52. Give, give, and give.

The woman shall give her time, her talent, and her treasures however and whenever she can.

Giving feels sooooooooooo good - no matter the check size, level of recognition, nor recipient - it feels good, yields good, and it is good.

We've been taught to give as part of who we are.  As members of religious communities, citizens of this generous country, and as participants in global humanity, we give. 

We give when natural disasters occur.
We give to the tin cup held by those without homes.
We give to United Way campaigns directly from our paychecks.
We give to the Girl Scouts when we buy cookies.
We give to numerous causes through the donate-a-dollar option at the cash register.
We tithe.
We volunteer.
We mentor.

Giving is a habit and attitude that is ingrained in our culture both for the benefit of others...
and ourselves. 

What we don't always do, and what I certainly haven't always done, is give regularly.  I've given cheerfully, but not consistently.  I'm working on that piece, and there have been a couple tools to help me along the way. If you're working on the same thing, hopefully, these ideas can help you along your way.

1. Research and become a member of an organization that you wish to support.  Out of sight, out of mind, right?  Well.....keep giving back in your sight:)  Research the organizations that you care the most about.  What's your passion? 

I bet there's a phenomenal organization that enacts a mission in
advocacy
healthcare
the arts
education
social services
that you really dig. 

For the past years, I've researched awesome organizations and asked them to sign me up!

Even though I don't live near all the organizations, contributions help ensure that I support their work for all the communities they serve.  As a member,  I receive frequent reminders about campaigns, fundraising drives, and end-of-year contribution opportunities, which keeps giving back on my radar.

2.  Serve as a board member.  Being a board member offers such great discourse about active giving for a specific purpose.  It's my second year as a board member of the Community Investment Network, and being a part of this dynamic organization has been incredibly enriching.  Giving back is a major component of board service, and it's a privilege to know that you're supporting an organization's work at this level. It makes you responsible about your giving.

3.  Give through automatic deduction.  I was over the moon when an organization that I like to contribute to incorporated an automatic deduction tool to coordinate monthly contributions.  If the organization asked me EVERY month for a donation, that might get annoying.  For me to give a certain amount automatically (and receive an automatic thank you note) each month - I can get down with that!  Take a look at Justgive.org to learn more.


4.  Read about giving.   Check the excerpt from the Good Book below.  We know there are more academic sources, but this is where it all starts for me.  If there are other scriptures that you wish to share, let us know!

Luke 6:38

New International Version (NIV)
Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you.”
New Living Translation
"Give, and you will receive. Your gift will return to you in full--pressed down, shaken together to make room for more, running over, and poured into your lap. The amount you give will determine the amount you get back."

50. 401k Plans

Suze Orman,upon learning that I emptied my 401k years ago.

 



The official woman shall, upon the beginning of an employed scenario, immediately engage in a 401k plan - and vow to never empty it.

 

As soon as I started my post-grad school job, I got signed up for a 401k and felt soooo official.  Then I got the chance to move to Italy- and I emptied it.

 

"I need the caaaaaaaaaaaaaaaaaaaaaaaaash," I told myself.  So I quickly forgave it all and skipped across the big pond off to the adventure of a lifetime.

 

Fast forward a few years, and until this August, I'd been intimated to get started again.  The paperwork was too burdensome, I didn't want anything deducted from my check...blah, blah, blah.

 

Then my good friend Nichelle (a compensation expert for a huge corporate giant) looked at me cross-eyed when I told her my conundrum, and she made me ultra-accountable for getting signed up.  On Monday morning, I was in touch with HR, and by 10:05 a.m. I was signed up - portfolio preferences and all.

 

A kicker is that my company starts matching - but only after December 31st of my initial year of being enrolled.  If that's the same for your companies, stop leaving money on the table!  You've got some time  to get it lined up, lovebirds.  Let's go!

 

 

 

 

41. Tip Drills

The woman shall know the correct tip appropriation for her drinks, dining, or treating a highly evolved gentleman to either of the two.

