Needs Wanted

May 6 2:32 PM CT
Posted by RogerFChang badge_allstateEmployee
 








There’s something for virtually everyone in this consumeristic society today. Certainly, many of us might have the intent to budget and save money, but it’s incredibly hard to resist the urge to spend when the right item happens to call your name:

 


A vintage copy of Stadium Events for the original NES system?

<nasally laugh>... “000h snapz0rz! 7h1s is 7074L 4w350m3n355 ! 1’v3 b33n l00king f0r this f0r y34rs!”  <snort snort>

 

A slightly-used Titan 1 Missile site?

“Chyeah…duuuude, who doesn’t need one of those?”

 

 The latest in designer-brand fashionista footwear?

“OmGoMgOmG! tHosE R lyke, soOoOooOoO nExT sEasON!!! WhErE oN eARtH dId u fInD tHeM?! I aM lYke, toOoOotuLLy goNnA gEt myslf a pAir aS soOn as dAdDy lyke,  giVez me his creDiT cArd lolololololzzzz xoxoxoxoxo <3 <3 <3 <3 <3”

 

Oftentimes, it can be quite difficult to track all the different places we spend our money on a daily basis, much less weekly or monthly. We’ll spend a few dollars here, a few dollars there, and before we know it, we’ve accumulated quite the tab for ourselves. The commercials and ads all tell us that we absolutely HAVE to have the latest and greatest, or that we’ll never be as hip as the Joneses next door. And with tantalizing offers of “Low interest rates!” or “No money down!”, many of us fall into convoluted agreements or loans that we’re unable to pay off.

 

So how do we mitigate this inherent urge that so many of us have to go out and BUY, BUY, BUY? How do we go about cutting out the extraneous purchases in our lives, and instead spend the money on the things we really need?

 

A common practice that many factor into their budgeting is separating needs from wants. The distinction between the two may sometimes be a little hazy, however. A recent article from Fiscal Fizzle categorized these expenses into 5 different gradients that may be helpful in determining where we should(n’t) spend our money:


  1. Life-and-Death Needs: Includes items without which we cannot maintain life. Examples: Emergency health care, groceries (last time I checked, there was no magic food pill).
  2. Basic Needs: Basic life needs that are “enablers” – in other words, they allow us to perform our other daily duties like working, having kids, and basically “existing.” Examples: Housing payments and maintenance, Automobile expenses, required insurance, basic clothing, taxes (unless you prefer a jail cell).
  3. Extended Needs: Items that are not absolutely required for basic existence, but make life much easier. Examples: A home phone and/or cell phone, non-essential insurance, saving for future needs, payments on loans.
  4. Life Enhancers: Expenses that “make life worth living.” No matter how much money you earn, it’s no fun if you can’t spend at least some of it on things you like and that make life enjoyable. Examples: Entertainment (including cable, movies, dining out ,etc.), travel expenses, non-basic clothing, pets and associated expenses.
  5. Free Spending: Everything else we can blow money on, neither required or necessary to enhance our lives. Examples: Impulse buys, things we never use, mindless entertainment like binge drinking, etc.

(Full article: http://www.fiscalfizzle.com/2009/06/needs-wants-budget/)


As we come to understand more and more about our buying habits, we’ll be better able to anticipate our spending urges, and in turn, we’ll be better equipped to budget for our future…

 

OmgawWwWwwWWwsh iz it BOGO seASon aLreaDY? G2G now ttyl bai! LOLZ



Photo Credit: http://www.flickr.com/photos/lululemonathletica/4309867048/ / CC BY 2.0

 
 

Ate My Heart Out - A Breakup Letter

March 16 11:06 AM CT
Posted by RogerFChang badge_allstateEmployee
 
Choosing to eat in instead of eating out can save us money, but it can also be difficult on our emotions…








Dear Restaurant Industry,

Hello, beloved. Firstly, I want to state that I truly appreciate you, in a way no words could ever adequately describe. In a day and age when true, loyal companions are few and far between, you’ve managed to stick by me through all seasons of my life. We’ve shared a myriad of wonderful times together over the years, magical encounters that have awakened my senses and captivated my soul...

It pains me to say this, but I must be forthright with you. Things have changed. More specifically, I have changed. I’m no longer the same man I once was. My finances have been stretched thin because of our relationship, and I think we both know deep in our hearts, that this can no longer continue. Let’s look at the facts:

•    It costs $25 for a family of four to buy a meal at a typical fast food restaurant. Averaging just two trips per week totals $50; continuing the pattern each week over     the course of a full year comes to $2600
•    A daily fast food lunch runs at least $5; in a typical five day work week, that’s $25. Over the course of a year, this amounts to $1300
•    At mid-priced restaurants, about $40 for a couple is pretty standard. Done weekly over the course of a year, this exceeds $2000. For a family of four it doubles to $4000 - all for one meal a week!
(Statistics taken from http://outofyourrut.com/blog/2010/02/28/how-much-money-can-you-save-by-not-eating-out/ )

I’m sorry, my darling, but I think the facts speak for themselves. My wallet can no longer take the constant barrage of gourmet burgers, rich pastas, or overstuffed pizzas on a nightly basis. I must become my own man, and venture into the realm of <gasp>…cooking for myself. Now, we’ve had our share of ups and downs, and we’ve hurt each other in the past – stingy tipping and food poisoning come to mind – but in the end, we’ve always reconciled and settled our differences. I can only hope that we can still be friends, and that you are gracious enough to understand how I feel.

So farewell, dear friend. I will always remember how good you’ve been to me. Through thick and thin, whether you served up a celebratory juicy, USDA prime steaks with all the trimmings, or consoled me with a reassuring greasy polish sausage, you’ve always seemed to know just what I needed. Know that this is not “good-bye”. This is only…“see you later”. I’ve always loved you, and I always will. You possess a special place in my tummy that no home-cooked meal can ever fill, and nothing can ever take that away from us.

Yours, forever,
Roger Fung-Ming Chang

 

Photo Credit: http://www.flickr.com/photos/wwny/388794197/  /  CC BY 2.0


 

Credit Card Payoff Calculator

March 9 10:16 AM CT
Posted by BenFoster badge_allstateEmployee
Credit Card Payoff Calculator

Credit Card Payoff Calculator – This tool can help you estimate how long it will take to pay off your credit card balance

Credit Card Payoff Calculator – Click Here to download the .xls file

 

 



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Steps: 
  • Step 1 - Enter your current credit card balance:
  • Step 2 - Enter your credit card interest rate:
  • Step 3 - How much can you pay per month?

Results
  • How many months until your credit card is paid off?
  • Total amount paid for credit card debt:
  • Total interest paid



 

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