The economy, recession, and Wall Street are all words that you’re probably sick of hearing, I know I am! If you are employed, you might be worried about losing your job, and if you’re unemployed you are trying to figure out how to make extra money while in between jobs. This current economic state is enough to stress everyone out as we all figure out how to get by. When I was younger my mother always taught me to never just depend on one source of income, I didn’t get it then, but boy do I get it now. Below are a few ways to get your hustle on in the recession.

1. Clean the Clutter! Yes, I know the online consumer run sites like EBay and Craigslist can be time consuming, however don’t count them out.  If you pick just two hours out of the week to clean your house/apt./room there is almost a guarantee that you will find something valuable that is no longer of use to you.  Electronics and furniture are big ticket sellers, and will certainly put extra cash in your pocket.
2. Be creative! If you were the shining star in Ms. Johnsons fourth grade art class (ok maybe that was me) or if you’re just extremely creative in general, sell your crafts! Websites like Handmade, Etsy, Fusion, and iCraft allow you to upload and sell your creations online.
3. Babysitting! With so much new free time on your hands (if you’re unemployed)  what better way to make easy money than babysitting for your loved ones, neighbors, or friends for a couple hours during the week? The best thing about babysitting is that you can give the kids back.   Most parents pay $20-$150 for babysitters to watch their kids for 2-5 hours.
4. Blog for Cash! New Media has been taking over corporate America for the last 10 years.  Many companies are hiring recent graduates to set up official blogs, facebook, and twitter sites to help market their products.  Make sure to include your technology savvy on your resume!  If you see a company without a blog who could really use one, call them up and offer your services (no really!).
5. Online Surveys! Ok, I admit surveys are absolutely no fun at all. However, filling out surveys for research corporations is one of the easiest ways to make money. While completing these surveys for cash will not exactly make you a millionaire, it will put a little extra money in your pocket.

Most importantly, put yourself and your talents out there, no time to be shy, it is the recession after all!

Mia

“It’s the most wonderful time of the year…” or at least it used to be, but it’s hard to tell with a flat economy and unemployment on the rise. Christmas shopping for most will certainly not be what it’s been during previous years. Consumers have to be cautious of their budgets and focus on getting needs and not wants in these hard times. However, it’s important to not let the Scrooge (economy) steal you’re Christmas spirit. Below are five helpful tips to shopping during the recession:

1. Have a “Shopping Account”: One of the biggest mistakes most people make every year is overspending. Instead of taking all your credit cards and having a large amount of money in your debit accounts; limit yourself. Take only the credit card(s) that you will not be able to max out. If you walk in with a limited budget you can’t go deeper into debt.
2. Shop Online: This is a great way to save money! Retailers offer their internet customers free shopping and handling charges during the holiday season. Many retailers also have special coupons and sales that last throughout the holidays. You’ll also be saving on gas, money, and most importantly time!
3. Go Alone: I have always made it my priority to never do Christmas shopping with friends/family. Studies show that shopping in groups persuades many to spend more than they usually would. Go shopping alone, with a set purpose, and you’ll come out with a smile.
4. Making a List…: Another mistake that most consumers make is going holiday shopping without a Christmas list. Instead of just wondering around the store/mall, decide before hand what you’ll be purchasing for your loved ones. Without a list, it’s too easy to buy things you don’t really need or spend more than you intended. Make a list, check it twice, and stick to it like white on rice!
5. Shop Smart: The most important thing to remember during times like these is to shop smart. Instead of purchasing gifts just because, buy things that your friends and family members can really use. Shop around for the best deals, negotiate with the retailers, and think before you swipe.

Good luck out there!

~Mia

Although we’re not officially in a “recession” it sure does feel like it. Gas prices are going up and down, the costs of groceries are higher than ever, and most people are too scared to check their 401k. Fortune 500 companies like Yahoo!, Google, and Lehman Brothers are laying their employees off left and right. Pundits on cable news shows warn us everyday of the failing economy and how it’s only going to get worse. In the meantime what exactly are we (the middle class) supposed to do to keep our head above water until things get better again? How do we prepare ourselves and our finances for the hard times ahead?

1. First and most important, is Job Security!  There is always a huge possibility that you can lose your job. Companies often times choose to cut back on operations when profit and sales lag, and employees are the first to go. It’s always good to be prepared, if you’re not 100% sure, put your resume out there. A great new site, Uboast.com allows you to market yourself through video resumes and personal profiles. Invest in yourself, you’d rather be safe than sorry!

2. Restructure your budget. Pulling back on your daily and monthly spending is a necessity. Cut out any unnecessary spending and start concentrating on your emergency fund. If anything were to happen, it’s nice to have a fund that you can count on to get you through at least 3-6 months of unemployment. If you don’t have an emergency fund, start one immediately!

