Jennifer Lambert

A Sacred Balance

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Setting up Teens for Financial Success

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Our family has certainly has its ups and downs with finances over the decades.

We’ve pulled ourselves out of debt a few times only to find ourselves soon drowning again over vet bills or car trouble or another emergency.

My military husband had a few scary times when there were furloughs or job cuts. When he retired, there have been struggles with keeping civilian employment.

I can’t imagine the stress my kids’ peers and cousins have with struggling financially while navigating higher education, finding a career, learning adult relationships, figuring out transportation and healthcare.

I refuse to force my children to navigate their lives on a rollercoaster of debt and vibes. I have the privilege of providing them a legacy and I will launch them into successful futures.

We’ve had a few windfalls that helped us completely change our lifestyle and goals.

My husband and his two sisters received three large disbursements and an annual dividend from their aunt and mom, and we sure do appreciate their foresight and generosity.

My husband received 100% VA disability rating and that provides for our kids’ futures and educations.

It was shocking dealing with my husband’s parents’ deaths twenty years ago and realizing how little they had planned for retirement. Then, in December I became the caregiver for my parents and was devastated to realize how they had hoarded money for decades while claiming they had nothing. They didn’t invest or plan wisely; they lived in fear. In July, my father’s death threw us into a whirlwind of paperwork. Luckily, they have no real assets, so nothing goes to probate.

My husband and I set up a trust for our four children so there are no surprises or concerns in case of emergencies. I don’t want anything to have to go through probate court.

Partner with a financial advisor. There is so much that I don’t understand. I don’t have accounting or financial training and that is literally what our annual fee at our banking institution provides – annual meetings for review and advice for future planning for our entire family.

We are helping prepare our kids for an uncertain future with financial education and investments.

10 Ways for Teens to Achieve Financial Success

  1. Get a part time job.
    • I encourage my teens to work outside our home as soon as they think they can handle it. Two of my kids chose to do so about age 15-16 and one waited until age 18. My son will probably get a job when he turns 16, if he can manage with his school and sports schedule.
  2. Open bank accounts.
    • Credit unions will have lower or no fees, better customer service, higher savings interest rates, and lower loan rates.
  3. Learn how to budget.
    • Kids can begin with the 50-30-20 (or even more aggressively tiered towards savings and investing if they’re able)
    • 50% income for expenses
    • 30% towards wants
    • 20% towards savings and investing or debt
  4. Zero debt education planning
    • Invest towards higher education as soon as possible
    • Apply for financial aid if applicable
    • Apply for scholarships – even the little ones can add up
    • Work-study programs
    • Try to avoid high interest student loans whenever possible
  5. Add as authorized user on parent credit card.
    • Be smart with credit and use points or cash back cards
    • Pay off debts each month so never accrue interest debt
  6. Joint auto loans
    • There are hardly starter cars available anymore! A joint auto loan helps build a credit history and gives teens a goal.
  7. Roth IRA
    • We try to invest the max allowed each year according to income
    • Compound growth over decades. Tax-free retirement income.
    • Can withdraw original contributions at any time
    • Withdrawals before age 59 1/2 may incur taxes and penalties
  8. High interest savings accounts
    • Better than a traditional savings account, but often requires a larger balance to maintain
    • Money market accounts have higher interest rates than regular banking accounts
    • CD in increments of 6, 12, 18+ months has protected interest rates for those time frames
  9. Investment funds
  10. Legal paperwork
    • Once a child is 18, parents cannot legally make decisions anymore
    • Life insurance, HIPAA release, Health Care Proxy, Power of Attorney, FERPA Waiver, Will

Bonus tips:

  • Learn SKILLS – EQ, communication, marketing, sales, computers, etc. Formal education is NOT enough.
  • Surround yourself with like-minded people who share similar values and goals.
  • Don’t drink alcohol, especially in clubs or bars. It’s expensive and disrupts your health.
  • Don’t do drugs. Be careful even with prescription drugs. We don’t even understand the long-term effects of some heavily prescribed medicines.
  • Maintain your physical health. Walk. Go to the gym. Eat well. Get enough sleep.
  • Care for your mental health. Manage stress. Go to therapy. Work through your triggers or trauma.

If you’re not around to enjoy the fruits of your labor, what’s the point?

We have experienced immense financial changes in the past year. We had four car payments, a mortgage, and credit card debt. We had little savings, but several investments from the beginning, even if regularly depositing into them had been put on hold. My husband lost two jobs after retiring from the Air Force. My eldest daughter had a lemon car with a lien we had to pay off and has struggled with jobs for a couple years.

I understand that too many families struggle living paycheck to paycheck and experience mountainous debt with medical bills or other financial burdens. Our society strives to keep us as slaves to debt. There is no real way to save when we are in survival mode.

We invest our money now so we can have the freedom to walk away from situations we don’t like in the future. ~Call to Leap

Resources:

  1. The Simple Path to Wealth by J L Collins
  2. The Algebra of Wealth by Scott Galloway
  3. Secrets of a Millionaire Mind by T. Harv Eker
  4. Think and Grow Rich by Napoleon Hill 
  5. The Little Book of Common Sense Investing by John C. Bogle
  6. The Millionaire Next Door by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D 
  7. The Psychology of Money by Morgan Housel
  8. The Soul of Money by Lynne Twist
  9. Bogleheads
  10. Investopedia
  11. NerdWallet
  12. Morningstar
  13. Marketwatch

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Affording Higher Education

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Many of us were fortunate to attend a college, university, trade school or something after high school and not incur massive amounts of student loan debt. My husband and I had very small low-interest student loans to cover costs for our last year and we luckily paid them off quickly.

