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Money + Lifestyle Roundup

Tom Drake — Fri, 10 Feb 2012 13:00:57 +0000

This week on Financially Smitten there’s a great guest post that delves into What Does Money Mean to Me?

If you wanted to clean up your emotional life this year, you’re going to adore this post by Tanya Geisler that analyzes Emotional Real Estate (and other unapologetically mixed housing metaphors). Get ready for inspiration!

Ever wanted to set up a mailing list and newsletter? If so, you’ll want to read this guest post on Create Hype that details How to Choose the Right Mailing List Provider for Your Business.

We all dream of retiring and this week Get Rich Slowly revealed How One Decision Can Help You Retire Faster.

Nowadays, the working place is changing to accommodate employee schedules and Consumerism Commentary looks into the new trend of Flexible Hours in Your Working Environment.

This week Wise Bread wrote a great article that shares 7 Frugal Myths Debunked. You may be surprised by these!

In case you’ve been looking at your wants and needs lately, you definitely need to read the Canadian Finance Blog’s post on How Many of Your Needs Are Actual Needs?

There’s a new debt-management tool in town! This week Mashable Business gave the news on Meet SpringCoin – A Debt Management Tool With A Focus On Learning.

If you’re a blogger, you’ll want to read this post on Think Traffic that demands you Ask Your Readers: Do You Blog To Make Money Or To Make Meaning (Or Both)?

This week the Five Cent Nickel delved into Five Myths About Renter’s Insurance. You may be surprised by what’s on the list of myths.

Full article at Money + Lifestyle Roundup

Should You Do It Yourself?

Miranda — Thu, 09 Feb 2012 13:00:41 +0000

One of the ways that many try to save money is to do it yourself. There are a number of posts around the Internet offering advice on DIY. From DIY home repairs, to DIY health and beauty supplies, to DIY cleaners, there are a number of opportunities for you to save money by taking care of things on your own.

However, it’s not always best to do it yourself. While you can save money with creativity and elbow grease, doing it yourself isn’t always the preferred method of getting things done.

When You Shouldn’t DIY

There are times when you really shouldn’t DIY. Before you decide to tackle that project, where are some things to consider:

Do you have the expertise? You don’t need to be an expert in all case to do something yourself. Indeed, DIY is often a learning experience. But some tasks really do require a certain amount of expertise. Some electrical and plumbing projects, or major remodeling projects, just can’t practically be done on your own. Plus, if you do something wrong, you could cause enough damage that it costs you more in the long run, since you have to pay to have the damage repaired and to have it done right after the fact.
Do you have the right equipment? Some projects require special equipment. Before you engage in the project, do a cost analysis. How much does it cost to buy or rent the equipment you need? If it is costly, you might be better off just hiring someone else. If you need specialty equipment for a one-time project, and you won’t use the equipment again, it’s not worth to purchase the equipment.
How much money are you really saving? Another consideration is how much money you are really saving. In some cases, making certain personal care items or cleaning products doesn’t really save you a lot of money. You might put in time and effort only to save a couple bucks. You have to weigh the benefits and costs. If you want to DIY in order to live greener, or if you are trying to avoid harsh chemicals, that’s different. Figure out why you want to DIY, and determine whether your other reasons outweigh the fact that you might not be saving a significant amount of money.
How much time do you have? There is no replacing time that you have lost. You can make more money, but you can’t get time back. Figure out the value of your time (many people base it on their hourly pay rate), and determine whether the money you will save with your DIY project is worth the time you spend. A time-consuming DIY project might save you money, but what have you lost? You might be giving up time that you could use as an entrepreneur, or time that you could be using for your family, or doing something you want to do.

Before you do it yourself, consider the consequences. If you enjoy the projects, and if you don’t mind spending the time, it can be worth it. On the other hand, there might be some projects that are not worth DIY.

Full article at Should You Do It Yourself?

Super Bowl: Family Cultural Traditions

Miranda — Tue, 07 Feb 2012 13:00:34 +0000

In many countries, sporting competitions are part of the culture. When we think of Canada, we think of hockey. And, when many people think of the premier sport in the United States, they think of American-style football (sorry, baseball). The biggest event in football takes place every February in the form of the Super Bowl. The Super Bowl has seen a number of cultural traditions grow up around it. Some of the cultural “traditions” that accompany the Super Bowl include:

Unveiling new (hopefully clever) commercials.
Expectations for a huge (hopefully entertaining) halftime show.
Viewing parties with family and friends
An array of (usually unhealthy) finger foods

In the weeks leading up to the Super Bowl, it is common to hear speculation about who will win and how the halftime show will go. And, in the age of YouTube, many companies release previews of their Super Bowl ads to drum up enthusiasm. Others produce alternative versions of commercials that include risque footage that isn’t shown on TV.

