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Enjoy!

How to Beat the Summer Break Challenge: Affordable Child Care Options To Get Parents Through The Summer

Note: This article is from daveramsey.com

In a few weeks, parents will face the annual summer break challenge—find fun, safe and maybe even educational child care that won’t break the budget.  It’s a tall order, but not an impossible one. Consider some of these options:

Parent Networks:

• You might be feeling a little panicked about your summer child care options, but don’t worry. A lot of parents are feeling the same way. So why not network with other parents in your community to exchange free child care?
• These networks are sometimes called child care co-ops. They work especially well for parents who work part-time or on odd shifts. If you need child care during the day, for example, pair up with a parent who works evenings. You take care of each other’s kids while the other is at work—for free. Your budgets won’t take a hit, and your kids get the benefit of built-in friends to hang out with all summer.

Summer Camp:

• Who wouldn’t want to spend a couple of weeks hiking, canoeing, horseback riding, and making lifetime friendships? Summer camp may not be as budget-friendly as free child care, but most day and overnight camps offer discounts or scholarship programs to reduce the expense. And you can’t beat the benefits of getting your child off the couch and building great summertime experiences.
• Day camps, in particular, can be geared to your child’s interests. One week they may have swimming classes, another week they may have art or basketball lessons. It’s another great way to keep kids’ minds engaged rather than soaking up cartoons.

Churches and Volunteer Organizations:

• Check with local churches to see if they offer summertime child care or activities. Chances are they will be less expensive than traditional day care.
• Older children can volunteer with community service organizations. Check with the local Boys and Girls Club, 4-H Club or YMCA to see if they have any summer volunteer programs.

Flexible Schedules:

• You’ll probably end up using a combination of options to get through the summer, which means your schedule could quickly become a hodgepodge of work and taxi-driving responsibilities. Talk with your employer ahead of time if you think you’ll need to change your schedule.
• If your job allows for it, you might discuss work-from-home options. That’s another great summertime solution that could benefit your family all year if it becomes a permanent arrangement.

Be Smart:

You won’t be comfortable with any child care solution if you aren’t sure your kids are safe. Use this checklist to be sure your provider will offer safe care that’s also fun for your kids:

• Ask about the care provider’s insurance and whether your family insurance will have to cover any medical expenses, if necessary.
• Find out how long the program or camp has been in operation. How many children return each year? Check references from parents who have used the program.
• Find out how many adults will be on hand to supervise the activities. What training have they had?
• If possible, spend some time observing how the program, camp or child care provider works.

Last but not least, don’t let your budget be your only guide while you look for options this summer. If you opt for camp or volunteer activities, be sure you’re signing your child up for something he or she will enjoy.

When you find an option your kids love, sign up for it next year as soon as possible. You’ll usually get discounts for early registration, and you’ll have a headstart on next summer!

Source: daveramsey.com

Raising a Baby On a Budget: Splurge vs. Save

When we first started talking about having a baby we said the same thing that so many other parents-to-be say: Let’s wait until we can afford it a little more.

We eventually realized that if we waited to have a child until we could "afford it", we'd never become parents.

I admit, it can be very expensive to raise a child in the US these days. According to Parenting Magazine, it can costs almost $200,000 to raise a child from birth to age 18. Notice that doesn’t count from conception. We won’t even go into the costs of 9-months of medical expenses plus labor/delivery costs. Other sources estimate the cost at $250,000 or more. For parents who agree to pay for their children to attend a public college, tuition can add $50,000-$60,000 or more to that estimate.

This can seem daunting & unaffordable.  But please keep in mind that the cost of raising children is spread out over almost two decades. Divided equally by 18 years, to raise a child will theoretically cost you roughly $11,000/year. If you have two children, it will theoretically cost you about $22,000/year to raise them, and so on.