I’m the first grandchild to attend college in my family. As far as I know, I’m the first girl to attend. Only my mom’s brother attended UGA for theatre. It’s not celebrated enough. My grandma was one of twelve and my mom had five siblings. College was never expected nor assumed. My parents didn’t give me an option.

My husband and his parents and sisters and one brother-in-law all have master’s degrees.

Having a student loan is problematic when the job outlook is poor and there is no job security in one of the 28 right-to-work states. Many loans are deferred while we’re still in school, but what happens if we rely on income to pay it off and that income just goes away?

We vowed to help our children with tuition and expenses and not have them saddled with loads of education debt to start their young adult lives.

We are extremely fortunate that our kids receive veteran aid from my husband’s military disability and he offered them each a portion of his GI Bill, but it is not something we could plan for nor expected.

Some History of Education Loans in the USA

In 1970, Roger Freeman, who also worked for Nixon, revealed the right’s motivation for coming decades of attacks on higher education. Reagan cut higher education funding and student aid, and college costs boomed as a result. Source: The Intercept

In 1972-1980, the Pell Grant was created and funded for low income students.

A revision to the Higher Education Act in 1992, resulted in a significant expansion of the federal unsubsidized student loan program and the creation of the FAFSA.

A Senate investigation during the Bush administration revealed widespread fraud and abuse in the predatory for-profit college industry.

In 2001, President George W. Bush eliminated the time limit for how long borrowers could deduct student loan interest from taxes. The limit on interest deduction was also raised to $2,500, where it still stands today.

In December 2007, the Great Recession hit. Federal and state governments made deep cuts to higher education funding.

The Public Service Loan Forgiveness Program (PSLFP) was signed into law in 2007, by President G.W. Bush and almost never delivered.

From the start of the Great Recession in 2008, to the relative economic stability of 2018, college costs and debt increased significantly, but state and federal funding for higher education, the biggest source of revenue for most schools, has not returned to pre-2008 levels.

Many nations offer free higher education opportunities to their citizens. A few states in the USA are offering some community college options. Why can’t we do more and be better?

We are saddened by the education failings in the USA and how it has changed for the worse over the past couple decades while being much more expensive.

It seems that the recent student loan forgiveness plans are in tatters and many will suffer to pay back student loans at high interest rates while salaries stagnate and rents are exorbitant. How are our kids expected to purchase homes, have children, travel, save for retirement, or any of the other milestones we and our parents or grandparents enjoyed?

Americans owe more than $1.74 trillion in student loan debt — a number that keeps rising as tuition costs continue to increase. More than 30% of student loan borrowers are in default, late, or have stopped making payments six years after graduation.

I’ve witnessed programs canceled and majors being deleted and professors striking for higher wages and tenure. It’s the bonfire of the humanities.

Many financial aid options require students to attend full time, which limits other options like working or volunteering. For my kids, full-time credits are twelve hours each semester.

How to Afford Higher Education

Pre-College Courses

Many states offer early college courses or admission for students as young as seventh grade. I was a freshman scholar as a high school senior in Georgia. When we moved to Ohio, my kids started at age 15/16 taking direct courses at our local university. The College Credit Plus is a great program and many students graduate high school with the equivalent of associate’s degrees.

Two of my kids took summer programs that earned them college credit. Many specialty schools, private, and state universities offer “camps” or summer sessions as pre-college tastes to recruit students.

Federal Aid

First, we have to fill out the FAFSA. It’s so different after last year. There is a parent section and student section and make sure to send the info to the correct higher institutions!

My husband received a small grant when he attended university. I’m pretty sure we will never qualify for our three younger kids, but if my eldest decides to attend, she might receive some funding as being no longer our dependent.

Scholarships

There are huge lists of scholarships on various websites and offerings for so many different interests and merit. I recently saw one I am keeping bookmarked about asparagus for my son!

As a military family, my kids received some assistance from some organizations on our base.

The university my kids attend have a universal scholarship application to be filled out annually. Within that application are departmental forms and many extracurricular options.

Of course, good grades and test scores are often offered merit scholarships.

There are many opportunities for sports and extracurricular activities if kids choose that route.

Investments

We have invested in 529 plans for each of our four children since they were babies.

We have used the funds for tuition, books, and computer purchases.

If the entirety is unused, it can be rolled over without tax penalties to another younger sibling or for graduate school or other education expenses.

Work Study

Many colleges offer student aid in the form of tuition assistance or stipends in exchange for working on campus. I designed a website for my master’s program for a small stipend back in 1998!

Jobs

My kids are planning ahead and have savings accounts from part-time jobs they worked while high school age. They plan to use these for travel, study abroad opportunities, or graduate school expenses.

ROTC and various military enlistments offer lots of benefits during and after serving.

Some employers offer scholarships or tuition assistance with a contract or promise of working for the company for a time.

While it is stressful to work full-time and attend college full-time, it is possible.

