Category Archives: Personal Finance

Millennials and Money: My Interview with Rachel Fox

Millennials and Money: My Interview with Rachel Fox | Money Savvy Living

 

Millennials.  We hear so much about the millennial generation: they are graduating college with huge amounts of debt; there are not enough jobs for this group of people who are now entering the workforce; they are giving up automobiles and taking the bus or riding a bike; millennials are living at home with their parents longer; millennials aren’t interested in finance.

 

These are things that we hear, but not all of these are necessarily true.

 

As part of a push to highlight the importance of financial literacy, I recently had the opportunity to interview Rachel Fox, a teen actress, turned financial expert, and founder of ‘Fox on Stocks.’  She wants to raise awareness about a concern of her generation:  lack of financial literacy.  But Rachel is quick to point out that the lack of financial knowledge of her generation is NOT due to a lack of interest.  When asked about why she feels there is a gap when it comes to knowledge about finance within her generation, she explained, “There is not enough information being published where the millennials are looking—on Facebook and social media.”

 

So, Fox is teaming up with H&R Block to help teens learn about personal finance, awarding monetary prizes and scholarships to top students and schools.  In my interview with Rachel, she talked about how H&R Block is reaching a younger generation with the H&R Block Budget Challenge, which is a finance simulator.

H&R block

Actress Rachel Fox Teams Up with H&R Block to Teach Teens About Finance

 

Millennials want to learn about money and how to properly manage it.  Here’s the advice that Rachel had for her generation in regards to getting smarter about money:

 

“Learn how to establish credit.”

Credit—learn how to establish credit and the importance of your credit score

 

“Set up auto-alerts”

Pay off debt—set up auto-alerts from credit cards or other accounts that you want to monitor so that you don’t spend too much and get a surprise when the monthly statement comes.

 

“Live within your means”

Fox stresses the importance of saving more money now in order to pay your future self and paying off any debt that you have.

 

“Learn how to grow your money”

Investing.  So important for retirement planning, and even growing savings.

 

To listen to the entire interview that I had with Rachel, click here.

 

 

 

Rachel FoxBio: Rachel Fox is a teen actress turned financial expert, and founder of ‘Fox on Stocks.’ You may remember her from her role as Kayla Scavo on Desperate Housewives, but she has also had roles on other hit shows, such as That’s So Raven, Hannah Montana, and the Series Finale of Alias. She wants to raise awareness about a concern of her generation:  lack of financial literacy. Rachel has become a go-to on the topic of financial literacy and money for teens – she was named one of TIME Magazine’s “25 Most Influential Teens”, a Seventeen magazine “Power Teen” for 2016 and has even done a Ted Talk and is the go-to source for financial management tips for teens.

You can find more information on her finance tips at: Facebook //  Twitter  //  Google+

 

Best Money Advice to Get You on the Road to Financial Freedom

Best Money Advice: Road to Financial Freedom | Money Savvy Living

 

April is Financial Literacy Month, so to highlight the importance of personal financial knowledge, I have gone to the experts for their best money advice.  Financial literacy doesn’t have to be confusing or complicated.  Anyone is capable of getting a handle on their financial situation—with the right tools and information.

To start out with, here is my recommendation:

Understand the Time Value of Money

Save.  Start saving early… the earlier the better.

Whenever you receive money, whether it be your salary, a commission, bonus, or gift, save a portion of it.  If you can start saving in your twenties, you will be much further ahead by the time you reach retirement than the person who started saving in their thirties… or forties.

This is called the time value of money.  What it means is that the longer you have money saved away, the more time it will be able to earn interest.  Each year that your money is earning interest, the account if growing and new interest is then earned on the new higher principle balance.  This compounding effect is the reason that the person who starts a retirement account in their twenties will end up with a much bigger nest egg than the person who starts saving for retirement in their forties.

 

The Importance of Saving Now

Rachel Fox, teen actress turned financial expert, and creator of Fox on Stocks, has some good advice for millennials: “Save more money now to pay your future self.”

 

Live Within (or Below) Your Means

Rich Goodall, of Cash Savvy Tips, says “When it comes to budgeting, the trick is to aim BELOW your means, not just within it. That way there will always be money left by the end of the month and will soon turn into savings.”

 

Find Your Financial Balance

Heather Shue, of Simply Save, a blog dedicated to saving money and simplifying life, advises on retirement:  “A long life with retirement is not a guarantee. Personal finance is all about finding a balance between planning for the future and enjoying the present.”

 

Invest in Quality

Hannah McKnight Rinaldi, frugal living blogger and author of Eat, Drink, and Save Money reminds us to spend money wisely, “Don’t get caught up with spending money on trends. Invest in good quality items that you love that will last a long time.”

 

Create a Plan to Get Debt-Free

Jamie Jeffers, of Medium Sized Family, talks about how to reach financial freedom: “If you’re in debt, it’s time to make a serious plan to pay it off. The longer you wait, the more it will hold you back. Get mad, make a plan, and attack it! There’s freedom waiting on the other side.”

