Savings for a New Baby

I'm a little late on this one, but I had my bundle of joy about a year and a half ago.  Here are my tidbits for savings.

Don't be afraid to accept "hand me downs." Sure the clothes are all used, but guess what?  Do you really want to pay $10 for an outfit that might only be used three times max? Or an outfit that might be ruined by throw up, poop, etc?  Probably not, so don't be afraid to nudge that friend who had children before you.  Just because you put your kid in hand me downs doesn't mean they can't be cute.  You are still welcomed to be selective and of course, can still mix the old with the new. 

Look for promotional baby deals.  Ever seen the baby specials they have at Target?  Well if not, now you've heard of them!  Every couple of months, department stores will have baby specials for the week to get future parents to spend a lot in one sitting and save by returning with the gift of store credit.  Well, I say if you have the space and shop there anyway... Buy, Buy, Buy!  Existing parents who don't plan to have other kids, don't forget to seek out trade in days, where you can also trade in your current gear to upgrade for store credit to buy things at the next level (i.e. Babies R Us).

Register. Even if you don't plan on having a shower.  Oddly enough, I didn't have a baby shower because I was too far from all of my friends and family.  However, it paid to create a registry because of all the freebies and coupons you get just for signing up!  And, believe me, those babies bills add up fast!  Our registry happened to pay off so much so that even though I didn't notify anyone about it, we still had people look us up and buy stuff from it.  Even going as far as purchasing a $400 crib. Totally unexpected, but thoroughly appreciated! Disclaimer: not everyone is this lucky. ;)

Make sure you buy stuff from stores you already trust or shop from.  I've kind of already mentioned this one above, but it really pays to shop at stores you already love because you will be spending a lot of time there.  Also, always be aware of their return policy, you never know if Johnny really jives with that diaper brand or lotion and the last thing you want is tons of it with no usage!

Ask for recommendations.  If you have friends or family who already gone through the rodeo, ask them for recommendations! There's nothing like being a first time parent, buying all this stuff and then come to find out that it was a total waste of money.  I'm not saying that all things and brands work for all babies, but it helps to know what others have used to narrow down the multitudinous of choices we have in today's world.  

That's all I have for now.  Stay tuned for more updates, as being a new mom is tiring...

Saving for a Wedding

Planning a wedding is tough. Especially, when you try to do it on your own. Try adding in culture and tradition and you're in a whole other ball game. Here's a few tips I picked up on my own when planning my own wedding: 1. Get help where you feel most comfortable. I had no clue in how to plan a wedding, but I know I was determined to do it on my own to cut costs wherever possible. If you have someone who's been through it all before, ask them questions! What better way to navigate the fields than to talk to someone who's already gone through it all.
2. Draw boundaries. Planning your big day can be stressful with the number of guests, dealing with parent's requests, and doing things within your budgetary reason. You shouldn't let people pressure you into making decisions you wouldn't normally commit to. 
3. Support local businesses, perhaps from your culture. It'll add an element of tradition and personalization, and local businesses that deal with your own culture may be easier on the discounts.
4. If you are doing a gift registry, be very specific of what you like and need, so you don't have to purchase them on your own in the future - i.e. Plates, pots, or pans. It'll make life easier at the end of the day. In my case, we asked for basics like a coffeemaker, silverware, or cash. We knew we were eventually going to move, so we made sure to keep our list very simple and practical.
5. If you love something enough, learn how to make it! Pinterest and Instagram are great quick resources to get inspiration to make your own bouquets, centerpieces, or giveaways. Of course, if you know it's a long shot or more trouble than it's worth, leave it up to the experts!
6. Rent. I know girls dream of having and preserving their dresses forever. But let's face it, the dress will probably get extremely dirty from wearing it all day and taking pictures, you'll have to pay for expensive dry cleaning, and to top it off...when are you ever going to wear that dress again?

7. Look for deals without skimping on the important stuff. It's easy to find information nowadays with the internet, so don't be afraid to look around for pricing. Bargain, where possible!

8. When promoting or rather getting the word out that your wedding is approaching, look for alternatives to the traditional albeit expensive save the dates and wedding invitations. To keep our wedding guests in the loop, we created a wedding website to give our guests more details. This site was imprinted on our save the dates made through Snapfish to get the word out. 
There you have it! If you have any questions, feel free to ask! Happy planning!

Saving for Graduate School

While you are in undergraduate school, you may be thinking about moving onto graduate school.   After all, the hard truth in today's world is that sometimes that undergraduate degree isn't enough. Again, starting from scratch, it took me a few years to save up for that graduate degree.  But this time, I did it without any help whatsoever, including no school loans.