Vocational Schools

Not everyone desires to go to an academic university. There are so many opportunities at vocational institutions and community colleges that offer certificates or associate’s degrees. These are much more affordable options for students who want to enter the workforce more quickly than a traditional university degree.

Commuting

We are in a great geographical position that my kids can commute to a local university and we are also somewhat near some others if they need to transfer. I commuted to Clayton State and Georgia State and while that wasn’t my choice at the time, it did save on housing and food expenses. I am irritated by the poor condition of dorms and food choices that I see my kids’ peers suffering. I have told my kids they can live at home as long as they want or need to.

Other Fees

All the extras sure do add up!

The parking fee is outrageous, so we carpool as much as possible to the commuter college.

My kids applied early to waive the application fees.

We buy books used or even rent for courses that my kids aren’t interested in keeping the books.

We pack lunches, drinks, and snacks. I do buy a $50 commuter meal plan each semester for my kids for coffee or emergencies.

My kids are disappointed that so many of their peers are struggling financially – working and going to school and having no time to be young or carefree or socialize. I even often pack food for their friends during study time or exam weeks. My daughter said her friends act like middle-aged boring people who have no time or money for anything other than survival. This economy is taking its toll.

I understand that many families can’t financially support adult kids to attend a university. I am pleased that we are able to keep our promises to our kids so far.

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Why Online Shopping for Kids’ Clothing is a Game Changer

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If you are a parent, you know how difficult it can be to find the right clothes for your kids. Children grow up fast, and their style changes constantly.

Proper clothing for your children can make them feel more confident, independent, and happy. Shopping for them can also be a great bonding activity.

Many different kids, boys and girls running in the park on sunny summer day in casual clothes

Convenience

It is convenient to shop online for kids’ clothing. You don’t have to get dressed up, drive to a store, and wait in line for a cashier – you can buy kids’ clothes online from your home or office.

Moreover, you can compare prices from different stores in just a few clicks. This saves you time and ensures you get the best price possible.

Another advantage of shopping online is that you can purchase items at any time of day. This is especially helpful if you work from home or have limited time in the mall.

If you need clarification on a particular purchase, you can always return it for a refund or exchange. Shop at a store with excellent return policies for peace of mind.

Variety

Children can be picky about what they wear, so watching for the best kids’ clothing stores like Janie and Jack is essential. Luckily, several online options offer a wide variety of clothing for your little ones.

The latter has a well-stocked selection of clothes for both boys and girls.

The brand has a sophisticated line of kid’s clothes that aren’t overly cheesy and are more on-trend than most mainstream children’s brands. The site also has a wide selection of tween-sized dresses. These are great for tweens who want to be more fashion-forward but don’t want to break the bank doing it.

Time-Saving

Online stores offer a vast selection of children’s clothing, from timeless pieces to trendy apparel. They also often have sales and discounts that help parents save money.

Another way to save on kids’ clothes is to trade or swap outgrown items with friends and family. You can start a clothing swap group on Facebook or at a local resale store, such as eBay, and find clothing that fits your child at a fraction of the price.

You can also try shopping at liquidation sales and buying overstock items. This will not only save you money, but it will ensure that you are getting high-quality clothes for your kids.

Save Money

Online shopping is a game changer if you want to save money on your kids’ clothing. It’s not only convenient, but it also offers free shipping and returns!

You can also use coupons to get the clothes you need at a reduced price. You can find these coupons on the websites of the stores you plan to visit.

Clearance sales are another great way to save on your kids’ clothing. You may have to do some detective work, but you can find absolute steals if you’re smart.

Safety

When shopping online, you should be aware of the safety features that come with it. This can help you get a safer and more secure experience while buying clothes for your kids.

Ensure that your shop is trustworthy by checking its reputation and feedback. You should also be aware of the security measures they have in place to protect your personal information and payment details.

You should also check whether the store uses a metric or imperial system to determine its sizing. This will help you avoid buying clothes that are too small or too big for your child.

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5 Tips to Get Your Finances in Order: Avoid Financial Problems

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Getting your finances in order is not something that just happens. You have to adopt some measures and be disciplined. Whether you want to get out of bad debt, have more savings, or be able to maintain your lifestyle without problems, here are some of the things you can do to put your finances in order.

5 Tips to Get Your Finances in Order: Avoid Financial Problems

1. Read About Personal Finance

Reading should not just be for passing exams in college. Adopting a habit of reading about personal finance can greatly make a difference and help you become more disciplined about your finances. Reading can help you develop better spending habits and give you investment ideas. There are several books you can read. Additionally, you can read from reputable blogs such as the Current blog. Remember to implement what you read to benefit from it.

2. Reduce Your Bills

If you go broke after paying bills, reducing them can save you from financial problems. Of course, there are some bills you cannot reduce, such as rent. Look for which bills to reduce. If you buy your food from expensive stores, you can switch to more affordable ones. For example, if your lights are always on even when no one is using them, switching them off when necessary can help reduce electricity bills. Also, you can replace your home appliances with more energy-efficient ones to save money on energy.

3. Create An Emergency Fund (And Maintain It)

Always make sure you have an emergency fund. The higher the amount, the better. Although no one expects bad things to happen, sometimes, they happen. For example, if your car needs some repairs and you don’t have any funds to service it, then you’ll be in trouble.

