Money Makeover Tip: Take Care Of Yourself June 18, 2008 Money Coach, Marianna Olszewski, says that sometimes you need to be selfish before you get rich. What does taking care of yourself have to do with making money and getting rich? A lot! In order to create, earn, and enjoy wealth, it is imperative that you seek physical strength and emotional balance in whatever ways you can. You need to come first! Don’t believe me? Consider these thoughts: 1. Many people, especially women, take care of others-- their spouse, their friends, and everyone else-- before they take care of themselves. By the time women get around to discovering their underlying needs and desires and taking care of themselves, they are exhausted, frustrated and ready to give up. 2. We are our most important asset! We need a strong body, mind and emotional state to be our best, to make our best decisions, to say yes to opportunities that present themselves, to stand up for ourselves, and to move forward with our goals. When we are well-rested and balanced, decisions are made easier, problems fade away, and the next right action is there for us. 3. Physically: remember to schedule doctor, dentist, gynecologist and other appointments. Try to get at least 30 minutes of physical exercise either walking, running, swimming, tennis, etc., at least 3 times a week. Look into a strength and weight training program, this is important as we get older. Take vitamins. If need be, schedule an appointment with a nutritionist. 4. Mentally: I find exercise helps me both physically and mentally. Read at least one new thing a day. Catch up on an old book. Go to the museum. Get a hobby. Try meditation or yoga. I find a daily ritual of an evening bath with lavender oil and candles very relaxing and revitalizing. 5. Emotionally: Spend time with friends. Talk through problems and anger. Take care of your needs. What do you want? How do you feel? Your needs and wants are important. Write out desires and goals. Take an action every day towards your desires. Work with a counselor or coach if need be. Remember that you deserve it! ________________________________________________________________ Money Makeover Tip: Are You A Compulsive Shopper? June 1, 2008 The Money Coach Marianna Olszewski says there is a way to stop spending everytime you see something you like... Do you have the “urge to splurge? Are you spending to make yourself feel good? All compulsive shoppers are fully aware of the crazy anxiety “the urge” that comes moments before the shopping begins, the frenzy of buying and the fleeting “high” that comes and then disappears to leave you feeling empty. The following tips are meant to put an end to impulsive shopping and a beginning to taking care of yourself. Impulsive spending is defined as giving into that “urge to splurge” so that you are unable to save money for things that are important to you whether that be rent, a home, vacation, car etc. and/or putting yourself into credit card and other debt. • Don’t try to “buy happiness” with money and spending. After making a compulsive purchase, we have a “high”. Think through the compulsive purchase and remember that the “high” is very temporary, very fleeting. After a few minutes or an hour at most the “high” wears off… leaving you with an empty feeling. • Do other things when that compulsive feeling to shop starts!! Its as simple as sitting down and feeling the feelings. Sometimes we shop because we are anxious, afraid, angry, lonely, misunderstood. Feel those feelings.. they are not going to hurt you. And distract yourself in another way… make yourself feel good by getting a manicure/pedicure, taking a walk, lighting a candle, putting on calming music, or going for a run or what works for me always is taking a hot bubble bath. Calming that compulsive feeling down and taking care of yourself and making yourself feel good in other ways is key. Or if calming activities don’t do it for you and you thrive on that “high”, get that “high” from other activities: playing tennis, doing a marathon, kite jumping, skiing You will feel much better!! • Leave your credit cards at home! Carry cash everywhere. Yes I mean everywhere. I do. When you have cash in your purse and am going to make a purchase of $300 for a dress, counting out the cash allows you to feel and see how much money you are actually spending. Do this a few times and you will think twice before spending crazy amounts. • Throw away your “attitude of entitlement.” Get over it… you are not entitled to buy everything in the store, a purse in every color, five dresses for an evening out. This is just a way that you convince yourself that overspending and compulsive spending is ok. Yes you do deserve and will have abundance in your life.. but entitlement and abundance are very different. The attitude of give me everything now in entitlement is destructive to your self. The humbling attitude of I give wonderful things to myself to take care of myself and look out for my own best interest and thrive in peace, harmony, wealth, health, friendship, love and happiness is the later. • Learn to recognize need and wants. If you see something you “have to have”, write it down instead of purchasing it and