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One thing I stress to all the young ones I know is the importance of saving in your youth. Unfortunately, the younger a person is, the less they seem to think about the future. There are so many good options for young people trying to plan for the future. Besides normal savings accounts you could consider opening a Roth IRA account or a traditional IRA that comes with additional tax benefits. Remember that your investments are really worth a lot more the earlier you start.

One important aspect of saving that young people often neglect is budgeting. It is very important to budget so that you don’t look at your end of month bank statement and wonder where your money went. When you manage an organized budget, you can tell where every cent goes and thus can cut back where needed. For example, young people tend to spend a ton of money on going out to eat, but usually they don’t realize how much it really costs them until they see it on paper. If you eat out 3 times a week and spend $20 each time, you’re already spending $240 every month. And if you dine in you’re probably looking at a lot more. The most powerful budgeting tool in my opinion is on most of your computers right now. Excel has all you need to budget wisely.

After you have a set budget on paper, you can start allocating a portion to savings. Now that you can see exactly where your money is going, you can pick an amount you are comfortable with to be directly deposited into a savings account every month on the day you get paid. It is important to include the savings in your budget and treat it like a house or a car note. It must be paid every month. If at all possible make it a direct deposit so that you have no choice. Also I mentioned to do it on the same day you get paid. This will help you see that this amount is not really yours for spending. If it leaves your checking account on the same day your check comes in, you don’t have any time to accidentally spend it or time to justify spending it on something that YOU REALLY DON’T NEED! LOL.

By budgeting and saving from an early age, you can insure that you will have a safe financial future. But who knows I might lose a bunch of it in the stock market. Lately I have been learning how to trade options in the market, and have been doing pretty well for the time being, but even that is not too stable.

Well guess what folks… We are moving from our apartment to another apartment thats a bit nicer and less expensive. Talk about stress! The next couple weeks are going to be nuts. When you are moving things can get costly two. You gotta have a game plan or you could be losing money that you could have saved.

Here are a few tips which should help you to save some loot and put that towards something more important down the road (like a new flat screen tv… NOT!!).

1. If possible, move everything out a day or 2 in advance so there is no overlapping time that you have to pay for at your current apartment or home you might be renting.

2. Don’t lose your deposit. If you paid a high deposit, then make sure you leave everything clean and in good repair so you get it back.

3. Make a decision about the moving expenses of your furniture. Sometimes its cheaper to just get rid of the big things you have rather than trying to haul it to another city if you are moving out of town.

4. Moving supplies can get expensive. Don’t buy boxes from a moving company. Go get boxes from a local grocery store. They usually don’t mind since they are recycled anyways.

5. Make sandwiches during your moving ordeal. It can be easy to justify eating out for the next several days during the moving process because you emptied out the refrigerator, or because you feel to tired to make anything. Remember… there are already expenses involved with the move by itself. Save as much as possible, you might need that money later on.

6. If you work Monday-Friday, make your move count, and move on the weekend so there is little interference with your current job unless you got a new one. Remember, timing is going to be crucial on multiple things, so focus on making a smooth transition.

I think thats about all I have for right now. Maybe I will share with you how I got more space and will be paying less on my new apartment in the next post. Time for a beer

Well the other day I went to Best Buy, and decided to browse. My laptop battery is gone and so it requires me to keep things plugged in all the time. Not too fun, but not anything that will kill me.

So I start getting the idea in my head that I want to get one of those little mobile internet PC’s that are good for mainly browsing.

Could I justify that I should get one since after all my laptop wasn’t so mobile anymore? I stopped to ask myself some serious questions.

Why do I need this? Can I live without it? Will it really be of great benefit or is it just a novelty that will wear off like everything else? (Thats a long one) Will I really just be blowing money I don’t have to spend?

I am proud to say that after looking over the sleek and cool small PC’s, that I have resisted the temptation to buy one. In all honesty, I really don’t need one, and when do I actually not have a plug when I take my laptop with me to a friends house or stay at a motel occasionally?

If you don’t need it, resist the temptation to spend money that you can’t recoup in some valuable way. That makes me think of all the other gadgets which we could forgo. Hmm…… I may have to talk about that next time.

Well I haven’t written in a few days, and I thought I would write about being broke. It’s not something that we like, but it is a fact of life. The question is can we take something positive away from it once we get money?

Here is what I would like to propose to all of you that have debt, and are broke right now. Take this as a learning lesson. Lets break this down for a moment. When you have money in your pocket, you can easily spend it on things you think you need. When you all the sudden are broke you are able to somehow get by. It really comes down to having options.

Here is what I want you to do. When you get your next pay check or get money from somewhere, I want you to continue in the mindset you had when you had no money in the bank or in your pocket. Pay all your bills first, then buy groceries, then whatever you have left, put it in a jar, or put it all in a savings account. Make sure you have just enough for gas to get around for the next week or 2, and live broke!

This is going to accomplish several things. It is going to prepare you for when you really are broke, and it is going to teach you to live within your means. living within our means is probably the thing that gets so many of us in trouble and in debt. But enough on that. That for another day.