 If you were unable to work due to an illness, would you have enough funds to see through until you feel better and go back to work? If you are fired from your job, will you struggle to pay your rent and other bills without struggling? Having an emergency fund comes in handy in such situations

4. Create A Budget and Stick to It

It’s crucial to create a budget to guide you on how to use your money. However, don’t just create it. Stick to it too. Buying things impulsively can land you in trouble. For example, buying something very expensive can hurt your finances and make you forego getting the basic things you need. Before buying something, ensure it’s been budgeted for. 

5. Save For Retirement

Of course, you are going to retire at some point. Ensure you have enough savings to see you through your retirement years. This is especially important if your employer doesn’t offer a pension. However, even if your employers offer a pension or any other employer-sponsored savings plans, you can still keep something to boost the amount you’ll get after retirement. 

Getting your finances in order is crucial as it saves you from many problems. If you can get your finances in check, you also solve most of your problems. You only need to take a step at a time, and within no time, you will be financially disciplined and making smart moves to live a quality life and secure your future. 

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Easy Lunch Storage

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My husband recently retired from the Air Force after twenty years. He’s the lab manager at a local hospital now.

Suddenly, he wants to carry lunches to work and he needs all sorts of lunch containers.

My daughter also started a part time job and carries lunches to work.

It helps to have access to a break room with all the typical break room amenities.

Taking meals to work saves time and money while being healthier, since we know the ingredients rather than getting greasy fast food.

For lunch, we often have dinner leftovers or purchase organic healthy quick meals.

We like to use fun colorful containers to keep foods separate for field trips and road trips too.

I love containers with little compartments to keep everything fresh and separate. Bonus if they stack in our cooler or lunch bag to make it easy to carry.

Easy Lunch Storage

Bentgo® Stackable Salad

These are great to keep salad items fresh! Bentgo has lots of fun travel options for the whole family!

OXO Good Grips Lunch and Salad Set

Perfect system to keep salad items fresh and crunchy.

Sistema

My kids upgraded to these bento boxes last summer for art camp. They love the compartments for all their little snacks and different things to eat. There are lots of configurations.

Bentgo®

Super cute and sturdy bento boxes in different colors.

Yumbox 

Super cute bento for younger kids.

Sandwich boxes

We like our sandwiches to stay fresh and fluffy instead of crushed in a baggie at the bottom of the lunch sack.

EasyLunchboxes®

We have used these for years and years – for co-op, picnics, field trips, day trips. They’re so easy and convenient and color coded! They’ve held up so well for us.

Thermos

Great for drinks or soups and stews.

Snapware

We use this for all our leftovers. I love how stackable they are in my fridge. We can take them from the refrigerator to the oven or microwave to the dishwasher. They’re portable and easy!

Reusable Food Storage Bags

Better than single use plastic!

Cute Ice Packs

Why not have something better than plain to keep things cool?

ECOLunchboxes

See my review here.

Give green gifts with ECOlunchbox

Wildkin lunch boxes

Great insulated lunch bags with lots of room and fun prints for all ages.

MAZFORCE Original Lunch Box

Extra tough and modern lunch bag for all ages.

Bamboo Travel Utensils

Easy and safe eating utensils for all ages. Reusable!

Portable Flatware Set with Case

A great set with options for older kids and adults. I love the little case. Dishwasher safe!

What’s your favorite lunch to pack from home?

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Creative Leftovers

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As the kids get bigger and older, we don’t often have as many leftovers as we used to have, but occasionally, there is a serving or two left that gets shoved to the back of the fridge shelf.

I try to do a fridge cleanout a couple times a week for lunches and maybe a dinner if there’s a lot.

Using up leftovers is a necessity for a frugal waste-free lifestyle.

Having a good pantry and freezer system is key to using up leftovers. I have to plan to have certain items to make this successful and tasty.

I keep chicken and beef stock in the freezer and have some boxes of storebought organic stock in the pantry.

I have a huge assortment of spices and sauces.

I stock up on canned beans when they’re on sale. I just don’t have the freezer room to batch them from dried. Bags of frozen veggies when they go on sale for $1 or less.

We can our own marinara sauce.

I occasionally buy rotisserie chickens if I have a coupon or they’re on a really great sale. They’re awesome to use in many different recipes and I make stock from the bones.

I try to keep potatoes and onions on hand at all times. Also fresh carrots and celery.

These are our favorite ways to use up leftovers creatively:

Soup

I love making soups with various leftovers. This is a great way to clean out the fridge after a busy week!

Creamed vegetable is a favorite at our house to use up old veggies in the drawer.

I can always make soup with leftover chicken like this lovely lemony dill chicken soup.

Vegetable soup is my go-to to throw everything together, especially with leftover beef. I like to add beans and noodles to make it like minestrone.

Beans, lentils, or split peas are great in soup with a ham bone or smoked turkey.

Leftover ham is great for soup like ham and bean soup.

We like to make stock from turkey, chicken, and beef bones. Nothing goes to waste!

Split pea soup with leftover ham and poultry stock is a winner.

Casseroles

Noodles and rice with a cheesy sauce and leftover meat with some veggies makes a great casserole.

Turkey Divan is a great way to use up poultry leftovers.

Pot pie is another favorite with gravy, meat, and vegetables. Refrigerated or frozen dough, or drop herb biscuits on top make it quick and easy!

