Inexpensive and Thoughtful Valentine’s Gifts For Your Sweetheart

If you’re like most couples, you’re watching your pennies this year and looking for ways to romance your sweetheart on Valentine’s Day without breaking the bank. This list, chosen from a list of 50 ideas from www.smartmarriages.com, will help:

 

# In the morning, tuck a love note in his pocket or her pocketbook or other certain-to-be-found spot. Jot down some meaningful words on a piece of paper – “Can’t wait to wrap my arms around you tonight!”; “What’s for ‘dessert’?”; “You make me happy every day!” – and tuck it in a conspicuous location to be easily discovered during the day.

 

# Pick a few household chores your Valentine usually does and surprise them by doing it before they get a chance, i.e., making the bed. It doesn’t sound romantic, but the thought will most certainly count.

 

# Create a year-long calendar with photos of just the two of you above (top page) each month. Office supply stores will insert the spiral/binding for you.

 

# Leave a note on your mate’s pillow expressing how special you think he/she is. Place a couple of mints on the pillow, too (or a single rose)…all to be discovered at bedtime.

 

# Create an indoor picnic with available props, i.e., picnic tablecloth, paper goods. Share finger foods and favorite treats along with a glass of wine. Spice up “dessert.” Enjoy your picnic on the living room floor or in bed. Play card games, board games, or make up your own.

 

# Decorate a unique-looking jar or box with craft items. Write numerous love notes on small pieces of paper and fill the jar with them. Present the jar to your sweetheart.

 

# Write “I love you because….” notes and insert them into balloons. Blow up the balloons, and spread the balloons throughout your bedroom for your Valentine to pop and capture each message.

 

# Write a “Top 10 Reasons Why I Love You” list.

 

# Present your Valentine IOU coupons: I will make dinner; I will do the laundry; I will take care of the kids one day a month for the next year; I will clean the kitchen for a week; I will serve you breakfast in bed.

 

# When you make that special dinner…Just like when you go to a fancy event and a “dinner menu” is put on each plate describing each food item, do something similar. For example, on your menu, write “Spaghetti & Meatballs, made with passion to be with YOU.” Don’t forget to give your “event” or “restaurant” a name at the top of the menu.

 

# If you don’t have a special sweetheart, focus on bringing a smile or laughter to everyone you come in contact with on Valentine’s Day.

 

See the full list of ideas for inexpensive gifts from www.smartmarriages.com by clicking here.

Could Your Tax Refund Be Costing You Money?

Time Business & Money posted an interesting article earlier this week titled “This Simple Tax Error Is Costing You $2,800”.  The article covers the relevant topic of tax refunds and discusses how having a large tax refund could actually be detrimental.  Read below to review key points of the article, or click here to read the article in its entirety.

Did you know?  Over 68% of Americans prefer to pay more taxes than they owe so they can receive a larger tax refund.

The average tax refund for 2012 was $2,803, which means an overpayment in taxes by about $54 per week per individual.

It seems many people use overpaying into their taxes as a sort of “forced-savings plan”.  Over 2/3 of those who receive a tax refund choose to either save/invest it, or they use it to pay off their debts, rather than simply spending the money.

Unfortunately, nearly 50% of people who pay the correct amount in taxes throughout the year, and thus have more take-home pay, actually end up spending the extra money rather than saving or investing it.

So what is the recommendation?  Pay the correct amount of taxes throughout the year and set up an automatic monthly withdrawal for the additional money.  The funds can either be transferred into a savings account or it can be used to pay down debt.

In a savings account, the money will earn interest, whereas sitting in Uncle Sam's pocket until tax-time earns you nothing.  Also, these funds will be accessible if needed for big expenses or an emergency situation, which will also help to avoid increasing debt (with high interest) to pay for these occurences.

Another option is to transfer the funds to pay down debts, and thus lower interest charges.  This maneuver could actually add up to an average savings of almost $200 a year, which can make a huge difference over time.

