Comments on: Best PF practices of the year! http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/ Fri, 12 Mar 2010 09:03:44 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Your HELOC is NOT Your Emergency Fund http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-26772 Your HELOC is NOT Your Emergency Fund Mon, 29 Sep 2008 15:03:17 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-26772 [...] dramatic step. If you don’t have $1000 or the money to cover 3 months living expenses, start snowflaking it today. Because credit is just potential [...] [...] dramatic step. If you don’t have $1000 or the money to cover 3 months living expenses, start snowflaking it today. Because credit is just potential [...]

]]> By: Blog Half-Year Party! http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-13178 Blog Half-Year Party! Sun, 02 Mar 2008 23:59:04 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-13178 [...] Best Personal Finance Practices of the Year — A mega-post of everyone’s tips on the best personal finance practices they’ve discovered in the last year. Title’s pretty self-explanatory. If there’s something you started doing last year that you’d like added, just let me know…I’m still taking submissions. Maybe I’ll do another one next December. [...] [...] Best Personal Finance Practices of the Year — A mega-post of everyone’s tips on the best personal finance practices they’ve discovered in the last year. Title’s pretty self-explanatory. If there’s something you started doing last year that you’d like added, just let me know…I’m still taking submissions. Maybe I’ll do another one next December. [...]

]]> By: cybele http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-10780 cybele Sun, 10 Feb 2008 16:27:16 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-10780 In the old days when cheques were used more than online banking, I used always to "round up" to the nearest 5 or 10-cent amount when I balanced my chequebook. That is, if the amount was $15.47, I'd subtract $15.50. And anything over $15.85 became "$16.00." Those "virtual pennies" added up (and saved me a bunch of aggravation because I don't like math)...and at year end, you'd be surprised how much you can then transfer to either paying something off or sticking into a savings account. You can't tell exactly how much the amount is unless you're keeping track (not my thing) but you can take a pretty good guess. I know it doesn't work for everybody, but it worked for me. My best tip, though, is...don't spend it if you don't have it or don't have a way to earn it. I've been poor and it's not fun. And...read all the catalogs you want, turn down the pages, and then...throw them away! Also...buy the best quality you can afford, rather than buying a lot of poorer quality things...they last longer and look/wear/feel better. And it saves space in your closets and makes you feel orderly. Think French for clothes -- good quality and fewer with a nice scarf or belt -- Italian for food -- best quality and do as little as you can. Gosh, how old-fashioned and stuffy, but... In the old days when cheques were used more than online banking, I used always to “round up” to the nearest 5 or 10-cent amount when I balanced my chequebook. That is, if the amount was $15.47, I’d subtract $15.50. And anything over $15.85 became “$16.00.” Those “virtual pennies” added up (and saved me a bunch of aggravation because I don’t like math)…and at year end, you’d be surprised how much you can then transfer to either paying something off or sticking into a savings account. You can’t tell exactly how much the amount is unless you’re keeping track (not my thing) but you can take a pretty good guess. I know it doesn’t work for everybody, but it worked for me.
My best tip, though, is…don’t spend it if you don’t have it or don’t have a way to earn it. I’ve been poor and it’s not fun.
And…read all the catalogs you want, turn down the pages, and then…throw them away!
Also…buy the best quality you can afford, rather than buying a lot of poorer quality things…they last longer and look/wear/feel better. And it saves space in your closets and makes you feel orderly. Think French for clothes — good quality and fewer with a nice scarf or belt — Italian for food — best quality and do as little as you can. Gosh, how old-fashioned and stuffy, but…

]]> By: Mrs. Micah Gets Interviewed at Blueprint for Financial Prosperity | Mrs. Micah: Finance for a Freelance Life http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4955 Mrs. Micah Gets Interviewed at Blueprint for Financial Prosperity | Mrs. Micah: Finance for a Freelance Life Fri, 04 Jan 2008 13:34:39 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4955 [...] Best Personal Finance Practices of the Year [...] [...] Best Personal Finance Practices of the Year [...]

]]> By: The Snowflake Revolution | I've Paid For This Twice Already... http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4542 The Snowflake Revolution | I've Paid For This Twice Already... Sat, 29 Dec 2007 14:05:03 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4542 [...] and the host that week, JD of Get Rich Slowly, chose it as one of his editor’s picks. Mrs. Micah: Finance for a Freelance Life had submitted her post asking for people’s choices for best personal finance practices of the [...] [...] and the host that week, JD of Get Rich Slowly, chose it as one of his editor’s picks. Mrs. Micah: Finance for a Freelance Life had submitted her post asking for people’s choices for best personal finance practices of the [...]

]]> By: Some Good Personal Finance Habits | Personal Finance Resources http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4434 Some Good Personal Finance Habits | Personal Finance Resources Fri, 28 Dec 2007 16:57:27 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4434 [...] links to other articles that would be of help. Check it out and let me know what your thoughts are.read more | digg storyInternal [...] [...] links to other articles that would be of help. Check it out and let me know what your thoughts are.read more | digg storyInternal [...]