Here are some tips on how I did it:

1.  Get a Mint account.  It's a trustworthy site where you can receive up to date information regarding all of your accounts, including savings, checking, credit cards, loans, etc.  It's also a great way to track your expenses and net worth. 

2.  Use credit cards the right way.  Having credit cards is a great way to not only build some credit, but also rack up some extra cash back rewards when used correctly. Two that I have found very good are Discover and Chase Rewards.  Both offer great 5% cash back offers and the ability to also earn additional points buy purchasing goods via their partnered websites.

3.  Start being responsible and stock up on things when they are on sale. You'll probably have a better idea of your routine and will know about how often you'll need that extra batch of toilet paper.
   
4.  Get used to bargain shopping at the grocery store. Save some money by clipping coupons from your local newspaper.  Or if that isn't your thing, some stores offer coupons that you can load to your card and automatically receive the discounts when you're at the register.  I'm particular about this especially when I shop at Vons, Safeway, or Pavilions.  All owned by the same company, they have a great rewards program that even sometimes provides free goods. Target, CVS, and Walgreens also have great ways to save at their stores through their website or mobile app. 

5.  Once you have those groceries or goods, plan ahead. Chop and freeze veggies when you can to prevent spoiling, cook or prep meals in advance. Don't be afraid to step in the kitchen!

6.  Give yourself a break and work a bit before you go back to school to build a savings.  If this is possible, do it!  By being very strict about my spending regime, I was able to payback my undergraduate loan in no time and was able to build a strong enough savings to pay off for graduate school. It's better to spend money that you do have rather than what you don't.

7.  Throw as much as you can into a savings or 401K. The only thing that possibly should not be earning interest because it can't is your emergency checking. And, if you are brave or knowledgeable enough, try investing in the stock market.  Your early 20's is a great time to start building that portfolio.  

There you have it.  My basic advice for saving toward that graduate degree.  If you have any further advice, feel free to chime in!

Saving for Undergraduate (or a College Degree)

When you are young, your parents are expected to take care of everything.  Feed you, put a house over your head, buy you the things you need to succeed.  But for most of us, all of this is taken away when we move to college. Starting a new life after the Vietnam war (on top of having four kids), my parents weren't able to save for my college education.  I didn't have the assistance that most others have when they reach adulthood.

That's where these tips come into play:

1.  Utilize your parents or loved ones for the skills that they have. These include basic skills such as car repair, cooking, stockbroking, shopping, or even their very own savings tips. Sometimes I wish I could turn back the hands of time and have my grandma and mom teach me all of the recipes that they know.  It sure would have helped a lot in undergrad.

2.  Sale or donate when you are okay with letting things go. As a young child, you might be able to reason with your parents in throwing in some of your items into a yard sale and keep the profits.

3.  Don't be afraid to get creative and do things yourself.  I was blessed enough to have parents who would let me experiment in the kitchen or take me to the store when I wanted to make my own charm bracelets. By voicing my interests, I was able to build up courage to figure out early what I like to do in life, and save some time later in life trying to figure out my hobbies.

4.  Try new things.  I can't express this enough.  When you are younger, you have all the time in the world and are assisted by your loved ones when things fail. Now is the time to try as many things as you can.

5.  eBay or barter books for a profit.  It's all about downsizing when you can.

6.  Pay in cash when you can.  If you tend to get money as gifts, ask your parents to help you start a checking account.  You'll need one once you leave the nest.

7.  Learn how to save, or be thrifty when you can. Developing this as a habit when you are young will help you later in life.  You'll thank yourself in the future.

8.  Think through your purchases.  It'll help prevent you from making poorer decisions in the future.

9.  Don't be afraid to utilize resources like the Internet.  If you're not sure how to approach something and no one is around to help, get assistance!

10. If you've found a store where you are comfortable with the price range, don't be afraid to go there again! For example, I've recently discovered a local store that sells basis essentials like $2 shirts, $5 jackets. They aren't name brand, but I'm happy and comfortable with myself enough that I don't care if they are.  Developing character is important!

There you have it.  I agree, this list is not exactly all about savings. Some of it is more about developing values at an early age.  But in reading this, I hope you get an idea of what's important and what's not important in life. This is a really good skill to develop before you go off and leave for college. 

Introduction

(Making it in America by HLN from YouTube)

On a daily basis, I normally enjoy things more when I don't spend as much money on them. I don't have a set budget nor do I think that everything cheap is worth it. But, if I can find things that I would normally buy at a discount, I'm going to take advantage of the offer.

Above is a short video from Personal Finance Guru, Suze Orman. She shares her three tips on "How to Make it in America," but I think they are really just great tips to live by in general - no matter where you are from or where you are living.