way to torture the traveler in you! I especially enjoy Wilderness Travel’s paper catalog (it’s free, and they don’t spam). I have one from last year that I’ve read, cover-to-cover, more times than I can count on my fingers.
  4. Read blogs of folks who have visited the destination of your desire. I am a frequent visitor of this Galapagos trip blog. I try to tell myself that my time will come. 
  5. Plan out an entire trip in your head. From airfare, to specific hotels and restaurants, to entertainment options, to local transportation. Maybe keep a few spreadsheets detailing the budget breakdown of what such a trip will cost. Go back to #2. Repeat as necessary for all the trips that you want to take. Thanks to my penchant for researching and planning trips, I now have the itineraries of Turkey, Paris, New Zealand, and a several other places floating around in my head. Hmmm.. Oops? (I can’t be the only one who does this!).
  6. Host a foreign exchange student or foreign traveler. If you can’t go to Rome, you can bring someone from Rome to your home! If you are ready for a longer-term commitment, serving as a host for a foreign exchange student would be a great way to learn more about that person’s culture. Or sites like couchsurfing will let you play host for a few days.
  7. Pretend to be a tourist in your own city. So many times we forget or overlook the tourist attractions in our own cities, attractions that real tourists pay good money to be able to visit! I’ve been guilty of this. So play tourist for a day – maybe even ask someone for directions.
  8. Go on a day trip. Leave early, come back late means that you save on the hotel costs but can see visit someplace a little bit different from the day-to-day. If you are in Los Angeles, you can make it to Santa Barbara on a day trip. If you are in San Francisco, Monterey (and the famous aquarium) is doable. If you are in D.C., the wineries of Charlottesville are 2.5 hours away. If you are in San Diego, land of perfect 72 degrees, WHAT are you complaining about?! icon wink 10 Ways to Deal with Your Wanderlust When Youre Short on Time and/or Money
  9. Open a rewards credit card to pay for your hotel or flights. Done and done. Of course, only do this if you can pay off your balance in full every month.
  10. Drink wine and pretend you are in Paris. Enough said.

Share in the comments! What effective, unusual, wacky ways do you try to deal with your wanderlust, when you just can’t get away?

Categories: Travel - Tags: , ,

Save vs. Splurge for Wedding Night Hotel

Written by on January 26, 2012 · 23 Comments

What do you do when you realized that you picked a really popular area to get married during the start of the tourist high season? I find myself in that position, as I scour the interwebs for a hotel for our wedding night / mini-moon. It turns out that Santa Barbara - one of my favorite cities in the summer, while a lovely place to get married, is also extremely pricey if you want to stay in a nice hotel to celebrate the start of that marriage. All the hotels and bed-and-breakfasts that come highly-rated cost at least $250+ a night, plus taxes and fees. The places that are a little cheaper, at between $150-$200, have some fairly uncharitable reviews that give me pause. There are some lower-end motels or hotels that are around $150, but I am not THAT frugal.

Still, as much as I enjoy a luxury hotel stay (I do), and as much as I understand that weddings / honeymoons are probably not a time to skimp on accomodations (I do), it pains me to think about spending $300+ when I’ve stayed at gorgeous properties for half that price. On the one hand, I suppose it’s better to just spend a little extra to guarantee a good experience, but on the other hand, it’s so much money. Thus began an internal battle between the personal finance blogger and the bride-to-be.

But then, inspiration! I started looking outside Santa Barbara… and found that by staying in a seaside town a few hours north instead of the seaside town where we are getting married, we will save up to $100/night for a hotel of comparable quality. Instead of $250/night, we can pay $150/night. Three nights stay means a saving of $300, which will be enough to pay for some horseback riding, a nice dinner, and event a jaunt to the Hearst Castle. So here’s our plan: after our day-time wedding, we are going to drive up the Pacific Coast Highway and check into our hotel for a 3-day mini-moon before our official honeymoon to Buenos Aires the week after.

What would you have done in my case? How much would you spend (or have spent) on your wedding/honeymoon hotels?

Categories: Love, Luxury

Win Free Book – When Life Strikes: Weathering Financial Storms

Written by on January 25, 2012 · 1 Comment

Life – and finances – can get pretty tumultuous through the course of 10 or 20 years. What do you do when the inevitable problems crop up? To that end, I am giving away a free copy of Cal Brown’s When Life Strikes: Weather Financial Storms.

