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Saturday Roundup

: Image via Wikipedia

This weekend, my wife is spending three days scrapbooking, which makes it a great time to visit my parents and let my niece and nephew entertain my girls for me.

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Following your passion doesn’t always pay the bills. Sometimes, there is a tangent that can cover the mortgage while still allowing you to do what you love.

Not everyone enjoys it, but cooking isn’t hard. It’s not even a talent, but a skill that can be learned. Winging it, or creating your own dishes is a talent.

Did you know the spork’s predecessor was invented thousands of years ago?

Here’s a site to help you avoid conflicts with local customs when you travel.

Potluck game night. I think we need to make this happen at our house.

Carnivals I’ve Rocked

6 Ways to Stretch a Meal was an Editor’s Pick in this week’s Festival of Frugality. GenX Finance rocks.

Cheap Drugs – How I Saved $25 in 3 Minutes was included in the Carnival of Personal Finance.

Questions From a Reader was in the Carnival of Money Stories.

Thank you!

If I’ve missed anyone, please let me know.

The Consumer Action Handbook is a book published by the federal government for the express purpose of giving you “the most current information on all your consumer needs.” In short, the Consumer Action Handbook wants to help you with everything that takes your money.

The best part? It’s free.

The book covers topics ranging from banking to health care to cell phones to estate planning. It covers both covering your butt in a transaction and filing a complaint if things go poorly. It explains the options and pitfalls involved in buying, renting, leasing, or fixing a car. You can learn about financial aid for college and maneuvering through an employment agency. And more. So much more.

I’m not sure if you’ve noticed, but I spend quite a bit of time explaining scams and how to avoid them. This book has provided some of the source material for that theme.

It’s 170 pages on not getting screwed, either through fraud or ignorance. Every house should have one. Really, the list of consumer and regulatory agencies alone is worth the price of admission, which–if I wasn’t clear earlier–is $0.

To get yours, go to http://www.consumeraction.gov/caw_orderhandbook.shtml and fill out the form. You can order up to 10 at a time, so pick a few up for your friends and family. They won’t complain, I promise.

Anchor Price Your Salary

Finance

: Image by Dalboz17 via Flickr

Conventional wisdom says that, when negotiating your salary or a raise, you should make whatever crazy ninja maneuvers it takes to get the other person to name a number first.

Horse pellets.

Have you ever watched an infomercial? Those masters of of impulse marketing geared towards insomniacs, invalids, and inebriates?

“How much would you pay for this fabulous meat tenderizer/eyelash waxer? $399? $299? No! If you call within the next 73 seconds, we will let you take this home for the low, low price of just $99.99!”

That’s the magic of anchor pricing.

The first number you hear is the number you will base all further numbers on. If you hear a high number, other lower numbers will feel much lower by comparison. The number doesn’t even have to be about money.

There was a study done that had the subjects compare a price to the last two digits of their social security numbers. Those with higher digits found higher prices to be acceptable, while those with lower prices only accepted cheaper prices.

What does an infomercial marketing ploy have to do with your salary?

If you are negotiating your salary and your potential employer gives a lowball offer, every higher counteroffer after that will much, much higher than than it would otherwise. On the other hand, if you start with your “perfect” salary, they amount you will be happy to settle for won’t seem to be nearly as high to the employer. At the same time, you will be less likely to accept a lowball offer if you set your anchor price high.

For example, if you are looking to make $50,000:

The employer offers you $40,000. $60,000 seems too high by comparison, so you counter with $50,000, then compromise and settler for $45,000. Or, you could start at $60,000, making the employer feel that $40,000 is too low, so he counters with $45,000, leaving a compromise at $52,000. That’s a hypothetical $7,000 boost, just for bucking conventional wisdom and taking a cue from the marketing industry.

How have you negotiated your salary?

How to Prioritize Your Spending

Finance, Uncategorized

Don’t buy that.

