You Don't Know What You Don't Know:YWCA's Money Conference for Women - Register Today!

MetroHartford Alliance recently shared the following information:

       

YWCA Hartford Region and Honorary Chair Denise L. Nappier, Connecticut State Treasurer, will host the 2014 Money Conference for Women, a free conference to help women of all ages take charge of their financial futures. This year’s conference features first-time keynote speaker, Valerie Coleman Morris. Hear business journalist and author Morris’ message “Unlimited by Design: It’s Your Money So Take It Personally.” When it comes to money, women need to be far sighted, start saving early and stick to their money plan.

The conference features workshops led by financial experts on topics such as budgeting, investing, retirement planning and featuring a new workshop for women who are thinking about starting a small business. Conference attendees can also visit the Financial Expo to learn more from a variety of financial service providers. All attendees will receive a free tote bag.

The event will take place on Saturday, October 25, 2014 from 7:30 AM – 2:00 PM at the Connecticut Convention Center in Hartford, CT. The conference is free but registration is required. To register go to www.ctmoneyconferenceforwomen.com. To request a registration form, or to get more information about the event, call (860) 525-1163, ext. 450. Workshops will fill up quickly. Register early to secure your first choice of workshops! 

All the best and Happy savings.

Did I Mention DailyWorth?



Mexicala Art Work from My Collection, For Arts Sake.



In the slow transition here in Connecticut from Winter to Spring I took some time off from writing to work on paying down some of my debt. Unfortunately, one of the challenges was paying over $2000 for almost 70% of the repairs needed to the front end of my Volkswagen, due primarily from the heavy wear and tear over the winter months here in New England. The roads still look like they have been through a war.

But like any battle, you either are defeated or you regroup, assess the damage, and carry on. Thus, I wanted to take this opportunity to tell you about www.dailyworth.com. The website developed in part by a very talented journalist and money management writer MP Dunleavey, has a very good following after a few good years of getting to the point on how women should manage their money and choices. I used to read her articles at MSN Money when I was going through much tougher financial times.

A recent article by Molly Triffin on dailyworth, "Beware These 9 Common Overspending Triggers," touches on things we should avoid in our quest to remain financially responsible, see if you can identify:

1. You're in a Bad Mood, advice Shut it down, do not use retail therapy to make yourself feel better; try another outlet. She suggests a jog, yoga, listening to music, talk to a friend, write.

2. You're on Vacation, I suggest not to rely on your credit card to pay your trip expenses. Always set a budget. I like to assess how much I will spend for breakfast, lunch and dinner. I also usually try to stay at a hotel that includes breakfast. On my most recent trip to New York, I did just that. I saved over $500 a night (we stayed 2 nights) by staying in Brooklyn at a hotel that had parking (some in the rear and some down the street from the hotel at a garage for $12) as compared to if we had stayed in Manhattan. As I expected the hotel was more kid friendly than the hotels in Manhattan advertise to be. Rooms in Manhattan are much smaller. With two rambunctious boys, I need as much space as I can get.

Triffin referencing psychologist Maggie Baker advises, "budget an extra 10 percent than you would normally spend at home and also consider an all-expense paid trip to protect yourself from a bad financial decision." I have found that when traveling to the Caribbean that an all-inclusive package is a welcomed idea. Not only do you not have to worry about lugging your wallet around as you venture to the beach, or the spa or to a game of tennis, but you can dine on many different options without counting your pennies. In the United States, however, I have yet to see an all-inclusive offering that is financially worthwhile.

3. An Amazing Sale, raise your hand if you have never been guilty of succumbing to this trigger. Not too many raised hands, right? While the article suggests you focus on what you are spending vs. what you are saving. I challenge you to go a step further and try each and every time you go to that big box discount retailer go through every item in your cart and start off by putting back at least one item. I almost guarantee you that you will give up more than one item that you thought you just had to have that day.

Better yet, why not just avoid the sale. Macy's has a "sale" weekly. If they advertise deals weekly, is it a sale or a gimmick; in reality those are the real prices because the retail sales industry is not making the revenue it really wants, thus everything always has to be on "sale." I can almost guarantee that if you go to a retail clothing store when you need something, it will be on sale. Now I cannot say the same about a store like Home Depot; there you have to catch the deals in the off season.

4. You are Bored, suggestion, see 1, but also consider meeting a friend for coffee, get started on a new project. Perhaps you are in the same or similar boat as I am, there are many chores that can be done around the house; remember that light bulb that still needs changing, or the new batteries that can go in the smoke detectors or how about those windows you swore last month you were going to clean. Boredom went out the window with childhood.