put it on a bulletin board. If you see another thing you “have to have”, write that down too. Put all the “have to haves” on the bullet board in order of how badly you have to have them… but the rule is, there can only be 5 have to haves on the board at any one time.. if something stays on the board for a few weeks and is write up front and you can afford it without racking up unsecured debt then treat yourself!!! We do this to allow a “cooling off” period from the “have to have” so you can calmly and rationally decide it you would like to make that purchase. You might be surprised to see a lot of “have to haves” fading away!! • Don’t purchase something you simply cannot afford and/or will put you into unsecured debt. You will be able to have the things that are important to you by outlining a spending plan. • Shop with a list. Knowing what you are at the store to buy gives you focus and you will find yourself less likely to “pick up” extra items! • Get honest with yourself. Ask your honestly why do I spend the way I do.. why do I buy things compulsively.. what feelings are behind it. What am I anxious about, why am I afraid, afraid of what, am I angry, am I loney, am I bored… go through each one and be honest with yourself. Until we can accept what we are doing and we cannot change. Write it out… I am spending a lot because…. (I am afraid my husband will leave me… I am not a good mother… I will never find a boyfriend.. I will fail at the office.. I will fail at school.. I wont get into business school.. etc) Look at it… • Impulsive spending can put a strain on your finances, your relationships, your self-esteem, and can throw you out of emotional balance. Thinking purchases through and adhering to a spending plan that allows you to save for things that are important to you increases your self-respect and self-esteem!! ________________________________________________________________ Money Makeover Tip: Buying Your Own Home May 15, 2008 Money Coach Marianna Olszewski shows you ways to start saving up for a home of your own. •The first step is saving for a down payment and making sure your credit report/rating is high. •Usually you will need 10% to 15% of the price of the house or apartment in cash in order to qualify for a mortgage. • If you will be living in a certain area for less than two years, renting might be better. Wait until you know you will be located in one place for a more permanent time, preferably three years or more. •Getting your credit report/rating high is a function of opening a few credit cards and paying the balance on the cards on time each month, opening a bank account and keeping a balance without overdrafts, opening accounts with power and lighting companies, cable companies, water companies and paying the monthly bills on time. Later on, you may want to take out a car loan or lease and pay the monthly bills on time. Slowly you begin to build credit and will have a credit report that shows you are responsible and credit worth when you want to apply for a mortgage. • Today there are many home mortgages, different payback periods, fixed vs. variable interest rates, balloon payments, etc. Ask your mortgage broker, become educated and do your research before making the decision that is best for you and your financial goals. ________________________________________________________________ Money Makeover Tip: Get Out Of Debt…Now! April 07, 2008 Money Coach Marianna Olszewski says it's possible if you proceed with a plan... Are the bills piling up on your desk? Are you scared to answer the phone only to hear a bill collector at the other end of the line? Take charge of your life now...and get out of debt as quickly as possible. •Pay off all of your credit card debt by allocating a monthly amount to the debt and sticking with it. •Do not only pay the minimum amount only, doing this will drag your debt out for years with costly interest payments. I suggest making the biggest payment to the credit card that charges the highest interest rate. Another suggestion is combining all credit card debt either on one credit card to make one monthly payment. •After you complete a spending plan, see what feels comfortable for you to pay each month without feeling deprived or angry. • Feel good about getting yourself out of debt. •Stay away from compulsive spenders. Don’t shop with friends that push you into buying things. Be with people who support your financial goals and plans. •Don’t beat yourself up for credit card debt. Instead learn from your money mistakes. Accept it, acknowledge that you don’ t feel good about all the debt and put into action a plan to pay off the debt. Also try to learn from this and let this be a lesson to stop spending compulsively on credit cards. You will begin to think twice before charging on your cards. ________________________________________________________________ Money Makeover Tip: Need Money For A Rainy Day? By The Money Coach February 11, 2008 @ 12:00 am The Money Coach, Marianna Olszewski shows you how to stop spending and start saving... There are some very important steps to making sure you have a spending plan that is appropriate for you. Whether you are in college, just joining the work