 

The Power of Payments Early and Often

Erin Elizabeth Beaupre, the Stay at Home Yogi, addresses the importance of getting out of debt and cutting down the effects of compounding interest, particularly regarding student loans (although this is good advice for ANY loan):  “If you have student loans – pay them EARLY and OFTEN. Don’t wait to start paying them down “just because” – the sooner you start, the sooner you will be out of debt! Throw extra money at them any chance you get. It all adds up!”

 

Diversify Your Income

Travis Scott, financial expert and creator of Stuff Parents Like, explains the importance of multiple income streams.  “We all hear you should diversify you investments, but I think the most important thing to diversify is your income. There is a reason the average millionaire has seven sources of income. Today it is easier to diversify your income than any other time in history.”

 

 

If you are just getting started, the first thing you need to do is put together your personal budget.  This will give you an idea of what money you have coming in and what you are spending it on as it goes out.

  • Create a budget—look at monthly income and expenses for your household. Figure out how much disposable income you have (the money that is left over after paying all your bills each month). This is the starting point, because you must know where you are if you are going to figure out how you will reach your financial goals. Click on the image below, or on this link, to download your FREE Money Savvy Living Family Budget:
Mone Savvy Living Budget printable

When NOT to Talk to Your Spouse About Finances

how NOT to talk to spouse about finances

 

Your relationship with your spouse is multi-faceted.  Before you got married, you probably talked about the “important” things, such as, where you would live, how many kids you would want to have, jobs, even religion, but you may not have talked about budgeting and spending habits.  And once you got married, I’m willing to bet that, you soon realized that money and spending habits were “important” issues that you should have talked about.

 

Why is it that we find it easier to talk about and work out compromise on major life decisions, such as children and religion within a marriage, but avoid talking about money?  According to CreditRepair.com, 60% of couples say that “spending was kept a secret to avoid problems at home.”  Ironically, 60% of couples also say that they think that “spending infidelity is just as destructive as sexual infidelity” within their relationship.  So if couples identify finances as such a major factor in their relationship, why do they go to great lengths to avoid talking about it with their spouse?

 

finances and marriage | Infographic from CreditRepair.com

 

Alright, we all know that talking about money with your spouse is not easy, but, obviously, it is essential to building a healthy relationship.  And if you and your spouse have been having trouble communicating about money, you are probably able to find quite a few resources on how to effectively talk with your spouse about money, but sometimes, it is just as important to know what NOT to do…. so, since it is such a sensitive topic, let’s first start off by looking at when you should NOT talk about money:

 

DO NOT talk about money when you are angry.

If you find out that your spouse has just made a purchase that you didn’t know about or possibly didn’t even agree should be made, let those initial emotions subside.  If you confront your spouse when you are angry, the conversation probably won’t get very far and is almost certain to end in a fight—and the issue won’t get resolved.

 

DO NOT talk about money when you are preoccupied.

This may sound obvious, but you both need to be 100% in on the conversation.  If you try to talk to your spouse about a purchase or budgeting when they are trying to work, or they are running out the door to pick your child up from basketball practice, or when they are tired and trying to fall asleep, you are not going to have a productive conversation.

 

DO NOT confront your spouse about money or spending habits in front of others.

If you want to shut down any communication about finances, confronting your spouse in front of family, friends, co-workers, or even complete strangers, and possibly embarrassing him or her, will not help your situation.  If your spouse perceives what you are saying as ridicule or public embarrassment, that would be counterproductive.  Finances are a private issue, so keep them between you and your spouse.  That is not to say that you can’t reach out to a marriage counselor or financial planner to help you get to where you need to be.  Sometimes you do need an outside opinion, but the manner in which that happens makes all the difference.

 

DO NOT talk about finances in front of your children.

If you have children in the household, disagreeing about finances in front of your kids, talking about all the debt that you have, or how you are unable to pay your monthly bills, will not create a good sense of home life for your children.  Allow your children to be children.  They don’t need to worry about how to pay down a credit card or how to pay down student loans.  Also keep in mind, that what they overhear, may not be perceived the right way—you and your spouse may just be having a disagreement or a discussion about how to tackle debt, but your child may think that you don’t have enough money to pay for your home.  Children are perceptive and will pick up on your attitude toward finances and money—don’t teach them that money is a problem, or a headache, or overwhelming.  Show them a positive outlook.

 

Okay, so there are definitely times that you should not talk about money or finance problems with your spouse, but obviously, this is an important topic, so when is a good time to talk through your budgeting issues?

 

DO set aside time to talk finances.

If you are aware that finances are a touchy subject for the two of you, and you know not to bring up it when you are angry or preoccupied, decide on a time that you both agree to and focus only on finances.  Setting time aside allows both of you to think about things ahead of time, and hopefully, when you come together, the conversation can be productive and free from distraction.

 

DO communicate with each other in a loving manner. 

Marriage counselor, Brian Linder, says “The more you focus on communicating love to your spouse the better you will negotiate finances.” You and your spouse need to work together as a team, and if one of you is blaming the other, or if neither of you are willing to take ownership, then your marriage will suffer.  Remember, when you are talking to your spouse work on ways to solve the problem, not just point out what they are doing wrong.  Regardless of how things were handled in the past, you need to agree on a financial path moving forward.

 

DO create a plan.

