How to save money on your vacation

As we've been planning our summer vacation this year, we're looking forward to visiting and reconnecting with family.  This year we are focusing on something we haven't done in the past-we're working on a cash only policy.  In years past we've put everything on a credit card and deal with the costs when we return home.  As we've learned from previous posts you spend 20-30% more money when you use a credit card.  So with this year we have to be more frugal in our choices.  Here are some things that we have found to help us out:

Start with a $ goal amount in mind-Are we going to spend $1000, $2,000, or $5,000, or $10,000 on this vacation?  This will help you keep your unnecessary costs down.  Be realistic when setting this goal because if you don't, it may cause stress, and you'll come home more stressed than when you left.

Plan ahead-Plan ahead including your routes, restaurant and motel or hotel stops.  Mapquest is a great way to help you determine your routes; are you looking for the quickest route or the scenic route?

Allow some time and money flexibility - Even though this is a personal finance blog aimed at helping you save money on all facets of your life you want to make sure you are not so planned that you are adding stress to your life and the lives of your family members.  Sometimes the best experiences are those that are done on the spur of the moment.

If you're taking a vacation to include flight, hotels and rental cars take a look at this video, it may give you some tips to help you save money.

Here are some more tips to help you plan a successful vacation:  http://www.getrichslowly.org/blog/2008/01/15/ten-money-saving-vacation-and-travel-tips/

http://consumerboomer.com/20-ways-to-save-money-on-your-vacation/

As we get on vacation we'll keep you posted on some of the things that we've done to help save money.  Share with us some of your tips for fun, economic vacationing and have a great Summer!!

Greg and Jody Roche
Be Frugal Live Wealthy

What will you do with your tax refund?

I have just finished filing our taxes and we should receive them in a few days!!  As I consider how we should spend our tax refund I thought to myself, should we spend it on something fun?  Or should we spend it on something like bills, car repairs, or paying down credit card debt?  I checked a couple of sites to see what others were doing with their refunds.  Some spent all their money on themselves, some put it all in the bank or other investment vehicle, but I like the idea of doing a little of both.  I think it's an issue of leverage, what will give you more "bang for your buck"?  For example, if we spend some money on our cars they may last longer, prolonging the time when we have to purchase another car.  I think it's important to go on a vacation with your family and spend quality time with them allowing you to create lasting memories a happy home.

If you find yourself in a position where you're not sure how to spend your refund take a look at this neat site I found as I was researching this entry.  The site is http://www.saveorspend.com/ and it will give you some ideas of how others will spend or have spent their tax refund.

Another article I read titled 5 smart ways to Spend your tax refund talked about 5 goods and services on which you can spend your money.  Some of these items are not only great to have now but keeps your money in your pocket longer.

Take a look at these links and let me know if they helped and if you had some good ways to spend your tax refund.  Next week we'll be discussing "How to most economically prepare for your summer vacation".

Thank you,

Greg and Jody Roche
Be Frugal Live Wealthy

How to create a peaceful financial environment with your spouse

Marriage is a great institution that can bring a lot of joy into our lives.  But even in the best marriages you have conflicts and hurdles that are hard to mitigate.  What is the one thing that married couples argue about most?  Money!!!  Is it the same in your home, or have you found a way to manage your home finances without arguing?  If you have, you're ahead of most of the couples in America.  As promised last time I'm going to discuss some topics and ideas with you today that will help you and your spouse communicate better financially.  Eventually if you're going to be successful financially it will be necessary to discuss finances with your spouse, you'll have to overcome your obstacles.  Here are some suggestions, let me know how they work in your lives.

1)  It all begins with me - Sometimes we have our own issues and challenges about money, perhaps caused by the way we were raised or maybe we've adopted a line of thinking that doesn't lend itself to discussing money with our spouses.  We may have to do some soul searching and determine why we can't discuss money matters with our spouse.

2)  Determine your comfortable dollar amount - I was asked by a friend the other day if we had a "comfortable" dollar amount.  You know, the amount of money you and your spouse can spend without the other's permission.  If you can determine this you may save yourself and your spouse a lot of headache.  I think a lot of the conflicts in marriage is when money is spent without the spouse's knowledge.

3)  Make a plan to discuss your finances - Ask your spouse if they will sit down with you and discuss your financial life.  This should be a time when both are relaxed.  Some like to do it when they're dropped the kids off for ball practice or after the kids have gone to bed.  This shouldn't be when your spouse is at work or in the "heat of the battle". 

4)  If you're the money handler make changes that the "non-money handler" suggests- This is one I learned from Dave Ramsey.  In most marriages one of the spouses does the finances.  This includes paying the bills, allotting allowances, and basically keeping the family on a budget.  Now that you're able to sit down and discuss how you should manage your finances encourage the "non-money handler" handle to make decisions and the money handler should make the requested change, even though you don't feel it's the right move.  This will help the non-money handler to buy into the budget and feel comfortable about making suggestions.  In our home, I do the finances and one of the reasons my wife doesn't like to spend time on finances is because she makes good suggestions and I don't execute the changes.