Salad

Leftover grilled meats and all sorts of veggies can be served cold over lettuce greens. I sometimes sneak a bit of bacon to save for later in a salad. This is a great lunch idea.

See our favorite salads.

Remix

I love making fried rice for my family. It’s a simple, frugal, easy way to use up leftovers. I often make extra rice just to have leftover for this meal.

My girls like ramen, and I love making it healthier with an egg, leftover meats and veggies, and homemade teriyaki sauce.

Stuffing canned biscuits or crescent rolls with cheese and chopped meats is a fun instant snack or lunch.

What’s your favorite way to use up leftovers?

Resources:

  • The Case Against Sugar by Gary Taubes
  • The Big Fat Surprise: Why Butter, Meat and Cheese Belong in a Healthy Diet by Nina Teicholz
  • The Great Cholesterol Myth, Revised and Expanded: Why Lowering Your Cholesterol Won’t Prevent Heart Disease–and the Statin-Free Plan that Will by Jonny Bowden and Stephen T. Sinatra
  • Animal, Vegetable, Miracle: A Year of Food Life by Barbara Kingsolver
  • Food Matters: A Guide to Conscious Eating with More Than 75 Recipes by Mark Bittman
  • VB6: Eat Vegan Before 6:00 to Lose Weight and Restore Your Health . . . for Good by Mark Bittman
  • In Defense of Food: An Eater’s Manifesto by Michael Pollan
  • The Whole30: The 30-Day Guide to Total Health and Food Freedom by Melissa Hartwig Urban and Dallas Hartwig
  • 100 Days of Real Food: Fast & Fabulous: The Easy and Delicious Way to Cut Out Processed Food by Lisa Leake

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Teaching Kids About Money

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I’ve always talked openly to my children about money.

It never occurred to me to be any other way. My parents were open with me and I learned so much as a teenager, sitting in on their meetings with financial advisors, housing brokers, and bankers.

My husband’s family did not discuss finances and it shows.

It’s important that I actively teach my kids about finances.

State and federal salaries are public knowledge, so I’ve always been open with my kids about what we have, how we save, investing, and spending.

While I don’t necessarily expect them to maintain all my values explicitly, I want them to have the knowledge to make wise money decisions.

How I Teach My Kids About Money

Value

From as early as they express interest or show readiness, I teach about value.

Value isn’t just monetary worth. It’s the regard it is held to deserve; the importance, worth, or usefulness of something.

I hold certain things with very high value that others do not. It’s about priorities.

When my kids accompany me while shopping, I constantly point out value to them, why we buy this item instead of that item. I’m not brand loyal, except for a very few items that have proven quality.

It’s important the kids assist me while shopping and conversations often come up about our purchases and shopping trends.

When our toaster went belly-up, I researched a good replacement instead of just ordering one or rushing out to the store to purchase what was in stock.

We also discuss waste and limits. We eat leftovers. We prefer sustainability practices.

As my kids grow, they will develop their own priorities and set their own value to goods and services.

Quality is better than quantity.

Saving

My parents opened savings accounts for each of our children when they were born.

We encourage our children to contribute to their savings when they’re older and start working part-time jobs.

We explain the importance of having some liquid emergency savings for contingency.

We teach about investments. We teach about insurance.

We have 529s for our children for higher education. We have IRAs and mutual funds for retirement.

Pay yourself first.

Giving

Philanthropy is important.

I believe being generous should be a life goal.

While we are not wealthy by any standard, we donate often to charities with our funds and handmedowns.

We look for needs to fulfill. We don’t expect recognition or thanks.

Giving is more than just offering money. It’s a way of life, an attitude. Generosity of spirit.

“You have not lived today until you have done something for someone who can never repay you.” ― John Bunyan

Spending

Many think spending is the easy part of money management.

After monthly bills are paid, investments funded, savings bumped, what is left over?

Sometimes, it’s not much.

I have a spending plan instead of a strict budget. We shop for groceries every week and clothing and miscellaneous as needed.

As my children get older and acquire their own money from gifts or small jobs, they learn how to spend it on items they want. They also learn about sales tax.

When teens get their first part time job, they learn first-hand about taxes and other deductions.

I recently had to have a conversation with my eldest about what she termed “our money troubles.” When I was confused, she explained she didn’t want to burden us financially. I was still confused. She asked why I always said we didn’t have any money.

When I say I don’t have the money, I mean that we have prioritized saving and investing over instant gratification.

I can afford almost anything.

I have the ability to accept risk of credit and debt, but I choose not to, so to me, that means I don’t have the cash money to buy something I consider frivolous or valueless.

I choose to make different financial decisions based on what I value. And I choose not to incur further debt.

Instead of buying another car, we are choosing to share vehicles right now.

Instead of choosing to travel or vacation, we are staying close to home and occasionally go on day trips nearby.

Opportunity Cost

It’s important to learn and teach the loss of potential gain from other alternatives when one alternative is chosen.

For instance, if my son wants to buy YuGioh cards with his birthday money, he can’t buy the BeyBlades. He has to make a choice.

I make harder choices all the time.

We batten down the hatches and get very frugal if an emergency comes up, like a car repair or pet surgery. We like to pay cash and not use credit cards whenever possible.

If I choose to get takeout for dinner one busy night, we have to eat home-cooked meals and clean out the freezer and pantry the rest of the pay period. It sometimes requires creativity.