Regardless of how you each spent money before you got married, or the bad spending habits that you may still have, or even the debt that you must deal with, come up with a plan to get on track.  You can’t change the past, so focus on the future, where you are going, and how you will get there.  Here is a check list to use when you talk with your spouse about money.  Go over each topic and make the decisions together:

  • Create a budget—look at monthly income and expenses for your household.  Figure out how much disposable income you have (the money that is left over after paying all your bills each month).  This is the starting point, because you must know where you are if you are going to figure out how you will reach your financial goals.  Click on the image below, or on this link, to download your FREE Money Savvy Living Family Budget:
Mone Savvy Living Budget printable
  • Set a purchase limit—if you or your spouse is going to make a purchase (or a series of small purchases) that add up to a certain dollar amount, then you should talk it over with your spouse first.  Set the limit to an amount that you both agree on, maybe it’s $100, maybe it’s $1000, but set it, and stick to it.  That way, there won’t be any surprises…and that also alleviates the desire to “hide” a purchase from your spouse.  Remember, honesty in communicating is important to the health of your finances and marriage.
  • Create a pay-down plan—if you have accumulated debt together or brought debt into your marriage, decide on how to pay it down—and off.  The stress of large amounts of debt can be overwhelming, but creating a plan to get it paid off can lessen the financial stress, as well as the stress it may be putting on your relationship.  So, after you have made your budget and know how much disposable cash you have, you can decide together which debt amount you will tackle first.  For example, if you have $100 of disposable cash each month, perhaps, you put that extra money toward paying off a student loan or a credit card.  Once that debt is paid off, you can put that $100 towards paying off another debt.  Actually, you will have more disposable income with each debt that you pay off because you are taking the minimum payment out of the budget, so for example, maybe you now have $150 to put toward paying off the next debt.

Once you have put a plan in place, stick to it.  But remember, things will come up—the car may break down and need to be repaired, you may encounter unexpected medical expenses, perhaps you will need to replace the water heater or refrigerator—so be flexible.  Talk about how you will pay for these extra expenses and then work to get back on track with your plan.

Communicate with your spouse about finances—but not in a negative way.

10 Steps to Make College Affordable and Graduate Debt-free

10 Steps to Make College Affordable (and even Graduate Debt-Free) | Money Savvy Living

 

Did you know that there are ways to go to college for free, or at least drastically reduce the amount that you would have to pay?  We hear so much about getting “free” college from politicians.  I put the term “free” in quotation marks, because we all know that it isn’t truly free.  There are costs associated with paying professors, maintaining a campus, etc… and someone must pay for it.  I won’t get into the politics of the policy here, but just remember, there is no such thing as a free lunch.

There is a real concern though, because so many college graduates are getting their degrees and have accumulated tens-of-thousands of dollars of debt, if not hundreds-of-thousands, and aren’t able to find good-paying jobs after graduation in order to pay back those loans.  So how can you get a college education without taking on the burden of debt?  Sounds impossible?  It’s not.  The good news is, you don’t have to wait around for the promise of a “free” education in order to be able to afford to go to college.

Here are 10 steps that you can take today to put yourself on the path to an affordable college education (and maybe even graduate debt-free):

 

Fill out the FAFSA

Anyone who is thinking of going to college needs to fill out the FAFSA form, or Free Application for Federal Student Aid.  The reason this application is so important is that it will determine your eligibility for federal grants and loans.  Remember, you don’t have to accept all of the aid that you qualify for, this just determines qualification.

 

Visit the guidance office at your high school

If you are a high school junior or senior, the school guidance counselor should be your new best friend.  The staff in the guidance office is well-equipped to help you when it comes to applying to colleges, applying for scholarships, and even helping you assess your strengths and potential career paths.  Ask them about new scholarships to apply for.  Even though you can apply for many scholarships online or through a college directly, there may be local businesses or foundations that offer scholarships through the school.

 

Search on scholarship websites

Make sure you utilize the internet for more than just social media.  There are several websites which you can search for scholarships that you may qualify for, here a just a few to get you started:

http://www.collegescholarships.org/

https://www.scholarships.com/

http://www.fastweb.com/

 

Compare academic and athletic scholarships among colleges

Getting good grades and/or being a skilled athlete can also get you extra money for college… anywhere from a few thousand dollars to a full ride.  While the scholarships awarded in these areas will differ from college to college, it can make a huge impact on your overall financial responsibility.  Before deciding on which school to go to, take a look at the overall costs and overall scholarships that are being offered, you may find that you can save thousands of dollars by choosing one school over the other.

 

Compare private vs. public schools

According to Collegedata.com: “In its most recent survey of college pricing, the College Board reports that a “moderate” college budget for an in-state public college for the 2015–2016 academic year averaged $24,061. A moderate budget at a private college averaged $47,831.  Of those total amounts, the average cost of tuition and fees for the 2015–2016 school year was $32,405 at private colleges, $9,410 for state residents at public colleges.

I don’t think you need much explanation here, public is going to be more affordable than private.  In fact, in total cost, you can save nearly 50% by going to a public, in-state college.

 

Commute to college

While the idea of living at home and commuting to college may not allow the freedom or independence that you were hoping for, it can help with your financial freedom in the long run… by making college even more affordable and saving on the cost of room and board.  According to Collegedata.com, the College Board reports that the average cost of room and board in 2015–2016 ranged from $10,138 at four-year public schools to $11,516 at private schools.  While these numbers do not differ that much between public and private, it can save you at least $40,000 over a four-year education to live at home and commute to class.