From the publisher…

About the book: There are certain life events that are as stressful as they are unavoidable. All of these events may not happen to every individual, but nonetheless they each cause emotional heartache — and financial headache, and Cal Brown has seen them all. Thanks to his years of experience as a financial planner, coupled with various tumultuous events in his own life, Cal is able to give general guidance and specific financial tips to help ease the stress of these inevitabilities. When Life Strikes is an excellent resource for coping with unexpected tragedies, learning how to prepare for them, and looking ahead for the sake of your spouse, children, and personal future.

Author bio:Cal Brown, CFP, MST, has over twenty-five years of experience in the financial services field. He received his master of science in taxation (MST) from American University in Washington, DC, and his undergraduate BSBA degree from the University of Arkansas. Cal is currently an adjunct professor in the MST program at American University, teaching estate planning. Cal is vice president of planning for The Monitor Group in Virginia, a wealth management firm working with over 250 clients and managing approximately $500 million in assets.And if all that isn’t enough, Cal also plays guitar in a classic rock cover band in northern Virginia.

If you’d like a chance to win the book, please click on the permalink to this post and enter via Rafflecopter. Good luck!

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Categories: Blogging, Books - Tags:

Zooey Deschanel: Responsible Celebrity Spender

Written by on January 24, 2012 · 24 Comments

fame not debt Zooey Deschanel: Responsible Celebrity SpenderThe news is full of stories of famous people behaving badly, especially in financial matters. How else would you have actors and former sports players filing for bankruptcy and putting their homes into foreclosure? Well, Zooey Deschanel can teach all those financially-free-wheeling stars a thing or two! The actress in “New Girl” and “500 Days of Summer” apparently revealed her earnings and spending patterns in a divorce filling – showing the world that she’s a responsible spender and saver.

According to information leaked to TMZ, Zooey makes $95,000 a month (or close to $1.2million a year).  But her expenses only average $22,500 per month, less than 25% of her gross income. Some of the expenditures included in that figure are her clothing at $2,000 a month, eating out and groceries at $1,500 a month, and $600 in laundry and cleaning. Plus, Zooey also donates $1,500 a month to charity. Thanks to her earning prowess and living-below-her-means-habits, Zooey has accumulated $1.5 million in cash, plus another $2.3 million in stocks, bonds, real, and personal property. She is setting herself up very nicely for life, and it’s good  to see a star preparing for the future. The divorce filings also show that Zooey only has 3 credit cards (quite a bit fewer than me and some of my readers), and is debt free.

I’ve liked Zooey Deschanel ever since I saw her movie the 500 Days of Summer, but this filling confirmed it for me. She’s a personal finance blogger’s new celebrity crush! Given that Americans have a pretty fervent love affair with celebrities, I wonder if famous people can ever make “saving” and “investing” cool, like the way that a bag that they carry or cars that they drive are cool. I’m not going to be holding my breath… but you know never know!

Categories: Blogging

Gong Xi Fa Cai, Hong Bao Na Lai

Written by on January 23, 2012 · 2 Comments

Saturday was the Chinese New Year, according to the lunar calendar, so Happy Year of the Dragon to everyone!  One of the best parts, aside from the food, the fun, and the family get-togethers of Chinese New Year is the cold, hard, cash. Traditionally, parents, or elders, would give red envelopes stuffed with money to their kids for the New Year. Thanks to some relatives who were visiting this year, we received a little bit extra in our red envelopes. So with the $400 (woo!) we got, we promptly increased our Galapagos Fund to $10,400.

chinese new year Gong Xi Fa Cai, Hong Bao Na Lai

gongxiefacai Gong Xi Fa Cai, Hong Bao Na LaiBy the way, the title of this post is a cute play on the New Year’s greeting in Chinese: “Gong Xi Fa Cai” means “Wishing you a prosperous New Year”, and “Hong Bao Na Lai” means “Red envelope, please!” The two sounds would rhyme in Mandarin. It’s kind of a tongue-in-cheek response. icon smile Gong Xi Fa Cai, Hong Bao Na Lai

I know that many Asian countries (Vietnam, Korea, and Japan come to mind) have money-giving traditions during the Lunar New Year. I’m wondering if there are any other holidays where a giving of money takes place. Share in the comments – I’d be really interested to know!

image source: 123newyear.com

Categories: Holidays

How to increase your chances of landing your dream job

Written by on January 21, 2012 · 1 Comment

This post is sponsored by RBS Insurance, a leading British general insurer.

