I’m pleased to announce that Live Well on a Dime has moved to WordPress.org and is now called Adventures in Personal Finance. 

My new blog continues to bring great financial tips, but now I’m kicking  the dialogue up a few notches. Adventures in Personal Finance is for those who know just enough about money to be dangerous. Stop by and check it out!

 

Paying for College

Okay,  I’m finally recovering from my daughter’s graduation festivities.  And last week I drove her to Berry College for freshman orientation.  Now  I’m at my desk and working like a maniac.  Well, now I have to pay for college tuition.  And let me tell you,  that’s pretty good motivation. 

College expenses have soared in recent years.  If you’re finding there’s a huge gap between what’s in your wallet and the tuition bill, don’t despair.  Try telling the admission’s rep that the  school is your child’s number one choice.  Then stress that you need some help with the tuition to make this dream a reality.  This approach works best when your child is a good fit for the school in question.  You might be amazed at how much the school will work with you.

Be sure you check out Free Application for Student Financial Aid  (FAFSA). And I also like The SmartStudent Guide to Financial Aid Web site. If you need to pursue an alternative to traditional lending,  consider person-to-person lending. For information on how to use social lending to finance college, check out the piece I  wrote for  Bankrate.com,  Peer-to-Peer Sites Offer College Loans.  It doesn’t hurt to explore all your options in your quest to pay for college.

 

Graduation Parties on a Budget

Anyone else going nuts planning your child’s graduation party?  My daughter,  Ashley,  graduates on Sunday and we’re having an Open House at our home tomorrow afternoon.  If any of you are still looking for ways to keep the costs down, here are a few tips that might save you some cash:

Get creative with your computer.  Ashley and I created the invitations in Word and printed them out.  Then we rolled them up like diplomas and tied them with ribbons in her high school colors.  Clever, huh?  Well, you can use your computer to come up with all kinds of decorative touches for your party.  Print out personalized decor such as “Congrats,  (insert your child’s name here)! ”  or  “Good Luck at Penn State!”  

Decorate with childhood photos.  I have a big kitchen with lots of countertops.  I’m gathering Ashley’s childhood photos from around the house and placing them in the kitchen on one of the long countertops, overlooking the dessert buffet.  I’m calling it Ashley’s Walk of Fame.

Don’t make everything from scratch.  Ashley is going to Berry College, a private school in Northwest Georgia that looks like Hogwart’s.  No, really.  Take a peek:  Berry College.   I’m planning to serve cheesecakes accompanied by a Berry Bar.  I’ll have assorted berry toppings for the cheesecakes.  More cleverness, huh?  I’m telling you, my cleverness quotient for this party is sky-high.

At Trader Joe’s yesterday,  I bought some NY-style cheesecakes for $5.99.  It costs more to make them from scratch.  So I bought five and I’m planning to make just a few from scratch.  This saves money, gives me more time to focus on other parts of the party, and still gives me an opportunity to say “I made that!”

Plan an afternoon gathering.  My Open House is from 2 p.m. until 5 p.m.   At this time,  I can serve light appetizers and yummy desserts.  It’s easier on the wallet and on my stress level, too.

Don’t forget to have fun.  In the end, it doesn’t matter if you need new furniture  or if  you burn the brownies a little.  Relax and enjoy. You’ve earned it.

 

Living Well by Staying Fit

To me, living well is about meeting your financial needs, saving for the future, and taking care of yourself.  I think getting exercise is key to taking care of yourself,  especially as we age.   And since I’m, ahem, aging, fitness is one of my passions and I write about it quite a bit.  

I have an article in the May issue of Cooking Light called “Attention=Workout Safety.”  You can probably tell by the name that this is about preventing injuries and muscle soreness.  I can tell you from personal experience that if you don’t listen to your body while working out, you’re playing with fire.  I once had to have hand surgery to repair a torn ligament in my thumb.  I’d been playing tennis and ignored the pain in my hand so I could finish the game.  I call this the I’ll-put-ice-on-it-later Syndrome. Not bright, I know, but at least I learned from that major–and expensive–mistake. 

Taking care of yourself and getting exercise not only helps you feel better now,  it will help you age more gracefully.  And guess what?  You might even be able to cut down on healthcare expenses.   This is especially important for those with high deductibles (and that includes a lot of us!) or those who don’t have health insurance.  It’s certainly true that if you can prevent unnecessary sports or exercise injuries,  you’ll save on healthcare costs.

