Evaluating your Savings Needs
Thu, 01/12/2012 - 7:17pm | by monicadear
With the low interest rates available and the challenge of many women to manage their family finances, their business finances, and the changing needs of family - from children going to college to elderly parents needing care, we're finding a great need for education and self-awareness about personal finance options.
A great place to get started learning about finances is Investopedia. You can also learn about personal journeys through blogs like I Will Teach You to Be Rich, Millionaire Mommy Next Door, or Get Rich Slowly.
The beginning of the year is a great time to get organized and review (or start) your savings plan.
Track Income and Expenses
You'll want to calculate your actual take-home pay against your ongoing expenses. Pay stubs, invoices, self-employment income, interest income, dividends, gifts, royalties, and any kind of payments you receive all count towards your income. For expenses, consider your housing, utilities like electricity, water, sewage, trash, telephone/cable/satellite/internet costs, groceries, then transportation, child care or school fees, insurance, clothing, other supplies, and extras.
Budget
Once you get a sense of your income and expenses, consider setting a budget for each month. This helps you allocate what is coming in against what you need to spend. Here's a sample household budget you can use: Sample household budget
Emergency Fund
For emergencies, a rule of thumb is to have 6 months of your monthly expenses in liquid format. You can build this up by socking away 10% of your take-home pay into savings until you reach this bottom level. Then you have some "breathing room" should something unexpected happen.
Savings Plan
For the rest of your savings plan, decide your target goal and then break that down into weekly and monthly activities towards that goal.
Setting up your automatic savings to "sweep" from your account directly into a savings account is the best way to "set it and forget it." By depositing directly, you set your savings on automatic and you don't have to think about it.
Traditional places to park your savings are in lower risk vehicles such as CD's, treasury bills, and money market funds. Consider "naming" each account within your records, such as one for retirement, one for any upcoming large purchases such as a car, condo or house, or college fund.
Choose a FDIC-insured bank, either at your local branch or through an online bank, that has high yields such as through Bankrate.com's Top Tier Banks.
Follow us for additional tips and reminders on managing your money. You're worth it!
Additional Resources:
USA.gov has straightforward information on common personal finance issues:
Inc.com has resources and ideas fpr the business side
Mint.com allows you to track all your personal bank accounts - for savvy users only.
picture by http://www.flickr.com/photos/68751915@N05/6355360253/sizes/m/in/photostr...
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Send to friendMy Story of my First Ring
Fri, 02/17/2012 - 2:42pm | by monicadear
Anyone who knows me will tell you that I have never been much of a primp. Things like baubles and bangles are nice, but not a primary focus of mine. However, about 5 years ago, I had a dream about a ring. In my dream, that particular ring was a black onyx-type stone and a silver setting, but that particular ring was meant to be in the far future, after I was living in New Mexico and was a publishing editor, probably in my late 60s (go figure).
In my waking life, I started researching jewelry to find a ring for the current or near-future me.
Productivity Apps on the Windows Phone
Sat, 02/11/2012 - 3:03am | by monicadear
I've been using my Windows Phone for the last month on an AT&T plan and I think I've finally settled on how I want the layout to be: it's now juuuuusssst right, including my colors, ring tones, and the order of the first "landing screen" and my most frequently-used tiles, which are:
Top Seven Scary Ingredients in Supermarket Foods
Wed, 02/08/2012 - 6:38pm | by monicadear
The human body has evolved to be a lean, mean, athletic machine, and we are suited to being strong, fit, and consuming whole foods like grains, vegetables, fruits, legumes, fish and lean meats. While I am not against the occasional bubble gum, cheesecake, or potato chips for me and the kids, we do insist on healthy food for mealtimes, and we choose organic as often as possible.
Here are seven items on my "watchlist" when I read labels on packaged food-- if I see these in the list, I put the item aside and choose a different option.
Visionboard #10: Trust the Universe
Mon, 02/06/2012 - 2:26am | by monicadearOne of my favorite meditations is the idea that each of us are simply manifestations of the Universe, and so every experience that we go through, no matter how difficult and terrifying, is still a way for us to learn, expand, grow, and increase our self-knowledge.
This visionboard item is one of my ways to remind myself to place my trust that everything is part of a greater plan, or at least, I can put everything into place and know that there is unity and harmony within all the different chaotic strings and threads of experience and activity.
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7 Tips to Prevent Bullying
Mon, 02/06/2012 - 1:30am | by monicadear
If you're a mom, mentor, or involved in the classroom, you know the importance of maintaining a decent, respectful, positive, safe, and supportive environment for all students. Bullying can happen to children, teens, and young adults who do not get along well with others, who are "less popular", or who have few to no friends in the school. Also at risk for being bullied are youths with depression or anxiety, and those who have low self esteem. Those especially at risk are LGBT and questioning youth: in one study by Laura Sessions Stepp, "four out of five gay and lesbian students say they don't know one supportive adult at school."
Don't Just Settle - Make it Meaningful, Happy, and Deeply Satisfying
Wed, 01/18/2012 - 2:18pm | by monicadear
I am always a proponent of upgrading your lifestyle in as many ways as possible. I believe that for the sake of mental health, sanity, and security, we each deserve to follow our intuition, treat ourselves well, and look after our own best interests. If we focus on continuous improvement and do this naturally every day, with the mindset of being grateful and expressing deep respect for the gift of life, we can incrementally change our living situation.
7 Valentine's Day Gift Ideas for the Woman Business Owner in your Life
Sun, 01/15/2012 - 2:48pm | by monicadear
1) Pay for her website domain and hosting
Most small business owners don't think of this precious detail, and if your special lady is in business, this is one of a myriad of other details. Do her a favor and prepay for the next 2-3 years of domain and hosting. You'll get a chance to reassess her existing website details (username and password) and inventory the current situation.
2) Get her Quickbooks Online