We often wait for the hit movie to go to online streaming (even if we pay $5 to rent it) instead of paying so much for 6 of us to see it in the theater.

If my daughter needs new shoes, I wait to buy myself something, even if I “need” it.

It’s really important to learn the difference between needs and wants in our consumer post-capitalism society.

We discuss propaganda, marketing, and advertising. We discuss ads on social media and games.

I’m always last. I go without so they can have abundance.

Allowance or Commission

I don’t give my kids an allowance.

No one gives me an allowance.

We all complete chores that makes our household run smoothly.

Allowances aren’t natural. Commissions for small jobs work better and teach financial lessons.

My kids often ask if there’s some special task they can complete for some spending money and I almost always oblige.

Many banks offer teen debit cards that help them to learn how banking works. My kids all had savings accounts from birth and they added checking accounts when they began working part-time.

Often, I create little jobs they can do for a few dollars so they learn the value of working for pay. If they don’t do a good job, they don’t get paid. Sometimes, they have to go back over their work to do it well.

Debt

Living as a middle class American, we grew up thinking and believing that debt is just a part of life.

We live in an instant gratification disposable society. Advertisements are everywhere, affecting our emotions by telling us we aren’t good if we don’t have the newest smartphone, car, clothes, or toys.

Debt is a risk many accept as being a normal and expected part of our society.

Debt can also be slavery and devastating during financial downturns.

I actively teach my children that debt is typically bad in most, if not all, circumstances.

I know few people who are able to pay cash for cars or houses.

But we know many people who would be bankrupt or even homeless within a month if all their debt was called in or they lost their jobs.

I don’t believe in using credit cards except in emergencies.

Credit cards are ways to help teens and young adults gain credit, but they must be monitored well and paid off each month.

I don’t believe in student loans for college.

We have one car loan and one credit card. We are paying off a consolidation loan.

I teach my kids that by using loans and credit cards, you are paying twice.

You can’t pray debt away. I don’t buy into the prosperity gospel at all.

Personal Financial Goals

Everyone develops his or her own financial goals based on priorities, past history, income, and interests.

We choose to invest for our future.

We limit our instant gratification. It’s easier sometimes since we move around so frequently and can’t justify buying things just to sell them if we can’t take them with us.

We choose to travel rather than buy frivolous gifts, usually.

I choose to buy cut flowers every week to brighten my dining room. It’s something that makes me happy and I value that.

My kids seldom ask for things when we go shopping. When they do, it’s something super practical or for all of us. They understand the difference between needs and wants. They seldom ask to eat out.

I choose to buy the best quality food and cook most things from scratch because I enjoy it and it’s healthier for us. Yes, it costs more than beans, rice, ground meat. But we seldom eat out – which does cost a whole lot for a family of 6.

An acquaintance lives in a house valued at a $half million. Then I learned they haven’t invested anything for their kids’ college or for retirement. They just spend everything.

How do you teach your kids about value?

What are your financial goals?

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Online Yard Sale Tips

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It’s that time of year again.

Spring cleaning.

Purging.

Minimizing.

Everyone who got guilt trips from Marie Kondo’s Netflix series.

My kids are growing up and outgrowing toys and homeschool curriculum.

We donate most of our used stuff to thrift stores. One year, we had a huge yard sale. Now, I try to sell nice items online for a little extra cash.

Typically, these online yard sale transactions are done in a public space with cash in hand. Big furniture items are usually viewed in home. I like to have someone with me for exchanges. Always be safe!

Occasionally, items are shipped with shipping extra. Money can be exchanged through Facebook or Paypal. I seldom go this route because it’s extra stressful to pack and ship and I haven’t received the money twice.

Some items are banned for resale, such as firearms, mattresses, car seats, baby formula.

Some groups or sites don’t allow handmade items.

Also, these online sale sites are not the place to promote your personal MLM or home business. I’m tired of all the clutter and ads for actual and online stores now.

Online Yard Sale Tips

Know the lingo. Be kind. Be on time.

Be the seller/buyer you would want to work with.

Online Yard Sale Terms

P/U = Pick-Up. This is usually followed by the location and/or time to meet to sell an item.

PPU = Pending Pick-Up. The item has been agreed to a time and place for pick-up. This may change if someone cancels, changes their mind, or doesn’t show.

Cross-Posted = lets potential buyers know that the item has been posted in more than one place

Bump = Sellers use this term to comment in their own listing and “bump” the item back up to the top of the feed, to give it more exposure. There is usually a rule about how often an item can be “bumped” – typically once a day.

ISO = In Search Of. People often ask for specific items in groups.

OBO = Or Best Offer. The buyer would consider other reasonable offers.

Next = People use this to let the seller know they are interested in the item if someone has already shown interest before them.

NWT = The item is new with tags.

NWOT = The item is new without tags.

Interested = What potential buyers typically write in the comments of your post if they want to buy your item.

Sending PM = Sending Private Message. This is how a potential buyer communicates with you as a seller. Typically, since these people will not be your actual Facebook friends, any messages from them will be filtered into your “other folder.” This is found at the top of your Facebook website, under your message folder. You can make adjustments in your privacy settings to view new messages immediately. This is helpful.

Porch pick-up = Usually, the seller leaves the item on their porch and the buyer places the money in an envelope in a hidden spot. Or vice versa. I don’t like doing this! What happens if they money gets lost or stolen?