I have to tell you a neat experience Jody and I had today.  The kids were gone and we were able to sit down for about 45 minutes and go through our bank accounts and spend some time on our spending plan. She was able to ask questions and make suggestions and we were able to work together, and it was a positive experience for both of us.  I came away ver hopeful for future discussions.  It wasn't always like this, I had to make some changes and work more cooperatively, and apply some of her changes

Last of all, I want to share a short video that will help you in your quest to be more united as a couple, avoid conflict, and have more peace and harmony in your home.

Let me know if you have more suggestions that have worked for you and your spouse.

Thank you,

Greg and Jody Roche
Be Frugal Live Wealthy!!!

Tax Time - File your taxes early!!!

Well, it's our favorite time of year again, you guessed it-Tax Time!!  If you haven't already received your W-2 form you should be receiving it in the next couple of days.  Receiving your W-2 is a sign that you can get those taxes done.  For those getting money back it may be something you want to do sooner than later; but for those of you who have to pay April 15 can't be far enough away, so we procrastinate until the very last minute.
I did some research and found a great article to help you save time and money on your taxes.  Included in this article is several ways to make sure your deductions are air-tight and other money management tips.

Click on this link and see how you can save time and money on your taxes and maybe it will act as a catalyst to  help you get going on them.

Take a look at the article and let us know if you have any tips to getting those finances done quickly and efficiently.

Next week we'll talk about how to keep from arguing about money and be on the same page with your spouse.

Have a great week,

Greg and Jody Roche
Be Frugal Live Wealthy

Happy New Year from Be Frugal Live Wealthy!!

Happy New Year from Be Frugal Live Wealthy!!

I hope everyone had a Merry Christmas and a Happy New Year and enjoyed spending time with friends and family.  I spent time with my family just relaxing and enjoying each other's company.

Now that the VISA bills from Christmas are starting to come in and you may have to pay for Christmas the way most americans do--after the fact, I want to discuss with you a couple of items you may want to do to prepare for the coming year and even prepare for Christmas 2011 so you don't have to go into debt to finance it.

First, if you haven't done so take inventory of those gifts you bought for Christmas 2010 and write down the values so you'll know how much you spent on Christmas.  You may be surprised how much you spent, especially if you didn't plan for it.  If you have some gifts that could be returned because you realize you don't need them or they don't fit right return them and either get cash back, money added back on your account or a gift card.  This will help reduce the financial and physical clutter.

Second, use the values you determined in step one and divide by 12.  This will give you a monthly amount you need to save in order to prepare for Christmas 2011.  Make it automatic by contacting your bank and asking them to take it out of your account on payday so you don't see it.  If you don't see it you won't be tempted to spend it; out of sight out of mind.

Third, Take some time to rebalance your portfolio.  Take a look at this video and look for ways to rebalance your portfolio and get your retirement plan back on track.

Let me know if you have other tips to help our readers prepare for 2011 so they won't go further into debt and push away financial freedom further.

Merry Christmas and a Happy New Year!!!

We just want to take a few minutes and wish all our readers a very Merry Christmas and a Happy New Year!!!  For some of you 2010 may have been challenging with budget cuts, layoffs and cutbacks, but lets look forward to a bright and prosperous 2011 as we set new goals and resolutions to become more physically, emotionally, and financially fit.  We'd love to hear from you so let us know how your new year is shaping up and if you have some specific topics you'd like us to discuss.  Once again, Merry Christmas and a Happy New Year!!

Sincerely,

Greg and Jody Roche
Be Frugal Live Wealthy

Check your receipt, it may save you money!!

We went out at 5 am to brave the crazy drivers, determined shoppers, and door busting sales to save some money on our Christmas shopping.  After all we can sleep later right?  After we spent several hours at 3 different stores, making sure the items were marked right and the rebates were correct and going over item by item I asked Jody if she would mind going over the receipt with me to make sure we weren't overcharged.  It was well worth it to take a few minutes to scan our receipt for errors.  Below I've given some tips on checking your receipt.

• Don't throw away your receipt!!! - If you throw away your receipt you may regret it later.  If you choose to take back your item you may only get an in-store credit instead of a full refund.
• Check you receipt right after you go through the checkout stand - If you wait until you get into the car or at home you may forget or think it's not worth it and throw your receipt away.   You may have passed up pennies or maybe even dollars
• Make a mental note or write down the prices of the items as they are checked - My wife keeps a good tab on the prices of the items and likes to monitor them as they are rung up.  This way she's able to make corrections before the money even comes out of her pocket
• Make sure you can see your discount on the receipt - If the checker charges you full price make sure you see a discounted amount.  Some stores put their discounted amounts right after the respective item and others show the discounted value on the bottom of the receipt.  We like to see them right after the item because this allows you to see it right away.  If it's at the bottom of the receipt it's difficult to keep your discounts straight and accurate.

We had an experience the other day that emphasized the need to check your receipt.  We had purchased some Christmas lights and made sure we kept the receipt.  We paid a certain price for the lights but thought we had paid more, so when we took it back we received less than we expected.  We checked our receipt and found it was our mistake.

If you have an experience or a tip that allows you to save money by keeping and checking your receipt, make a comment on this blog.

Thank you,