Despite the doom and gloom in the media about how jobs are increasingly hard to come by, the fact remains that if you maintain a positive outlook and take the necessary steps to stand out from the crowd, you’ll find the right opportunity sooner rather than later.

There are a number of simple, logical moves you can make to increase your employability — things that will help you rise from the mass of identical applicants and straight to the top of the pile.

Tailor your covering letter

Having one well-written ‘catch all’ covering letter will put you ahead of a lot of the field — but to really stand out you’ll need to tailor a new covering letter for each application. The effort won’t go unnoticed and it’s an easy way to score a few vital points before your prospective employer has even got to your CV.

Preen your CV

It’s good to talk yourself up and demonstrate any relevant experience but it’s also important to be concise. Recruiters have a lot on their plate on any given day, so if they come across a four-page CV you can bet they won’t make it through all of it. Try and get yours down to a single page if possible or a couple of pages at most — that’s still enough to entice potential employers with the pertinent information.

Get smart

It might sound like a no-brainer, but if you manage to land an interview dress smartly for the occasion. You may well feel like ‘smart casual’ will be good enough but unless you’ve been told that specifically by the recruiter themselves, don’t take any chances. Don’t turn down a great chance to make a good impression from the off.

Read up

If you’re heading to an interview, don’t expect to be able to just turn up and dazzle them with your natural wit and charm. It’s vitally important that you’re able to demonstrate knowledge of the company that you claim to want to work for. An early question is likely to be: ‘Why do you want to work here?’ If you can’t answer that well, then you may as well not turn up at all.

Get ahead

A sure fire way to stay two steps ahead of the majority of your competition is to gain relevant experience in your chosen field. For instance, if you’re having trouble landing insurance jobs, scour the internet for news of work placement opportunities or internships within insurance companies. Not only will it look fantastic on your CV, but you’ll also make valuable contacts or even put yourself in the frame for permanent work at the company that takes you under its wing.

Categories: Sponsored, Work

How Many Credit Cards Do You Have?

Written by on January 18, 2012 · 30 Comments

credit card juggling act How Many Credit Cards Do You Have? Credit cards, some people love them, some people hate them. For some, even one is too many, and other apply for 6+ cards every year (see: credit card points bloggers). On Twitter there was a thread with Brad at Enemy of Debt about the number of credit cards that people have. That got me curious. Before 2011, I only had one credit card and in fact wrote about how happy I was that I only had one card. Then I started reading travel/credit card points blogs, and realized how with a little bit of effort, I can get some cool travel experiences for not so much money. Now I have 5 credit cards:

  • Citi Thank You Card, no annual fee
  • Chase Hyatt Visa, $75/year fee
  • Chase British Airways Visa, $95/year fee (looking to cancel this one soon)
  • American Express Starwood Preferred Guest, $65/year fee, first year waived
  • American Express Hilton Honors, no annual fee

I just applied for my sixth card, the Chase Sapphire Preferred Visa for it’s 50,000 points bonus and the Ultimate Rewards network. Because I pay for almost everything on credit cards, I look for ones that will give me great sign-on bonuses and everyday rewards. To make them worth it, I practice SAFE credit use – I pay off my balance every month (OK, I’ve forgotten once or twice, but I call the credit card company to request a courtesy refund of the late fee, which I almost always get) and I keep a low credit utilization ratio. That’s not hard, because my total available credit tops $40,000, and the most I ever have on there is maybe $5,000 – and that’s with a few big purchases – before I pay off the monthly balance.

I wouldn’t keep signing up for cards if I expect to take on a loans in the next two years, but since I am still several years off from buying a home, and my credit is strong, I can take the credit inquiries that card applications “cost”. To keep track of my cards, I have an excel spreadsheet with the card’s name, the minimum spend requirement to hit sign-on bonuses, and the due dates. In addition, I try to use all of them at least once every few months so that I have some sort of activity on there.

How many credit cards do you have? How many do you think is too many?

Categories: Credit

Seeking: Words of Wisdom for Newlyweds

Written by on January 18, 2012 · 21 Comments

Most of the folks in the personal finance blogosphere have probably heard about J.D.’s announcement on Get Rich Slowly. At last view, the post had over 350 comments. I don’t have anything of value to add, except to say that I wish the best for both J.D. and Kris, and also admit that I was caught off guard by how heavily this news hit me.

land of marriage Seeking: Words of Wisdom for Newlyweds

I am getting married in June. I said yes to the dress and CB got his ring and we are planning out our honeymoon. On our wedding website, I talked of us embarking on this “grand adventure called marriage” together. Then I realized, this institution / commitment / relationship called ”marriage” is an adventure… in a strange land that we have never been to. We talk about what we think it will be like, what the terrain may be, the hills and valleys. We have some maps, but we don’t know how accurate those maps are or whether new obstacles will sprout in the future, blocking off roads that we thought we can navigate. We have a compass, but that compass might break or be lost on the way. We’ve heard others’ stories about their journey to that strange land, but we know that while the same wind, streams, and animals may exist for us, but their presence or dissappearance will be one we have to experience on our own.