Family Cultural Traditions

Growing up, my family didn’t watch a lot of professional football. But we did, as a family, watch the Super Bowl. My parents popped corn, and we were allowed to drink soda (something reserved for special occasions), and we watched the Super Bowl together, laughed at the commercials and enjoyed the halftime show. The Super Bowl was a fun family activity — something we did one Sunday a year after attending church. We generally cheered for whatever team was located in the West, and just had a good time.

Since my wedding, though, things have changed for my family traditions. My husband loves pro-football. And, as someone who grew up in upstate New York, he is a Giants fan. Our Super Bowl traditions involve hosting a viewing party. We get a bunch of unhealthy fried foods (although we do try to balance it out with a veggies tray and a fruit bowl) and we have friends and family over.

The Super Bowl, even when the Giants aren’t playing, is something we look forward to. My son gets to stay up later, eat junk food, and hang out with all of us. We have loved ones over and we cheer and laugh and mock the Super Bowl commercials and the halftime show. It promotes a feeling of camaraderie amongst our family, and it gives a festive mood. Really, that festive mood is something that is welcome at the first part of February. With Christmas and New Year over, there is a bit of a letdown, and many people are feeling the effects of Seasonal Affective Disorder, and the Super Bowl steps in, as a sort of mini-holiday, to provide a bit of a lift (unless you have a favorite team in that loses).

The Super Bowl is a huge part American culture right now, and it might even be a part of your family culture. I’ve always enjoyed the Super Bowl; it’s always been a part of my family culture — even though I’m not a huge pro football plan. It’s that pervasive.

Do you have Super Bowl traditions?

Full article at Super Bowl: Family Cultural Traditions

A Cautionary Tale for Landlords

Guest — Sat, 04 Feb 2012 13:00:00 +0000

Most landlords probably like to think they are a good judge of character, and will hope that the tenants they allow to live in their homes will treat the properties with respect and leave it in the same condition as they found it. While by and large this is usually the case, there have been many incidents over the years that have proven the value not only of checking all references thoroughly, but also the importance of preparing yourself with simple landlord’s home insurance in case the worst should happen.

One particular case in point was recently highlighted in a post on lovemoney.com. The author told the experiences of one private landlord, Mary, who let out her Surrey home two a pair of graduates who held good jobs in the City of London, so that she could fund a trip around the world. Unfortunately for Mary, she was forced to return from her journey less than six months later, after a neighbor called her to warn that her house was regularly being used for raves and parties.

By the time Mary got home to see for herself, her home had almost been destroyed: fixtures and fittings had been torn out, there were holes in the walls, furniture was damaged and there had even been a fire in the main bedroom. Her tenants had also predictably made themselves scarce, meaning she had to fall back on her home insurance policy for compensation. However, in another unfortunate twist, Mary had not notified her insurer that she was renting out her home, meaning the policy was null and void – eventually leading her to shoulder a staggering £50,000 bill to repair the damage.

Although cases like this are rare, there is simply no way to guarantee that tenants will not trash a property – even if they appear respectable and their references check out. The best ways to ensure you are protected are to use an established letting agency to carry out background checks, who may also be held responsible for any losses you suffer, and get adequate landlord’s insurance. It is also paramount to inform your mortgage provider of your plans, or you risk breaching the terms of your contract.

Bio: Gary Rainbow is a blogger on all things property related. Advises people on the traps to avoid as a property owner, landlord and tenant.

Full article at A Cautionary Tale for Landlords

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Money + Lifestyle Roundup

Tom Drake — Fri, 03 Feb 2012 13:00:42 +0000

Raising kids can be tough but thankfully Gail Vaz-Oxlade shared a little snippet of advice when it comes to Selling It To Your Kids: Empathizing.

This week the Wealthy Boomer broke down some of the big ideas we have about retirement in his post, 5 Myths About Retirement.

If you have a small business and aren’t sending out newsletters because you don’t know which mail provider to chose, you’ll want to read this guest post on Create Hype that shows you How to Choose the Right Mailing List Provider for Your Business.

It’s almost time for Valentine’s Day and if you’re on a budget, you’ll want to check out the Financial Highway’s tips on how to Celebrate at Home with These Sexy Valentine Cocktails.