Fortunately, many of these extra expenses can be avoided, which dramatically lowers the price of raising a child.  Here are 5 ways to  decrease the amount of money it takes to have/raise a child:

• Having a baby doesn't always require you to move into a bigger house. 
• The estimate quoted above includes new parents moving into a larger house to 'accommodate' the new baby.  If you raise a child in the same size home you have now (or less), you can avoid this extra expense. 
• Many young adults rush out to buy a new house as soon as they get married or find out they are expecting-but I promise, a baby will do just fine being raised in an apartment or smaller home.
• Having a baby isn't always an excuse for a bigger car.
• The online calculator used in Parenting Magazine  includes an annual cost of $1,250 for a bigger car. In our case, we were a one car family when our daughter was born.  We did need a second car, but we were able to find a good deal-thankfully, we paid off the loan recently!
• If you do need a new different car, search for good used cars with lower mileage & try to avoid financing if at all possible.  But remember, most families should be able to raise a child using the cars they already have, which saves around $15,000 over a period of 18 years.
• Ignore registry advice.
• Store registries are heavily influenced by the baby product industry itself,. Babies only need a few things. Once you have a crib, a car seat, diapers, a few clothing items and either breast milk or formula, everything else is more about making your parenting experience easier.
• Before giving birth or signing up for a registry talking to other mothers about what they found helpful and what they could have done without.
• New Baby Products vs. Second Hand Baby Products
• What You Should Buy New: Car seats, cribs, mattresses, breast pumps
• What You Can Buy Second Hand: Toys, baby clothes, strollers (if up to code & not recalled)
• Skimp on toys.
• Most babies and even toddlers are just as happy with wrapping paper, bows, and even dirt, as they are with the latest & greatest gift. 
• Look for a few simple toys (with bright colors, interesting sounds, etc) that will stimulate baby and let you play, too.
• Wait to 'spoil' your children with toys until they are old enough to truly appreciate it.

The biggest thing to remember is that many of the costs parents are told are necessary are actually unnecessary. Many can even be avoided by cost-minded parents who are eager to raise happy, healthy babies without racking up debt or going broke .
 
By following the tips above, you should be able to drastically cut the costs of raising a child. 

**You can find more Parenting Posts HERE**
**Looking for Personal Finance posts? Go HERE**

Dave Ramsey's New Book, "EntreLeadership", Only $13.98

If you haven't heard, Dave Ramsey's new book "EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches"  is now #1 on the New York Times Best Sellers list.  And right now, Amazon has the hardcover copy of  EntreLeadership for only $13.98 (Reg. $26).  That is a savings of 46%.

Plus, this book is eligible for Free Super Saver shipping with any $25 order or with Amazon Prime benefits.  If you do not have an Amazon Prime account, you can get a Free 1 month trial.  Or, you can get a Free 3 month trial when you also sign up for Amazon Mom.

Whether you are an entrepreneur or simply desire to be the best employee you can , this is a must-read.  Dave Ramsey discusses how your company is only as strong as your the leaders & how your team will never grow beyond you. He forces you to ask yourself: Are you growing? Whether you’re sitting at the CEO’s desk, the middle manager’s cubicle, or a card table in your living-room-based startup, EntreLeadership provides the practical, step-by-step guidance to grow your business where you want it to go.

Dave opens up his championship playbook for business to show you how to:

• Inspire your team to take ownership and love what they do
• Unify your team and get rid of all gossip
• Handle money to set your business up for success
• Reach every goal you set
• And much, much more!

Enjoy!

Budgeting Basics Part 2: Creating a Zero Based Budget & Transitioning To Cash

Read Part 1 of this series here.


When my husband & I decided to pay off our debt, we knew that the first step would be to make a detailed plan with our money.   We had to tell our money where to go & what to do.  As Dave Ramsey often says, a budget is simply "spending money on paper, on purpose before the month begins".  We couldn't get to the end of the month & not know where we had spent our paycheck.