So, there is a lot of excitement about this adventure together. But there is trepeditation as well. Not of who we are now, or how we feel about each other now, or our commitment now, but of who we will be in 10 years, 25 years, 50 years. Who we will become. How we feel about each other then. Our commitment through trials that we have not yet experienced and indeed, probably have not even foreseen. There are many studies out there on the financial consequences of divorce. And as this is a personal finance blog that might be what I should talk about. But money is money – it’s just money – I have confidence in myself that I can make enough. Love, trust, a shared sense of history – that’s a whole another thing. That’s what I am afraid to lose to an unhealthy marriage or a divorce.

My fiance and I met ten years ago in high school, and we have certainly changed during those ten years. I have no doubt we will change during the decades to come. In fact, two months after we get married I will be starting my MBA program and CB will likely be in another graduate school program in another state. People change, goals change, health and finances change, distances change. What we want out of life might change. How do we grow together and not apart?

I’d like my readers, especially those of you who have been in long marriages or have reconciled from conflict or separation, to impart some words of wisdom for this pair of soon-to-be-newlyweds.

Categories: Love

Income, Goals, and What Is “Enough”

Written by on January 16, 2012 · 32 Comments

That’s the big question, isn’t it? What is “enough”?

When I asked about saving for a down payment while still maintaining contributions to retirement accounts and fulfilling our travel dreams, StackingCash, a long-time reader, commented that my income isn’t enough for my goals. When I read that comment, I was taken aback at first, I thought “I make OK money, and our goals aren’t that outlandish!” But StackingCash is right. We don’t have “enough” income to fulfill our goals.

comment on goals income Income, Goals, and What Is “Enough”

Don’t get me wrong, I recognize that in a country of 8%+ unemployment and even higher underemployment, many folks are struggling. We are lucky in many ways. Adding up salaries, bonuses, overtime pay, and some freelance work, our 2011 gross household income hit $140,000. That’s the highest number it has been and will be for at least a few years, given that we are both planning on going back to graduate school this year.

That number is also higher than many families’, including CB’s family. It is apparently high enough to place us into the top 25% of household income in the country. But that number is not so high when we look at all things we need and want to pay for, now and in the future. I don’t say this to complain, “oh poor us.” We are thankful for what we have, but I also know that to fulfill our goals for the long-term, we need to make more. The bottom line is, we need to focus on progressing our careers and increasing our income. With two professional careers in relatively-well-compensated (but certainly not the most lucrative) fields, hard work, some luck, and ingenuity, I don’t think it’s unrealistic for us to make a combined gross household income of $250,000-$300,000 in our peak earning years. Also, $300,000 in 10 years will not mean the same thing as $300,000 now.

Again, the question: How much money is enough? Doubling our income to $280,000 or beyond for several years would make a material change in our lives: more aggressive retirement savings, a bigger down payment and quicker mortgage payoff, money to invest in rental properties, more travel (certainly more luxurious travel!), and more resources for helping our families. Imagine if CB and I can consistently max out all of our retirement accounts – 401K/403b and Roth IRAs – and have enough money to pay off our home and go on big travel every year? Or if we can send our parents on around-the-world cruises and fly them first class. Imagine what an amazing gift that would be.

On the other hand, I’m sure that I have readers who do make $300,000 who have obligations and goals that require an even higher income. I remember when we made $70,000 combined a couple of years back, I was laid off for part of the year and CB haven’t gotten a full-time job yet, and I was driving myself crazy trying to figure out how to make sure both of us were still on track and saving for retirement. Now money is less tight, and we’ve been able to save more for a few big goals and spend more on some little things, but it’s quite amazing how easily we have adjusted to having more money. What if we do make $300,000 in 10 years, what if our wants increase in tandem with our income? What if instead of staying at a hostel we now are only comfortable at 4-star hotels? What if instead of a 3-bedroom home in the mid-$400,000s, we want a 4-bedroom home in the high-$900,000s. What if I become addicted to Louboutins? (tongue-in-cheek… kind of).