This week Frugal Dad gave some frightening facts about What We Think vs. What We Do: America’s Nutrition Evolution (Infographic). You will be sadly surprised by this post.

Women constantly worry about what other people think of them, their business, and their decisions. But that holds us back! Rookie Mag shared a wonderful article that shares How to Not Care What Other People Think of You.

Finances are a lot like love. This week the Canadian Couch Potato explains when it comes to stocks Why We Love the One We’re With.

Tara Gentile wrote an eye-opening post that shares the 8 Principles for Commerce in the You Economy.

This week Your Money touches on the touchy subject, Is a Prenuptial Agreement Offensive or Wise?

It’s a fact that we’re all striving for more money and more profit for our business but this week The Work at Home Mom asked a head-spinning question, Do You Have All The Money You Need? You may be surprised by the answer.

Full article at Money + Lifestyle Roundup

Tax Time Traps: Tax Refund Anticipation Loans

Miranda — Thu, 02 Feb 2012 13:00:33 +0000

There are a number of tax time traps you need to be on the watch for during tax season. From fraudulent communications purporting to be from official sources to scams that aim to get access to your tax refund, there are a number of traps that you can fall into this time of year.

However, one of the most devastating traps — and one of the most tempting — is the refund anticipation loan.

What is a Tax Refund Anticipation Loan?

You might see ads that insist that you can get your tax refund “early.” These ads don’t actually give you a way to get your tax refund early; instead, they provide you with a loan based on the tax refund you are expecting at some point. After your taxes are figured, a loan is provided to you, based on the refund you are supposed to be getting.

In most cases, reputable refund anticipation loan places won’t let you borrow more than you are expecting in a refund — many will loan you less than the amount that appears on your tax return. However, there are some lenders that will issue you a refund anticipation loan for more than you are expecting. You show a copy of your tax return, and you can borrow more than what is showing. In many cases, these lenders are payday lenders and similar lenders that don’t have many qualms with issuing you a glorified payday loan based on the information on your tax return.

Problems with Refund Anticipation Loans

As you might imagine, the biggest issue with tax refund anticipation loans is the costs associated with them. You will likely pay fees for your loan, as well as pay a fairly high interest rate. Indeed, the interest rates charged on these types of loans are usually higher than average rates for other types of loans. And, even if the lender claims that you have a certain period of time that you are interest-free, the origination charges or administration fees can really cut into what you take home.

Another issue might be when you have to repay the loan. In some cases, you are required to repay the loan within a few weeks, since your tax refund is expected. That can be a problem if you are getting the money because of a long-term financial problem. Another issue might be that you won’t get the refund you expected. If you made a mistake in figuring out your tax refund, or if you are audited, you could find yourself owing in taxes — as well as being required to repay the loan.

Refund anticipation loans are tempting because the promise you access to money right now. However, this can be a costly tax time trap. Especially since you can receive your tax return quite quickly if you follow the right steps. If you file electronically, and if you indicate that you want to receive your tax refund via direct deposit, you can receive your tax refund in as little as seven days — without paying loan fees or interest. These days, technology has sped up the process of filing your taxes and receiving you money back. There’s no reason to get a costly refund anticipation loan.

Full article at Tax Time Traps: Tax Refund Anticipation Loans

5 Health Practices to Include in Your Routine

Briana Myricks — Wed, 01 Feb 2012 13:00:26 +0000

We’re officially a month into the new year, and I’m sure thousands of people who made New Year’s resolutions to get healthier have probably abandoned their goal already. If you’ve slacked off, here’s your chance to get back on track. Maybe you’ve realized your goals were too ambitious. Maybe you burned out early because you went so hard in the beginning. It’s been proven that slower, more gradual changes will increase your chances of being successful in the long run. So what kind of changes can you make in your routine to improve your health?

