I recently came across this anonymous article and was impressed enough to want to include it here.  Although I know there are many circumstances that our beyond our control and that many people have been doing everything right and are still facing financial challenges, there is also much truth in the statement below and often our crisis is a direct result of our own actions.  Whatever the cause, the remedy or solution has to start with us.  We can not continue to go in the same direction and expect to end up with a different destination.  We must make changes in our lifestyle if we expect things to change.  A popular prayer ask:

Lord give me the serenity to accept the things I can not change

The courage to change the things I can, and

The wisdom to know the difference.

Accepting Responsibility

I make myself responsible for this mess, anybody care to join me. the bail out is not coming from government but the smart consumer, if we saved money and invested not on hype but on proven industry we would weather the storm, is not only the rich that weather it, the ones who shopped smartly lived frugal and saved money even when it wasn’t chic to do so are the ones that can live good. Right now the only people dividing this country is ourselves. If we didn’t live a high lifestyle and spend more than we have, we wouldn’t have started this chain reaction. Its not the bank’s fault only, its not government’s fault or one party they both supported the bail out. Its our own fault for not planning for our future well and not being the change we want to see. If you want a better country, spend wisely, dig out of the hole and stop waiting for someone else to help you. The first step is self accountability which is lacking in this society. Once we make ourself accountable and work together with out neighbor we can change the tide of thinking of this nation and pull ourselves out of this recession  just as our grand parents did the Great Depression.

Anybody care to join me is admitting fault in this mess?

That said, now is the time to take a serious look at ourselves and decide what WE can do to make things change.

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Have a yard sale!

In a recent post, Oprah noted that one result of the current recession is that people are re-evaluating their lifestyle and looking at their possessions differently.

In the past 18 months, people have dramatically lowered spending, except on necessities. This has meant that they have decided to make do with what they have, and to do without.

Faced with cut backs, job losses, rising prices and mortgage foreclosures, our perspective changes and rather than looking for bigger houses to fit more we are perhaps looking at all that stuff in our over sized closets and garages and coming to the conclusion that we just have TOO MUCH STUFF.

So what do we do when realize that less is more? We have a couple of options.

Donate Excess to a Good Cause

We can give some stuff away.  There are many charitable organizations who would thrilled to take some stuff off our hands.  In fact, many communities have regular pick up days and will supply you with bags to pack these things in.  We can even get a receipt for our donations to use at tax time.

The second option is to have a yard or garage sale and make a little extra cash yourselves.  Now keep in mind you are not likely to get rich from a yard sale.

In fact, if you have items of high value, you would probably be better off placing an ad in Craig’s List or selling them on Ebay for those items.  People come to yard sales looking for real bargains.  They may be hoping for a hidden treasure that is selling for $10 and really worth $500 but they usually are not willing to spend $395 on that item at a yard sale.   The general rule is: items at a yard sale will probably sell for about 25% of the original cost, if they are in good condition.

Yard sales do require work.

• There is prep time: cleaning items for best presentation,
• set-up time: lay out or placement is important, group like items together, mark prices before the sale begins, and
• there is the actual sale time: it is important to have someone always present at a yard sale, items do “walk away” when no one is watching.

The video below gives an excellent outline for conducting a successful yard sale.  They left out only a couple things that I would add:

1. Keep it light and enjoy yourself.  If you are having fun, your buyers will too and spend more.
2. Take down ALL of you signs when the sale if over. Be a considerate neighbor.  Don’t leave your signs cluttering up the street corners after your sale is over.

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One of the sad commentaries of our society is our lack of gratitude and the growing emphasis on the cost of gifts.  However, this lack of gratitude apparently isn’t a new phenomenom for the use of the phrase, look in a horse’s mouth, can be traced back the 16th century.

Is it the cost or thought behind the gift that counts?

The answer to that question depends totally on who is the recipient of the gift, doesn’t it? Or does it?  If we continue to buy expensive gifts for our family and friends because we think they will not appreciate a less costly gift that comes with more thought behind it, aren’t we just reinforcing the idea that high dollar value is what makes a gift significant?

Are hand-made gifts tacky?

We all have that treasured stash of special gifts that our children created when they were small.  Their first hand-print candy dish or wall plaque, their first painting or ceramic vase but what about those crocheted pot-holders we get every year from Aunt Nelly or the “hand made” card our thirteen year old hastily scribbled when he realized he had blown all his allowance on video games and it was your birthday?  It is evident that the thought behind the gift is what gives it value, not the monetary cost.

Nothing can replace the look of love and excitement that graces a small child’s face when they present their parent with something they made themselves.  It is obvious they are giving a piece of themselves, a little bit of their heart.  The gift contains all the joy they experienced as they made something for mom.

The Real Value of a Gift

I personally think that is the key to the value of a gift: what were you thinking when you bought or made it?  If it was a hurry to store and grab the first likely thing because you needed a gift,  it won’t matter whether you spend $1 or $100.  If you delight in selecting just the right flower arrangement for finding her/his favorite author or singer, then the gift will reflect that.  A critical element is not the dollar value but does the gift reflect your feelings for that person?