5. You are out with Friends, Establish that you will get separate checks up front instead of later on where anxiety and bad decisionmaking can kick in.

6. You Have to Buy a Wedding Gift, this probably rings true also regarding birthday gifts, family reunions and holiday gifts. She suggests you tap into your creative side.

7. You are on a Diet, interestingly, Triffin shares "we each have a set of willpower every day, and the more of it you extend-whether by forcing yourself to go to the gym at 6:30am or turning down the cheese plate at a networking event-the less of it you'll have left to resist other temptations, such as impulse buys." That's interesting, I never thought about it like that. Shut it down: by doing a low-key activity that is gratifying to recharge and reboot your willpower.

8. Your Best Friend's Birthday is Coming Up, suggestion don't go overboard. Shut it down: Triffin citing Baker says, "would your friend truly want you to spend so much that you'd jeopardize your own financial situation in the process?"

9. A Loved One Asks to Borrow Money, Interestingly that brings me back to my inaugural blog, "A Friend in Need is a Friend Indeed." While Triffin addresses a chronic borrowing problem by suggesting shutting it down by 1) lending what you can without destroying your own finances and 2) cutting the person off the lending tap-equating the chronic borrower to a dependent alcoholic. She also suggests 1) weaning yourself off of lending and 2) help your friend by enlisting the help of professional services.

Interestingly, in the Greater Hartford area there are a number of counseling resources. At the recent "In the Company of Women" YWCA's 19th Annual Luncheon, I met Denise Smith, Program Coordinator for Connecticut Association for Human Services (CAHS). Her organization offers Financial Education courses. CT Money School (CMS) is the first statewide financial education initiative in Connecticut providing free financial education for adults and seniors. In addition to workshops, CAHS offers a free one-on-one Financial Coaching program. Check CAHS out at ctmoney.org.

Also, Community Renewal Team (CRT) offers information and assistance with Credit Reports and Rebuilding as well as Household Budgeting and Money Management. At a recent housing fair at City Hall, I learned that Neighborhood Housing Services of New Britain, Inc. is currently offering training sessions on Budgeting Tips, How Saving Money Saves Your Home, Maintaining Good Credit, Insurance, Recordkeeping, "DIY" to Improve and Maintain Your Home, Meeting Neighbors, and Getting Involved in Your Community. The next session is May 22nd at 5:30pm, 223 Broad Street, New Britain. Their website is www.nhsnb.org. They also offer foreclosure prevention services.

What are your triggers? Identify them and you then can make a plan how to seek out alternatives that make for a happier, healthier, financially responsible you.

Budget Blues

I find myself reflecting on my written budget and realizing once again that budgets are hard for me to maintain. Why are budgets so elusive for some of us?

Apparently, busting the budget is more common than you might think. A quick search of the internet reveals that currently across the country towns, cities and states are busting their budgets related to the treacherous and recurring weather events across the country.

According to writers at www.Selfgrowth.com, "Busting the budget" is a common pitfall in personal budgeting; frequently busting the budget can allow consumers to fall into pre-budgeting spending habits. Anticipating budget-busting events (and underspending in other categories), and modifying the budget accordingly, allows consumers a level of flexibility with their incomes and expenses.

The fact is that debt-to-income ratio is a real sucker punch to any budget. Depending on how you transitioned out of your divorce, we all have to think of creative ways to finance our post-marital bliss.

As for me, I kept dial-up service up until about 3 years ago because I figured that was one way to save money and it would be a constant reminder that I was on a mission. Unfortunately, I eventually "needed" wireless service for "work at home" purposes. I did get the wireless internet service, but I also dropped the land-line at the same time.

Now that's just one example of a minor belt tightening measure. How about shopping options for a used car rather than a car with years worth of payments left or how about apartment hunting? You can start the hunt on-line and do some comparisons between what you pay now and what you could pay in a new apartment/rental house/condo/farm...whatever. Whatever the case, the search on-line is "free" and it could even be motivating. Perhaps enough motivation to weather those budget blues.

As for the towns, cities and states, they will come knocking at our doors to shore up those busted budgets soon.

Taking Stock

To Stock or not to Stock, that is the question or at least it could be the question when considering how to spend for the essentials and how much to spend for those essentials.

(c) 2013  

I started this post on the eve of a snowstorm, Derby, and as it turns out I find myself finalizing this post one week later on the eve of another snowstorm, Easton or Pax, expected to drop a good 10 inches or more of snow here in New England.

I don't typically stock because there are 5 good stores within a 2 mile radius of my house. However, when I know that I will be on trial for the next two weeks, I aim to take an ounce of prevention approach over a pound of cure. Typically, on busy trial days I throw in the "simply homemade" towel for the fast food drive-thru options that also abound in my neighborhood. There are at least 5 fast food establishments within a quarter mile of my house. Ode to urban sprawl.

