Comments on: Reader Feedback Request - Practical Tips For Personal Finance Newbies http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 21 Nov 2008 23:52:39 +0000 http://wordpress.org/?v=2.6.3 By: Leia http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-123558 Leia Fri, 01 Aug 2008 23:13:29 +0000 http://www.ncnblog.com/?p=1269#comment-123558 Don't be afraid to look at the hole you've dug. And stop digging, as MUCH as possible!!! Getting out isn't always praised - it's hard, dirty work, but when you're done or even just started, you'll feel GREAT! Do it now for the rest of your life. Don’t be afraid to look at the hole you’ve dug. And stop digging, as MUCH as possible!!! Getting out isn’t always praised - it’s hard, dirty work, but when you’re done or even just started, you’ll feel GREAT! Do it now for the rest of your life.

]]> By: Allison http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-119530 Allison Tue, 08 Jul 2008 12:17:09 +0000 http://www.ncnblog.com/?p=1269#comment-119530 One of the best things for a personal finance newbie to understand is the purpose of personal finance: spending money on the things you are passionate about! I think lots of people don't track their spending or save for retirement because they focus on the negative aspects of limiting spending. But by limiting spending in areas you don't really care about (maybe cable TV or a new car), you can spend money on things you love. I think newbies should start by listing their priorities, passions and goals, and then focus on saving money for those things. Cut out all the other stuff. Beyond that, I think setting up automatic retirement savings is great, because then you never miss the money. Even if you start with just 3%, the next time you get a raise or pay off a debt you can raise that percent a little bit and in a few years you can get to 10 or 15%. One of the best things for a personal finance newbie to understand is the purpose of personal finance: spending money on the things you are passionate about! I think lots of people don’t track their spending or save for retirement because they focus on the negative aspects of limiting spending. But by limiting spending in areas you don’t really care about (maybe cable TV or a new car), you can spend money on things you love. I think newbies should start by listing their priorities, passions and goals, and then focus on saving money for those things. Cut out all the other stuff.

Beyond that, I think setting up automatic retirement savings is great, because then you never miss the money. Even if you start with just 3%, the next time you get a raise or pay off a debt you can raise that percent a little bit and in a few years you can get to 10 or 15%.

]]> By: Bloke http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-118588 Bloke Wed, 02 Jul 2008 17:24:07 +0000 http://www.ncnblog.com/?p=1269#comment-118588 1) Cut your smoking in half within six months. Health, insurability and available cash will increase dramatically. See if you can stop completely within one year. 2) Find something you love to do at home, and spend your money on that. It's amazing how much money I spent when I went out at night for fun. When my buddies got the Xbox, we actually spent less money. 1) Cut your smoking in half within six months. Health, insurability and available cash will increase dramatically. See if you can stop completely within one year.

2) Find something you love to do at home, and spend your money on that. It’s amazing how much money I spent when I went out at night for fun. When my buddies got the Xbox, we actually spent less money.

]]> By: J Dawg http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-118455 J Dawg Tue, 01 Jul 2008 23:14:53 +0000 http://www.ncnblog.com/?p=1269#comment-118455 The Key to budgeting is to save money. It is easier to save a dollar than it is to create another dollar. Think about it this way, to get $40.00 you can cut your cable or you can get a second job and work 6 hours for $8.00/hr ( why 6 hours? because of taxes baby). J Dawg www.undertrader.com The Key to budgeting is to save money. It is easier to save a dollar than it is to create another dollar. Think about it this way, to get $40.00 you can cut your cable or you can get a second job and work 6 hours for $8.00/hr ( why 6 hours? because of taxes baby).

J Dawg
http://www.undertrader.com

]]> By: DebtKid http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-118425 DebtKid Tue, 01 Jul 2008 19:45:01 +0000 http://www.ncnblog.com/?p=1269#comment-118425 My Tip: Don't day trade! Seriously, invest automatically for the long term. Leave day trading up to the professionals. My Tip: Don’t day trade! Seriously, invest automatically for the long term. Leave day trading up to the professionals.

]]> By: Ken http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-118278 Ken Mon, 30 Jun 2008 23:15:47 +0000 http://www.ncnblog.com/?p=1269#comment-118278 Do automatic payroll deductions like 401k first. Then set money aside for IRAs next. Pay off high interest loans and ccs before saving money for emergency fund, unless you know you are going to be without a job soon. Do automatic payroll deductions like 401k first. Then set money aside for IRAs next.

Pay off high interest loans and ccs before saving money for emergency fund, unless you know you are going to be without a job soon.