 

Work part-time

Just because you are a full-time student doesn’t mean that you cannot set aside a few hours a week to make some extra money.  Of course, there may be times throughout the year that you won’t be able to work due to athletics or other activities that you are involved in while at college, but even working one night a week can help.  Getting extra work during the summer or even while on spring break or between semesters, you can probably make enough money to pay for smaller costs associated with college, such as books, lab fees, transportation, etc.  Paying for the smaller things as you go helps to cut down on the overall loans that you need overall.  Who knows, you may even be able to save up some money during this time…

 

Know the difference between a loan, a grant, and a scholarship

So what is the difference between a loan, a grant, and a scholarship?  Very simply, a loan is something that you will be required to pay backGrants and scholarships are money that you do not need to pay back.

This is why filling out the FAFSA is so important, there are certain government loans, grants and scholarships that you will automatically know if you qualify for, based on your FAFSA.  It also determines that amount you and your family are responsible for.  This form is what the colleges that you are considering will look at as well.

 

Don’t take out the max loan amount

Just because you have filled out the FAFSA and qualify for a student loan does not mean that you are obligated to take it.  Remember, a loan is money that you will be required to pay back.  You cannot just look at it as free money for the next four years, you must look at it as a financial obligation.  Even though there will be no interest until after you graduate, if there is a way to defer your college expenses otherwise, taking out a loan should be your absolute last option.

 

Serve your country

Serving your country by joining the Armed Forces is also a way to obtain money for a college education.  The GI Bill, originally signed into law by Franklin D. Roosevelt in 1944 (and has since expanded), provides for college education benefits for those who choose to serve.

 

3 Reasons to Drop Authorized Users from Your Credit Card

 Reasons to Drop Authorized Credit Card Users | Money Savvy Living

What may have seemed like a good idea at the time that you allowed your loved one or friend to consolidate on your good credit and make purchases using your credit card, may end up not being the best decision ever.  Sometimes those authorized users begin to take advantage.

 

Sometimes dropping authorized users from your credit card completely makes sense. For many, it’s more of an emotional and painful decision rather than a financial one. Still, sometimes managing multiple cardholders becomes more like a nightmare and taking a few off is reasonable.

 

Here are three signs, perhaps, it’s time to drop an authorized user on your card:

 

They frequently max out: Suppose you’ve added your teenaged kids as authorized users, but they constantly overspend. This would undoubtedly put a strain on your household budget and hurt your credit utilization ratio. Such a spending behavior would hit you and your kids’ credit scores and push you towards credit card debt trouble.

 

Before taking action, talk to them and ask them to keep the expenses as low as possible. You can also set limits for different users if your creditor allows this. If overspending continues to be a problem, it may be time to drop your kids off your account.

 

You are parting ways: After a relationship break-up, most people forget to remove their ex as an authorized user on their credit card accounts. If you make this mistake, you’ll be liable for any debt he or she accrues using the card, and any activity of the card will still affect both of your creditworthiness.

 

So it’s better to take your ex off your accounts once you part ways. Also, ask your ex to do the same. Don’t forget to change your account passwords as well. Alternatively, close any and all joint accounts so neither of you will have to deal with any future repercussions.

 

They are financially self-reliant: It’s a great way to help teach your kids fiscal responsibility and a way to monitor their spending before they obtain their own credit; however, it’s meaningless to keep them on your accounts forever. It’s better to remove them from your account once they become financially independent and acquire two or three years of positive credit history under their belts.

 

 

*This is a guest post from Andy Masaki

Author Bio: Andy Masaki is an editor with Oak View Law Group and contributes specifically on personal finance topics. You may find his writings at Comparecards, Realmoneyanswers, Familyshare.

 

The Payday Savings Plan

Payday Savings Plan  | Money Savvy Living

 

It’s a simple concept: pay yourself when you get paid.

 

Instead of just budgeting to pay bills, make savings a part of your monthly budget. If savings aren’t a part of your monthly budget, then the chances of you actually setting money aside each month are greatly diminished.

 

Realistically, most of us spend based on what we see in our wallets or as our checking account balance. After all your bills are paid, if you have $500 left in your account, you probably feel that this entire amount is your disposable income. If, however, you have included savings into your budget—let’s say, $200—and prioritized it as you would any other expense, you would now only see $300 in your account as disposable income. This would force you to adjust your spending.

 

The payday savings plan enables consistent savings, sets aside money before it is spent on other disposable income items, and prioritizes savings as a part of your budget.

 

Pay Day Savings Plan | Money Savvy Living

 

You must plan to save money. Saving is not something that is going to happen on its own. It is a habit that you must purposefully implement into your budget.

 

Look at your entire budget.

Before you can decide how much to save, you must look at your income and expenses. After all of your bills are paid each month, the money that is leftover is your disposable income. So, for example, once you know that you will have approximately $500 a month left after all your bills are paid, you can then decide how much to set aside for savings.  Build savings in as a part of your budget.

 

Decide how much you can afford to save each month.

