Thursday, October 30, 2008

11 Tools for Teaching Kids about Money

My kids are becoming more thoughtful about money, and it's a process to teach them how to save more, shop wisely and earn money through small jobs. The meltdown in the economic markets provides a fitting time to school our kids on personal finance, according to Eric Tyson, author of Personal Finance for Dummies. This piece has great tips on that topic:

Eleven Ways to Teach Kids About Money,

"Financially speaking, it's a tough time to be a parent. With economic turmoil reaching the boiling point and many companies freezing any extra spending, American families are more strapped than ever. So if you're feeling guilty because you can't buy your child that video game system he desperately wants for Christmas, or you're asking him to choose between playing recreation basketball or taking karate lessons this winter, Eric Tyson has one word for you. Don't. In fact, he says, now is the perfect time to teach your kids some valuable financial lessons.
"Kids are surprisingly aware of what's going on in the world," says Tyson, author of Personal Finance For Dummies, 5th Edition . "And if they don't know that times are a little bit tough and Mom & Dad are having to watch their spending, it's time to tell them. Sheltering kids from financial realities does them no favors."

Indeed, the opposite is true, says Tyson. A good grasp of personal finance is one of the most valuable life skills a person can have. And while previous generations may have been raised with the constant admonishment that "money doesn't grow on trees!," too many of today's parents neglect that lesson. It's time to change that—and the economic crisis we're in now provides a great incentive for doing so.

"In many ways, a long-term financial slowdown can be a blessing in disguise," admits Tyson. "It leads families to make a budget and stick to it. It forces them to be conscious about how they handle money. That's good for kids. It shows them how the world is supposed to work."
Ready to get started? Tyson offers the following helpful hints:

1. Tell them the truth. Kids are perceptive. If you've been acting anxious and on edge lately, they've noticed. Rather than let them wonder why Mom & Dad are working so much lately or constantly talking about money, explain (on their level) what's going on in the family's financial world.
"Obviously, you don't have to get into the details of your stock portfolio," says Tyson. "But you can explain that what's going on in the economy means some changes will have to be made at home. For instance, they may have to understand that the holidays will be leaner this year, or that the annual ski trip may not happen. Helping them understand what it all means will lessen the anxiety they feel as a result of seeing their parents worrying over money."

2. Explain to them how much things cost. Some parents are surprised to find out that their kids don't have a very good grasp on what things cost. A great hands-on way to open their eyes is to take them on a "money tour" around the house. For example, kids might not understand that hot water costs more than cold water, or that bumping up the heat results in higher power bills. This exercise will teach them how they can conserve and thus help the family save money. You can also pile up all of the bills for the month and have them look at the amount on each one. Show them what the family's cost of living is and again reiterate the areas where they can play a part in reducing the costs.

3. Realize that kids learn what they live. It may sound like common sense, but you—Mom & Dad—are your kids' most influential teachers. When you ring up a barge-load of credit card debt, take out exorbitant mortgages or car loans, and fail to save anything, that's what your kids come to see as normal. If you are modeling unhealthy financial habits, you can't realistically expect your kids to "do as I say, not as I do."
"We're seeing now what irresponsible spending does to the economy as a whole," says Tyson. "The results for you as a family will be just as significant. Adults who are extravagant with money and fail to save for the future can expect to raise children who are accomplished spenders and poor savers. Be honest with yourself about the powerful money messages you're sending your kids. If your financial habits are poor, overhaul them now. You owe it to your kids."

4. Deprogram them. Kids are constantly bombarded with information about what things cost, whether it's the fancy sports car they like or the wardrobe of their favorite athlete or actor, not to mention the 40,000 commercials that the American Academy of Pediatrics estimates the average American child sees each year. What they aren't bombarded with is knowledge on how to manage money effectively. And while schools are increasingly incorporating money issues into the existing curriculum, the broader concepts of personal financial management still aren't taught. Frightening though it may be, some schools rely on free "educational" materials from the likes of VISA and MasterCard!
"These credit card titans provide materials that implicitly and explicitly support carrying consumer debt as a sound way to finance significant purchases and living expenses," says Tyson. "In fact, VISA and MasterCard school-supplied resources endorse spending upward of 15 to 20 percent of one's monthly take-home income to pay credit card and other consumer debts! Explain to your kids that such spending puts a lot of money directly into the credit card companies' pockets, so of course they're going to offer that advice...but that smart people don't listen to it."

5. An allowance is a great teaching tool. You don't have to break child labor laws to find great ways to help your kids earn their allowance rather than just have it handed over to them. A well-implemented allowance program can mimic many money matters that adults face every day throughout their lives. From recognizing the need to earn the green stuff to learning how to responsibly and intelligently spend, save, and invest their allowance, children can gain a solid financial footing from a young age.
"A great time to start is when your kids reach the five-to-seven age range," says Tyson. "Start them on some household chores, and explain to them that they will be paid for their work. Of course, the size of the allowance should depend, in part, on what sorts of expenditures and savings you expect your child to engage in and, perhaps, the amount of 'work' you expect your child to perform around the house. I recommend paying $0.50 to $1.00 per year of age. So, for example, a six-year-old child would earn between $3 and $6 per week."