3. Clean up your balance sheet.  Do not charge bills and shift payments during a recession, if you do, you’re heading for financial turmoil. The worse off the economy is doing, the higher your minimum payment will be on your credit card. If the interest on your credit card is high, consider shopping for a low interest rate that will allow you to switch your balance over.

4. Shop Smarter.  Although you should always shop smart, during a recession never spend more than you have to. Instead of throwing your neighborhood circulars away look through them carefully. Concentrate on finding good deals in your local grocery stores, dry cleaners, and surrounding businesses.

5. Consider All of Your Skills. Many of us get so caught up in our 9-5 jobs that we sometimes forget how much we have to offer in other fields. If you have other passions like writing, teaching, art, and music, explore them! There’s nothing like getting paid a little extra money for doing something you love.

Lastly, don’t be scared! Remember, history always repeats itself.  In recent times, the U.S. went through a recession in 1973, 1980, and 1991. Yes recessions do happen they’re painful, unfortunate, and tend to make people lose faith; however when they’re over, strong periods of growth and expansion arise. Keep the Faith!

~Mia

One of the first lessons my parents taught me when I moved out on my own was to pay my bills on time. I must admit I now dread going to the mailbox since I’m fully aware that numerous bills are waiting with my name on it. However, I’d rather pay them than face the humiliation of bill collectors, notices, and even being arrested.

I couldn’t help but laugh to myself when I came across this news story, “Women Arrested for Failing to pay Library Bill on Time.” Most people stress over the rent, phone, cable, internet, car note, or other significant bills, the library bill is usually the least of anyone’s worries. However, we are in a recession (well I think so anyway) and people want their money and they want it on time even the library.

Heidi Dalibor was arrested in Grafton Wisconsin last week after she failed to return her library books, “Angels and Demons” and “White Oleander” that she took out last year.

Dalibor did not respond to four notices from the library, two phone calls and two letters. The library forwarded the case to police, who issued a citation for Dalibor’s failure to return the materials or pay the fine. The citation included a court date, which Dalibor admits she ignored. With arrest warrant in hand, police showed up at Dalibor’s door and led her away in handcuffs. While the police have been criticized for going so far, the police chief said they simply followed the law.

In my opinion this could have all been avoided by simply returning the books on time or paying the required fine. What the article doesn’t tell you is that Ms.Dailbor owed the library $32.00 in fines, and $172.00 for the few hours of jail time. She paid a grand total of 204.00, spent time in jail, and suffered complete humiliation all for not paying her bill on time.

Is it really worth it? I think not.

Moral of the story: Pay your bills on time, and if you can’t afford to, pick up the phone and work out a payment plan!

Confession: I just paid my $12.00 fine I owed to the library, no jail time for me!

~Mia

I learned a huge lesson recently about the importance of knowing your credit score when I went to purchase a new car. I hadn’t checked my score in months, but I thought to myself with confidence it would be a great score since I always pay my bills on time. When my father and I sat down with the financial director he gave us an absolutely obscene interest rate, and then looked at my father and said, “Have you seen her credit score?”

I was shocked, although it wasn’t incredibly low, the score had dropped immensely and I couldn’t figure out why. I examined the credit report closely and noticed two huge mistakes that were supposed to have been fixed months prior. With a few phone calls and lots of persuading I got the right interest rate, but that could have all been avoided if I would have checked my credit report before hand.

I’m sure you’re all aware that having good credit is valuable, especially in this declining economy. When you have good credit you are able to get loans approved, buy cars, own homes, and so forth.

According to the credit bureau an estimated 50 to 70 percent of information found on the majority of credit reports is either incorrect or outdated. Although credit bureaus collect the information, they are not required to check for accuracy.

The Washington Post recommends the following tips for checking your credit report:
• Order your credit report from each of the three major credit bureaus – Equifax, TransUnion, and Experian. Three credit bureaus means three different credit reports.
• Check each one carefully. The credit bureaus don’t always report the same information.
• Make a different folder for each credit report. Staying organized will make the process much easier.
• Be patient and thorough. Highlight any mistakes you find. Even one error can cause you to be denied credit in the future.
• Highlight any information that looks suspicious or unfamiliar. Remember, you are also checking for signs of identity theft.
• Check all dates very carefully. Even negative information can be removed if it is out of date.
• Make sure the accounts listed actually are yours.
• Take your time. Work on your credit reports a little at a time in order to minimize frustration.

How Long Can Information Stay On Your Credit Report

Accounts in good standing: 10 years
Late or missed payments: 7 years
Collections: 7 years
Judgments: 7 years
Bankruptcies: 10 years
Credit inquiries: 2 years
Tax liens: indefinite

How Can You Obtain Your Credit Report?