After you have taken a look at how much money is left over each month after all of your monthly obligations have been met is your disposable income. The disposable income is the money that you spend on the stuff you want—not the stuff you need. This is your fun money. Yes, it is fun to eat out or buy a new pair of shoes, or whatever your extra money each month goes to, but the short-term disappointment of sacrificing some of these wants will reap huge benefits for you in the long-term by saving and planning for retirement.

 

Commit to a fixed amount that you can put into savings each pay period.

It is easier to save each month when you are setting aside a set amount each time you get paid. Some savings plans tell you to start out saving $1 the first week and working your way up to saving $52 the last week of the year; this sounds good, but the reality of this means that the first month, you are saving $10, and the last month, you are saving over $200. That is a huge swing in your budget, one that can be hard to stick to, especially when unexpected expenses come up. Setting aside a specific amount allows you to budget more consistently.

 

Set up automatic funds transfer.

Whether your savings are through an employer-sponsored retirement plan or just depositing in a savings account each, set it up to go directly from your paycheck to that account. If the money is set aside before it even hits your bank account, it is not every likely to be spent. You know the old saying: out of sight, out of mind…

 

Don’t turn down “free” money.

If you have an employee sponsored retirement plan, such as a 401k, you are turning down free money if you aren’t participating in it. Many companies have some sort of matching component to their 401k plan. So if you contribute 2% of your paycheck, your employer will match that and also contribute 2%. If you aren’t contributing to a company sponsored plan, you are literally turning down free money.

Even if your employer doesn’t match or if you are self-employed and it is just you contributing to your account, you are still missing out on free money if you aren’t contributing each month. How is that possible? It has to do with the time value of money and the compounding effect that it has. Ok, this may sound a bit confusing, but simply stated, your savings account balance grows by compounding on the principle and interest each month. So the more you contribute, the more interest you will get on the larger balance each and every month. So the sooner you can start saving, the better.

Ohio Back-to-School Tax Holiday 2015

Back-to-School Sales Tax Holiday 2015 | Money Savvy Living

This weekend, August 7-9, 2015, the Ohio Department of Taxation has enacted a tax holiday—meaning you pay NO SALES TAX on certain items that are being purchased during this time period! This particular tax holiday is specific to back-to-school items only. During the holiday, the following items are exempt from sales and use tax:

    • Clothing priced at $75 per item or less;
    • School supplies priced at $20 per item or less; and
    • School instructional material priced at $20 per item or less.

So start taking a look at your local store flyers to see which stores may be running special pricing on their back-to-school items, combine it with the NO TAX holiday, and you will save even more money!

 

Other states that are also offering similar tax holidays for back-to-school items, as well as other tax exemptions, such as hunting items, energy star appliances, and emergency preparedness items, throughout the remainder of the year.  Here is a list of states nationwide that will be offering tax holidays in August, September, and October 2015:

Alabama August 7-9, 2015

  • Clothing – $100
  • Computers – $750
  • School supplies – $50
  • Books – $30

Florida August 7-16, 2015

  • Clothing, footwear, and certain accessories selling for $100 or less per item
  • School supplies selling for $15 or less per item
  • Computers and certain computer-related accessories when purchased for noncommercial home or personal use: on the first $750 of the sales price.

Georgia October 2-4, 2015

The following items, when purchased for noncommercial home or personal use will be exempt:

  • Energy Star Qualified Products with a sales price of $1,500.00 or less per item
  • WaterSense Products with a sales price of $1,500.00 or less per item.

Iowa August 7-8, 2015

  • Clothing & footwear, each item up to $100

Louisiana August 7-8, 2015

  • The Louisiana Annual Sales Tax Holiday provides an exemption from state sales tax on the first $2,500 of the purchase price of most individual items of tangible personal property for non-business use. The state sales tax is payable on the portion of the purchase price of any individual item in excess of $2,500.

Louisiana September 4-6, 2015

The sales tax holiday applies to all consumer purchases of firearms, ammunition and hunting supplies. Firearms eligible for the sales tax exemption include shotguns, rifles, pistols, revolvers, or other handguns, which may be legally sold or purchased in Louisiana. Ammunition intended to be fired from a gun or firearm is eligible for the sales tax exemption. Hunting supplies are eligible for the sales tax exemption only if used for and designed for hunting. Eligible hunting supplies include:

  • Animal feed that is manufactured and marketed as being for consumption primarily by game, which can be legally hunted; this does not include food for animals kept as pets
  • Apparel such as safety gear, camouflage clothing, jackets, hats, gloves, mittens, face masks and thermal underwear manufactured and marketed as being primarily for wear or use while hunting
  • Archery items used for hunting such as bows, crossbows, arrows, quivers and shafts
  • Bags to carry game or hunting gear
  • Belts that are manufactured and marketed as being primarily for use in hunting
  • Binoculars only if purchased to be used for hunting
  • Blinds
  • Chairs to be used for hunting; this excludes purchases by an individual of chairs or other furniture for household, business or other recreational use
  • Decoys
  • Firearm, archery, and other accessories designed for hunting
  • Float tubes only if purchased to be used for hunting
  • Hearing protection gear and enhancements
  • Holsters
  • Hunting shoes or boots designed and used for hunting
  • Knives that are manufactured and marketed as being primarily for use in hunting; this excludes the purchase of knives by an individual to be used for household, business or other recreational use
  • Miscellaneous gear that is manufactured and marketed as being primarily for use in hunting; this includes other hunting-related gear or supplies not previously listed. This excludes the purchase of toy guns and vessels or off road vehicles utilized as children’s toys;
  • Off-road vehicles such as all-terrain vehicles designed and intended primarily for hunting; the exemption does not apply to golf carts, go-carts, dirt bikes, mini-bikes, motorcycles, tractors, motor vehicles which may be legally driven on the streets and highways of Louisiana, or heavy equipment such as cranes, forklifts, backhoes and bulldozers;
  • Optical equipment such as rifle scopes and impact resistant glasses for shooting
  • Range finders
  • Slings
  • Tools that are manufactured and marketed as being primarily for use in hunting;
  • Tree stands
  • Decoys
  • Vessels such as airboats and pirogues designed and intended for hunting.

Maryland August 9-15, 2015

  • clothing & footwear, each item up to $100

Missouri August 7-9, 2015

  • Clothing – any article having a taxable value of $100 or less
  • School supplies – not to exceed $50 per purchase
  • Computer software – taxable value of $350 or less
  • Personal computers – not to exceed $3,500
  • Computer peripheral devices – not to exceed $3,500

New Mexico August 7-9, 2015

  • Clothing & footwear, each item up to $100
  • Computers: desktop, laptop, tablets or notebook up to $1,000
  • Related computer hardware – $500
  • School supplies for use in standard, general-education classrooms must be under $30 per unit

Ohio August 7-9, 2015

  • Clothing priced at $75 per item or less
  • School supplies priced at $20 per item or less
  • School instructional material priced at $20 per item or less

Oklahoma August 7-9, 2015

  • Clothing & footwear, each item up to $100

South Carolina August 7-9, 2015

  • Clothing, footwear, and clothing accessories (e.g., hats, scarves, hosiery, and handbags)
  • School supplies (e.g., pens, pencils, paper, binders, notebooks, books, bookbags, lunchboxes, and calculators)
  • Computers, printers and printer supplies, computer software
  • Home goods: bath wash clothes, blankets, bed spreads, bed linens, sheet sets, comforter sets, bath towels, shower curtains, bath rugs and mats, pillows, and pillow cases

Tennesse

  • Clothing: $100 or Less
  • School Supplies: $100 or Less
  • Computers: $1,500 or Less

Texas  August 7-9, 2015

  • Clothing & footwear: $100 of Less
  • School Supplies: $100 or Less

 

Virginia August 7-9, 2015

  • School Supplies, Clothing, and Footwear:
    • Qualified school supplies – $20 or less per item
    • Qualified clothing and footwear – $100 or less per item
    • Detailed list of school supplies, clothing and footwear
  • Hurricane and Emergency Preparedness Items:
    • Portable generators – $1,000 or less per item
    • Gas-powered chainsaws – $350 or less per item
    • Chainsaw accessories – $60 or less per item
    • Other specified hurricane preparedness items with a sales price of $60 or less per item
    • Detailed list of hurricane preparedness items
  • Energy Star andWaterSense Items:
    • Qualifying items carrying either the Energy Star or WaterSense label with a sales price of $2,500 or less purchased for noncommercial home or personal use.
    • Qualifying Energy Star items include dishwashers, clothes washers, air conditioners, ceiling fans, light bulbs, dehumidifiers, and refrigerators
    • Qualifying WaterSense items include bathroom sink faucets, faucet accessories such as aerators and shower heads, toilets, urinals, and landscape irrigation controllers
    • Detailed list of Energy Star and WaterSense items

Money Lessons We Can Learn From the Game of Monopoly

 Monopoly Money Lessons | Money Savvy Living

 

Guest post by Amy Nickson, writer at Working Moms Word

 

Monopoly—the classic board game, which is quite popular among children and adults for over 100 years, is way more than just entertainment for family fun night. While you can enjoy the fun of becoming a real estate tycoon playing this game, there are also many educational lessons to be learned as well. The game offers the opportunity for players to make budgeting, investing, and financial decisions, which can help in remaining financially prudent. Following are 8 money lessons which you can learn from the monopoly board game and can apply when managing your own personal finances.

 

Value of budgeting

A successful monopoly player is a good at budgeting. Because the concept is similar, you can apply the same formula while playing the game or creating your monthly budget as well. The board game can teach you to make a realistic budget based on your income and expenses. The winner of this game can easily meet his/her each expenses and save money.

 

Giving priority to an emergency fund

A monopoly player knows well how unpredictable the game is. The player should prepare beforehand to manage any situation. Just like unforeseen circumstances arise in a Monopoly board game, it can happen in your real-life financial situation as well. You never know when you will face an emergency—such as being laid off of a job or an accident—which can use up a savings account that you’ve taken years to build. You should have an emergency fund so that you can face the financial need with solid backup. Having such an emergency fund can minimize your chances of having to sell your assets or take out loans to meet your current obligations.