force or you have been working for the past 15 years, you must have a plan starting today. •A spending plan is a way to become clear about your spending, money coming in, money going out, and having what is important to you. A spending plan not a budget or a means for sacrifice, scimping, or depriving yourself. •Very simply, on a piece of paper put a line down the middle center. On the left side list all of your monthly income, money in, and amounts (from working, child support, gifts from parents etc). •On the right side of the sheet of paper list all of your monthly expenses, money out, and amounts (rent/mortgage, food, eating out, entertainment, phone, child care, clothes, doctor bills, investments, retirement payments, savings for vacation/home/car, slush money, rainy day fund) •By laying this out on paper and in front of your eyes to see, you create clarity with your money. You can see where your money is going and make adjustments and changes according to where you would like to spend money on what is important to you. For example, if you look and see that you seem to be spending quite a lot on eating out and that’s really not important to you but it is happening; while saving for a vacation is really important, you might want to slowly adjust this and maybe allocate $100 more or so a month to saving for a vacation and less to eating out. •Having clarity about where your money is coming and going is the first step to changing spending patters. •Spend less than you earn. This is the way you create wealth. •Be careful you are not putting to many strict goals on yourself. Changes come slowly. You must feel good about the changes you are making and know that you are making them so that you can have the things that are important to you. •If you get a bonus or windfall of money, put away some of it for a rainy day (I call it a rainy day fund or an emergency fund which should be enough money for you to live comfortably for 6 – 8 months without working), pay off some of your credit card debt with a part of the bonus, student loans, put a portion into investments and a portion towards “treating yourself” to something you have been wanting like a new dress, shoes etc. I believe treating yourself is as important as saving for retirement and paying your bills. ________________________________________________________________ Money Makeover Tip: Investing & You By The Money Coach February 04, 2008 @ 12:00 am The Money Coach, Marianna Olszewski shows you the best ways to invest... Here are some ways to educate yourself on different types of investments. 1. Investments have different risk and reward levels. “Safer”, lower risk investments include Treasury bills/bonds, CDs, Money market funds. 2. Diversify. Mutual funds and bond funds are a good way to diversify your investments. I suggest investing in one of these instead of investing in one or two stand along stocks. If you invest only in one or two stocks, which I don’t suggest, and these stocks happen to fall in price for whatever reason, your will loose a significant amount of money. However, if you invest in a fund that is diversified with over 100 plus stocks, if one or two stocks go significantly down this won’t effect your holdings as much since you have 98 plus other stocks in the fund. 3. I suggest only investing in funds that have a “no load” (no front load and no back load) policy. Loads are extra charges to get into and out of a fund. You can find excellent funds with no loads. 4. Ask about the management fee, which is the fee the fund charges to invest and manage your monies. This should be no higher than a half of a percent or one percent. 5. Make sure there are no performance fees, which is a percentage of the money they make for you goes to the fund, taken for a mutual or bond fund. 6. Educate yourself on the different funds, stock funds, bond funds, real estate funds, international funds. You can diversify and have a group of funds which cuts down on your exposure to any one asset class. 7. Enlist the help of a financial planner. Financial planners and advisors are there to educate you on different investment products depending on your risk/reward tolerance, where you are in life, and your financial goals. I suggest asking a few trusted friends who you respect their financial situation to suggest a few financial planners/advisors. Take your time interviewing them. Make sure you feel comfortable with them and that they seem to have your best interest in mind. If they are overbearing, pressure you or push you into investments you are not comfortable with then they are not for you. Your relationship with your financial planner is very important. Even when you trust him/her, I strongly suggest reviewing your investment portfolio each quarter and keeping on top of new investments. It is your responsibility to be clear and monitor the ongoings of your financial life. 8. It’s never to late to start saving and investing. If you have fear around investing, I suggest starting small and safe. This means start with a small sum of money and invest in the safest lowest risk investments. ________________________________________________________________ Money Make Over Tip: How To Get Financially