So you knew I’d work money in here somewhere, right?  Being fit  is its own reward, of course. But doing your best to stay healthy also saves you money in the long run.

 

Traveling on a Dime

I was in New York City last weekend and spoke at the American Society of Journalists and Authors (ASJA) conference.  If you’re a writer, I highly recommend this organization.  I’m so high on ASJA I’m quoted in the April issue of The Writer magazine about the steps I took to become a member.  The only downside to the conference is the location:  NYC.

Now,  I love NYC.  If I could have an apartment somewhere, it would be NYC so I could hang out in the theater district.  By downside, I mean expense.  But now I have that problem solved.  I used a travel agent for the first time and saved a ton of money.  Julie Sturgeon of curingcoldfeet.com  got me amazing rates on the hotel and airfare. The conference room rate was $309, but by using Julie’s travel agency,  I got $139 per night.  I saved $170 per night!

I’ll be using curingcoldfeet.com  again next year for my conference travel plans.  But I’ll also use this agency when I plan my family vacation.  If you’re putting a vacation on hold due to the economy, don’t give up on your trip to paradise just yet.  There are good deals out there and sometimes it takes an expert to find the best ones.  Worried about commissions?  Don’t be.  The vendors pay the commission, not you.

 

Taxing Matters

It’s that time of year when we all let out a collective sigh.  Yes, it’s tax time.  So here goes:  Sighhhhhh…..Feel better? Okay, let’s do a few quick hits on taxes so you can get it off your mind.

If you’re still working on taxes  (not that there’s anything wrong with that), check out the “Expert Advice” column that I wrote  for   makinglifebetter.com.  Here, I give advice on how to proceed with this sigh-inducing tax stuff whether you’re the preparer or you decide to hire someone to do the job.

If y0u’re feeling a little confused about the tax changes for this year,  take a look at this piece on MSN Money.  It’s  got you  covered on the 2008 tax changes.  Even if you’re using a tax preparer, take time to educate yourself.  Did you know that you’re responsible for any errors on your taxes even if a professional does your taxes?  That’s why it’s a good thing to stay up on the current changes.  Hopefully, the person you hire will do a fabulous job, but you want to review your tax return with an eagle eye before it’s sent to the IRS.

Okay, a quick hit on IRAs.  If you can manage it, fund your account so you get the tax break.  I wrote a piece about funding your IRA with a credit card for CreditCards.com.  But this approach is only recommended for those who aren’t already in debt.  You can check out the pros and cons and see if this is an idea that’s appropriate for you and your circumstances.

 

Person-to-Person Loans

My book, The Complete Idiot’s Guide to Person-to-Person Lending (with co-author Curtis E. Arnold; Alpha/Penguin)  will be out on April 7. In case you aren’t familiar with this concept, person-to-person (P2P) lending involves a borrower requesting a loan on a P2P lending Web site. The borrower’s loan might then be funded by many different lenders, depending on the site and the lending platform. By platform, I’m referring to how the site delivers this service.

Now, on many P2P sites you can show a photo of yourself and plead your case for a loan. In my new book, I devote a lot of pages to conveying the right image on these sites. There’s a recent story in the Dallas News  about new research that explores the impact of potential lenders taking a gander at your photo.  This research, from Rice University and the University of Washington, predictably confirmed that a borrower’s appearance does matter to a lender. But the way it mattered kind of surprised me. It makes sense to assume that physical attractiveness would make a difference, right? Wrong!

Potential lenders looked at photos from borrowers on Prosper.com (a big-time P2P lender that’s currently in a quiet period). The researchers discovered that borrowers who looked trustworthy were more likely to get their loans funded. In fact, it didn’t even matter what the credit data said. 

On the flip side, a lot of people use photos of something cute, such as their Yorkie or their newborn twins. It would be interesting to see  some research on how using a photo of your dog or kids affects a lender’s perception of you. I really have seen a lot of successful  loan listings where the borrower used photos of their pets or kids.

I guess the take-away here is two-fold. If you’re trying to get a loan from a site that allows photos, then get yourself a darn good photo.  Don’t let your Uncle Bob take it unless he’s a professional photographer. And is it still a good idea to use a picture of your dog instead of your own photo?  Well, I guess that depends on  whether or not your Pug has an honest mug!

 

Recession on the Brain

My 12-year-old son is on a travel baseball team. And like the name says, it involves some travel. Yesterday, we had a tight schedule and had to head out the door almost as soon as he got home. On the way to the park, my husband and I started brainstorming on how to feed the three of us as inexpensively—and quickly—as possible.