6. Start them saving and investing early. It's never too early to start saving, and the sooner you can instill the importance of saving money into your kids the better. After they start earning an allowance, have your kids save a significant portion (up to half) of their allowance money toward longer-term goals, such as college (just be careful about putting money in children's names as doing so can harm college financial aid awards). Tyson recommends that children reserve about one-third of their weekly take for savings. As they accumulate more significant savings over time, you can introduce the concept of investing.

"Rather than trekking down to the boring old local bank and putting the money into a sleepy, low-interest bank account, I prefer having kids invest in mutual funds," says Tyson. "Another option is for kids to buy individual stocks. Kids can learn more about how the financial markets work and understand stocks better by sometimes picking individual stocks rather than using funds. Just be careful to keep transaction fees to a minimum and teach your kids how to evaluate a stock and its valuation and not simply buy companies that they've heard of or that make products they like. The money they are able to save and invest will be a huge help to them later on in life."

7. Reduce their exposure to ads. The primary path to reduced exposure to ads is to cut down on TV time. When kids are in front of the tube, have them watch prerecorded material. You can direct the television viewing of younger children, in particular, toward videos and DVDs. And for older kids, if you use digital video recorders (DVRs), such as TIVO, you can easily zap ads. But when an ad does sneak under the radar and set the kids to begging, address it. Explain to your kids that there's never a good time for frivolous impulse spending—but it's especially harmful when money is tight.

"Invest the necessary time to teach and explain to your kids that the point of advertising is to motivate consumers to buy the product by making it sound more wonderful or necessary than it really is," says Tyson. "Also explain that advertising is costly and that the most heavily promoted and popular products include the cost of all that advertising, so they're paying for it when they buy those items."

8. Find entertaining ways to teach good money habits. You'll probably face an uphill battle when teaching kids about personal finance. That's why it's so important to find entertaining ways to instill good financial habits in them. For younger kids Tyson recommends age-appropriate books like The Berenstain Bears Get the Gimmies. For late-elementary-school-aged kids, Quest for the Pillars of Wealth by J.J. Pritchard is a chapter book that teaches the major personal finance concepts through an engaging adventure story. You could also get them a subscription to Zillions, a kids' magazine from the publishers of Consumer Reports, which covers money and buying topics.

"Another great opportunity to teach your kids about personal finance and get to spend quality time with them in the process is through board games," suggests Tyson. "Monopoly and Life are two games that are very effective at getting your kids to think about the best way to manage money and plan whether they should spend or save."

9. Teach them how to shop wisely. Family shopping trips, whether for groceries or something else, are likely to be your kids' first encounter with spending. They'll see you make decisions based on what the family needs, maybe see the occasional coupon used, and will observe how you pay. These trips are a great time to teach them lessons about money and the value of product research and comparison shopping.
"Take them to the mall and ask them to pick out three pairs of shoes that they really like without looking at the prices," suggests Tyson. "Chances are they'll come back with at least one expensive pair and at least one affordable pair. This is a great way to show them that to really like something it doesn't have to cost a lot of money. Demonstrate how to identify overpriced and shoddy merchandise. Finally, show them how to voice a complaint when returning defective products and go to bat for better treatment in service environments, two additional tasks that are part of being a savvy consumer."

10. Introduce the right and wrong ways to use credit and debit cards. Those plastic cards in your wallet offer a convenient way to conduct purchases in stores, by phone, and over the Internet. Unfortunately, credit cards offer temptation for overspending and carrying debt from month to month. Teach your kids the difference between a credit and debit card, explaining that debit cards are connected to your checking account and thus prevent you from overspending as you can on a credit card.
"Explain to them that credit cards should be used sparingly and then practice what you preach," says Tyson. "Wean yourself off of using your credit card, and tell your kids why you've decided to do so."


11. Encourage older kids to get a job. An allowance doesn't have to be the only way for your kids to earn money. Your child's initial exposure to the work-for-pay world can start with something as simple as a lemonade stand. Depending on age, he or she might do yard work for neighbors or offer babysitting services. And the fact that we're in a recession makes it all the more appropriate for older kids to "help out" by getting a part-time job—especially to fund unnecessary purchases like DVDs or cool clothing.
"I had an extensive newspaper route for a number of years, and I cut lawns and did other yard work during high school and college summers," says Tyson. "By holding down such jobs, kids can learn about working, earning, saving, and investing money. It also provides welcome relief for parents to not continually be the source of spending money. Working outside the home does raise some safety issues, so by all means be involved in ensuring that your child has a safe work environment."

Besides the learning opportunities it presents, there's another positive to the current financial crisis, says Tyson. It forces families to be more thoughtful about how they spend their time—and this often leads to the stunning realization that money really doesn't buy happiness. "

--source: Eric Tyson
______________

Here's how to buy my new book:


@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Tuesday, October 28, 2008

Online Tour Stop: Girls Just Want to Have Funds

"Breaking Financial Ceilings One Stiletto At A Time," is the tagline for Girls Just Want to Have Funds. With that mantra in mind, I have the stilettos ready because that site --run by the fabulous Ginger -- is the latest stop on the Frugal Duchess Online Book Tour.