Independent By The Money Coach January 27, 2008 @ 12:00 am The Money Coach, Marianna Olszewski says it's time to stand on your own two feet... •Don’t rely on your parents, husband, boyfriend for money, to pay your bills, buy you a house, take you shopping. •Don’t wait for your Prince Charming to come and “save you” and do it for you. Even if Prince Charming does come, unfortunately and sadly through a divorce or death, you may find yourself in a financially tough situation. •Know that you have the freedom to make your own choices and decisions in life regarding money issues •Be actively involved in family finances. Educated yourself and be informed about financial issues. •If you are married, get involved in the business side of your family decisions. Don’t leave all the financial stuff to your husband. ________________________________________________________________ Money Makeover Tip: Create A Monthly Spending Plan By The Money Coach January 20, 2008 @ 12:00 pm How do you stop worrying about money? Create a monthly spending plan to figure out where it's all going. A spending plan is not a budget or a means for sacrifice, skimping, or depriving yourself. Creating a spending plan is a great way to plan out your finances and figure out what is important to you. 1. Take a piece of paper put a line down the middle center. On the left side list all of the money that comes to you each month, from working, child support, gifts from parents, etc. 2. On the right side of the paper, list all of your monthly expenses. Your list might include rent/mortgage, food, eating out, entertainment, phone, child care, clothes, doctor bills, investments, retirement payments, or savings for vacation/home/car. 3. By putting your monthly numbers down on paper, you create clarity with your money. You can easily see where your money is going and make adjustments and changes according to where you would like to spend money and what is important to you. For example, if you see that you are spending quite a lot on eating out sacrificing your vacation savings, you might want to slowly adjust this and maybe allocate $100 more or so a month to saving for a vacation and less to eating out. 4. Having clarity about where your money is coming and going is the first step to changing spending patters. Just by writing your monthly numbers out each month and getting clear on your money, you will find yourself automatically adjusting spending patterns. 5. Don’t beat yourself up or put too much pressure or too many goals on yourself. Changes come slowly. Know that you are making changes in your spending so that you can have the things that are important to you! ________________________________________________________________ Money Makeover Tip: Improve Your Credit Rating By The Money Coach January 16, 2008 @ 01:11 pm What is a credit rating and how can you improve yours? Credit ratings are a very important part of financial planning that few people care about as much as they should. If you want to apply for a mortgage, take out a car lease, be approved for an apartment or house rental, apply for another credit card or take out a business or personal loan . . . the better your credit rating is, the more options you have. Here’s how to build yours up: 1. If you don’t already have a credit card, apply for one. You might be able to get a credit card easily through your bank if you have a good history with them. Many credit card applications often come through the mail, but be careful to check the fees and/or interest rates before you apply for them. Don’t open too many accounts at the same time-- one or two is just fine. 2. The most important thing you can do to raise your credit score is to pay off your credit card balance in full each month! Doing this alone will increase your score tremendously, as one-third of your credit score is based on this payment history. 3. If you do carry a balance on your cards, make sure you have a card with a 0% interest rate or one that is as low as possible. Be sure the balance is paid off before the rate increases significantly. 4. If you are using a credit card from your bank, make sure that you are taking advantage of their relevant payment services. You can often set up a system where the bank automatically takes the money out of your checking account so your card will be paid in full, which guarantees payment on time without extra fees. You can also monitor your monthly balance online to be clear on where your money is going, and to prevent overdraws on your account. Some banks also offer free online banking, bill paying and checking without a monthly balance. 5. Go to www.annualcreditreport.com to get a free copy of your credit report each year. ________________________________________________________________ Money Makeover Tip: 5 Steps To Saving For Your Own Home By The Money Coach January 13, 2008 @ 12:18 am Saving for your own place is easier than you think. Want your own place but don’t have the dough? Saving toward the purchase of a house doesn’t have to be a hassle. Here’s how to do it: 1. Set a goal and put it down in writing. For example, “I want to buy a house in two years.” 