At least take a few moments to decide if it’s really worth buying.

Too often, people go on auto-pilot and buy whatever catches their attention for a few moments. The end-caps at the store? Oh, boy, that’s impossible to resist. Everybody needs a 1000 pack of ShamWow’s, right? Who could live without a extra pair of kevlar boxer shorts?

Before you put the new tchotke in your cart, ask yourself some questions to see if it’s worth getting.

1. Is it a need or a want? Is this something you could live without? Some things are necessary. Soap, shampoo, and food are essentials. You have to buy those. Other things, like movies, most of the clothes people buy, or electronic gadgets are almost always optional. If you don’t need it, it may be a good idea to leave it in the store.

2. Does it serve a purpose? I bought a vase once that I thought was pretty and could hold candy or something, but it’s done nothing but collect dust in the meantime. It’s purpose is nothing more than hiding part of a flat surface. Useless.

3. Will you actually use it? A few years ago, my wife an cleaned out her mother’s house. She’s a hoarder. We found at least 50 shopping bags full of clothes with the tags still attached. I know, you’re thinking that you’d never do that, because you’re not a hoarder, but people do it all the time. Have you ever bought a book that you haven’t gotten around to reading, or a movie that went on the shelf, still wrapped in plastic? Do you own a treadmill that’s only being used to hang clothes, or a home liposuction machine that is not being used to make soap?

3. Is it a fad? Beanie babies, iPads, BetaMax, and bike helmets. All garbage that takes the world by storm for a few years then fades, leaving the distributors rich and the customers embarrassed.

4. Is it something you’re considering just to keep up with the Joneses? If you’re only buying it to compete with your neighbors, don’t buy it. You don’t need a Lexus, a Rolex, or that replacement kidney. Just put it back on the shelf and go home with your money. Chances are, your neighbors are only buying stuff so they can compete with you. It’s a vicious cycle. Break it.

5. Do you really, really want it? Sometimes, no matter how worthless something might be, whether it’s a fad, or a dust-collecting knick-knack, or an outfit you’ll never wear, you just want it more than you want your next breath of air. That’s ok. A bit disturbing, but ok. If you are meeting all of your other needs, it’s fine to indulge yourself on occasion.

How do you prioritize spending if you’re thinking about buying something questionable?

Why I Hate Payday Loans

Finance

I hate payday loans and payday lenders.

The way a way a payday loan works is that you go into a payday lender and you sign a check for the amount you want to borrow, plus their fee. They give you money that you don’t have to pay back until payday. It’s generally a two-week loan.

Now, this two week loan comes with a fee, so if you want to borrow $100, they’ll charge you a $25 fee, plus a percent of the total loan, so for that $100 loan, you’ll have to pay back $128.28.

That’s only 28% of actual interest; that’s not terrible. However, if you prorate that to figure the APR, which is what everyone means when they say “I’ve got a 7% interest rate”, it comes out to 737%. That’s nuts.

They are a very bad financial plan.

Those loans may save you from an overdraft fee, but they’ll cost almost as much as an overdraft fee, and the way they are rigged–with high fees, due on payday–you’re more likely to need another one soon. They are structured to keep you from ever getting out from under the payday loan cycle.

For those reasons, I consider payday loan companies to be slimy. Look at any of their sites. Almost none are upfront about the total cost of the loan.

So I don’t take their ads. When an advertiser contacts me, my rate sheet says very clealy that I will not take payday loan ads. The reason for that is–in my mind–when I accept an advertiser, I am–in some form–endorsing that company, or at least, I am agreeing that they are a legitimate business and I am helping them conduct that business.

In all of the time I’ve been taking ads, I’ve made exactly one exception to that rule. On the front page of that advertiser’s website, they had the prorated APR in bright, bold red letters. It was still a really bad deal, but with that level of disclosure, I felt comfortable that nobody would click through and sign up without knowing what they were getting into. That was a payday lender with integrity, as oxymoronic as that sounds.