After wrapping up a great meal with a Prosecco, tiramisu, or coffee with Baileys, we know that great conversation will eventually conclude and the bill will be requested.  When we're rolling solo (or with a gentleman that we want to treat), boldly ask for the bill, and already have in your mind the correct percentage for the tip - and always leave a tip.  There's no bigger turn-off than lingering over the math calculations when the bill is presented - and it doesn't matter if you're a guy or gal.

My rule of thumb is that a tip should be the greater of $5 (which would cover a few beers) or 20% (a VERY quick calculation).

Say the bill is $20 at a favorite bar.  Leave a $5 tip for good measure - you'll probably come back!

For bigger bills, employ the 10% twice rule, and adjust accordingly.  Say you're at a fancy schmancy restaurant where your bill is $75- don't DARE pull out a tip card!  10% is $7.50.  Double that to 20%, which will bring you to a $15 tip.  The official woman will know how to do this math in her head.  If there is doubt, round up.

Do the math in your head and sign the check.  Boldly.  You're worth it.

Side note - If you're on a date where the gentleman treats, and the man asks you to calculate the tip, he probably wants you to acknowledge the cost of the meal.  In that case, tip twice as much.  The official man would never allow the bill to even come up in conversation with the official woman.  Plus, the official man knows the value of his own dollar.

This law comes courtesy of Renee (New York, NY).

23. The Untouchable $1,000

The woman shall have at least $1,000 in cash at her disposal at all times.

Borrowing a tip from Dave Ramsey's Financial Peace, earmark some of your income to create a $1,000 emergency fund - as a first step.  I'm a sucker for a sale (and outlet malls!) and so this has always been tough for me.

For a good while, I saved up $1,000 just to have at my disposal in case of anything.  After a solid 4 months, I fell off the wagon, and now I'm back to saving.  I can say, though, that during my $1,000 run, I felt more confident when I paid bills, more reluctant to make unnecesary purchases, and more faithful in my ability to build an impressive savings account.

Having money in the bank is less of a financial affair - it's more related to mental well-being. Find your way to both and sock that grand away ASAP.

11. Prenuptial Agreements

The woman shall know the financially measurable value of her investment in a marriage.

In the dating world of the fabulous, it's abolutely imperative that you know where you stand on these papers.  I was on a first date with a really great guy (a tad older, and with many accomplishments, mind you!) and he posed the question around how I felt about prenups.  I was stunned! 

Be serious about your future - and protecting yourself and your family. 

For me, I hate thinking about divorce before marriage is even in the picture.  However, I do want to be secure, and I'd want my husband to feel secure, too.

So my stance is this: 

If we get a divorce, I get half.
If we get a divorce and you're caught cheating, I get half plus $1M in emotional damages.

When Saving becomes Agony

I'm not spending frivolously. I'm not spending frivolously.I'm not spending frivolously. I'm not spending frivolously.I'm not spending frivolously. I'm not spending frivolously.I'm not spending frivolously. I'm not spending frivolously.I'm not spending frivolously. I'm not spending frivolously.I'm not spending frivolously. I'm not spending frivolously.



That's the truth, you hear me?!?!?!?

So as part of the 8 Weeks of Awesome Challenge, my financial challenge is to have AT MAX 2 unplanned purchases each day.  Here are some of my well thought-out unplanned purchases that kept me within the challenge:

• A taxi cab ride to the doctor's office.  (Hey, I was running late, and I like to have my time with the doc!)
• Only 2 bags of pre-peeled shrimp that were on sale at Hartman's (they were $4.99!!!!  Pre-challenge, I would have stocked up on these suckers)
• A donation to the Island Packet to vote for my dog to win a spot in the 2011 calendar (Place 20 votes for only $5!!!  Oui Oui is #42 at The Island Packet) 

I was used to indulging in my every whimsical purchase, but now I can only keep a running list of things my heart desires.  If it occurred to me Pre-Challenge, I'd be off to Chapters to buy $96 worth of Lonely Planet books.  NOW, I can only buy 2 things, and usually only if I need them.