I went to the store to stock. So when all was said and done what was the damage? Don't gaff...$98. My total Giant Sale savings were $47. Some of you might be saying to yourselves, I wish I had a grocery bill that was that low for a two week period. However, keep in mind that this isn't really about my dollar figures or my budget. It is about knowing your figures and your budget. All of our circumstances are custom fit to our lives. As for my circumstances, my boys go to their father's on Wednesday and then again every other weekend.

Stocking up on gas is also warranted especially if you can get discounts from certain grocery stores (BJ's, Stop&Shop and others). One time I had 303 gas points which equates to a .30 cent per gallon discount. I could go about two weeks on a tank of gas; that's a deal that has some mileage to it. However, these days I am focusing on keeping gased up, especially with the long travel times associated with the inclement weather.

I recently timed my homebound commute. I realized it takes me 20 minutes to get home even though my office is 3 miles away; and that's in moderate traffic. Once it took me 1 1/2 hours to get home along the same route; that was the big snow storm back in 2008.

Here are some suggested items to stock for emergency reserves (think snowmaggedon, think layoff), take it for what it's worth:

1. 20 lb bag rice



Yum!  (c) 2013.



2. 20 lb bag beans

3. 20 cans of fruit



4. 20 cans of vegetables

5. 20 cans of meat

6. 2 large jars of peanut butter

7. 2 large cannisters of tang

8. 2 containers of powder drink mix

9. 2 bags of flour

10. 1 bag each of sugar, salt, and oats

11. 1 gallon of olive oil

This list is courtesy of youtube.com (Note: it doesn't mention water, which of course you would need plenty of in an emergency.)

MENTOR| SCORE

Thank You! Your request has been sent. | SCORE

Considering a business? Check out SCORE. It is the equivalent of a business corps. comprised of business people who can provide advice and business mentoring.

Perhaps that idea you have can be converted into a capital producing business to help you in your quest for financial stability.

Hear as Monicalee Recently Shared Her Story

My Own Story

Seek Out Inspiration on the Net

What are you up to, Khristian A. Howell?

^ CLICK ON LINK

At Monicalee's website smartcreativewomen.com you can listen to interviews of women who have harnessed their creative energy and turned it into revenue.  What do you think about finding time out of your busy schedule to explore your creative side and the potential revenue that can come from it to help you in your journey to financial responsibility?



Khristian A. Howell shares her start-up experience in her interview with Monicalee back on February 7, 2013. Is your February this year going to be different from last February?

What is Your Tax Strategy?

Will you get a tax bill or a tax refund on April 15th? If you were employed in 2013 and you did not have sufficient tax withholdings, you will get a tax bill come April 15th. If you have over-withheld then you will get what a lot of Americans look for, a 4 digit refund. That 4 digit refund is your hard earned money that you earned during the preceding year but did not get in your regular paycheck because you asked the government to hold too much of your money.

Public Domain Photo see link below

Odds are you could have used that excess money to pay down monthly bills during 2013. If you get $2,000.00, yes you could paydown that holiday credit card bill, but in the alternative you could have had that money in your paycheck in October, November and December and purchased your holiday gifts with cash. Of course, if you got through those months on a shoe-string then you know those extra dollars in your paycheck (if you had one) could have stretched your budget that much farther.

If you are consistently, year after year, getting a 4 digit refund, I challenge you to think about taking a look at your W4-withholdings. Have you claimed all of your dependents (if you claim your dependents), have you adjusted your marital status since your divorce? Do you file your taxes claiming standard deductions or itemized deductions? If you have significant deductions year after year, for example, mortgage interest deductions, dependent childcare deductions, charitable deductions, student loan interest deductions and various child credits, you really might want to consider your options. Remember, you do have options. Happy tax season!

Humor and Feed Yourself

Can you spot the difference? Well aside from the fact that this was my lunch at work and it does not necessarily look like the average lunch one would have at work.

I have to admit this lunch threw me for a loop. Coming off my slow paced holiday break from the office, I thought I had finally adjusted back to my work schedule. Part of that schedule entails prepping and bringing morning, snack and lunch items to work. Apparently, in my mind when I brought/bought this lunch bowl on sale for $1 it was nothing more than a glorfied ramen noodles in a plastic bowl.

A big pat on the back goes to the marketers of this brand because I was really reeled in by the tantalizing chicken pieces and the vibrancy of the fresh green onions. The morning of my meal prep I thought nothing of tossing this along with my teas, chocolates, yogurt, snack bar, spoon, fork, papertowls and tangerines into my lunch bag. Had it have been the ramen noodles I would have 1) been mentally prepared for ramen noodles 2) I probably would not have brought it for lunch and/or 3)I would have brought some embellishments to add to it.