Cut Your Business Costs with Eco-Friendly Energy

Business

This is a guest post.

Improving your carbon footprint can fall low on the list of professional priorities for many business owners. Yet, as we all become increasingly aware of the implications of ecological practices, opting to go green is an appropriate business decision.

As suppliers and business to business contractors tailor their products in favour of conservational customs, it is likely that adopting eco-friendly operations within your company will benefit both your books as well as the environment.

By making small, uncomplicated steps, government research proposes that, together, UK businesses could save in the region of £23 billion per annum. This proposed figure suggests that snubbing sustainable efforts is at an economic cost to owners individually, in addition to any ecological expense.

As the importance of your carbon footprint is established, deciding which areas within your company can be conveniently ecologically enhanced is a simple way to get started.

Speak With Your Energy Provider

Many energy providers now offer guidance to their customers surrounding any eco-friendly improvements that could be made.

Business electricity from British Gas comes complete with free energy efficiency advice to help ‘cut down your energy consumption and reduce your electricity bill’. The advantages of this initial consultation are augmented by the ongoing provisions incorporated in all business electricity from British Gas packages.

Select a supplier who is willing to help you and your business reduce the impact of your Climate Change Levy (CCL) and is eager to invest in renewable energy resources.

Say ‘Goodbye’ to Guesstimates

According to research completed by British Gas in 2011 ‘companies typically spend as much as 46 per cent of their energy usage outside of business hours’.

Although it is relatively easy to predict the periods when your business’ energy usage is at its greatest, monitoring your actual consumption may highlight any unexpected wastage.

A facility such as Business Energy Insight™ – available with business electricity from British Gas – does exactly what it says on the tin, giving consumers an awareness of their confirmed energy consumption.

Combined with accurate meter readings from Smart Metering or similar, energy insights eliminate any estimation and uncertainty. Through this perceptiveness, business consumers are able to monitor, measure and model their energy utilisation, saving money and resources.

Don’t Go It Alone

Being unsure of how to go green is one of the reasons many businesses choose to linger with standard systems. As well as expert assistance from energy advisory services, schemes are in place which can structure your steps into the world of energy efficiency.

The IEMA Acorn Scheme presents a progressive profile of six stages for business owners to accomplish. These stages ensure that legal requirements are covered and can be completed over a phased period to fit with other business demands.

On completion of the scheme, an IEMA Acorn Certificate is attained to confirm your businesses compliance with British Standard (BS) 8555. Your details are also entered onto the IEMA Acorn Register.

Organically Positive PR

Every organisation needs their Unique Selling Points. Though your services, products or facilities may speak for themselves, going green is the current way to enrich your business.

Clients and customers want to buy from those they trust and often those who follow an ethical ethos. Choosing to ‘go green’ and consistently demonstrating and delivering ecological practises will verify the concerned culture of your company.

While investing your time into employing eco-friendly systems may not reap instant rewards, the positive connotations surrounding conservation will always ensure that you are ahead of the game when in competition with a company that doesn’t deliver on these principles.

Whether you choose to be officially certified via IEMA Acorn or you simply state your environmental policies on your website and company literature, being ecologically aware can cause an upturn in capital as well as cutting resource costs.

Taking Things Further

When you are hoping to tackle more than the basics and want to do more to aid our environment, there is a myriad of informational services willing to help.

Making this move doesn’t have to cost the earth, business grants are available to help you render these affirmative changes. Check online at www.grantsgreenmachine.com for any that may be applicable for your industry.

Locally, councils may be able to offer either erudition or funds specifically appropriate to your project within your region.

Conservation doesn’t have to be costly; check your books and you may find that going green could profit both your environment and your enterprise.

Search Results for: debt-burnout/budget-lesson-part-5/subscribe-by-email/living-the-xbox-life-on-an-atari-income/contact-me/money-problems-day-1-setting-goals

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