I was also thinking, with the occasional "spoil myself with delightful charms" feeling that I get, I'll limit the actual purchase to once a week. On Fridays.  So far, my Wish list includes black & brown pairs of tights, a couple of white sweaters, a Mercedes 560 SL (not occasional, btw - more like once in a lifetime!), some Dave Matthews CD's, gold lip bloss, some gold hoop earrings, a big boxy coat, some cinnamon Schnapps, some flowers, and some DVD's of the Cosby Show (any season).  Can't wait for Friday to come!!!

ciao, y'all!
allyson

Eight Weeks of Awesome begins again!

I am excited (and relieved!) that another Eight Weeks of Awesome is underway.  This has been the most motivating way to help me build a healthier, more organized, and overall happier life- it's GREAT - be sure to take a look at the blog!!!

The idea is for a bunch of us (around 20 friends) to put $25 in the challenge, and aim to win the whole pot.  We have to do a certain number of strength and cardio sessions per week, and meet a nutritional and financial daily goal.  Oh - and there's the mind and body requirement too, which is 90 minutes of activity per week also. Whoever logs in the most wins the kit and kaboodle. 

Daphna and Jill, two very detail-oriented ladies here in Ottawa, started the challenge last December, and I've been really good with it so far!  At first the challenge was getting all those workouts in a week, then the nutrition part was added, and now a financial goal is part of the daily log. 

They say that 21 days of doing something builds it into your routine, and since the challenges started, I floss, wear sunscreen, eat at least 5 fruits and vegetables, and meditate DAILY!!!!!!  It's been a gradual learning curve, but it's given me such balance - it's wonderful!

My nutritional goal for this challenge is to eat at least 1 gluten-free meal per day, and my financial goal is to allow myself no more than 2 unplanned purchases, also on a daily basis.  This is REALLY tough.  I was at the grocery store, and wanted to buy soooo many things - but because they weren't on my list, they weren't planned.  Uffa!  I did buy a bottle of salad dressing, which kept me under my limit.  This also goes for unplanned "drinks with friends" (no more than 2 drinks, or 1 drink, 1 food, or 2 foods and a water!, gum, coffees, magazines, a medium soup from my favorite soup shop (my weakness), makeup, and stuff on sale at Shoppers, our chain convenience store.  They had Aveeno lotion on sale yesterday, but looks like I have to plan in order to buy more than 2 bottles each day.  I won't need that much lotion, but I like to buy in bulk!!!

Anyhoo---will keep you posted on how the challenge goes.  Here's to keeping a nutritional, healthy, and financial focus :)

ciao y'all,
allyson

Retirement is in the bag!

This should have been a May post (finance was the month's focus), but I just signed the papers yesterday, and I couldn't be happier!!!!

Like an idiot, I emptied out my 401k when I moved to Europe in 2007. I always thought that somehow I'd make enough money to put aside, invest, and work towards building up my next egg.

So when I moved to Canada and found out that my employer contributed 10% of my salary to my retirement plan, I was STOKED to start one! Trouble was, I couldn't. After going from bank to endless bank, even getting letters from the Canada Revenue Agency to validate my residency status, I was not permitted to have an RRSP (Registered Retirement Savings Plan) until I filed my taxes and received the RRSP contribution limit for 2010.

It's been a full year of no retirement plan, but FINALLY, it's in place! I am so excited to have this taken care of. I'm almost grown!!!

In case you might be interested, here are a few tips from The Boston Globe's Personal Finance Section on building a solid retirement plan:

1. Know the role of the retirement savings plan. Once retired, your income will come from several possible sources: Social Security retirement benefits, pensions, employer retirement savings plans like the 401(k), personal savings and/or part time work.
   
   The value of your employer based savings plans, like the 401(k), 403(b) or 457 plans, will be an important source of that income. The more you save, the more that will be available for you to use during retirement.
   