Creating a  zero-based budget is going to require some work, especially if this will be your first workable budget. It may even take you 3 or 4 months to get it right.  But, if you keep at it, it will likely do more to improve your financial situation than anything else. In the beginning, you may put too much in some categories and not enough in others. But don't worry, a budget is always a work in progress & it can be adjusted.

When you begin creating a proper budget, you need to know how the necessities in your life are getting paid for & how much is left over after they are paid.

We consider these 5 items to be necessities:

• Food
• How much do you spend on all grocery shopping & eating out each month?
• Shelter
• How much do you spend on rent or your mortgage each month?
• Utilities
• How much do you spend on your basic utilities (electricity, water, gas, etc.) each month?
• Clothing
• How much do you spend on clothing each month?
• Transportation
• How much do you spend on car payments, gas, car repairs, oil changes etc.

 Of course, there are a lot more items that could (and probably should be) listed as necessities (ex: diapers, toiletries, etc), but these are the 5 main things you need in order to simply survive.

When you first write down how much you are spending on your necessities, you may feel as if there isn't enough left over for everything anything else. If that's the case, then you simply have to trim your expenses or increase your income.  And in my opinion, you can't start budgeting the "non-necessity" items OR paying off your debt until you know exactly how much you have to work with.

In order to create a truly zero based budget, you have to know where every dollar is going each  month. Otherwise, you may be spending money you don't have (This makes me think of another one of Dave Ramsey's quotes: 'We buy things we don't need with money we don't have to impress people we don't like.').

Once you have your necessities accounted for & you know that they are being paid for, you then need to come up with a way to track the rest of your money.  My husband & I use the popular envelope system & I can say without a doubt it is one of the keys to keeping ourselves on budget.

Budgeting Basics Part 1: Why Having a Written Plan For Your Money Is So Important

The budget. It's something every household needs, but many choose to ignore. For many, budgeting often evokes negative feelings....ideas about never being able to do anything, never being able to buy anything or never being able to have any fun. I can't say I've ever specifically felt that way about it, but I was one of those people who simply didn't give it much thought.

However, at the very beginning of our marriage (almost 4 years ago), a chain of events occurred that dramatically changed our situation & we realized that we would no longer be able to not think about a budget.



Because of a serious medical issue, I was unable to continue at my job.  We went from 2 incomes to 1 income without having had time to plan for it. I still had $30,000 worth of student loans and we had a few thousand dollars worth of credit card debt.  At the same time, we had been {foolishly} building a house & we were supposed to close on the loan only a few weeks after my unexpected hospitalization.  At first, we tried to figure out how we could make it work & still be able to purchase the home. But the numbers simply didn't add up. 


Today, we view my past medical problems as a huge blessing, as they probably ended up keeping us from making one of the worst financial mistakes ever & sent us down a road towards true financial freedom.


We were introduced to Dave Ramsey & his principles & I can say without a shadow of a doubt that his teachings have changed our lives forever.  After reading his books "The Total Money Makeover" & "Financial Peace", my husband & I worked our tails off & were able to become completely debt free in only 8 months!  I admit, those 8 months were hard. We worked hard, we slept little & we didn't see each other very often. But, we had a clear picture of where we were headed & we knew that it would be worth it.


How did we do it?

• We made a detailed, written budget & followed it, to the penny.
• We both worked 2 jobs & we worked as much as possible. (For newlyweds, that was a hard one, but we realized it was going to be worth it!)
• We transitioned to an all cash budget & used the basic envelope system to keep track of our money.
• We lived on way less than we were making & poured every cent we could into paying off our debt.  (We cut out as many things as we could in our budget & still survive.)

We know that without a written, detailed budget (as Dave Ramsey says, giving every dollar a name, on paper, on purpose), we would not be where we are today,  financially speaking.  Having a budget not only helped us stay on track while we were paying off our debt, but it also helped us survive my husband's layoff, without having to touch our emergency fund.

Is creating a zero based budget easy? It may not be. It took us a few months to get it right.  But I would encourage you to not give up. And remember, a budget is something that's always adjusting, always moving. Check in often. Talk about what's working & what's not. Think of your written budget as a contract between you and your spouse & hold each other accountable.