]]> By: Over or Underbuyer? Guest Posting on Paid Twice | Mrs. Micah: Finance for a Freelance Life http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4420 Over or Underbuyer? Guest Posting on Paid Twice | Mrs. Micah: Finance for a Freelance Life Fri, 28 Dec 2007 14:00:45 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4420 [...] look around. And consider participating in the Best Personal Finance Practices of the Year post. It’s still open for new contributions! SHARETHIS.addEntry({ title: "Over or [...] [...] look around. And consider participating in the Best Personal Finance Practices of the Year post. It’s still open for new contributions! SHARETHIS.addEntry({ title: “Over or [...]

]]> By: Shauna http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4243 Shauna Wed, 26 Dec 2007 17:52:03 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4243 Thanks for your post--very inspiring. I just wrote a blog, “How Resolutions Will Save AND MAKE You Money,” that features related money making ideas. It’s a great idea and I hope people take advantage! Best of luck in the new year! Shauna http://shauna26.wordpress.com/ Thanks for your post–very inspiring.
I just wrote a blog, “How Resolutions Will Save AND MAKE You Money,” that features related money making ideas. It’s a great idea and I hope people take advantage!

Best of luck in the new year!

Shauna
http://shauna26.wordpress.com/

]]> By: vh http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4019 vh Sun, 23 Dec 2007 14:26:52 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4019 Best thing I came up with this year happened when Our Beloved Employer switched from bimonthly to biweekly pay. This disconnected my income from my monthly bills, posing a serious risk that too little cash would be available to cover living expenses between the 1st and the 31st. In desperation, I switched my budgeting from monthly to weekly and keyed the weekly budget to a cycle corresponding to the credit card I use the most, whose billing cycle closes on the 20th. With each paycheck, I leave enough in my checking account to cover 1/2 of recurring bills (utilities, insurance, etc.) paid with automatic deductions. I move 1/2 of the amount I think I will charge on the card for food and daily necessities into a money market checking account (earns a little interest, but you can only write two or three checks a month). Then I budget a specific amount for each of four "weeks" (actually a little longer than 7 days) starting on the 21st and ending on the 20th. I have all my automatic deductions for utilities and other recurring bills made on or after the 20th. So far, this has meant that two paychecks always contribute to the amount needed to cover those expenses, providing enough to cover them. This is working. If I spend all the amount budgeted for "week 2" before the end of that period, I delay new purchases until "week 3" starts. A day or two of living purchase-free is no deprivation, and it guarantees that I do not overspend my income. If I hold off buying anything on the 20th, all that billing cycle's charges will clear on the credit-card statement, & so I'll have no problem paying the card in full and I start at 0 for the next cycle. This allows me to put $300 aside for property taxes, homeowner's insurance, and car insurance; pay $250 toward principal on a small home improvement loan; put $170 a month into personal savings; and still have a few bucks left over at the end of the month. It's a miracle! Best thing I came up with this year happened when Our Beloved Employer switched from bimonthly to biweekly pay. This disconnected my income from my monthly bills, posing a serious risk that too little cash would be available to cover living expenses between the 1st and the 31st.

In desperation, I switched my budgeting from monthly to weekly and keyed the weekly budget to a cycle corresponding to the credit card I use the most, whose billing cycle closes on the 20th.

With each paycheck, I leave enough in my checking account to cover 1/2 of recurring bills (utilities, insurance, etc.) paid with automatic deductions. I move 1/2 of the amount I think I will charge on the card for food and daily necessities into a money market checking account (earns a little interest, but you can only write two or three checks a month). Then I budget a specific amount for each of four “weeks” (actually a little longer than 7 days) starting on the 21st and ending on the 20th.

I have all my automatic deductions for utilities and other recurring bills made on or after the 20th. So far, this has meant that two paychecks always contribute to the amount needed to cover those expenses, providing enough to cover them.

This is working. If I spend all the amount budgeted for “week 2″ before the end of that period, I delay new purchases until “week 3″ starts. A day or two of living purchase-free is no deprivation, and it guarantees that I do not overspend my income. If I hold off buying anything on the 20th, all that billing cycle’s charges will clear on the credit-card statement, & so I’ll have no problem paying the card in full and I start at 0 for the next cycle.

This allows me to put $300 aside for property taxes, homeowner’s insurance, and car insurance; pay $250 toward principal on a small home improvement loan; put $170 a month into personal savings; and still have a few bucks left over at the end of the month. It’s a miracle!

]]> By: Sunday Morning Link Love ~ Christmas is Approaching | I've Paid For This Twice Already... http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4016 Sunday Morning Link Love ~ Christmas is Approaching | I've Paid For This Twice Already... Sun, 23 Dec 2007 14:11:10 +0000 http://financefreelancelife.com/2007/12/14/best-pf-practices-of-the-year/#comment-4016 [...] Mrs Micah: Finance for a Freelance Life wrote a post asking for your input on best personal finance practices of the year. I am amazed and honored that she chose my snowflaking strategy as her top pick for this year. I [...] [...] Mrs Micah: Finance for a Freelance Life wrote a post asking for your input on best personal finance practices of the year. I am amazed and honored that she chose my snowflaking strategy as her top pick for this year. I [...]

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