Point being, there are great ways to prepare your "away from home meals" for the day and save yourself money in the long run by not buying breakfast, lunch, and snacks at the corner deli, food chain, or other franchises that like to beckon for our daily dollars (the ones we really don't have to waste). Just like any discipline, there are times you are going to splurge, but consider what is going to be your norm. I honestly can say after seven (7) years at my day-job, I can probably count the times I have bought lunch(and for that matter breakfast too as a lot of people at my job buy breakfast).

Besides, if you are in the business of lunch networking you can save those splurges for those times where you are building your future/brand at a luncheon event or a networking lunch; eat at your desk or lounge on the rest of the work days with the satisfaction of knowing your hard earned dollars are not being eaten up by inflated store prices. And for those of you readers who are thinking "I skip lunch or breakfast" or "I cannot afford them so I don't even eat," think about how that is working for you and how that is working for your body. Divorced moms (heck, all moms) have to stay healthy because there is so much to juggle.

Survival of the Financially Fittest

Is this your second Pay Day of the month? I pray for you and for me that on payday we do not have that shared feeling that payday is spending spree day.



Red-tailed Hawk feasting on gull-1/15/14 (c)

 

If we are serious about paying down our liabilities then we need to resolve and resort back to our written payment plans that we prepared at the beginning of the new year and follow through on our respective commitments (whatever those are) to chipping away at our liabilities or in some cases making that 'payment due' to keep things going. What's your survival strategy this Pay Day?

The Restart Project -on AOL

I happened upon a program hosted by Gwyneth Paltrow and Tracy Anderson called The Restart Project. Perhaps you have seen it, but this was my first exposure to it when I logged onto AOL today. Yes, I still have the same AOL account I had since college, thanks to my mother.

If you get a chance check it out. There are eight (8) episodes on there currently and each episode runs about 7 minutes long. I hope you find the same inspiration and emotionally moving thoughts when you catch an episode. Imagine, each woman had to work to keep or get her financial house in order while overcoming and facing the obstacles she shares in each of these viniettes.

Temptations

In your quest for financial stability after divorce you will be faced with many temptations-financial that is. Less than one week into my 2013 resolve and I had endured being tempted by the Home Improvements magazine that always comes with some huge sale enticement. I perused through that thing like a junky peruses the ground looking for a slightly used cigarette butt, (Yes, I have witnessed this on many occasion).

Note to self...back away from the wood composite sidetable with built-in power strip for oh...$179.99 on sale. But, it matches perfectly with my bedroom furniture and could replace the Rubbermaid contraption. Yes girls, Rubbermaid. To all of you cringing, if it's any aesthetic conciliation to you, I never did attach the four black rolling wheels.

Rationalization (that saved me from credit purchase): "It's not real wood."

Other tempations I dodged that week were Friday night fastfood and "kamakazee grocery shopping." Kamakazee grocery shopping, as I have defined it, is going into the grocery store without a clear agenda (some folks like to make a list-I am not one of those folks-a mental agenda will suffice)and getting to the cash register and realizing that you spent more than you had mentally or actually budgeted on items that some how miraculously ended up in your shopping cart.


Maple Wood Side Table Later Purchased for $29.99
at local Department store-odds and ends section.



What temptations are you struggling with? Consider writing some notes to yourself on how you can overcome these temptations and/or put them on a schedule of "to do/wishlist items" that you can work your way towards during the course of the year.

Perhaps a Friend in Need is a Friend Indeed

Looking back at 2013, I learned early on in my quest to be financially responsible that the needs and desires of others would come into play during the course of my journey. Just two days in to the New Year and I had been approached for financial assistance/support from a friend. Hopefully, what I am sharing may resonate with some of you. While I am on my personal journey to right my ship, others on the outside may see circumstances differently and call upon you, as I was, for some help. In the words of Judge Judy:

"Don't cosign,ever."

But, if someone looks at you as responsible to lend a hand, consider that an ego boost for your own goals. Sit and brainstorm with the person about the help they are looking for and if it comes down to monetary help consider 1) if this is a situation where this is clearly intended to be a gift 2) if this is a situation where you are fairly confident you will get paid back (I'll talk about the method in a future post) and 3) ask yourself what this person has done for you in the past that makes him/her confident to ask you for help now. Number 3 is what sold me on helping my friend.

Thankfully, I can say nearly one year later that I am one month shy of being paid back in full (again I'll talk about the method in a future post.) Happy 2014!