2. Participate in your employer plan - Payroll deduction is the first and one of the most powerful advantages of a 401(k) plan. Money is saved automatically into the plan before federal and often state income taxes are withheld. This means that a dollar contributed to the plan results in a decrease in take home pay of only around 70 to 80 cents.
   Regular and disciplined savings is the first advantage of these plans.Tax breaks are the second.
   
3. Your account grows deferred - Unlike regular investment and bank accounts, you do not pay taxes on any dividends or interest that occur inside your retirement plan. You also don’t pay taxes when you sell one investment and transfer to another. This tax sheltered growth allows more of your money to stay invested rather than going to taxes.Taxes aren’t paid until you withdraw money from the accounts to spend.
   
4. Save as much as you can - The more you save, the more you have. This savings may make up a significant part of our retirement income. More is better.
   
5. Increase your contributions annually - An effective strategy to increasing your retirement plan balance is to increase your contributions periodically; perhaps once each year or when salary increases occur. This can create a significant increase in your potential balance at retirement.
   
6. Maximize the match - If your employer offers matching contributions, be sure to contribute at least enough to get all of the match money offered. This is literally as close to “free money” as you are ever going to see in this lifetime. So, make sure you get all that’s offered to you.
   
   If your company has suspended or dropped the match, don’t stop contributing. It’s conceivable that the company could re-instate the suspended match retroactively for the year, matching whatever contributions you made during the year. By not contributing, you could miss out on that free money.
   
   The Match is only the third or fourth advantage of saving into the plan. The others are still valid and more important. Remember, what is paramount is that you are saving and that you receive the income tax advantages.
   
7. Have an investment strategy, not a bet - Your retirement plan assets can be invested in very conservative investment options. Most plans offer a Stable Value or Fixed Interest rate account. However, a potentially higher return often requires assuming degree of risk to a degree. Therefore you may want to consider investment options that invest in bonds and stocks.
   
   If you choose this path, mix up stocks, bonds and cash in a manner that fits your risk tolerance. Your plan will usually offer some help in this area. Don’t pick your funds simply by what they did in the past.
   
8. Review and re-balance - Periodically, either every six months or once a year, review your account and see if the mix of investments is still in balance. If not, remix the account to the original allocation that you had chosen.
   
9. Know the rules on getting your money out - Most 401(k) plans have withdrawal rules that differ from employer to employer. Find out what you choices will be when you leave the company or retire.
   
   Federal law allows you to keep you money in the plan as long as your balance is greater than $5,000. Some plans allow you to take withdrawals or roll a portion of the account over to another plan or IRA. Most plans seem to require either taking or rolling over all of the assets from your plan account rather than a select amount. In other words, take all or none. Plans of large companies often offer a very inexpensive choice of investment options that you may want to continue using.
   
10. Have confidence - Don’t lose confidence in your retirement plan. Values have decreased with recent declines in both the stock and bond markets. Remember, however, that you still own the same number of shares.
    Long term investors know that market declines and advances have been part of the investment experience for decades. Don’t stop contributing. You still need to save money. Remember, you are buying shares at much lower prices than last year.

Money, I made you!

Only 11 days left in the May focus on money, and boy, have I changed some things!!! My only problem is that while I've found some really great ideas on how to save money, I don't have many on making more money (at the present moment and in the near future). Although in my fantasy I'd love to make tons more today, I really do want to think realistically about how over the next 3-5 years I can build my asset base, increase my value (and salary) as a professional, and work towards lucrative entrepreneurship. I've done garage sales, babysitting, and consigning, and now, I'm really ready for a BIG jump forward.

So, here's some brainstorming...walk with me, and send me your ideas!