In this series, I'm going to focus on a couple of budgeting basics:

• Why it's so important to have a written plan for your money
• How to create a zero based budget
• and How it can make the most of even the smallest incomes.

If you think you may be interested in no longer letting your money control you, but rather, telling your money where to go & what to do, I'd encourage you to tune in to the next installment, where I'll share how we got started creating a zero based budget & how we transitioned to an all cash budget.

Money Saving Tip: 5 Ways To Save At The Pump

With the cost of gas steadily increasing, we're all looking for ways to save at the pump.   Here are 5 tips you can use to hopefully lower your gas bill & overall driving costs.

• Observe speed limits
• Wind drag accounts for almost 25% of the fuel consumed to drive your vehicle. Each additional 10 mph of highway speed can reduce fuel economy by about 4 mpg
• Combine Errands
• Several short rides taken individually can use twice as much fuel as a longer multidesitination trip covering the same distance.
• Optimize Your Route
• Use your GPS or head over to www.gebweb.net/optimap where you can put in our desitnation & the site will map out your quickest route, which will save you time AND fuel.
• Go Against Traffic
• Try to plan your shopping and other errands for when traffic is lightest (such as mid-morning or late evening), so you can avoid idling (which wastes time and gas).  Idling your engine for even one minute consumes the same gas amount as when you start the engine (which is a lot)!
• Grab The First Parking Spot You See
• Park in the first parking spot you find, rather than continuing to search for a "better" spot.  You'll have to "stop & start" less & brake less for pedestrians.  If you do this consistently, overtime you'll save fuel & time.

Safe Driving!


(Thanks to All You for some of these tips!)

Delaying Pleasure For a Greater Result

Dave Ramsey's Back To School Sale On Kid's Products!

Dave Ramsey's site is running a Back To School sale on a ton of his Kids products! 

And right now, you can grab Dave Ramsey's Financial Peace Jr. for Kids (Ages 3-12) and Junior's Adventures Bank for only $12 each.  That is a savings of 40% on each item.

You could also grab the Kids Super Pack (6 Books + Financial Peace Jr.) for only $29.00 (Reg. $79.94), which is a savings of 64%!!

You can check out all of Dave Ramsey's Back To School sale items HERE

Enjoy!

25 Ways To Waste Your Money

 

I ran across this article on Yahoo Finance & wanted to share it with you.  Although I don't personally agree with every point the author makes (such as using credit cards each month), the article does have some great tips!

25 Ways To Waste Your Money

1. Carrying a balance.

Debt is a shackle that holds you back. For instance, if you have a $1,000 balance on a credit card that charges an 18% rate, you blow $180 every year on interest. 

2. Overspending on gas and oil for your car.

There's no need to spring for premium fuel if the manufacturer says regular is just fine. You should also check to make sure your tires are optimally inflated to get the best gas mileage. And are you still paying for an oil change every 3,000 miles? Many models nowadays can last 5,000 to 7,000 miles between changes.


3. Keeping unhealthy habits.

Smoking costs a lot more than just what you pay for a pack of cigarettes. It significantly increases the cost of life and health insurance. And you'll pay more for homeowners and auto insurance. Add in various other expenses, and the true cost of smoking adds up dramatically over a lifetime -- $86,000 for a 24-year-old woman over a lifetime and $183,000 for a 24-year-old man over a lifetime, according to "The Price of Smoking" (The MIT Press).
Another habit to quit: indoor tanning. There is now a 10% tax on indoor tanning services. As with cigarettes, the true cost of tanning -- which the World Health Organization lists among the worst-known carcinogens -- is higher than just the price you pay each time you go to the salon.

4. Using a cell phone that doesn't fit.

How many people do you know who have spent hundreds of dollars on fancy phones, and then pay hundreds of dollars every month for the privilege of using them? Go to BillShrink.com or Validas.com to evaluate your usage and see if you can find a plan that fits you better. Or consider a prepaid cell phone. Compare rates at MyRatePlan.com.
 