Secrets from the Top: How to be Fearless about Money and Life

Earlier this week, Forbes.com published an article titled “6 Leaders Share their Secrets for How to be Fearless about Money and Life”.  After reaching out to several business leaders, including successful entrepreneurs and courageous investors, the authors of this article discovered that much of the leaders’ points of view on money and investing were also reflections of their personal life mantras.  Read below for their 6 tips, or click here if you would like to read the full article.

1.  Don’t let the unknown throw you off your game.

2.  Make sure your passions pay off.

3.  It’s okay to take a risk, it just might be worth it.

4.  Never make uninformed decisions.

5.  Plan early so you can pursue your future with confidence.

6.  Giving back should be part of your plan.

HOW TO: Save Money and Pay Off Debt

By Olivia Sandham

Although the two don’t seem to logically go hand-in-hand, saving money while also paying off debts is certainly possible.  With a few simple adjustments to your lifestyle and budget, you can create a comfortable and debt-free future.

 

The first step to saving while paying off debt could be to create a household budget that trims unnecessary expenses.  This budget will only be feasible if it allows for some discretionary spending to avoid feeling trapped or “broke”.  Examples of areas that could easily be trimmed without too much lifestyle shock include eating out one less night a week, consuming one or two less high-priced beverages (such as cutting back on a latte or cocktail), and switching groceries to generic brands.  Think about how much you could save each week by making these changes, then multiply that by 4-5 times per month!  These small changes can certainly impact the amount of additional money you will have to put toward paying off debts and increasing your savings.

 

The second step to saving while paying off debt is to consider designing a debt payoff strategy that best suits your needs.  Paying off debts utilizing the “snowball” effect is a popular method of paying your debts in a specific order.  You could choose to either 1) Pay off the smallest balance first, which can be motivating in a short period of time because you see the number of debts you owe drop, or 2) Pay off the highest interest rate first, which makes the most sense from a pure financial approach, since you will keep more of your money in the long-term.  Choosing the best debt payoff strategy will be a personal choice so that you find a strategy that you will want to maintain over the long-run.

 

The last step to saving while paying off debts is to build your emergency fund and future investments.  Once you have designed a trimmed budget and chosen your debt strategy, you can plan to have additional money placed into an easy-to-access emergency savings account.  Although this account will not produce much (if any) interest, there will be no penalty for taking the money out should you absolutely need it.  However, once you are able to build your savings to a sufficient amount (three to six months of expenses is typically recommended), you can then start to invest part of your monthly additional money into accounts that will produce higher return rates, such as an investment account or an IRA holding diversified mutual funds.

Credit Card Mistakes to Avoid

Whether due to confusion or carelessness, credit card mistakes are all too common. The fallout can be costly, no matter what the cause. Even a single slip-up can result in higher interest rates, lower credit limits, unwanted fees or dings to a credit score.

New rules put in place by the Credit Card Act of 2009 and the Dodd-Frank Act of 2010 help, as does the formation of the Consumer Financial Protection Bureau, which monitors the credit card industry. But ultimately it’s up to you to use credit wisely.

Take a look at this slideshow on Kiplinger.com to see a detailed explanation on 11 of the most common credit card mistakes and to learn how to avoid making them.  We have also included a simple list below.

1. Paying bills late
2. Bundling balance transfers
3. Making minimum payments
4. Using up all available credit
5. Ignoring monthly statements
6. Racking up foreign transaction fees
7. Taking cash advances
8. Spending to earn rewards
9. Paying excessive annual fees
10. Chasing teaser rates
11. Neglecting credit scores

FIC Double Puzzle

 

Click here to view the Answer Key!

Make Getting into Financial Shape Your New Year's Resolution

By Olivia Maragna

 

One of the most popular New Year's resolutions is to get into shape with an exercise program.  So, why not also apply this to your financial health?  We found these six steps to be motivational toward getting your financial fitness looking better than ever in 2014.  Click here to read the full blog posted on brisbanetimes.com.au

1.  Follow a program - Set yourself a budget and stick to it.

2.  Trimming down - Minimize your debts.

3.  Bulking up - Contribute into retirement funds.

4.  Cross training - Invest in multiple types of retirement accounts.

5.  Injury prevention - Adequately insure yourself.

6.  Endurance training - Prepare your estate to ensure your loved ones are taken care of in the future.