Online Yard Sale Etiquette

Know the group or page rules. Follow the rules.

Lately, people don’t even comment on the post, but immediately private message to “get in line.” It sometimes becomes difficult to keep track of message order on a popular item. I often just reply to messages with a number to help keep things straight. I’ve had some people get frustrated with this, but it only seems fair. Occasionally, I have someone who wants to rush the process and claims they will pick up the item right this second.

It’s important to post if you have pets, smoke, or have other circumstances that could cause allergic reactions in sensitive people.

Be prompt in communication. Answer questions in a timely manner or you’ll lose the item to the next commenter or messenger!

Please don’t ask stupid questions and waste everyone’s time. If you’re not familiar with a product, do your own research. Don’t ask the seller to give you the rundown on the item’s pop culture, history, or random trivia.

Unless it’s a big furniture item or a pricey collectible or antique, you just have to take your chances. Don’t ask to come “see the item” without bringing money or intending to purchase. It’s just rude.

Park in an area that’s not very crowded for meet-ups. Tell the color and make of your vehicle in a message so the seller can find you.

Show up on time to purchase or sell an item. My son will never let me live it down that we once waited 45 minutes for a buyer who never showed. He kept messaging that he was stuck in traffic, but apparently, he was just a troll who never wanted the item anyway.

Have exact amount of money that is requested.

Posting Items for Sale

When posting your item for sale, be honest about its history and the condition.

Be prompt replying to messages.

Be available to meet up to sell.

Include:

  • good images, with proper lighting and all angles
  • condition of item
  • dimensions, if relevant
  • reasonable price

I am continually amazed by how many items people try to sell that are very damaged, really dirty, or otherwise a poor product to resell. Some of these items I wouldn’t even donate and these people are setting high prices on items that are just rubbish!

Have fun! It’s kind of exciting getting some cash for items no longer needed or wanted. And it’s really great finding a good deal for something you want!

Do you have any tips for online yard sales?

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How to Save Money while Shopping

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Our grocery budget is higher than anyone’s I know.

We have different priorities for sure and food is high on the list. We don’t cut corners. We like all-natural and homemade. We like to cook and eat together. I’m home with the kids seven days a week and we all eat three meals a day together. Aaron joins us after work each night for weekday dinners and helps cook meals on weekends. My kids are turning into great bakers and cooks!

See what we eat every week.

See an example of our grocery expense a few years ago.

I’m not realy into couponing and most of the items I regularly buy aren’t in regular mailed coupon circulars anyway.

I want to be a good steward of our financial resources and I want to teach my kids about budgeting and being good stewards as well. It’s a constant balance between spending more on the better quality and healthier options and trying to save money where it counts.

I primarily shop at Kroger since that’s our closest grocery store. I really like Meijer, but there are only a few in our area that I occasionally shop at because it’s not really convenient. I buy several things at our base commissary each month, like bacon, sausage, and cat litter – because they’re remarkably cheaper and tax-free. We buy most of our meats at a local butcher shop. I occasionally shop at our local Walmart, mostly for birdseed. I shop at Costco every few months to stock up on a few items that are only found there. I buy cat food at Chewy because it saves me time and money.

I shop online for lots so I don’t interact with too many people. I also like self-checkout when I can! The site to store shipping option is my fave.

Shopping isn’t entertainment for me. I don’t like browsing or window shopping.

I usually check these FREE apps on Thursdays when they update.

Apps to Save Money while Shopping:

Fetch

Shop anywhere. Snap every receipt. Earn FREE gift cards! It’s so easy!

Shop anywhere. Snap every receipt. Earn FREE gift cards! 🎉 Sign up for Fetch with my code “1KW6Y5” and get 2,000 points when you snap your first receipt!

Sign up for Fetch and get 2,000 points when you snap your first receipt.

Receipt Hog

Receipt Hog pays you to upload receipts, take surveys, and more!

Download Receipt Hog or enter code soh37106 to earn a special bonus when you upload your first receipt.

Shopkick

I’ve been using the Shopkick app for years. Get all kinds of rewards for just walking into stores or scanning products and uploading receipts.

We’ll both get points toward a free gift card when you try Shopkick. Please input my code BEST148937 for a special bonus!

Ibotta

This is my favorite service where you upload your receipts for 287 participating stores and receive instant rebates.

It’s most convenient on mobile where you can you access the camera to take pics and upload the receipt.

For Walmart and some other stores, you just scan the QR code on the receipt and it’s smart and does the rest for you!

You choose your store and the items you’ve purchased each week to receive cash back on those purchases.

Sometimes, there are offers on “any item” or “any brand” and those are wonderful.

There are bonuses each month or so that you can earn more.

You can use this app to earn even more when you shop online.

Some of the deals are combos, like you buy a certain brand of crackers and any kind of cheese.

There are great rebates on baby items.

I love love LOVE that it offers deals at military commissaries.

iBotta has communities with threads of deals, like a message board.

I’ve earned over $70 this year with iBotta. You can cash out once you’ve earned $20. When you’re ready to get your cash, use the app and withdraw directly to your bank or PayPal account. Easy money.

Sign up for Ibotta now!

Checkout 51

This is another service where you upload your receipts for participating stores and receive instant rebates.