• Consulting - I set up a sole proprietorship 6 years ago, and while I can't generate income in Canada (work visa issues), I'd love to chat with interested folks based in the US. I know I don't advertise this nearly enough (I don't at all actually). So, I'll get started here :) AHEM.....If you need a hand in arts administration, nonprofit management, grantwriting, or fundraising, check me out at http://www.arcinternationalconsultants.com/. Whew! That wasn't so bad. Now I just have to take it out of the Wonderland and into the real world!
• Investing - I'm scared to death of this, especially with the economic unpleasantess that's been going on over the past few years. If you've got any insight, would love to hear about your experiences!
• Working. BETTER! - I mean this in the most encouraging way. I've taken on tons of new projects at work, intending for it to add to my overall wealth of experience (and value) so that I can negotiate a higher salary in my next big gig. In the past, I've done research papers, conference presentations, publishing, etc. all on my own dime and time, and it's really helped. I've just wrapped up a new project at the office that I totally volunteered for (and took home to work on, in some cases!), and it adds a very substantial bullet item on the resume. Just got to find more opportunities to work like this so that I can substantially negotiate more....hmmmmmm......
• Blogging - For now, I use my Wonderland as a parking lot for ideas, dreams, opinions, and if I'm lucky, conversations:) I've seen on tons of other blogs opportunities for sponsorship, and in many cases, sponsor banners. It seems that the subject matter for these blogs is either fashion, product design, or something related to the two. Unfortunately, those are pots that I can't stew, so I'm thinking creatively on how this blog could possibly become an income generator (without sacrificing its original focus and purpose:) Would love to hear more ideas on this......

Will continue this conversation...for sure!

ciao for now!

a

Money, you'd look good on my arm!

Since May is my month of money (saving more, making more, investing more, banking more), thought I might continue the financial focus with more tips that I've discovered and adopted in my quest to make my money work better for me.

Check it out!

1. I've started (GASP) shopping in the suburbs. I went, last night, for the first time, deliberately, to do my shopping in grocery store in the suburbs. The Polar Bear lives about 20 minutes outside of the city, and so I accompanied him to the nearest shop and stock up. I was shocked at how us urbanites allow grocers to literally take the food off our plate with their extra exhorbitant prices. My essentials (frozen fruit, milk, eggs, etc.) cost half as much in the suburbs than in downtown. Shocker to some, invitation to me!
2. My grandmother always taught me to buy the best. "You only want to buy it once, so buy the best that money can buy," she'd say. In my elder years, I've learned that this need not apply to foil, plastic bags, and other daily disposables. I'm used to buying the name brand version of everything - from meds to chips to makeup. It's taking time, but replacing name brand versions with less expensive product lines really adds to my cash reserve :)
3. I've started recording every impulse buy. All (at least most) of my expenses can be planned: rent, bills, food, travel, etc. So....for those days when I crave a smoothie (that I lazily don't want to make myself), bottled juice (that I didn't get on sale during my trip to the suburban grocery store), or beauty must have (the day after Ballet Tropical, I HAD to get a pedicure. Feeling my rough heels almost tear through my sheets was TOO much!), I make sure I record it - often, it helps me think through whether the purchase is really essential or not. Puts money in the bank!

Ciao for now!

a

Money, may I?

I don't like the idea that money/financial conditions determine how we spend our time. Of course you can do free things like....

• visit the library....but you have to show government ID for a library card, which means you pay taxes, which means it's not quite free....
• go for a walk...what barefoot and naked? That ain't free either.
• just sit....outside? Then you'd get a fine for loitering. I give up!!!

So if we need money to live, I need more of it! Here's a (hopefully) profitable follow up to the Money I want you back! post....

Some new short term goals (and accomplishments!):

1. The Polar Bear and I decided to eat out once a week. That makes it so much more special, plus we'll have more spending money for the road trip in a few weeks.
2. Let's try a BYOB spot - most of the bill is in drinks anyway.....
3. I got my refund from Expedia!!! It took FOREVER (actually, 2 weeks) and blood sweat and tears (well, just a series of phone calls at every hour of the day), but I got my refund for the cancelled flight (resulting from that silly ash cloud). Money's in the bank!!!
4. Summer's here, so we're going to spend as much time outside doing as many free and active things as we can find. First big thing - the Tulip Festival!
5. One day a week, my girls and I get together for a "Do-Tell Potluck Episode" once a week. 5-6 of us get together, bring a dish and a bottle of wine, and have us a feast! Splitting platters beats splitting bills!