2. Look at your monthly spending plan (you can learn how to make one here) and allocate a portion of your spending towards your “owning a home” goal. Next to it put a dollar amount, say $200 a month. Start small-- you can always increase your savings over time. The important part is that you are disciplining yourself to save toward something you really want. 3. Open on online high-interest savings account at your bank and ask for an automatic transfer of $200 a month (or whatever dollar amount you decided in Step 2) from your checking account. Automatic transfers make it easy to save. 4. Use a vision board. Cut out pictures of the home you see yourself living in from magazines. Be creative; cut out pictures of the outside of the house, the decorations on the inside, the yard etc and pin these magazine pictures on a 12 X 18 cork bulletin board. Keep the board where you can see it several times each day. The board helps to keep your “owning your own home” goal right in front of you. 5. Review your savings account each month and watch your savings grow. Congratulate yourself with little rewards as you move closer and closer to your goal. You’re on your way to your dream house! ________________________________________________________________ Money Makeover Tip: Holiday Gift Giving at Work By The Money Coach December 25, 2007 @ 09:02 am Should you buy a holiday gift for your boss? Your co-worker? That guy who fixed your computer? How do you know who to give gifts to and who not to give to at work? These tips will make it easy! 1. First, ask a few people about the general office politics on gift-giving. Some offices encourage it and some offices might frown upon it. It is a good idea to check first, as it can save you from much embarrassment later on. 2. Do others buy gifts for the boss, colleagues, or clients only, or no one at all? Is there an office draw, where everyone has one name and buys a gift for one person? Don’t be afraid to ask. Is there a dollar range that is acceptable? Sometimes offices have a policy that gifts can only be given and received if they are under $75, or under $50 per gift. 3. Remember, nothing too personal at the office. Anything you would buy a boyfriend or loved one will not work at the office. For example, bath robes, undergarments, etc are a no-no!! 4. Keep it simple, but be as thoughtful as you can. People appreciate gifts that were thought about. For example, if your boss or client likes the Mets, tickets to a game or a fabulous Mets hat would be great. If your client likes chocolate, maybe an over-sized chocolate brownie with your firm’s logo on it. Try to buy client gifts that will be associated with your firm. Remember . . . thoughtfulness is key here! ________________________________________________________________ Money Makeover: Holiday Gifts By The Money Coach December 10, 2007 @ 11:49 am 'Tis the season . . . for blowing your budget on gifts. Money Coach Marianna Olszewski tells us how to have a holly jolly holiday without breaking the bank. We love to give and receive gifts, but we don’t want to overspend. With these tips we can have a generous and abundant holiday and still have money left over: 1. Make a List. Before compulsively buying gifts for others and for yourself this holiday, write down each recipient and the maximum (yes, the maximum) dollar amount you would like to spend on the person. At the top of your list, write the maximum total amount that you will be spending on holiday gifts. You may want to review your monthly and/or yearly spending plan and come up with a number does not overstep your spending plan goals. 2. Bring Your List When You Shop. This curbs compulsive buying. Stick to the list. You will thank yourself later!! 3. Remember It’s The Thought That Counts, not necessarily the amount. 4. Get Personal. Instead of buying the most expensive gift you can, try to buy thoughtful, less expensive, and more personal gifts. Some examples of inexpensive but thoughtful gifts that people enjoy are: baking a batch of delicious chocolate chip cookies and wrapping them in a beautiful but inexpensive holiday bowl, spending an afternoon making chocolate covered strawberries for family and friends and wrapping them in clear wrapping paper with a beautiful bow, making “coupons” for loved ones redeemable for 1) a romantic dinner cooked at home 2) a candlelight massage 3) homemade dessert and champagne, 4) a picnic in the park. Try to think of things you can “do” for gifts instead of buying presents. 5. Scope Out The Sales. At holiday sales, you can find great gifts for 30% to 40% off regular prices. If something you want to buy is not on sale, do not be afraid to ask the salesperson if and when the item will be on sale. Give your name and phone number to the salesperson and ask them to call you when it goes on sale. They want to make the sale too, and will often call you to tell you when the item has been discounted. 6. Have Fun. Lastly, have fun with gift giving and receiving! As long as you keep within your total spending amount, bring your list with you when shopping and curb compulsive buying, you will have fun with the holiday season! ________________________________________________________________ |
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