My budgeting talk may not be as snazzy as J over at BudgetsAreSexy.com, but I can tell you one thing. I did bring lunch today and yesterday. The new article he wrote on bringing lunch or buying lunch reassured me I was doing the right thing when today all my co-workers asked me if I was going to eat Quiznos  (chicken carbonara fan), and I replied with a…”I think I am going to eat my bowl of soup I brought.” Yes it sucks sometimes but you gotta do it. I can’t even begin to tell you folks how much loot I was spending on eating out before I came to my senses.

Lets just say on the low end I was spending 6 bucks a day on food. Multiply that times 30 days a month. Thats $180 bucks just on lunch. Wowsers!

But lets just talk about the type of food you eat at work if you BYOL (bring your own lunch). I ate soup today that consisted of lentils, celery, ham pieces, spices and garlic. This meal in all cost about $6 bucks to make and will last me at least 6 meals. Now I don’t know about you but I can’t stomach PB&J all week like J can.

What I can tell you is that you can still have a tasty meal despite the fact that you aren’t going to eat with your co-workers during the week. Another great meal that I am going to eat tomorrow is pasta with italian sausage. The total cost of that meal was 8 bucks and will feed me about 5 times.

Enough about what I am eating, the point is that unless you want to throw away money that you will never see again eating lunch then “BYOL”. Here is how I try to look at things. Lunch is cheap, but Dinner time can be nicer. If you are already blowing money eating out for those 2 meals, at least cut back on one. In the process you should be able to save yourself a cool $150-250 a month.  Good thing I don’t drink Starbucks or I would really be screwed

I have always wondered why people want to go look at things they want  when they don’t have the money to buy it. Lets look at why staying away from the shops and for you ladies, the mall can be important.

There are those that buy on impulse, and there are those that buy because they feel they need something. The impulsive buyer can always justify needing everything, and the person that buys based on  need will purchase something they have been wanting for a long time whether they need it or not, because they feel they need it.

Here is what I am saying. If you think you need something, are you getting along without it now? If you want something, are you getting along in life without having it now? If the brutal answer is yes, then stay the heck away from going to places you know you have no business at. I’m not saying to never treat or buy yourself anything. I’m merely stating that when you avoid something that is tempting all together you make things a lot easier on yourself. You also help yourself to stop dwelling on what you don’t have.

Personal Example

Let me give you an example. I have been wanting a new dining table for a while. Whats wrong with the dining table I have now? Absolutely nothing. So then we could all agree this is a want rather than a need. Now I can easily justify that the table we have now is too small and just is not conducive for us to have more than a couple guests to our home for a meal, but then that would be justifying me buying a table today. Whats the solution to making sure I don’t go out and blow the money we don’t have on a new one? Don’t go to Ikea! Simple as that. I also am not going to browse the web looking at new tables either.

What’s the Solution

So you still have something specific that you really want, and you don’t have the money for it. The solution is simple. Start a separate fund to purchase that item. Be patient and budget out how much you can afford to save each week for that specific thing you want. If you already know what the general price for it is, then save up to that amount, and then begin searching for a better deal online, or checking on weekend specials. Once you find it at a lower price, then pocket the difference you saved and start a new fund. Congratulations… you just got a jump start on a new savings fund. Remember that being frugal is not about buying what you want even when you have the money the money to do so. It’s about saving money even when you don’t need too.

There is a pretty witty method that people have been using to make money as affiliates for several products which tell you they will teach you how to make money by placing links on Google. It appears to be legit when you look at the referring site, and here is why.

You may actually be on a legitimate site such as CNN or even NYTimes.com who recently also had an article on this method. What you might see is sponsored ads somewhere on the page. Since you know that you are already on a trusted site, you might click on that ad which might be entitled “Make Money From Home” or “How I Make $5000 A Month With Google”. Once you click on this ad link, you will be taken to a site that appears to be a news site reporting about someone who has gotten paid to put links on Google. Just to make things even look more believable you will even find comments on the same page of other people who say they have tried it, and also made money. Obviously this is just to lure you in to signing up.

The real enticing call to action from these scammers is that it will only cost you a couple bucks for shipping to receive the free program. But in reality you will be signing up to be billed on your credit card for $40 or $50 per month.

Below is a simple illustration of how it works.

I want to welcome you to a new finance blog I have started. Basically I want to share tips that I have found beneficial with my daily finances, and also share what I have on the web which helps you to be a bit mre practical with how you spend money.

Much of what I will be writing is just as beneficial to me. I am no expert by any means, but what you will find here is just a reinforcement of what I believe and am working on applying in my life.

I invite you to comment and express your views. We are all on a journey to reach goals. Sometimes we just reach them in different ways. I am interested in hearing your ways of reaching goals just as much.

Thanks for reading, JC

As people continue to look for a way to invest in something profitable, what was once a simple and safe way to make a nice return on investments has now become quite withered up. Bank CD rates have not only gone down, but are at the lowest point they have ever been in history.

For those who were able to lock in a long term investment with banks, they have been able to receive the high yields that they got with their banks when they set up their CD.

Others who have less money, and have been looking for a shorter term Bank CD, have been forced to wait, as rates have gone well below even 2%. most of the larger banks offer the lowest rates compared with local banks. Chase CD rates for example are beating the national average, but are still one of the lowest with interest rates than most other banks.

Will things change at all? Most believe we are still under a serious depression, and that things will only get worse going into 2010, which is the earliest we would even begin to see some change.

For more information on cd rates locally, you may want to get in touch with a bank that is near you and see what current rates are at the time of this writing.

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