About.com made up a really handy budget calculator that can help you single parents out there. Give it a try!
Archive for February, 2014
Not only are young children expensive, but holy crap those teens can cost you too! I never realized how expensive I was back in the day, but now that I am aware I found this for you parents out there. Keep that wallet lined, my friends and thank Tamara Wilson from Mommyland.
If you have teenagers, then you know how expensive they are. The old saying that small children need small things and big children need bigger things certainly is true. But, can you successfully set a budget with your teenagers? Of course, you can. It may not be easy, at first, but it is certainly doable. There are a few tips and tricks to setting and keeping a budget when you have teenagers.
It’s All about Communication
If you are determined to set a budget and stick with it, be sure to include your teens in the conversation. Implementing a budget and not letting them in on it, is like pulling the proverbial rug out from underneath them. You cannot expect good results if everyone is not on the same page.
Start out by letting your teens know that you are implementing a budget. Sit down with them and your spreadsheets if necessary and show them what the bills of the house look like. If you do not feel comfortable showing them what the monetary intake of the household is, that is just fine.
Be certain to let them know how much money you need to make up at the end of the month and what your thoughts are as to what needs to be cut. Sit down and have a round-table discussion, letting everyone know you will have a meeting to discuss the budget.
Your kids can be expensive. Especially with clothing because they grow up too darn fast. Thankfully, SimplyFrugal.ca has a handy article with some tips to keep kid costs down.
As a Mom of six kids, I rely on hand-me downs to stretch my budget. But sometimes an item doesnʼt get “worn out” enough by the time the last child has outgrown it. And what about the oldest — where can I get hand-me-downs for her? The solution: childrenʼs consignment stores!
Consignment stores are gold mines for the de-cluttering Mom. Buy and sell all types of childrenʼs gear: clothing, toys, footwear, swings, strollers, high chairs, books, tapes — in other words, the works. They are an fantastic place to get barely used childrenʼs clothes, often with the tags still on, for a fraction of the price.
Consignment stores work by selling gently used items for you, and keeping a portion of the price (usually around half.) Unlike thrift stores, they pre-screen and organize all the merchandise into a shopper friendly format, making them a super go-to resource for the frugal parent.
Here are some tips to make your consignment shopping and selling, something youʼll be doing again and again.
Research your Store’s Policies
Before you bring your items in, either phone or drop by to see what your local storeʼs policies are. For some stores you need an appointment, and others are drop in. Find out if they pay you up front for the items they take, or after they sell. Most stores have a limit on the amount you can bring in at one time, and the type of items they will take, so check ahead to avoid aggravation and a wasted trip. (more…)
Here is a great post from Hillary Chybinski about how she improved her work life. Enjoy!
My One Little Word for this year is Journey. One of the journeys I am taking is making smarter work decisions. I’m a WAHM these days – splitting my time between blogging, writing and online content creation and independent marketing/social media consulting. Anyone that works from home knows that there are special challenges and obstacles to overcome. In hopes of getting a better foothold on that elusive work-life balance, I have vowed to find ways to work smarter.
To kick off the new year, I have implemented a few new strategies, and after three weeks, they are working well. Let me share my strategies with you:
Strategy 1: I’m using a MomAgenda as a combination Editorial Calendar/To-Do-list. It has enough space to track my schedule, my kids’ schedules and work I have due for clients. It also provides a canvas for me to plan my blog’s editorial calendar, so both organic and sponsored content get scheduled. Bonus with this system? There’s a Weekly Dinner Menu space for my meal plans! Here’s what I have learned about myself and my work habits – I need to write things down with a pencil and paper.
Eating healthy and living on a budget are two things that generally don’t go together. But that is why I’m here. IvyHealthHub has some advice on how to slim down on your waist while on a slim budget.
Welcome to the New Year!!! 2014 is your year!! So, I want to try and make it just a little bit easier for you; let’s try eating healthier on a budget.
Who doesn’t like to save a dollar here or there, but now you can do it in a healthy way! With the right adjustments it is possible to enjoy healthy food for cheap! Here are some tips to help you on your way:
Plan your meals ahead of time
Take a couple minutes to sit down on the weekend and plan out your meals for the next seven to fourteen days. Also, be sure to write out your shopping list and stick to it. This way, when you are at the store you won’t stray from your list and will help keep you on budget.
Try to cook and buy in bulk
Cooking in bulk help keeps the week easy-flowing. You can either cook a meal early in the week or freeze the other half for another week. You also can separate leftovers from Monday night’s dinner to have for lunch Wednesday and Friday. In addition, you can use leftover proteins or broths for another meal. You can put left over protein over a salad, or in with a bag of frozen vegetables and make a nice higher- protein food to make a healthier stir-fry. However, you may need to be creative with your spices. You may be surprised how many foods with different flavors go well together. (more…)
Aging parents with money troubles can be a worry for some. Thankfully, Teri Cettina wrote this very detailed and helpful peice to help you help your parents in their later years. Its long, but well worth the read. Nothing is more important than family.