 

Being a responsible decision maker

The Monopoly game helps people learn to make a proper decisions through critical thinking strategies. For instance, all players should start with the same amount of money to play the game, but, the important thing is how well you can manage your money. While “luck” can be attributed to success in the game and in real life, you still have control over the purchases that you make and assess the risk/reward of each investment. You must learn to overcome whatever comes your way and still manage your finances properly.

 

Importance of negotiation

One of the most important tricks to win the monopoly game is proper negotiation. In real life you should have the skill to negotiate with many people such as creditors, utility suppliers, sellers etc. This will help you to get best finance deals and save your hard earned money as well.

 

Investing money wisely

To ultimately be successful, there are no alternatives to making wise investment decisions. You should invest your money to make it grow with time. You’ll have to take chances and invest your money instead of simply leaving it in the bank. But for this, you need to be updated on the financial market and know all strategies well. Think about your time horizon, risk tolerance, and diversification. For more information about investing read these articles:

Investing: How to choose which investment products are right for you

Investing: Growth vs value

 

No Excuses

You probably didn’t realize that playing Monopoly could teach players lessons about personal responsibility. You shouldn’t make any excuses about losing the game. Likewise, you should not skip any chance to win while you’re playing the game either. Just like in the game, your real-life financial decisions have consequences. Unlike the game, though, the real-life decisions can have long-lasting effects. Making the unwise financial decision to overspend on credit cards, for instance, can take you years—maybe decades—to pay off.

 

Significance of building a strong asset base

Remember, building a strong asset base will help you to get passive income—income which you are not actively involved with earning. You can easily live off the passive money and can save your active income—salary from your job or business income. In the monopoly board game, the number of properties gets the advantage and control over the board, but one must also consider the value of the assets. For example, it is much better to own Park Place and Boardwalk (higher value assets that yield higher returns), rather than Mediterranean, Baltic, Oriental, Vermont, and Connecticut Avenues combined (lower valued assets, which yield lower returns).

 

Taking care of assets

In order to win the game, it’s very important to make improvement on the properties you’ve bought. You should reinvest in your properties by building houses and hotels to improve your income and financial position. In your real life, it should be your constant effort to boost your assets and minimize your financial obligations. Thus, you can achieve financial freedom in the long run. The bottom line is, don’t rely on financial shortcuts because they can ruin your financial stability.

 

 

Live Rich—Even on a Budget

Live Rich even on a Budget | Money Savvy Living

 

Living on a budget doesn’t mean that you need to sacrifice quality. When people think of sticking to a budget, they automatically think that means that they have to give up something or choose cheaper, inferior-quality products or services. This definitely doesn’t have to be the case. If you’re savvy enough, you might get away with merely using a budget calculator.  Many times, you can keep the same lifestyle or still choose the high-quality products, you just have to be a bit savvier about when and how you purchase these items. Take a look at these seven ways that you, too, can live the good life… on a budget.

 

Golf

Everyone wants a 7:00 am tee time on a Saturday morning, right? While the sun peeking through the trees and the dew still shimmering on the grass does make for a beautiful and tranquil golfing experience, you can get a similar experience—possibly at half price—by going later in the day. Ok, the dew will be gone, but if you opt for a later afternoon tee time, the prices are much cheaper for 18 holes. Save yourself even more money, and take an early evening spot for nine holes of golf. Weekends are also the busiest time, so prices drop even more if you are willing to golf on weekday afternoons or evenings. Many courses also offer discounts on golf packages for the season, which can save you some money as well. We always hear about what an expensive sport golf is—but it doesn’t have to be. Knowing the best time to book your round can give you the golfing experience that you are looking for, at a fraction of the cost.

 

Sporting Events

Next time you want to attend a professional baseball game, you may want to look at going to the minor league version instead. Not only can you avoid the huge crowds, expensive parking, and the mile hike to the stadium, but you will save at least 50% on ticket prices. It is no surprise that the food at the concession stands are much cheaper as well. But the nicest thing about attending these minor league games is that the stadiums are just as nice as the bigger stadiums, and every seat is close to the action! Same great ball park experience, at a budget-friendly price.

 

Designer Clothing

If the designer label means a lot to you, but you don’t want to spend the designer price, there are still ways in which you can buy these clothes without breaking the bank. Of course, you are probably familiar with websites, such as Overstock.com or Zulily for bargains on designer goods; however, there is also a new trend in the world of second-hand designer goods. Poshmark, is an app that allows women to buy—and sell—lightly used designer fashions, so you can pick up some good deals, but also sell some of your own used designer items and pick up a few bucks along the way.

 

Luxury Car

While the thought of slipping into a brand new car and driving it off the car lot is appealing, you may want to think twice before signing and driving because once that car pulls off the lot, it is going to depreciate in value. That is good news, though. It means that you can pick up a used luxury car for a lot less than a new one. Even though it will have a few miles on it, the luxury amenities— such as leather, heated seats, premium sound system, and pretty much automatic everything—are still going to be just as nice. You can check out Edmunds or Kelley Blue Book to price and compare new and used car prices. For instance, if you are looking at buying a brand new 2015 BMW 335i Sedan, the price is around $39,500, but a used 2008 BMW 335i Sedan, with approximately 60,000 miles on it, is about 50-60% less than a new one, ranging from $15,800-$18,800.

