Daily Dimes 11/19/2009

It seems that there are a lot of blog posts lately about how to start a budget. Makes sense, I suppose, since we are nearing the holiday season when many realize they have no money to buy gifts. It’s also kind of like the gym membership phenomenon. You know, how fitness clubs around the world get a spike in the beginning of the New Year when everyone has a resolution to get into shape?

I think the same is ringing true for budgeting. As people get toward the end of the year, they recognize they need to become smarter with how they spend and allocate money. But just like getting a bad deal on a gym membership, new budgeters beware when it comes to these blog posts. Some of the “advice” given isn’t advice at all.

Daily Dimes 11/18/09

Many people come across stories in the media with regard to large corporations announcing quarterly dividends, stock reports, etc., (or governments trying to budget for the coming year) and believe that these conglomerates are the ones that need to plan and budget — not you.

All you have, you think, are some retirement accounts, checking, and maybe savings. Nothing to plan, right? Too daunting?

Wrong. The stories in today’s Daily Dimes show that small businesses and vertical businesses use the same principles to budget that you and I should.

Daily Dimes 11/17/09

The current economic downturn can be looked at in two ways: Either an added obstacle to pay off debts from past mistakes, or an opportunity to take a fresh look at expenses in order to spend money on items or services you’ll actually get use out of.

Not everything about the recession is bad, though it may look that way. Not only is it prompting many to take another glance at their expenses and reprioritize what truly is worth spending money on and what isn’t, but many are now also saving some money for the next rainy day. Before this downturn, the savings rate was actually below 0 percent. Scary, huh?

First, the bright side of the recession …

Daily Dimes 11/16/2009

As I’ve grown up and made it through larger life events including college, my first job(s), and moving out on my own, I’ve relied on the lessons learned from dutifully budgeting my money.

Today’s Daily Dimes looks at budgeting in two different phases of life: during college and afterward. Unsurprisingly, the tenets are the same — the situations (and allocations) are just different.

Who’s in Your Circle?

It may have been popularized most recently by a past campaign from T-Mobile, urging subscribers to select who would be in their “circle of five” for calls, but it takes on a much deeper meaning than that.

Having an inner circle — a small tight-knit group of people you can trust — is important for anyone as they continue to evolve and grow, taking on added responsibility and new challenges every day.

Organized Life = Happy Life

OK, maybe it’s boring — but for me it is true. I must be organized, otherwise I feel that my life is in flux. Needless to say, I’m not a huge fan of clutter. If you saw my office space and my apartment bedroom, you’d pick up on that right away.

What I’ve come to realize, though, is that while on the surface there is very little clutter and I do have things filed and organized in drawers and folders … it’s not really all that accessible. I find myself digging through myriad folders every month to find the right one to put my latest credit card bill, loan statement, etc. I’m devoting this weekend and next weekend to cleaning the clutter and reorganizing my bedroom — and personal finances.

Running on the Treadmill of Personal Finance

Ever since my senior year of high school when I joined a Gold’s Gym near my house, I have had the exercise bug. I love to work out. Not just because it keeps me healthy and in shape, though. It can also be an escape from the daily pressures and stresses of life.

Moving to Jersey City, gym memberships around here are generally pretty expensive. Add into the fact that I don’t make a great deal of money, and you have a recipe for fat disaster.

I didn’t use a gym for the first five to six months of living in Jersey City, relying on some bodyweight exercises, walking, and strict diet to stay in shape. After I got a huge tax rebate last year, I set aside enough of it to have a year’s worth of enrollment fees and monthly dues for Crunch Gym in New York City. I pay $69 per month to go there.

I like going there because it is very close to my job in Midtown, so I can leave my apartment early in the morning, go exercise, shower, get ready, and walk over to the office. I’ve been looking more locally to see if there is a gym opening within walking distance of my apartment so I wouldn’t have to lug all of my gym clothes, protein shakes, and work supplies to and from Manhattan every day.

Savings Goals 2.0

I had the chance to go to my hometown — Wallkill, N.Y. — for a couple of days before heading back to Jersey City and then Las Vegas for the last industry show I’ll have to travel to for the year.

It’s always nice to go home, eat some home-cooked food, and see my family. What is also nice about my hometown is that it is relatively quiet. Quiet, to me, means that I can think clearly and without interruption. I believe this is necessary to make sound personal finance decisions.

From a BMW to an Accord

Greetings from Las Vegas! I’m out here for an industry conference for the next few days, so expect to see some different types of posts for the week as opposed to the usual Daily Dimes on Monday through Friday. Daily Dimes will return next week.

Before I flew out here for the conference, I wrote the largest check I’ve ever written to date. I took the plunge and paid off the entire balance of my private college loans, leaving me with only half of what I had to pay off before.

New Age, Same Financial Goals

So today is my 25th birthday. It’s hard to believe I’ve been alive for a quarter of a century already (makes me seem much older than I probably am …). If you sat me down just a couple of years ago and told me I’d be living in Jersey City, be an editor of a business trade magazine, traveled around the country for that editorial position, and writing this blog, I would have never believed you.

Since now is as good a time as any, I sat down and thought about my current financial situation, my goals, and how I wanted to progress. With each year, some things become more clear to me. I realized during this period of contemplation that my long-term goals — purchase/rent a place of my own, pay off all college loans in full, and become financially independent — are essentially the same. I can clarify them a bit more now.