So, the event you’ve worried about much of your adult life has finally happened: You need to take over Mom’s or Dad’s financial affairs.
In addition to the stress and sadness over what’s happened, you immediately have to deal with practical matters: Will Mom be able to live in her home again? Can she afford a nursing home? Will insurance cover all of Dad’s medical bills?
And speaking of bills, you’ve got to start paying them – everything from utilities to credit cards.
Even if you’re not at this point with your parents yet, this list can help you decide what to do now – before anything happens.
Hey everyone, tax season is right around the corner. Why not get that stress out of the way early? While this article is for readers in the US, the principles still apply for us up in Canada!
5 Reasons to File Your Taxes Early
If you like to file your taxes early and then chuckle at all the procrastinators who wait until April 15 nears, your day of reckoning is getting close. The earliest day the IRS will begin processing 2013 individual tax returns is Jan. 31, 2014, a date slightly later than usual due to the government shutdown last fall.
What are the advantages of filing early? Here’s a list of good arguments from tax preparers.
Get your money now. This is the most obvious reason a taxpayer might want to file as early as possible. But try not to fall into the trap of thinking you need the refund before the IRS can get it to you. Some tax preparation services offer refund anticipation loans, which have steep fees that eat into that refund.
You’ll also likely get your money in a shorter amount of time if you file earlier than the person who files a month or two after you, according to Elaine Phelan, a professor of accounting at Siena College in Loudonville, N.Y. Early filers may only have to wait for their refund for 21 days – the average time taxpayers have had to wait in recent years, and sometimes less, according to the Internal Revenue Service – whereas a later filer may have to wait longer, say, 31 days.
“If you work with a paid preparer, they are excited to jump into the new year and will enthusiastically get your taxes done quickly,” Phelan says. “If you are expecting refunds, the IRS processing centers are less busy and will process your claim faster, so you might even get that refund sooner.”
And, of course, if you file electronically versus putting your form in a mailbox, you should get your money even faster.
It may help with financial aid. “Taxpayers with college-age children need to get their tax information early to get the maximum amount of financial aid,” says Lawrence Pon, a tax specialist who owns an accounting firm, Pon & Associates, in San Francisco. He says there is a direct link between the Free Application for Federal Student Aid form and the IRS, so your tax information is sent directly to the financial aid form without you having to provide it yourself.
It may help if you and your ex-spouse are feuding. Hopefully you don’t fall into this category, and it’s better for each party if you can keep the IRS out of your marital strife, but Pon says that “sometimes divorced people do not agree on who claims the children as a dependent, even though there may be a court order and an agreement. Whoever files first will claim the child, and the other ex-spouse may be out of luck.”
You’ll lessen your odds of becoming a victim of identity theft. “The sooner you file your return, the less opportunity someone else has to file a return in your name,” says Joe Reynolds, identity fraud product manager at Travelers, headquartered in New York.
He points out that some criminals have been known to break into a home or car, steal identification and then file taxes in that person’s name, scoring a refund that doesn’t belong to them. The odds are slim that that will happen to you, of course, but it is another reason to file earlier rather than later.
Reynolds also advises getting your refund via direct deposit “so criminals can’t have it redirected to their address or steal it from your mailbox.”
There’s more time to catch potential mistakes. If you wade into your taxes now and discover there’s paperwork you need that you don’t have, or it’s simply going to be a more complicated tax year than you anticipated, you may not end up filing early, but now you have more time to spend on your taxes.
Not that there aren’t smart reasons to file close to or on April 15, of course. If you owe the IRS money, there’s really no financial advantage for you to give it to them any earlier than April 15.
Still, by preparing your taxes early, you’ll know earlier how much you owe and will have more time to drum up the money to pay.
If you have a really complicated tax form – in which case you probably have a tax consultant or accountant advising you every step of the way – “many filing issues are resolved as the [tax] season goes on for the IRS,” says Tim Gagnon, an assistant academic specialist of accounting at the D’Amore-McKim School of Business at Northeastern University in Boston.
It’s possible that if you file too early, Gagnon says, you “may need to amend filing if the IRS changes forms, instructions or interpretations.”
Still, for most taxpayers who have refunds coming, filing early rather than later is the smarter decision. It is also psychologically better for many people, Pon says.
“Get the darn task out of the way” is the reason most of his clients opt for early filing, he says. He adds that it’s always “nice to get something checked off your to-do list early instead of letting it fester.”