Equifax
P.O. Box 740241
Atlanta, GA 30374
1-800-685-1111
Equifax.com

TransUnion
P.O. Box 2000
Chester, PA 19022
1-800-888-4213
TransUnion.com

Experian
P.O. Box 9556
Allen, TX 75013
1-888-EXPERIAN
Experian.com

Remember, your credit is your future!

-Mia

You may have seen her on Oprah, or you may have read one of her earlier books: The Money Book for the Young, Fabulous and Broke and The 9 Steps to Financial Freedom, just to name a few. In case you haven’t, Suze Orman has continued to enlighten millions of women through her books, online columns, motivational speaking, and television and radio show. In her newest book, Women and Money, Orman shares the humble beginnings of a Suze very contrary to the Suze Orman we know today: the embarrassment of a speech impediment that restricted her to the bottom of her class and haunted her until she left college prematurely because of an unfulfilled language class requirement. While working as a waitress she later conquered her fear and earned her degree. With dreams of starting her own business, after asking her parents who could not help her financially, she lost a $50,000 investment under faulty advice. With a new fire of determination, she started working the very same establishment where she lost her money and sued them. Consistent with her teaching, Suze Orman has “[rewritten] the story history has handed [her]” (28).

Through Women and Money, Orman teaches Finances 101, not only enlightening women about their financial matters but also empowering them to take control of their finances. Orman first exterminates destructive attitudes and practices that women are guilty of, for example, always putting others before themselves. Historically women have maintained a passive relationship with money, but in a time when single mothers, divorces and widows prevail, it is essential for women to assert power in their own finances. She then instills the attitude of a wealthy woman, listing 8 qualities every wealthy woman displays: “A wealthy woman absolutely has money, but she also has happiness, courage, balance, and harmony. A wealthy woman is generous, clean, wise, and therefore beautiful” (45).

With the 5-month Save Yourself Plan Orman assigns hands-on exercises that should not only help you steer your current financial situation in the right direction but will also provide damage control for what is to come. While it may not all seem immediately relevant to those of us without homes and children, it is great to become familiar with the information and prepared for when the time does arise. Not only does she give great recommendations of where to seek guidance, like bankrate.com, she also provides supplemental information on her website for those at the head of the class.

Although Orman delicately explains each topic, she certainly uses tough love, sternly emphasizing the importance of the lesson. She acknowledges that financial repair is neither easy nor instantaneous. She holds your hand through the first steps and equips you with a final review before pushing you off into the ultimate test of applying the lessons to achieve financial prowess.

Suze in many ways is right, not all women, but most women do tend to have a dysfunctional relationship when it comes to dealing with their money. I finished this book with a clearer understanding of why myself and many of my friends need to manage our financial responsibilities in a whole new way. Below are important tips that Suze gives readers to help them have a better relationship with their money;

1. Know Your Worth!

Being overworked and underpaid is not acceptable for anyone. Ms. Orman points out that woman tend to ask and receive much less than men do in salary requirements. She advises that you consistently keep up a list of all the accomplishments you’ve made at work and present them to your boss every year. It’s important that you are not afraid to speak up and know what your time and efforts are worth.

2. Cleanliness

Ms. Orman notes; “When you don’t know where your money is,” she notes, “when you have no filing system for your important documents, when you dive into your pocketbook to pull out crumpled bills, when your car looks like a garbage can, when your closets are filled with junk and clutter — I’m sorry, but you cannot possibly be a wealthy woman.” Ladies keep your money organized, have a file for every bill and document!

3. Save Yourself Plan

The “Save Yourself Plan” is a step-by-step plan of managing the financial basics of everyday life such as checking and savings accounts, must have documents, credit cards and credit scores and protecting your family and home. Ms.Orman emphasizes that it is important that you at least know how to do the basics of financial responsibilities yourself.

4. Get Rid of the “Bag Lady Syndrome!”

Ms. Orman points out that “more than 50 percent” of women suffer from “Bag Lady Syndrome,” a growing fear that one day they will end up homeless and are giving away their services at a discounted rate. The Bag Lady Syndrome includes a list of “uncomfortably familiar” scenarios of women asking for less than they deserve such as: the corporate executive who accepts a 3 percent raise when she deserves at least double that or the professional who bargains her own services for someone else’s services she doesn’t really need because she is afraid of hurting that persons feelings.

5. The 8 Qualities of a Wealth Woman

The most important lesson Ms.Orman gives in the book is for women to remember to apply eight specific qualities when it comes to dealing with their personal finances; again they are: Harmony, Balance, Courage, Generosity, Happiness, Wisdom, Beauty, and Cleanliness. If you remember these eight qualities along with the other tips above your financial future will be guaranteed to be bright!