Ginger has kindly provided space, time and energy for the book tour and I have a guest post up at Girls Just Want to Have Funds, which is a great resource for personal finance information. Here is the post: The Frugal Duchess: How I Wrote A Book In One Summer

Thanks to Ginger for hosting the tour. And if you are in the New York Area today-- Tuesday, October 28 @ 6 p.m. -- please come to the Frugal Duchess book party at Hue-Man Bookstore & Cafe.

Related Posts:
Please Party with Me in NYC: Book Reading
Online Book Tour: Tight Fisted Miser Book Review
Online Book Tour: Old Clothes Featured at Get Rich Slowly
Online Book Tour: LA-Story Hosts a Frugal DIY Spa
Online Book Tour Visits Digerati Life with a Silicon Valley Interview
Online Book Tour: Budget Savvy's Payday Strategies
I Can't Afford to Go on a Book Tour, But I'll Travel Online



______________

Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Monday, October 27, 2008

DIY Bulk Shopping: How to Create Volume Discounts

For home decorations at a pumpkin-carving party, my friend Sadie purchased about 10 large pumpkins from an outdoor vendor. Based on the size of the order, she politely requested and received a discount. The seller — grateful for the huge purchase — even kicked in a few tiny pumpkins as a bonus.

Welcome to the world of do-it-yourself bulk shopping. You don't have to join a fee-based warehouse club or a food co-op to earn discounts for volume purchases. Online boutiques, grocery stores and even entertainment companies offer discounts for customers who make bulk purchases.

Volume discounts are popular in the world of online shopping, where many Internet-based companies will provide a price break or free shipping for bulk shoppers.
For example, http://www.cartoonnetwork.com/ and WBShop.com, the online store for Warner Bros. Studio, offer price cuts for event planners — personal or professional — who are staging a themed gathering, including a child's birthday party. For those two stores, savings vary and you have to purchase at least 15 of the same item to qualify for the bulk discount.

In the world of entertainment, some theaters offer discounts for large orders of movie tickets. Restrictions apply, but it's possible for several families or a small group to purchase and share a block of 50 movie tickets — good for future shows — at prices below standard box office rates.
For parties and home entertainment, specialty stores often sell cases of wine at a bulk discount. Even traditional grocery stores will offer a discount if you purchase food by the case.

The stores save on time and labor costs because the cases don't have to be opened and stocked in the regular aisles. Most products in the store qualify for the bulk savings. Just ask — at any store — to find the savings.

....If you are in the New York area on Tuesday, October 28 @ 6 p.m., please come to the Frugal Duchess book party at Hue-Man Bookstore & Cafe .
______________

Here's how to buy my new book:




@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Sunday, October 26, 2008

Weekly Roundup & Frugal Blog Network

Here's the weekly roundup of the articles and posts that caught my eye this week:

From Queercents: Turning Spenders into Savers

From The Wallet: Other Help For Struggling Homeowners

From the Wall Street Journal: Ten Books to Read in the Financial Crisis

From Cheap Thrills: DIY Videos: Design your own Halloween costumes

Frugal Blog Network

From Almost Frugal: Holidays *by Hand*

From Frugal Babe: Easy Homemade Pizza

From Frugal Zeitgeist: What changes do you see?

From Tight Fisted Miser: My Identity Theft Experience

From Not Made of Money: Prepaid Debit Cards – Are They a Good Idea?


....If you are in the New York area on Tuesday, October 28 @ 6 p.m., please come to the Frugal Duchess book party at Hue-Man Bookstore & Cafe

______________

Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Please Party with Me in NYC: Book Reading

Due to the economy and other factors, the Frugal Duchess city-to-city book tour is a limited gig. However, I will be in New York on Tuesday, October 28 for a reading/book signing event at Hue-Man Bookstore & Cafe, a wonderful bookstore and cafe in Harlem!

Wearing a $20 dress and a pair of red-tag-sale BCBG high heels, I'll be chatting about the economy, signing books and reading from my Frugal Duchess book, which is a memoir about four generations in my family, including the story of my parents who grew up in the Depression. In addition to the family stories, the book also includes money-saving tips.

If you are in the New York area, please stop by and say hi!

Here are the details:

Time: Tuesday, Oct 28 6:00 p.m
2319 Frederick Douglass Blvd.
(between 124th & 125th Streets)
New York, NY, 10027
(212) 665-7400



"Award-winning journalist Sharon Harvey Rosenberg shares how she lives a life of high style without the stress of high costs or deprivation. In The Frugal Duchess of South Beach (DPL Press, $14.95), she chronicles her often hilarious journey of luxury living for less in one of the most expensive cities in the U.S., while equipping readers with the tools they can use in their own cities." --Books & Books


Related Posts:


______________

Here's how to buy my new book:




@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Saturday, October 25, 2008

Online Book Tour: Tight Fisted Miser Book Review

My online book tour travels to the Tight Fisted Miser, who has reviewed The Frugal Duchess book and sponsored a book giveaway. Here's a snippet from the book review.