Will our income be enough to accommodate our goals and wants then? Wants are infinite. Financial resources – for most of us – are not. I want to be very careful that we realize that money is a means to an end, and not the end itself. And that – this is very important – not to confuse our income with our self-worth. Not to let income determine how we relate to each other, especially not in our marriage. It’s a balancing act: to strive to make more money but also to recognize that just more money isn’t the answer to everything. It’s a balancing act that we are trying to work on, every day.

How much money do you make now (feel free to comment anonymously), and how much you think you’ll need to make to have it be “enough”?

Categories: Goals

Are Travel Flash Sale Sites Really Cheaper? Do Your Homework Before You Buy

Written by on January 11, 2012 · 8 Comments

As someone who (1) loves to travel, (2) enjoys luxury, and (3) has a budget, I was so happy when travel flash sale sites started popping up a few years ago. These sites host “flash sales” on hotels, cruises, vacation packages, or even airfare. The sales last for a few days and is often final sale, and in exchange consumers are supposed to get a deal that’s much better than what is available on the travel vendor’s own website. But don’t assume that you are automatically getting the best price. In some cases, you won’t be saving money going through travel flash sale sites – you’ll actually be paying MORE by going through a flash sale site.

Case in point

Last night, I was looking up hotel options for our honeymoon to Buenos Aires, Argentina. Jetsetter, Gilt.com’s travel site, features several hotels in the city. Palermo Place caught my eye – Jetsetter offers me a price of $235/night rack rate. Sounds pretty good, right? The picture below is of Jetsetter’s checkout page – as you can see, 4 nights over a weekend in May will cost $1,132.

jetsetter hotel price3 Are Travel Flash Sale Sites Really Cheaper? Do Your Homework Before You Buy

But wait! On Tripadvisor.com, Palermo Palace is advertising a 30% off special, which would make it cheaper than Jetsetter. So I input the same dates, the same room type, and same number of nights at the hotel, and it turns out that booking directly with the hotel would only cost $796, $300+ cheaper than the Jetsetter price. $300 is no chump change, especially in Buenos Aires where it’d be enough for several very nice meals, a bunch of leather souvenirs, and more than a couple private tango lessons!

palermo place price1 Are Travel Flash Sale Sites Really Cheaper? Do Your Homework Before You Buy

So this is what I’ve learned - always, always do your homework. It is easy to assume that travel flash sale sites have the best deals. After all, that’s what they are there for. But it only takes a few minutes to do a quick search on the Tripadvisor, the hotel or cruise website, and Google. You might discover that the so-called deal isn’t that great of a deal given what other discounts or specials are out there. Or, you might confirm that it is truly too good to pass up (our proposal weekend bed & breakfast was $149 on Living Social Escapes but $280+ on the hotel’s website). In that case, click buy and enjoy the trip!

Do you use travel flash sale sites? Have you found that they are more or less expensive than other sources?

Categories: Luxury, Travel - Tags:

Giveaway: Ghirardelli Gourmet Milk Chocolate Gift Packs

Written by on January 9, 2012 · 56 Comments

Is there anything in the world that’s better than rich, indulgent chocolate? (OK, maybe, but not many…).

ghirardelli chocolate giveaway Giveaway: Ghirardelli Gourmet Milk Chocolate Gift Packs

That’s why I’m so excited to be working with Ghirardelli on a giveaway to promote their new Gourmet Milk line of “upgraded milk chocolate.” Two lucky winners will receive a gift pack includes 4 bars of each of the following flavors: Gourmet Milk Creamy Devotion with rich and creamy 32% cacao milk chocolate, Gourmet Milk Sea Salt Escape with sea salt and roasted almonds and Gourmet Milk Coconut Rendezvous which features toasted coconut flakes. That’s 12 bars in a gift pack!

One of my favorite things to do is to kick back at the end of the day with a good book, a cup of tea, and a bar of chocolate or a few pieces  of truffles – purchased with my chocolate budget, of course. It makes me feel positively indulgent when I do that, and it’s much cheaper than going out. Besides, life is just sweeter (pun intended!) when it includes chocolate. And you better gather ye chocolates while ye can – after all, our favorite cocoa treats be as expensive as caviar in 20 years.

Please see the Rafflecopter form below (click here to see the permalink) for ways to enter.



a Rafflecopter giveaway

Categories: Blogging, Food - Tags: ,

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