-Lady D & Mia

(read number 3)

I remember the day I graduated like it was yesterday, the sun was shining, the birds were chirping, and I couldn’t stop smiling, until I got home that is. Lying on my kitchen table was a letter from my student loan company informing me that in 6 months I would have to start paying back thousands of dollars, ouch.

Forty years ago our parents were concerned with Vietnam, politics, the disco era, and taking over the world in their perspective fields. Worrying about student loans and having good credit after graduating college was not a major concern for them.

Many young people in their 20’s are faced with $20,000-$100,000 in debt upon graduating from undergrad.” This debt-for-diploma system is strangling our young people right when they’re starting out in life,” says Tamara Draut, author of Strapped: Why America’s 20- and 30- Somethings Can’t Get Ahead. “It’s creating a sense of futility that no matter what they do, they’re not going to be able to get ahead. It’s a sense of hopelessness.”

Trust me, like most of you I was freaking out when I received my first student loan bill. Staring at that huge amount of money that had to be paid back with my name on it almost gave me an anxiety attack, it was too much. Instead of completely freaking out I took a deep breath and did some research on ways to pay off my debt. Here are some helpful steps I learned:

Pay off your credit cards, first

I know it’s hard to believe, but paying off your education should not be number one on your priority list when it comes to your personal finances. Credit cards accumulate 15% to 20% in interest rates, so the sooner you pay down the higher interest the more money you save.

Consolidate!

Instead of paying 2 to 5 different student loan bills every month, consolidate them all into one. By doing this you can have one low interest rate and rid your self of a huge headache every month.

Make a Decision

Many recent graduates go back and forth on whether they should start paying off their student loan bills right away. The best thing you can do is make a decision as soon as possible. Develop a pay off schedule or defer your loans right after graduation. Whatever you do, it’s important not to stall!

Set Aside Money

If you do decide to defer your payments, set aside a small amount of money each month as if you are paying a student loan bill. Knowing that you have a student loan stash saved away will help you feel more in control of your financial status.

It’s your future

Most importantly remember to take your student loan repayments seriously. The longer you put it off, the more it will effect your life in many ways. Whether it’s buying a car, buying a home, obtaining credit cards, etc, you must pay these loans back as soon as possible.

If you want more information on how to pay off your student loans, check out the book Zero Debt by Lynnette Khalfani.

How many times have you heard the phrase “I can have it all and more”? I don’t know about you, but I’ve been hearing that since birth and frankly it’s just not true, at least not yet.

Here’s the truth, like many of you, I absolutely love to have the finer things in life. Well I did before I graduated from college and entered the real world that is! While still on my parents’ dime, you would never catch me walking around with a basic MP3 player instead of Apple’s I-pod. No fake name brands, fake anything, you get my drift. However, I realized once I was out on my own that it was time to make a change when it came to my finances. I have five helpful tips for you SASSY readers that will help you begin to change the way you think about money.

1. Know the difference between wanting and needing an item.

In today’s world, it is so easy to get caught up in material things. But the simpler things in life costs as well. An example of this would be the world’s most famous coffee café, Starbucks. I’m sure many of you out there love the Starbucks brand and probably have spent thousands of dollars at the popular coffee shop over the years. A cup of Starbucks coffee cost anywhere from $4.00-$7.00. Now just think of how much money you would be saving if you made your own coffee at home or had the coffee your work place provides. It may not taste as great as Starbucks, but in the end you are saving yourself lots of money.

2. If it’s the latest gadget and you have to have it, SAVE for it.

Like many people across the country and world, I was beyond happy when Apple creator, Steve Jobs, announced this past summer they were coming out with the critically acclaimed i-phone. However, I was shocked when I heard the price was $600.00. There was no way I could afford to purchase a phone that expensive. I decided to save for it, and I made the right choice. Four months later I paid $299.00 for my new i-phone and still had $300.00 to keep for myself.

3. Start a money journal to see how much you spend on basic things.
You’d be surprised to see how much money you spend on basic everyday needs. Whether you are doing grocery shopping, taking your clothes to the dry cleaners or even buying fruit, remember to write it all down! By keeping a money journal you are keeping track of all of your finances big and small.

4. Work on not spending outside of your budget.

Setting a monthly budget for yourself is essential to making your finances work for you and not against you. You should have a spending limit for everything, including groceries, clothes shopping, necessities, etc. Now that you have a budget, it is imperative that you actually stick to it.

5. Stop caring about others feelings and consider what’s best for you (and your budget).

I know this is a hard one, but many of us get caught up in what our friends and relatives think about us all the time. When it comes to your money, remember just that, it is your money and you have the right to decide what you do and do not want to spend it on. Do your best to be smart and not get caught up in the idea of trying to impress others by purchasing items that your budget will not allow.

Overall, it is important to learn how to say no period. In the long run you will be saving yourself a lot of money and investing in your future.

~Mia