“The Frugal Duchess” manages to combine a frugal tips book and a memoir into one book. Reading about the ordeals her parents went through will remind you how much more difficult life was just a generation or two ago. -- Tight Fisted Miser:


Thanks to Tight Fisted Miser for the great book review and for generously hosting the online book tour.

Related Posts:

Online Book Tour: Old Clothes Featured at Get Rich Slowly
Online Book Tour: LA-Story Hosts a Frugal DIY Spa
Online Book Tour Visits Digerati Life with a Silicon Valley Interview
Online Book Tour: Budget Savvy's Payday Strategies
I Can't Afford to Go on a Book Tour, But I'll Travel Online

______________

Here's how to buy my new book:











@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Thursday, October 23, 2008

BOGO Trap: Buy Eight, Get One Free? I Don't Think So

A little boy -- a first grader -- tried to explain a little bit of soda pop economics to my daughter. Here's the pitch: Collect eight bottle tops, he said, and you'll get one free soda.

My daughter was amused, but not impressed. "You mean, I have to buy eight sodas to get the free one," she asked. "That's not a good deal."

I was proud that she had grasped the dangers of Buy-One/Get-One (BOGO) free purchases. It's a lesson that stumps many little kids and adults. At some point in our shopping careers, we've all stumbled over the buy-a-lot/get-a-little-free pitch. For instance, one salon offers promises a free manicure after the 10th session. Additionally, one area coffee shop has a similar buy 10 (coffee cups) and get one free. Perhaps those offers are valid if you are really a frequent customer. But what if you feel compelled to spend a lot just to get the so-called freebie?

The lure of free stuff is hard to ignore, even when we know better. This past week, for example, I seriously considered traveling quite a distance from my home to collect a free $10 gift certificate from an area store. Fortunately, I began to calculate the cost of that free gift, including the value of my traveling time. What's more, very few items at that store cost $10 and it's very likely that my free gift would have cost an additional $30-$50 out of my pocket.

Bankrate.com has a great list of money traps to avoid, including the BOGO Trap: 7 'psycho' money traps and how to beat them. Here's how to elude the BOGO spending bait:

"Whenever you see the term 'free,' consider it a warning to slow down and consider your choice very carefully," says Ariely. Do the math and always consider what you are giving up when you choose the item attached to something "free." Usually -- but not always -- there is a real cost to something touted as "free." -- Dan Ariely, the James B. Duke Professor of Behavioral Economics at Duke University and author of "Predictably Irrational: The Hidden Forces That Shape Our Decisions" as quoted in Bankrate.com



"7 'psycho' money traps from Bankrate.com

1.The lure of 'free'
2.The 'anchor-price' persuasion
3.The instant-gratification attraction
4.The dollars-to-donuts decoy
5.The separate-buckets blunder
6. The 'sacred-fund' slip-up
7.The lost-money fallacy"


______________

Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Wednesday, October 22, 2008

Online Book Tour: Old Clothes Featured at Get Rich Slowly

Welcome to readers of Get Rich Slowly, the latest stop on the Frugal Duchess online book tour. As part of the traveling show, J.D. Roth of Get Rich Slowly recently featured a guest post written by me: Old Clothes for the New Year.

Thanks to J.D. Roth for hosting the book tour!

Here is a little snippet about Get Rich Slowly: "Writer J.D. Roth managed to accumulate more than $35,000 of consumer debt before coming to his senses. He spent three years reading about money and putting what he learned into practice, and is now debt-free except for his mortgage. Roth is no financial expert -- he's just an average guy sharing his progress and mistakes at Get Rich Slowly, one of the top personal finance blogs on the Internet."

Get Rich Slowly — recently named most inspiring money blog by Money magazine — is devoted to sensible real-world personal finance. It contains tips on frugality, debt reduction, and the psychology of money, as well as more traditional information, like finding the best online savings account!


Related Posts:



Online Book Tour: LA-Story Hosts a Frugal DIY Spa

Online Book Tour Visits Digerati Life with a Silicon Valley Interview

Online Book Tour: Budget Savvy's Payday Strategies

I Can't Afford to Go on a Book Tour, But I'll Travel Online






______________

Here's how to buy my new book:








@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Monday, October 20, 2008

How to Save Money at the Grocery Store: Bag Rebates

Even without coupons, it's possible to save money in the checkout line. Various stores offer small cash rebates or discounts for consumers who bring their own bags. Retailers provide nickel or dime rebates for each bag that you provide for groceries or other merchandise. Others stores reward bonus points - redeemable for store credits - for shoppers that present bags for the checkout line.

This bring-your-own-bag - BYOB - style of shopping is an easy way to save money and the environment. Every year, shoppers in the United States use 30 billion plastic bags and 10 billion paper bags. That translates into 12 million barrels of oil and 14 million trees, according to the Bay Area Recycling Outreach Coalition, or BAYROC, a California-based organization.