5. Buying brand-name instead of generic. 

From clothing to prescription drugs, you could save money by choosing the off-brand over the fancy label. And in many cases, you won't sacrifice much in quality. Clever advertising and fancy packaging don't make brand-name products better than lesser-known brands. (But remember, you can often get the brand name for cheaper when you consider sales & coupons)

Keeping Us Accountable: Update On Our Financial Goals

With the end of the month already here, it's time for our family to review our financial goals & our recent progress. And thankfully, we have good news...we finished paying off our van this week!

My husband & I have been trimming our budget & putting every available dollar toward paying off our car...and it is so nice to know that our hard work has paid off & we no longer have a car payment! In my opinion, freedom within your budget is truly the key to a peaceful mind & heart!

In the past, I've posted about how transitioning to an all cash budget, always breaking our bills & saving our change is an easy way for us to build savings. We have been on an all cash budget for about 2 & a half years (thanks to Dave Ramsey's 'Total Money Makeover') & we have never felt more in control of our finances than when we do now. 

Within that time, we have met many of our financial goals:

• Saved up an $1100 emergency fund (We have had to replace this emergecy fund multiple times after emergencys have occured)
• Paid off $36,000 worth of student loan & credit card debt
• Paid off $3000 worth of medical bills 
• Purchased a cheap used car for my husband for $2000 (lovingly known as a "beater"-which he happened to total after only 8 months!!)
• Paid cash for 3 Disney vacations
• I left the work force to be a stay at home mom
• Paid cash for our daughter's nursery furniture & baby necessities
• Richly blessed our family & friends with gifts for birthdays & holidays
• Paid off our minivan!!

Even after all of the goals we have met, we still have plenty of things we would like to do, financially speaking.  There is always something to improve upon!

• Replace the $395 we had to spend out of our $1100 Emergency Fund-
• Pay off our minivan -
• Open a college fund for our daughter-
• We opened a 529 savings account for Piper's college fund & will continue to add to this fund once we have a fully funded Emergency Fund & the appropriate amount of retirement savings being put in each month.
• Please Note: We understand that it does not follow the exact teachings of Dave Ramsey to concentrate on more than one goal at a time.  But, since we mainly save for our daughter through simply saving our change, as well as the fact that she is already over 1 year old, we decided to begin saving for her college now.
• Fund a 3 Month Emergency Fund
• We feel we can fund a 3 month emergency fund (3 months worth of our necessary expenses) by February. If for some reason we fall short, we will use our tax refund to finish funding our Emergecy Fund. 
• Please note we are saving 3 months worth of necessary expenses, not 3-6 months of our salary....If something happened such as a lay off, illness, etc, we would trim your budget as much as possible & only pay for necessities-the things we need to survive.

I hope that in some small way these posts can encourage you.  In the future, I will be posting specific details about how we have met the financial goals I listed above, details about each of Dave Ramsey's Baby Steps, how they have applied to our life & simple steps you can take to get started on your financial makeover!

 **You can find more personal finance posts HERE**

5 Easy Ways I Personally Save $5,829 Per Year

 

1. Brew Coffee At Home

Before my husband and I got married, I was a Starbucks fiend. Every morning, I stopped & purchased a Grande Nonfat Caramel Machiatto on my way to work, at the tune of about $4 each. And some time around 2 or 3pm each day, I'd step out & order a second one! So each day, I was automatically $8 poorer. Multiply that by 5 or 6 days a week plus the random drinks I'd order on Sundays & I was easily spending $250-$300 per month on coffee (or $3600 per year)!  

These days, I indulge my coffee habit by making Hills Bros. French Vanilla Cappuccino at home.  It's super delicious & only costs about $4 for a container that lasts me about 5 days, meaning I only spend approximately $24 per month on coffee (or $288 per year)  versus the ridiculously high $250-$300 I was wasting before!  That's a savings of $3312 or 92%!