This app has improved a great deal in the last few years. They are consistent with a few brands but offer great deals on those. You can link brand accounts to save even more. I love that they offer Back to Nature and Bob’s Red Mill and other more natural organic product deals.

You can add loyalty cards to the app for a few participating stores. Sometimes, you can earn on several items at once.

It’s also most convenient on mobile where you can you access the camera to take pics to upload your receipt.

You choose the items you’ve purchased, upload your receipt, and receive cash back on those purchases.

You can cash out once you’ve earned $20.

I’ve earned over $40 this year with Checkout 51. They only mail checks, which I don’t really like.

Sign up for Checkout 51 now!

Rakuten

I’ve earned over $300 shopping online with Rakuten (formerly eBates) for things I would buy anyway.

I use Rakuten when I buy floral arrangements for my mom or friends.

I use it when I’m buying needed items at Kohl’s or Lowe’s or Walmart and use the free ship to store option. It saves me time and earns me money!

It’s free and even has a nifty little Chrome plugin so it manages coupon codes and alerts you if there’s a better deal at a competing store.

You can link a credit or debit card to earn cash back when you shop in-store!

There are frequent sales with Rakuten when you can earn extra cash back.

They used to mail a “Big Fat Check” and I love getting the cash back via Paypal now.

Join Rakuten now!

Honey

Honey is a great price checker online so I can get the best deal.

I can save items I want to purchase in a droplist for up to 60 days, then I can renew the item in my droplist if the price isn’t right. They will alert me when there’s a price drop!

I can view the price history for 120 days, so I can plan to wait for a sale.

This is super handy around the holidays.

Earn gift cards just for shopping. You’re already shopping. Rack up Honey Gold rewards while you’re at it.

I have earned so many gift cards for Amazon and other favorite stores with Honey Gold.

Join Honey now!

Coupons

I don’t do many coupons and I don’t follow my favorite brands on social media or subscribe to newsletters to get updates and deals. I know that there are some good options out there on some items. I find that the little savings they offer isn’t worth the stress and clutter of my inbox and mailbox. I actually hate shopping!

I like the Kroger app for in-store coupons for things I’m going to buy anyway. Kroger also mails me coupons periodically for items I’ve bought in the past. Meijer has app coupons too. I’m not very brand conscious or loyal, so most of the big coupon sites don’t have much to offer for me.

I have apps for Joann and Michael’s for their amazing weekly coupons.

I check the Kohl’s app for coupon codes before buying. This is pretty much the only clothing store I use.

And my husband uses the Chick-fil-A app to earn free items!

We almost never dine out, so restaurant apps are a hassle so I don’t bother with them.

Loyalty Cards

These irritate me to no end, but I try to remember to use them. It seems that every store has a loyalty card these days but some of the perks are barely worth it. I like the Kroger card to save on gas and store brand items. If the store has an app that I can link the loyalty card to, I am much happier. I do love how Kroger has in-app pay now! Now, if they could just let me use that at their gas stations.

We move so frequently and the cards aren’t always transferrable in a new state or the store isn’t in our new city or state. Then we have to start all over again.

What unique ways do you save money?

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6 Steps Toward Financial Security

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Between the staggering statistics on average household debt and the difficult economic climate, there is a lot of discussion about family finances. If you struggle with budgeting, thinking about managing your money better can seem overwhelming. However, even small steps can make a big difference, especially in the long term.

Here some simple ways to start taking control of your financial independence.

1. Analyze Your Debt

If you are spending money every month paying off debt, you know how big of an impact it can have on your overall finances. You may have a goal of paying off all your loans, but that process can take several years. Before you start making bigger payments toward your debt, you may want to figure out the most efficient way to pay it off. You could start with the credit card with the highest interest. Maybe you want to refinance to consolidate your debt. Try to find the plan that works best with your income and goals.

2. Make Savings Automatic

You may find it much easier to allocate money to your savings account if you don’t have to think about it. There are several ways to make saving automatic. You can request to have part of your paycheck deposited in a savings account or set up an automatic transfer at your bank. You can also use a savings app to move money into savings automatically.

3. Recycle and Reuse

If a lot of your budget goes toward disposable items, you may want to think about changing to reusable alternatives. Switching to cloth napkins and ditching the paper plates can save you money and reduce your environmental impact as well.

4. Lower Energy Consumption

Utility bills can be expensive, but you can make a few simple changes to lower your usage and your monthly costs. Consider switching to energy-efficient light bulbs and low-flow showerheads. You can also use a programmable thermostat to reduce the load on your home’s HVAC system when you are out of the house.

5. Use the Library

For most families, entertainment takes a large percentage of the discretionary spending. Whether your family loves books, movies, or music, you can drastically reduce your spending by taking advantage of your local library. Most libraries have large selections of CDs and DVDs along with magazines and books. You can also check to see if your library offers eBooks through an online service.

6. Take It Slow

When you decide to take control of your family finances, it can be discouraging if you don’t see big changes in your bank account right away. However, changing your financial habits can take time. Be patient with yourself and your family, and find encouragement in small changes.

Financial management can take a long time to master, especially if you are overseeing all the income and expenditures for your entire household. If you are trying to save more money or pay off debt, there are several small things you can do to start moving in the right direction without dramatically changing your entire lifestyle. Reducing your home’s energy consumption, making savings automatic, and using the library are just a few ways to reduce your expenses and grow your savings.

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