To save financial and environmental resources, reusable shopping bags have become trendy. For prices starting at 99 cents, eco-friendly shopping bags - made from cloth or polyester - are sold by online vendors or standard stores in different colors, patterns and sizes. A few upscale Web sites will even let you design your own shopping sacks.

But you don't have to pay anything to create a re-usable shopping bag. At Whole Foods, for instance, any sack qualifies for the shopping discount, including backpacks, gym bags, brown paper sacks, cloth bags and old shopping bags. Savings vary by region, but the list of stores that provide BYOB rebates or discounts includes Starbucks, Albertsons, Kroger and other retailers.

Reusable shopping bags can also help you save money by providing an easy-to-use organizational tool for shopping. For example, you can stash your coupons and shopping list in a reusable bag stored in your car or near the front door, according to BAYROC. With this strategy, you're more likely to use the coupons clipped from newspapers or printed from the Internet. You'll keep money-saving coupons close at hand and reduce the amount of budget-busting impulse purchases that can inflate a shopping bill.

______________

Here's how to buy my new book:


@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Sunday, October 19, 2008

Weekly Roundup & Frugal Blog Network

With wisdom from Warren Buffett and other financial news tips, here are a few links I liked this week. The list is followed by a news roundup from the Frugal Blog Network.

From The Simple Dollar: 18 Things a New Homeowner Should Do Immediately to Save Money

From Wise Bread: Deciding Which Produce to Buy Organic - The Dirty Dozen

From Green Panda Treehouse: Saving on Your Grocery Bill

From Dedicated to Financial Freedom: Be fearful when others are greedy, and be greedy when others are fearful (features insights from Warren Buffett)

From Thrifty Florida Mama: Five Years of Frugality

Frugal Blog Network

From Not Made Of Money: Five Tips to Save $100

From Almost Frugal: Twenty-Five More Frugal Things I Do

From Frugal Zeitgeist: Not sure what this is exactly, but. . .

From Tight Fisted Miser: Do It Yourself Car Repair

From Frugal Babe: No-Spending Days And A New Grocery Store

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Here's how to buy my new book:


@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Saturday, October 18, 2008

Online Book Tour: LA-Story Hosts a Frugal DIY Spa

I live in Miami Beach, where we have amazing day spas and resorts. And because of the slow economy some of my favorite spas now offer great deals and discounts. Prices range from $99 - $150 for services that would otherwise cost $200- $300. But I've found a way to save even more money with a Do-it-Yourself home spa menu.

****

That's the beginning (the rest is below) of a guest post that I wrote for LA-Story.com, a blog about fashion, beauty and fun. Thanks to Stevie Wilson, who runs that blog, for hosting me as part of the online tour for my book: The Frugal Duchess: How to Live Well and Save.

As part of the tour,
LA-Story.com featured this guest post: Don’t Let the Economy Stop Your Spa Treatments! The Frugal Duchess Gives You All the Tips & Treatments to do At Home!


****

Creating the right atmosphere is the first step. A serene, blissed-out environment is one of the perks of high-end day spas. So I launched my home establishment with fresh flowers from the supermarket (they lasted for over a week), a scented candle ( I had plenty around the house) and a wineglass filled with filtered water and a bit of lime.

A few weeks ago, I started this Frugal Duchess DIY spa because I really wanted a pedicure, but didn't want to spend $35-$50, including tip and tax. My answer: Hey girl, do it yourself.

To stock the home spa, I went to the drug store and purchased supplies: a pumice stone, cuticle trimmer, a few all-natural foot creams and other tools. Altogether, my supplies cost about $24 and that stash will last for at least six treatments or $4 a pedicure. What's more, I have saved on transportation costs.

The supplies and tools are stored in a square Tupperware container that I seized from the kitchen. When emptied of pedicure supplies, this little plastic container doubles as my foot bath. Filled with warm water and a few drops of essential lavender oil, this DIY footbath provides comfort and therapy for my dry skin. After soaking and drying each foot, I apply a foot balm made from coconut oil and Vitamin E. Cuticles are softened with a lemon and beeswax cuticle cream from Burt's Bees.

And then I get down to business: Nails are clipped; cuticles are trimmed and the skin is buffed in an effort to smooth out the rough edges of my heels and soles. The repetitive motion becomes a meditation on calluses and surfaces.

The finishing touch is complete with the selection and application of red nail enamel. This DIY process of clipping, trimming, buffing and glossing has added layers of polish and protective coats to my nails and self esteem. I can really do it myself – with elegance. And I've provided a $40 service for about $4 a session.



Thanks again to LA-Story for hosting this stop on the book tour.

Related posts:

Online Book Tour Visits Digerati Life with a Silicon Valley Interview

Online Book Tour: Budget Savvy's Payday Strategies

I Can't Afford to Go on a Book Tour, But I'll Travel Online




______________

Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Thursday, October 16, 2008

Frugal Fun: Home Movie Day on Oct. 18

Preserving and viewing old home movies just became easier and cheaper. As part of International Home Movie Day, organizations in the United States and abroad are offering to preserve and show home movies on Saturday.