2. Brown Bag It/Eat Lunch At Home

When I was still working outside of the home & before I got married, I often ate out for lunch at least 3 days per week!  Each time, I spent about $6-$10, meaning I was spending about $30 per week or $120 per month (or $1440 per year)!

Once my husband I started our Total Money Makeover, we began taking our lunch to work everyday. We didn't make it fancy-sometimes just a sandwich & fruit, a salad, leftovers, etc.  Now that I stay home with my daughter, I try to do the same.  Even if I will be out of the house around lunch time, I try to eat before we leave.  Of course, there are times that I meet others for lunch or it's simply impossible to avoid needing to eat out.  But, overall, we keep it to a minimum. Even after the cost of groceries, we save at least $90 per month (or $1080 per year)! That's a savings of 75%!

3. Skip The Soda

This is a small, but super simple way to save a few dollars when you do go out to eat. I'll be honest. I.love.diet.coke. There are definitely times when I feel I just have to have it.  But once I realized that restaurants were sometimes charging over $2 for a soda, I started ordering water.  And I never really missed it.

The pros? I save money AND I increase my water intake. It's a win/win situation.  Sure, $2 doesn't seem like that much money.  But let's say my husband & I go out to eat twice a week, that's about $16 per month (or $192 per year) we could have used somewhere else.  This simple step is a savings of 100%!


4. The Frugal Friday Night

As parents of a young child, it's not often that we go out for dinner & a movie. But we definitely used to! Before we embarked on our quest for a debt free life, our typical date night included dinner (average cost= $25) & a movie (average cost= $35 for 2 tickets & concession stand snacks).  On average, we did this about once a month, for a grand total of $60 per month (or $720 per year)!

These days, our Friday night "dinner & a movie" looks a little bit different.  Instead of dinner at a sit down restaurant, we've become fans of Little Caesar's Hot-N-Ready $5 pizzas.  Because let's be honest, come Friday, one of the last things we feel like doing is cooking. The $5 pizza is convenient yet cheap at the same time!

And as far as the movie goes, we take advantage of the free Redbox & Blockbuster rental codes to rent one or two movies we've been wanting to see. There are so many free codes available, you should never have to pay to rent a movie!  Between the $5 pizza & the free movie rental, we are saving about $55 per month (or $660 per year)!  That's a savings of 92%!

5. Wait Longer In Between Haircuts 

I used to go to the salon every 6 weeks to get my hair cut & thinned out (I have thick hair).  Over time, my salon raised their prices & I was eventually spending $70 for a haircut (or $630 per year)!

Once I had my daughter, I knew I couldn't keep it up, but I also still wanted to feel comfortable with the way my hair looks. That's when I purchased a pair of thinning shears & scissors. I learned to thin out my own hair & trim my bangs, which for me, extends the life of my haircut, increasing the amount of time in between professional haircuts.  And when I do head to the salon, I no longer go to the $70/haircut shop. I usually head over to my local Hair Cuttery or Great Clips, which costs only $15.  For me, I've realized that the simple style I'm looking for can easily be attained at a chain salon.  And now, I usually wait  4 months between cuts!

I understand that not everyone will feel comfortable trimming their own hair. But either way, I would say that everyone can at least increase the amount of time between haircuts, even if it's only by one week.  By increasing the time in between professional haircuts plus visiting a chain salon rather than a local high end salon, I only spend $45 per year on my haircuts, versus the $630 per year I used to waste!  That's a savings of $585 or 93%!

**Remember, these are the things that work for our family.  It may not work for you.  However, the important thing is to really evaluate your budget. A $4 coffee may not seem too important but when you look at the big picture & you realize you are spending $3600 a year on coffee, you start to see things differently.   Start small. Take baby steps. Don't refuse yourself everything all at once. And most of all, simply don't give up. If you're serious about changing your finances, you can do it. It may just take some time.

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