Drink more water: I never understood people’s disdain for water, simply because it doesn’t taste like anything! Actually, water is one of the more refreshing beverages, especially when you’re parched and it’s ice cold. I watched my water intake increase when I bought a filter, to ensure I didn’t taste any metals or impurities from the tap. Another way to increase your water intake is to buy a nice reusable BPA free bottle. They have them in many different sizes. I have 3: two of them are 24 oz and one is 32 oz. It feels like such an accomplishment to knock those bottles out, and it makes me feel even better that there are no calories, no carbs, no sugar and no sodium. You can’t go wrong with water, and your body needs it.
Turn in early: How many hours of sleep did you get last night? Was it sound sleep? Do you get at least 7 hours? While many brag that sleep is the cousin of death and that time spent sleeping can be time spent being productive, sleep is a productive thing to do. Your body cannot run endlessly without some quality shut eye. You deserve a break, and you need REM (rapid eye movement) sleep. If you’re an insomniac like me, you can try natural remedies such as valerian root and melatonin supplements. Melatonin is something your body already creates, and valerian root is much better to take than Lunesta. Not big on pills? I bought a nice pillow spray from Bath & Body Works that was lavender scented. Aromatherapy relaxes you and makes it easier to let go and drift off to dream land.
Eat more colors: I’m certainly not advocating that you should eat crayons or markers, but rather add some color to your plate in the form of fruits and vegetables. I’m a meat and potato type of girl, so I definitely understand that there are some more delicious options, but vegetables and fruits can be delicious too! Try adding a side salad to your meal that includes not only the leafy greens, but also some cucumbers, tomatos and carrots. Don’t forget to be light with the dressing. If you have a sweet tooth, try apples, frozen grapes, or watermelon (another way to increase your water intake).
Consume less red meat: I know it may sound like a cardinal sin, but there is more to life than burgers, steak, and ground beef. Change your menu a couple times a week to chicken, fish, or even no meat at all! Instead of ground beef tacos, choose a portebello mushroom burger (a popular choice for vegetarians). Make your salad really festive by adding chicken or salmon. You may find that you don’t even miss red meat!
Rise and shine: You’ve heard it before and you’ll hear it again. Breakfast is the most important meal of the day. Starting off your day with a good breakfast will also set the tone for how you eat later in the day. You don’t have to make the usual bacon and eggs every morning, but even a bowl of oatmeal or cereal will get your brain functioning much better than if you went out into the world on an empty stomach.

What small changes are you willing to make to improve your health?

Full article at 5 Health Practices to Include in Your Routine

Health Benefits Associated with Yoga

Miranda — Tue, 31 Jan 2012 13:00:30 +0000

One of the ways that I improve my flexibility, relax and build some strength is to engage in yoga on a regular basis. I devote some part of nearly every day to yoga, although it is not always my primary exercise (I include aerobic and strength training exercises in my weekly mix).

I enjoy yoga because it relaxes me, as well as helps me feel limber and more connected, mind to body. Plus, my tendency toward sciatica hasn’t been an issue since I started practicing yoga. I can’t say that it’s the yoga, but I’ve had almost no back trouble since I began regular yoga practice. I’m not the only one who has noticed health benefits from yoga. WebMD has a list of health benefits related to yoga.

Flexibility: Improvement in your flexibility, in soft tissues as well as for muscles, can help you prevent injury on a number of levels, as well as improve your sense of fluidity and motion.
Strength: Some types of yoga can actually help you improve your strength, building muscles. This often includes strength in your core muscles, which can lead to better posture.
Relaxation and stress relief: The breathing system and exercise that are paired with yoga can increase lung capacity and improve endurance. However, many people connect the breathing with the ability to better relax and relieve stress. Yoga can help you attain more calm in your life, and reduce the anxiety and stress that can lead to health problems and even depression.
Other health benefits: There are indications that the practice of yoga can contribute to lower blood pressure and heart disease, as well as improve learning and memory, possibly combating dementia and memory loss.

Yoga practice has helped my mood, as well as helped me keep up my energy level. I feel much better when I engage in yoga practice.

Another benefit of yoga is that it can raise awareness of your body and your health. If you really get into it, you might find yourself eating better. I know that when I am practicing yoga, I am less interested in junk food; my better mood alleviates the “need” I have to eat junk food as comfort. Plus, having a better connection with your body can result in making better choices about your health.

Health Risks Associated with Yoga

It is important to note, however, that there are health risks associated with yoga. As with any exercise, there is the risk of injury. Yoga can put pressure on the spine, neck and head, and there are other injuries that can result. Some poses can be damaging to a fetus carried by a mother practicing yoga. Before you engage in yoga, it is important to make sure that it is appropriate for your situation, and it is vital to understand that there are risks involved — even if you do the poses right.

What’s more important than learning to do hard poses is learning to do poses that you feel work for you properly. I don’t do anything fancy. Indeed, my yoga practice is very basic. I run through the Sun Salutation series every day, and on days when yoga is my main exercise, I do additional poses that are a little more challenging. But nothing impressive. There’s no reason to stress my body — since that pretty much defeats the purpose of a healthy yoga practice.