In South Florida, the Lynn and Louis Wolfson II Florida Moving Image Archives will participate in Home Movie Day, which celebrates 8mm and 16mm amateur and home films.
Consumers with old 8mm or 16mm movies that feature scenes of Florida are asked to donate the films to the Wolfsonian, 1001 Washington Ave., Miami Beach. In exchange, employees will transfer the films for free to DVD.

Home movies are like diaries of ordinary people, said Don Chauncey, director for the Wolfsonian Archives. "Home movies have increasingly become valued as primary source materials for historians.''

The event was launched by film archivists in 2002 and now includes participants from Australia, Brazil, Canada, Italy, Japan, Singapore and the United Kingdom, according to Barron Sherer, curator at Wolfsonian, one of the original participants in the event. Since 1986, the archive has been collecting home films and the collection represents one of largest of amateur films in the United States.

Donated films will be shown for free in a screening from 4 to 5:30 p.m. Saturday at Home Movie Day at Miami-Dade Public Library, 101 W. Flagler St.
Contact www.wolfsonarchive.org or 305-375-1505.

For more information, go to www.homemovieday.com_
_____________

Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Monday, October 13, 2008

CCCS: How to Survive the Economic Storm

This piece from Consumer Credit Counseling Service is excellent:

"As the debate goes on as to whether or not we are in a recession, most consumers agree that they are feeling the impact of our current economic conditions. As the number of available jobs diminishes and the number of foreclosures skyrockets, families are looking for ways to reduce spending and increase income just to make ends meet.

"No one is immune to the effects of this financial crisis," said Jessica Cecere, president of Consumer Credit Counseling Serviceof Palm BeachCounty and the Treasure Coast (CCCS). "What we can all do is take simple steps to minimize the impact and prepare ourselves for the
future."

CCCS offers tips to help consumers weather the storm and survive the turbulent economic times ahead.

  • Expect changes in lending standards The days of "no money down" and "zero percent interest rates" are probably behind us. Consumers with questionable credit histories will find it more difficult to borrow money. Some other changes we can expect:
    Borrowers will need to demonstrate an ability to repay the money borrowed;
    *Job histories of five years or more in the same company or industry may become standard requirements for borrowing money;
    *Credit scores will be more closely scrutinized by lenders;
    *Larger down payments may be required for major purchases for things like cars and homes
    *Banks may require collateral from borrowers-something they can use to recoup their money if the borrower defaults.
  • Prepare for increasing prices While current market conditions may have had a positive impact on fuel prices, paying at the pump is still taking a major hit on most budgets. The average family budget has not been prepared to absorb the rising cost of groceries, higher utility bills, and climbing insurance premiums and health care costs.
  • Make adjustments By making small changes, such as substituting store brand products for the higher-priced name brands, increasing (or lowering) the thermostats in your house just a couple of degrees, or participating in a car pool to get the kids to school, you can save significantly. Look for things you can cut out of your budget-even small savings can add up quickly.
  • Keep some cash on hand Separate from your emergency fund, it is always a good idea to have a small amount of cash on hand for emergencies. You may even be able to use cash to save money, as some gasoline stations offer a discounted price for customers paying cash. In addition to cash on hand, you should have, or work toward, having 6 months of living expenses in a savings account that you can access quickly if you need it. If you have large amounts of cash in savings, make sure you understand FDIC guidelines so that your money is safe. Getting credit will be more difficult. If you currently have home equity lines of credit or credit cards, you may find that limits are lowered or unused accounts are closed because creditors want to minimize their chance of loss.
  • Know you are not alone Many consumers are struggling to make their mortgage or rent payment, buy groceries and gasoline, and make the minimum payments on credit card bills. Your friends, neighbors and family are all feeling the effects. While you may not be able to address every challenge immediately, take active steps to improve your financial outlook wherever you can.
  • Remain calm and be patient If you had your heart set on a new car or a luxury vacation, you may need to put those plans on hold. Resist the urge to buy things with credit and wait until you have saved enough money before making purchases. If you have been saving for a specific item, now might be a great time to make a purchase, as many retailers are reducing prices in order to stimulate sales.
  • Live by basic money management principles Practicing sound financial management is always a good idea, and it can ease the burden when times get tough. A few key things to consider:
    *Spend less than you earn.
    *Have an emergency fund that covers six months of living expenses in an account you can access if you need it.
    *Pay off and stop using your credit cards.
  • Be prepared for the unexpected - have in place the following:

Insurance - to protect your home and other large assets.-

Savings - to cope with a loss of income until you can replace those dollars.-

Employment - Keep your resume up to date. You can't always plan for a job loss, and good preparation will help make the search for a new job easier.-

Retirement - Contribute to your financial future, even if it is just a few dollars per pay period.- A Will - protect your loved ones

Health care - If at all possible, ensure that you have medical coverage for yourself and your family at all times."

source: www.cccsinc.orgor www.cccsenespanol.org.

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Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Sunday, October 12, 2008

Weekly Roundup & Frugal Blog Network

How do you talk to a child about your foreclosed home? That's one of several posts that caught my eye this week. Here are the links I liked:

From No Credit Needed: Shopping At An Antiques Store For Non-Antique Stuff

From Lazy Man and Money: Can You Plan for Unexpected Expenses?