]]> By: Jane http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-118023 Jane Sun, 29 Jun 2008 13:06:48 +0000 http://www.ncnblog.com/?p=1269#comment-118023 Get into a habit of saving as soon as possible even if it's only a $1 a week. Once you have $100 in the bank you will probably want to see how you can get to $200 quicker and you realize that you can save money. Get into a habit of saving as soon as possible even if it’s only a $1 a week. Once you have $100 in the bank you will probably want to see how you can get to $200 quicker and you realize that you can save money.

]]> By: Laura http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-117773 Laura Fri, 27 Jun 2008 16:21:21 +0000 http://www.ncnblog.com/?p=1269#comment-117773 Don't be lazy. For example, my dad buys tons of paper plates and cups because he'd much rather use those than do the dishes. The reality is, you're going to have to do dishes recardless, for silveware and pots and pans and other cooking essentials. Not only is it a waste of money to buy these products all the time, they make food taste worse, and is horrible for the environment. Simple things like conserving and reusing. I never have to buy make up because I only use what I need. And I don't keep reapplying it all day. And I don't waste money on different colors I may wear ONCE and never wear again. In addition to that, if you've got junk laying around you're not using, GET RID OF IT. You'll love not having clutter around, and sell it on ebay for a few extra bucks. I read manga, and when I'm done collecting a series, 99% of the time, I am not gonna read it again. I turn around, sell the whole collection on ebay and usually get at LEAST half the price back. Why waste space if you're never gonna touch it again, get some of your money back! Don’t be lazy. For example, my dad buys tons of paper plates and cups because he’d much rather use those than do the dishes. The reality is, you’re going to have to do dishes recardless, for silveware and pots and pans and other cooking essentials. Not only is it a waste of money to buy these products all the time, they make food taste worse, and is horrible for the environment. Simple things like conserving and reusing. I never have to buy make up because I only use what I need. And I don’t keep reapplying it all day. And I don’t waste money on different colors I may wear ONCE and never wear again.

In addition to that, if you’ve got junk laying around you’re not using, GET RID OF IT. You’ll love not having clutter around, and sell it on ebay for a few extra bucks. I read manga, and when I’m done collecting a series, 99% of the time, I am not gonna read it again. I turn around, sell the whole collection on ebay and usually get at LEAST half the price back. Why waste space if you’re never gonna touch it again, get some of your money back!

]]> By: Kevin http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-117772 Kevin Fri, 27 Jun 2008 16:18:35 +0000 http://www.ncnblog.com/?p=1269#comment-117772 1) Spend less than you earn/Pay yourself first 2) Automate as much saving as you can whether it be 401(k) at work or monthly transfers from checking to savings/investments. You'll get so used to not having that money you won't even think twice about it after a little while. 3) Read various books/blogs/articles on personal finance - there is so much advice out there and you have to determine for yourself what really applies and what doesn't. This will also help you have a basic level of knowledge to know you're not getting screwed by professionals that handle your money - whether it be a broker, insurance agent, etc. 1) Spend less than you earn/Pay yourself first

2) Automate as much saving as you can whether it be 401(k) at work or monthly transfers from checking to savings/investments. You’ll get so used to not having that money you won’t even think twice about it after a little while.

3) Read various books/blogs/articles on personal finance - there is so much advice out there and you have to determine for yourself what really applies and what doesn’t. This will also help you have a basic level of knowledge to know you’re not getting screwed by professionals that handle your money - whether it be a broker, insurance agent, etc.

]]> By: Richard http://www.ncnblog.com/2008/06/26/reader-feedback-request-practical-tips-for-personal-finance-newbies/#comment-117771 Richard Fri, 27 Jun 2008 16:13:21 +0000 http://www.ncnblog.com/?p=1269#comment-117771 Cut down on utility bills without feeling any pain. You can use my Compact Flourescent cost calculator spreadsheet to determine how soon they will pay themselves off based on their price and your electric rate CFL pay off analysis spreadsheet: http://richerandbetter.blogspot.com/2008/06/is-it-time-to-switch-to-cfls.html If your toilet isn't lowflush, stick a brick or rock in the toilet tank and you'll immediately use 1/3 to 1/2 a gallon less per flush. I did this just yesterday with a big rock I found in our garden while tilling. Use fans and space heaters as much as possible instead of housewide AC and heating. Cut down on utility bills without feeling any pain.

You can use my Compact Flourescent cost calculator spreadsheet to determine how soon they will pay themselves off based on their price and your electric rate

CFL pay off analysis spreadsheet:
http://richerandbetter.blogspot.com/2008/06/is-it-time-to-switch-to-cfls.html

If your toilet isn’t lowflush, stick a brick or rock in the toilet tank and you’ll immediately use 1/3 to 1/2 a gallon less per flush. I did this just yesterday with a big rock I found in our garden while tilling.

Use fans and space heaters as much as possible instead of housewide AC and heating.

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