Full article at Health Benefits Associated with Yoga

Money + Lifestyle Roundup

Tom Drake — Fri, 27 Jan 2012 13:00:54 +0000

This week Financially Smitten wants you to ask yourself, Are You Struggling to Change Your ‘Wicked Ways’ When It Comes to Money? If yes, they have some great advice to help.

Now that the holiday season is over, it’s time to replenish certain things in your house. This week Get Rich Slowly gave some tips on How to Stock Your Liquor Cabinet on the Cheap.

This post by Free Money Finance was too good not to share! It involves Costco memberships and free food samples. The post shows how to go about Saving $2,000 a Year by Eating Samples at Costco and Grocery Stores.

This week the Canadian Finance Blog shared some Financial Goals That Are Easy to Accomplish.

If you’re a lady, you’ll want to read this post by The Consumerist that looks into Why Women’s Clothing Sizes Will Never Make Sense. Feel ready to never feel bad about your size again.

It’s nearly Valentine’s Day and if you’re on a budget, you’ll want to read this post by Money Ning that discusses Three Not-Too-Pricey Valentine’s Ideas.

Financial Samurai wrote an interesting post this week that shares Things To Do And Think About Before Quitting Your Job High Roller.

Now’s the time to change your auto insurance company but you want to be sure you know How to Find Affordable Auto Insurance Rates thanks to Cash Money Life.

If you’re a team player or a business owner, you’ll want to read this post by Open Forum that explains How to Inspire Innovation From All Levels of Your Organization.

This week The Digerati Life wrote an in-depth article that explains 7 Basic Tax Strategies for Salaried Employees. Perfect timing on this article.

Full article at Money + Lifestyle Roundup

Could an Indexed Annuity Be Right For You?

Miranda — Thu, 26 Jan 2012 13:00:22 +0000

“In general, an annuity is like any other investment option,” Ryan Peterson tells me. “It’s a tool, and you need to evaluate your situation and find the best tool to help you. An annuity isn’t appropriate for everyone.”

Peterson is the founder and President of Wisdom & Wealth Solutions, an independent investment advisory firm. He has years of experience as a financial planner and investment advisor, and works closely with clients to help them fund their futures. One of the products he feels can be a good fit for many investors is the indexed annuity.

“Indexed annuities have nice features,” Peterson points out. “You have the opportunity to get some appreciation, since the annuity has growth potential related to the index it’s related to. However, you also don’t have to worry about losing money. Many of these annuities guaranty some rate of return, so that even if the stock index has a down year, you are protected from losing money.”

Using an Indexed Annuity as a Pension

Peterson points out that an indexed annuity can be used as a pension. “Gone are the days when you receive fixed income for life because of a pension,” he says. Instead, the indexed annuity can act as a pension, providing guaranteed income for the rest of your life. And, with the right annuity, it can be guaranteed for your spouse as well.

“The fixed index annuity can be a great tool for those who want to have a guaranteed income once they retire, or sell their business. There is some growth, no current taxable income. If you aren’t spending the money, you shouldn’t be paying taxes. Many former business owners and employees can take the money sitting in a tax-advantaged retirement account and use it to buy an annuity,” Peterson explains.

Peterson does caution that annuities can cause estate planning issues down the road. “There are insurance products that can be valuable in estate planning because of the tax-free benefit. Annuities do not all into this category. They work well for some people when making the transition into retirement, but they can cause some problems from an estate planning standpoint.”

How to Choose a Fixed Index Annuity

Annuities have gotten a bad rap in recent years because of some of the complexities involved. “There are hundreds of annuity contracts out there,” Peterson says. “Some are so complicated that I have trouble understanding them, and I’ve been in the business for years. I typically stay away from the complex annuities, and look at the simpler options.”

Once again, one of the the basic rules of investing holds true: If you don’t understand it, don’t invest. This is true of annuities. Make sure you understand the terms of the annuity, whether it’s a fixed annuity or a variable annuity, and how the indexed annuity works. on your behalf.

Peterson also recommends that you work with someone who is independent of conflicts of interest. “You want an independent advisor who can help you evaluate your options, and who isn’t beholden to any specific investment product.”

In the end, an indexed annuity can help those who are well-suited for such an investment. They are gaining in popularity among those who have been burned by recent stock market drops, and for someone looking for a steady lifelong income in retirement, this might not be a bad option.

Full article at Could an Indexed Annuity Be Right For You?