From The Simple Dollar: Talking to a Child About Home Foreclosure

From Moolanomy: Where To Find Small Business Loans

Frugal Blog Network Links:

From Not Made Of Money: How To Dress Well For Less - Frugal Clothing 101

From Frugal Babe: Going Out Of Town Checklist: Food And Diapers

From Tight Fisted Miser: Refill Your Printer Ink Cartridge

From Frugal Zeitgeist: Affluenza and the new economy


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Here's how to buy my new book:


@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Saturday, October 11, 2008

Online Book Tour Visits Digerati Life with a Silicon Valley Interview

My online book tour -- a frugal way to visit other regions -- travels to the Silicon Valley, which is the home of The Digerati Life, one of the top personal finance blogs. Here's the post: Money Saving Tips and A Frugal Memoir By The Frugal Duchess


Thanks to Digerati Life for hosting this stop of the tour. I appreciate the time and attention. By the way, Digerati Life was recently featured in a Q&A forum at Wise Bread.



Related posts:

Online Book Tour: Budget Savvy's Payday Strategies

I Can't Afford to Go on a Book Tour, But I'll Travel Online



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Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Tuesday, October 07, 2008

Online Book Tour: Budget Savvy's Payday Strategies

Budget Savvy magazine is hosting the launch of the Frugal Duchess online book tour. Here's a guest post from the editor and publisher of that online magazine:

My Payday!

Hello everyone. My name is Melissa Tosetti and I am the editor and publisher of http://www.budgetsavvymag.com/. I am very excited about this opportunity to submit a guest post on Sharon's blog. I have a tremendous amount of respect for Sharon as we have traded money saving tips over the past three or four years. I devoured her new book, The Frugal Duchess: How to Live Well and Save! Unlike many books about personal finance, Sharon's book is an engaging story of how she learned to live "like a duchess" on a working girl's salary. The Frugal Duchess is worth purchasing. Reading, implement her tips and then add the book to your personal library for future reference. Pick up a copy today. It is a worthy investment!

My blog entry is about one of my favorite Budget Savvy habits that I offer in my eBook, The Budget Savvy Lesson Plan: Pay all of your bills on payday before spending a dime of your paycheck. Next, fill your car with gas and buy your groceries for that pay period. With all of your basics covered, you now know exactly how much disposable money you have left to spend as you please.

October 1st was payday. As is my favorite Budget Savvy habit, I sat down and paid my bills before spending a dime of my paycheck. I then filled my car with gas and ran it through the $4 car wash. I had hoped to hand-wash it over the weekend, but opted to bathe our dog Harlan instead. Harlan is a BIG dog, so it felt like the equivalent of washing the car by the time I was done. With no time left over this weekend to wash the car which was filthy, I thought it was worth spending the $4 to clean it. Another one of my favorite habits is to take care of the possessions I own like my clothes, furniture and my car. I try to wash my car at least once a month. Harlan gets a bath every other month. Now that I think about it, it seems odd that my Nissan gets dirty faster than my dog. I digress…

After I gassed and washed the car, I headed to Safeway, my favorite grocery store, and bought groceries. For the past four or five months, my husband Paul and I have been planning our meals around the surplus of food we had in our pantry. Well, the surplus is no longer and we were out of many of our staples. Case in point, I learned the importance of baking powder in corn bread just last week. Having run out of baking powder the day before, I opted to make corn bread anyway thinking that it just wouldn't rise in the oven. I didn't realize it would mutate! The malformed bread was edible, but not attractive. Next time, I'll wait until I replenish my stock of baking powder.

I managed to walk out of Safeway with a trunk full of groceries. The total bill was $108.85 and by making my purchases around their sales, I saved $37.97, or 26% of my bill. This is another one of my favorite Budget Savvy habits – make your grocery list around store sales. This is a trick that frugalists have implemented since the invention of the sales ad and it works! You can save hundreds of dollars a year just with a little planning and flexibility.

Now that I paid my bills, put gas in my car and bought groceries, I know exactly how much money I have left to spend for the rest of this pay period. With two birthday gifts to buy and a camping trip planned, I know how much I can afford to spend on each.

One of the other great benefits of the habit of paying your bills on payday and buying your gas and groceries for the pay period is that three of my bi-weekly chores/errands are knocked off my list in a single afternoon. I don't have to worry about fitting any of those to-dos into the rest of the pay period. I save money and time!


--by Melissa Tosetti, editor and publisher of Budget Savvy.



*Special thanks to Melissa for taking time to participate in this online book tour.

Here's more tour information: I Can't Afford to Go on a Book Tour, But I'll Travel Online

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Here's how to buy my new book:













@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

I Can't Afford to Go on a Book Tour, But I'll Travel Online

My grand plans of having a multi-city book tour to promote my Frugal Duchess book have been grounded by economic reality. So with help from fellow bloggers, I'm launching an online book tour. The party kicks off later tonight.

Even with my publisher covering most expenses, traveling busts my budget. Hotels, tips, gas, clothes, makeup, etc. are costly. What's more, I've started a new job. My employer has been wonderful, wonderful, wonderful about periodic two-day promotional trips. I'm so grateful for that flexibility.