And revisiting the ones from last week:

1. I still need to turn in my receipt for work this week (to be reimbursed for food and travel on a recent work-related trip). The finance girl is out till May 19, so I've got to wait till then. That's what I get for dragging my feet.
2. Just sent the H&R Block guy an e-mail about my refund (it's 2 weeks overdue, honey!)
3. Made an appointment to consign my preloved clothes. The Polar Bear and I took some items to a drop off consignment shop and made an appointment for this coming Monday at another one. Gotta keep several pots brewing!
4. REALLY spend less when I go to the grocery store tonight. I haven't been to the store this week yet. Will probably survive on the goods I got last week (tubs of spinach can last a long, long time!)
5. Bring lunch every day this week. Grade A for last week! This week I need to do a lot better.

This one's not a goal - more of a confession. While galavanting across Europe (actually, I was pretty much stuck in one place), I missed a payment on my Dell account - uffa!!! So I called today to make an immediate payment and politely asked the representative to waive the $15 fee they charge to make the immediate payment. Money's in the bank (or, in this case, not as much was taken out :)

I'm on my way to being a financial grown-up. I'm so ready!!!

ciao for now!
a

Money, I want you back!

Was just listening to Erykah Badu's "Turn Me Away (Get Munny)" and had to chuckle. It's a funny song, but it made me consider the finances in life and how much I haven't been paying attention. Bills are paid, and money is made, but since tax season (H&R Block charged me $450 to do my taxes!!!!) and a bunch of other unexpected expenses over the past 2 months, I've fallen off my financial game and goal (See #10 in Ten Things to do in 2010 in the right hand column).

The goal had become just a text filler, but I really want to turn that around, and this blog will indeed become a reflection of that. I know that God will provide all I need on my journey (Philippians 4:19), but I also know that I should be a faithful steward of all that He has given, and that's where I need to shape up.

So, I've got a new Wonderland element called Finances, and this is where I'll explore how to better save, spend, earn, find, and keep cash. It's not that I desire more buying power....I just want to worry less about how the banks define my balances.

It'll be a long process, so I'll keep my steps short term to get to the long term goal ($4,000 saved by May 2011 for a social sabbatical ). Here are some ideas of what I'll do this week:

1. Turn in my receipts for work this week (to be reimbursed for food and travel on a recent work-related trip)
2. Nag the H&R Block guy about my refund
3. Make an appointment to consign my preloved clothes
4. REALLY spend less when I go to the grocery store tonight
5. Bring lunch every day this week

This will be my humble start. Wish me luck!

Happy saving!
a

My next big thing - OFF WITH THEIR DEBTS!!!

So, I've got a new countdown....looking forward to July 15, when I make my last payment to a credit card counseling organization, which has been my saving grace for the past 4 years. In college, I built up sooooooooooooo much debt - there were semesters when I put my entire tuition on credit cards!!!! I wasn't nuts....I just didn't know any better. And those sneaky little services that give you free T-shirts for applying for credit cards did NOT help............

Back in July 2006, I was making way less, but paying way more in credit card bills. Interest rates were jacked up, minimum payments were unbearable, and I was literally losing sleep over seeing so much red text arrive in the mail every month.

Soooooooo.......I joined this credit card counseling agency, and WOW - was I relieved!!!! I had to close my credit card accounts (which hit my credit score pretty hard, but not as hard as late payments and above the max balances!!!), but they lowered my interest rates and allocated my monthly payment to the 3 credit card agencies that I owed.

This month, I paid off the 2nd credit card, and I've only got one left. They even provide this nifty little chart showing my progress over the past 4 years. Granted $12,000 isn't a TON of debt, but when my job stability has been everything accept promised, steady income has been a bit uncertain, and other expenses (like rent, utilities and student loans ARGGGGGG) also take priority, this program has been AWESOME in keeping me aligned with my payments. If you're interested in learning more about the program, let me know!

ciao for now!
a