 

Vacations

Even if you are on a budget, you can still take a nice vacation. The caveat is that you have to know when to go on vacation. Timing really is everything when it comes to being able to get a luxury vacation at a frugal price. If you want to plan a beach vacation, don’t go during the busy season—summer. Pricing during the busy season will cost you double, if not triple, what the same room would be during the off-season. A good rule of thumb for traveling, in addition to a destination’s peak season, is that holiday and weekends are typically going to cost you a bit more. An added bonus of traveling during non-peak season or non-holidays is that you will avoid the huge crowds too. If you have a flexible travel schedule, then you may also be able to take advantage of last-minute deals too.  For more ideas on how to save money on your next vacation, check out my article, Frugal Vacation Planning: 10 Ways to Save Money

Frugal Vacation Planning: 10 Ways to Save Money | Money Savvy Living

 

Fine Dining

Believe it or not, you can still eat out at the five-star restaurants—even if you are on a budget. Again, knowing when to go, makes all the difference. Many times, these restaurants are open for lunch, or even have early-bird or weeknight specials. The food tastes just as delicious, and you will experience the same up-scale atmosphere and excellent service, but by avoiding the evening dinner pricing and the weekend crowds, you can have your Vanilla Bean Crème Brulée—or cake—and eat it too.

 

Going to the Movies

If you went to the movies recently for date night, you know that the tickets and popcorn can really add up—and even more so, if you took the whole family. However, there is a way to still catch the newest Hollywood blockbusters without busting your budget: opt for the matinee or go during the weekdays—weekend and evening prices are always a bit higher. And if you don’t have the will-power to walk by the concession stand, and I know that I don’t—I mean, what is a movie without popcorn?!—share a larger size popcorn, rather than buying individual sizes and save a few dollars. And if you want to save even more money at the movies, Cinemark is running family-friendly kid specials all summer long for $1 per ticket, and even discounts on popcorn and drinks.

 

5 Ways for Kids to Earn Money this Summer

5 Ways for kids to earn money this summer

Keep your kids from getting bored this summer- and they can earn a little extra money too!

5 Ways for Kids to Earn Money this Summer | Money Savvy Living

 

I like to think that I don’t just give my kids everything they ask for and want. My husband and I make a conscious effort to try to teach them the value of money and the feeling of accomplishment that they get when they have worked hard to earn money—and then saved up to buy something that they really want.

 

Ok, I admit that I am a bit of a softy when it comes to buying them “small things” or even a package of overpriced Reese’s Peanut Butter Cup Oreo cookies—you know, the packages that are like half the size of a regular package of Oreo’s but still the same price!

 

But for me, being able to tell the kids “no” was not always easy—especially during the toddler stage. Every mother knows that when you tell a toddler “no” in the middle of the store, tears start falling and the wailing ensues as though the child is actually in some sort of real pain. It’s a meltdown in the middle of the store. Shopping is over. Whatever you came to the store for had better already be in the cart because it’s time to check out.

 

At least this gets better when they get older. Now, instead of the total meltdown, it’s just an over-exaggerated, dramatic whine, “I never get anything I want!” But at least now, they understand—money doesn’t just magically appear in daddy and mommy’s wallets—it has to be earned.

 

We are about one month into summer break already. So to keep the kiddos from getting restless, here are a few ways that they can stay busy, be productive, and even earn a little spending money:

 

Selling snacks at a garage sale is a great way for kids to earn a little extra cash.

Selling snacks at a garage sale is a great way for kids to earn a little extra cash.

 

Garage Sale

Every year, we have a big garage sale and the boys sort through toys that they want to get rid of and sell them for a few extra bucks. But their big ticket money at the garage sale comes from the snacks that they sell: water, pop, cookies, and chips. We buy it at Sam’s Club, figure out how much each item actually costs, and sell them for $0.50 each—then they figure out their profit. Earning money and a little math lesson too. Win-win.

 

Mow Lawns

Mowing lawns during the summer can be a great source of income for older kids or even teens. There may be many neighbors that are willing to pay your kid to mow the lawn each week. This can be a great service to elderly people or even for families that are busy with work or summer sports and just don’t have a lot of time to keep up with the lawn—your kids can make money and they would probably charge a lot less than an actual lawn service, so it is a savings for those utilizing the service too.  Another win-win.

 

Pull Weeds

If your kids aren’t big enough to handle the lawn mower, offering to pull weeds can be a nice little gig. A few years ago, two boys went around our neighborhood offering to pull weeds for whatever people were willing to pay. I have to say, I appreciate their ingenious summer business endeavor.  And they probably made a lot of money too.

 

Make Items to Sell Online

Of course, mom or dad will have to help with this one, but it you open an Etsy shop, have an account on Ebay, or other online store, you can sell, literally, anything. From hair bows to headbands, friendship bracelets to survival bracelets, to hand-painted mugs, the sky is the limit for creativity—and potential income.

 

Do Extra Chores

I am really not very big on just giving kids money to do stuff they are expected to do. Cleaning up toys, making the bed, helping with laundry—that is just stuff that I want my kids to do because it must be done and I want them to learn responsibility. However, maybe there are some “big” projects that you can give them to do in addition to their regular household chores: helping clean out the garage, painting the shed, or re-organizing the storage area of the basement.

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