And in an uncertain job market, I'm not going to risk financial security with an extended six-week national book tour. I like my job; I need that job. And my family needs health insurance. Again: I am so grateful and my parents are so relieved that I am acting sensibly.

But I'm not locking up my childhood dreams of a huge meet-and-greet tour. I am going on a national online tour. Between now and November 15, I'll travel to different blogs across the country. Various bloggers, websites and online publications will host me in different styles.

Some will write book reviews; others will give away my book to their readers or ask me questions during online interviews. On some sites, I will offer a guest post or provide space for other writers to post articles on my blog.

The party kicks off tonight with a guest appearance on this site from the editor of Budget Savvy magazine --an online publication. I'll post a finalized tour schedule by the end of the week.

Thanks to all who have volunteered to help me celebrate. I feel fortunate and blessed.
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Here's how to buy my new book:


@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Monday, October 06, 2008

How to Get Free Entertainment & Free Classes

Public education takes on new meaning at many area stores and community centers. From decorative painting to dance instruction, there are many free classes and events in our neighborhoods. What's more, public libraries offer free fitness, cultural and literary classes at neighborhood branches.

Every month, Whole Foods Market, a national chain, provides free classes on home management, nutrition and health topics. The schedule in my area includes free cooking classes. And for athletes, I found a two-hour free course on the best foods to eat before and after a workout, with information about protein and healthy snacks. To find events near your home, go to www.wholefoodsmarket.com, type in your ZIP Code and review the store calendar.

Many home and decorative stores have a roster of free how-to clinics. Home Depot offers free in-store clinics on fire safety, floor and wall tiling projects and home energy efficiency. Throughout the year, the do-it-yourself, how-to clinics cover decorative painting, appliance installations and other topics. The free clinics are at different locations and the schedule includes craft classes for children. Go online at www.homedepot.com.

Everyone expects the public library to offer free literary programs featuring authors, poets and actors. But beyond those, they also offer a diverse lineup of free classes that include tai chi, flamenco, art and even computer assistance. Class information is online or at the front desk.
To get the most out of community classes, I recommend the following:

• Track down class and registration information at stores and community centers. Find out if you need to bring supplies and materials to class.

• Sign up early: I once tried, but failed to register my children for a free math and science enrichment program at the library. We had waited too long.

• Don't feel obligated to make a purchase: To attract customers, stores now offer a long list of classes on cosmetics, hardware tools and food preparation. But the lessons aren't a bargain if you leave with a shopping bag filled with impulse purchases.
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Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Sunday, October 05, 2008

Please Register to Vote: An Election Reality Check & Weekly Roundup

Are you registered to vote? That question is a popular query in the world of personal finance, where important issues like the economy matter.

Here are a few reality checks about issues that shape our paychecks, plus a roundup of posts from the Frugal Blog Network.

From Paying Off My Future: _VP Debate & Voter Registration

From Get Rich Slowly: Another Frightening Show About the Economy

From Blueprint for Financial Prosperity Please Register to Vote

From CashMoneyLife: The 2008 Financial Crisis - Causes and Effects

From Moolanomy: How To Save Your Home From Foreclosure

From The Digerati Life: 10 Frugal Steps To Help You Survive A Tough Economy

From the Frugal Blog Network:

From Tight Fisted Miser : My Bank Was Bought Out

From Frugal Zeitgeist: The Bad Old Days

From Not Made of Money: home organizing on a budget

From Frugal Babe: The Jogging Stroller as Grocery Getter.

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Here's how to buy my new book:



@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Thursday, October 02, 2008

How the Financial Mess Toys with Our Heads

Sometimes when stressed out about money, I eat lots of gummy bears, skip my gym routine and feel the urge to shop, shop, shop. Fortunately, sanity wins out and I find better outlets for financial anxieties. But it's tempting to get lost in escape fantasies when reality becomes a bear market.

With that in mind, this item from Kiplinger's Personal Finance caught my eye.

"Does a down market mess with our heads? Are we hard-wired to make bad decisions in bad economic times? These are questions senior editor Bob Frick explores in the November issue of Kiplinger’s Personal Finance magazine—on sale October 7th. In an in-depth look at investment psychology, Frick uncovers some surprising truths, including:

· Financial stress puts us in particular danger of making stupid mistakes. You’d think the opposite to be true—that we would get more conservative when we’re feeling pinched. Instead, behavioral studies show that people are often willing to go double or nothing to avoid feeling that they’re losing.

· We are biologically programmed to make poor decisions under stress. Stress hormones affect our brains to make us short-term, impulsive thinkers when financial problems often call for long-term, creative solutions.

· A psychological quirk called recency will can make us more pessimistic. Studies show how heavily influenced we are by events in the recent past when making present-day decisions—for better or for worse. An example: The 1987 market crash and the demise of the dot-coms destroyed investor optimism. But what, in fact, did the future hold for the market? In the year following the bottom of those setbacks, the S&P 500 rose 36.6%.

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Here's how to buy my new book:


@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com