 

Little league parks usually have pretty cheap fare so I wondered aloud, “Do you think the recession stand is open? Um, I mean the concession stand.” Wow. I spend so much time writing about the recession, it’s creeping into my everyday vocabulary. Well, I have an excuse because thinking about all this stuff is part of my job. But if you’re finding that you’re worrying too much about paying the bills, think about using a free, online money management tool.

 

The one I use is called Mint, but there are others as well. You can set up log-in information that Mint uses to access your bank accounts and credit card accounts. Mint tracks your spending and places the expenses into categories. Then you can request a variety of cool graphics so you can literally “see” your spending habits. It’s much easier to curb credit card spending when you keep track of what you’ve recently spent.

 

Can this really put your mind at ease? It helps, for sure. Just knowing where your money is going will relieve stress and help you make better decisions. For example, you can see pie charts that show how much you’ve spent this month (or week) by category. There’s nothing like finding out you spent $342 at Chili’s this month to help you rein in your restaurant habit. And if you check your pie chart daily or weekly, you’ll know when you’ve hit your budget and that it’s time to eat at home.

 

 Want to read more about Mint? Their Web site, Mint.com, is a good place to start. And here’s a review of Mint by Zach Rosenberg of TrustedExpertNetwork.com. I think you might find it helpful.

 

 

 

 

 

 

 

Are You a Socks Fan?

No, not the Red Sox (or the White Sox).  I’m talking about about real socks. Thick, warm, fluffy socks.  Yes,  I know it’s  springtime.  But now’s the best time to get deals on winter stuff.  I got five pairs of socks at Target (or Tar-zhay, as we say in the Atlanta suburbs)  the other day for $9.  Even the pricier mall stores have deals on sweaters and boots.  Isn’t it too bad you can’t accurately predict what size your kids will be in one year? But you deserve clothes, too,  so if you went into “budget lockdown” over the winter,  now’s a great time to stock up for next year. 

What’s budget lockdown, you say? This is what I do when the economy is a roller coaster and I can’t predict my income.  My husband and I are both self-employed, so our income isn’t a sure thing.  When the stock market really hit the skids and the recession became official, we went into budget lockdown until we were sure our businesses were surviving the turmoil.

When you’re in budget lockdown, you don’t spend money without thinking about it.  You spend money on groceries, but you don’t eat out. You get your old car repaired, you don’t buy a new one.  It’s just a way of reining in spending during a rocky time.  If you’re in credit card debt,  by the way,  spend some time every month in budget lockdown mode.  Even if you just make it one week every month,  you’ve saved some money you can put toward your next credit card payment.  Honestly, the more you practice staying on budget, the easier it gets.

And just for the record, I’m an Atlanta  Braves fan. But all baseball fans are welcome here.  Even Sox fans–both red and white!

 

You’ve Got Real Mail!

Remember those rectangular, white envelopes that show up in your mailbox? Your physical mailbox, not your email. I’m probably in the minority, but I still love getting real-life mail. And lately, local vendors seem to love sending it to me. I think the recession has forced some businesses to get back to some basic direct marketing. So before you toss out what looks like junk mail, take a minute and see if your next dining experience isn’t in there somewhere.

 

Our family has really cut back on dining out, so getting these coupons gives us some options. I’ve gotten coupons for fast food places, for sure, but also for fine dining establishments. l got an offer from our local Stoney River steakhouse for a four-course dinner for two for $59.95. If you’ve ever eaten there, you know that’s a deal. Save it for a special occasion and have cocktails when you get home instead of in the restaurant. Imbibing at home saves you about $20 or so.

 

I think most of us are aware of restaurants.com and there are some great deals there and other places online. If you have a local favorite, check the menu online from time to time and see if there are early-bird specials or if they’ve lowered their prices. Don’t laugh—our local Bonefish Grill (it has to-die-for pistachio parmesan-crusted rainbow trout) lowered their prices recently. We were so impressed, we personally thanked the manager for making it possible to have a night out without sacrificing our daughter’s college education. I also snagged a $50 coupon recently from the Web site of one of my faves in Atlanta, McKinnon’s Louisianne. So if you have a favorite restaurant in your area, get on their Web site and hunt for deals.

 

But don’t forget to check your real mailbox, too. You might be surprised at what you’ll find!