A Gift That Last

Whether you spend $10 or $200, the quality of a gift reflects the value you place on your relationship with the recipient.  A limited budget doesn’t limit a serious shopper.  You can find beautiful and exquisite jewelry to fit any budget.

So it may be too late to plan ahead for Mother’s Day but Father’s Day is just around the corner.  Dad’s appreciate thoughtfulness too.  This year, surprise dad with something other than the traditional socks or tie.  Is Dad traditional or conservative?  Maybe this year he would be delighted to show off a custom hand turned pen?

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In previous articles we have discussed that one of the primary goals in striving for a frugal life style is to get debt free.  This can present a real challenge in our current economic system as it is often impossible to accomplish many of our day to day activities using cash.  Purchasing items online or over the phone, paying our utility bills by phone, or sending money to family members in need can often only be accomplished with the use of a credit card or at the very least a bank account number.

So what is a person to do if they can’t afford to keep a minimum balance in a check account to avoid fees or can’t seem to keep from over drafting their account when they have a checking account and run the risk of burying themselves in overdraft fees?

Some folks are opting to purchase prepaid cards.  In fact, some states and employers are issuing these prepaid cards in lieu of checks to recipients or employees who do not have a bank account in which to receive a direct deposit.

Others, who either have chosen to avoid credit cards entirely or are unable to get a credit card are turning to the prepaid credit cards as a solution.  However, this choice should be made with care for there our pitfalls associated with many of these prepaid card offers.

Do Your Homework

All prepaid cards are not created equal and many have activation fees and monthly charges associated with them that will end up costing you plenty.

Read the fine print before you purchase a card and know exactly what it will cost you.  You are likely to get a lower cost card from a bank but Walmart has lowered their fees recently to be more competitive.

In a recent study on prepaid credit cards, Consumer Reports found that the costs associated with these cards can vary widely.  In his video (below) Stacy Johnson of Money Talks News, recaps this report and notes the following differences:

• Of the 18 cards reviewed 17 of the 18 had activation fees ranging anywhere from $3 to $99.
• 15 of the 18 had monthly fees of $3 to $10
• All 18 charge a fee to get money via an ATM, $1.50 – $2.50 per use
• 17 of the 18 charge $.50-$1.00 to run a balance inquiry and this includes calling customer service for the info

Prepaid Credit Cards Are Not Always an Effective Means of Rebuilding Credit Standing

Although prepaid cards are readily available to anyone who has the cash to deposit on them, there is a misconception that using just any card will help you rebuild your credit rating.  Johnson notes that most of the companies who issue these cards to not report their transactions any credit reporting agencies and those that do, do not report to the top three, Experian, EquiFax and TranUnion.  If your transactions are not being recorded with these companies they will not do anything for your credit standing.

If you are looking to use a prepaid card to rebuild your credit standing, talk directly to a credit union or bank and ask about getting a prepaid card specifically for this purpose.  Some agencies will let you start out with a prepaid card and transfer to a regular credit card automatically after you have established a regular deposit and use history.

If your purpose for purchasing a prepaid card to use for added security when making online purchases, shop around and read the fine print.  Don’t go into any transaction blind.  Know what your costs are going to be upfront.  If you choose wisely, a prepaid credit card may be a good choice for your needs.

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When I first started thinking about this topic I looked back to my child rearing days and realized I had not a clue about the topic. The only time I can remember my daughter being motivated to earn her allowance was after she had developed bad habits that she knew I would not pay for. Then suddenly she was eager to take on additional household chores or yard work to get money to spend. Looking back (hindsight is 20-20) I realize now that most of the time, in spite of my limited budget, I manage to buy her everything else she needed or wanted so she didn’t need to spend her allowance on necessities.

As a result, I failed miserably at teaching her to stand on her two feet and she has had to learn many of life’s hard money lessons much later in life as an adult.

Therefore, I am not going to tell you how I did it or what I paid my child as an allowance.

Look To the Experts

Instead I have done some research on the topic and found a great free book on the topic that I would like to pass on to you.  It is called Allowance Secrets: To Give Or Not To Give? by Amada van der Gulik.  What impressed me most about this book was that it is not a list of dos and don’ts.  Gulik “presents the positive and negative consequences of providing your child with an allowance and also offers you alternatives to the traditional allowance structure, giving you more options to choose from. But like everything when you are a parent, it is up to you to select the aspects that feel right for you and your family, fit with your values, and seem reasonable given your income and the amount of time you have to focus on building money savvy and financial independence in your children.”*

In addition to this free publication, you will also find an opportunity to buy Gulik’s ebook entitled “The Insiders Secret To Teaching Children About Money”? for $39. You can scroll to the bottom of the page and skip ahead to your free book if you want to, however, if you have children still at home you may want to take the time to review Gulik’s incredible offer because in addition to “The Insider’s Secret to Teaching Children About Money” Gulik is giving away 16 bonus publications on children, money, school, and self-esteem.  A sweet deal for $39.

See more here.

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