The ELEMENTS of money

Beyond McDonalds: Summer Jobs

Summer is right around the corner, and that means a chance to work and make some extra money. As for myself, I’m taking the summer off. Long story short: I just found out that one of my investments is paying out this month and it’s enough money to last the entire summer. As a certain baldheaded fat guy once said: WooHoo!

But for the rest of you, well, there’s good news and bad news. The bad news is that job reports indicate that more people than ever are looking for jobs. The good news is that there are jobs out there, but you have to be willing to look beyond the movie theatre of fast food restaurant.

It’s time to get creative.

How about a lifeguard? I have a friend who was a lifeguard every summer and she loved it. It will help you get exercise and you can work on your tan while getting paid. The pay is good and depending on the number of hours worked, you can probably earn enough to carry through the school year, without having to resort to flipping burgers.

Try being a gardener. There’s nothing like being self-employed. The only limit on the amount of money you can earn is how many lawns can you reasonably mow in one day. If mowing lawns isn't your thing, you can help in the garden, trimming and watering. Just like lifeguarding, you’ll get great exercise and stay fit for the coming school year. The best part of this is that once Summer ends, you don’t have to stop working, just reorganize your schedule.

Work in a library. Libraries get pretty busy during the summer, and they typically hire extra help. You might shelve books, work the front counter, read to kids or even clean the facilities. Because a library is a government organization, this experience will look good on a future resume. 

It’s all about retail. Working in your favorite clothing store or video store is more exciting than working in fast food because of the employee discounts. Just be careful not to spend all your money. It kinda defeats the purpose of working in the first place. These types of  jobs are often a stepping stone to higher paying jobs in the retail industry. Who knows, you might even find yourself on the management track.

Well that’s all I have. If you have any ideas of unique summer jobs, let me know so we can share it with others.

Catie

Stuck at Prom

Have you seen the scholarship contest sponsored by Duck Brand Duct Tape? It's called Stuck at Prom and it's a contest for high school students who create a prom outfit made out of duct tape. Every year hundreds of students raid the local Home Depot of its duct tape and start designing. If you're interested for the 2009 scholarship (sorry, the 2008 deadline already passed), you can visit www.stuckatprom.com.

While you're there, vote for your favorite. So far, Adrienne Beiler, of Salisbury, Pa. (shown below), is in first place. She spent over a year designing her dress and accessories. Who knew duct tape could be so stylish? Go Adrienne!

Taking the Bite Out of Pet Expenses

I was on my never-ending quest for money topics when I stumbled on the subject of pet expenses. I thought that was really interesting because taking care of a pet costs money, but I'm not sure many people create a budget for their pets.

One statistic I recently read was that it costs about $13,000 to take care of a dog for its entire life.  This includes food, vet bills and other stuff like toys, clothes and collars. That's a pretty big financial commitment, especially if you didn't budget for it. So how can you keep pet expenses from getting out of control? Here are a few hints:

Give Clifford a bath yourself. Skip the dog groomer. Even a chihuahua pup can cost $30 or more. Instead, buy professional dog shampoo, fill a tub with warm water and start scrubbing. Not only will you save money, but you'll get to spend some quality time with your pet.

Take your pet to the vet for regular exams. Just like a person, it's always better to detect any health problems  or diseases before they get out of control. By catching something early, your pet has a better chance of fighting it and, of course, it'll be cheaper in the long run.

Consider pet insurance. With vet costs increasing every year, it might make sense to purchase insurance for your pet. For $15 - $20 a month, you can get all the proper vaccinations and exams your pet will need each year ... and they'll be covered if something major goes wrong. But before you sign anything, be sure you understand what is covered.

Buy pet food in bulk. If you find yourself going to the grocery store every week for a new bag of Monkey Chow, you might be spending too much money. By buying larger quantities (preferably in a pet superstore or membership warehouse store like Costco), you'll cut your pet food bill dramatically. (Hint: don't buy pet food from a vet, they totally mark the price up.)

Get an "inexpensive" pet. Dogs are probably the most expensive pet to take care of. Other pets such as cats, rats and snakes costs less, unless of course you own an anaconda that has to be fed a wild pig every few months.

Avoid doggy bling. To really cut down on your pet expenses, scale back on non-essential items like toys,  gourmet treats, and silly clothes that your pet probably hates anyways. You can make some toys yourself (got any old shoes?). Cat tease toys are really easy. Just be careful that the toys you make aren't a danger to your pet.

Put money away for pet emergencies. If you have a pet, it's important that you're ready for anything that might happen. Remember, your pet is counting on you to take care of him or her. That's why it makes sense to put money aside to pay for unexpected expenses.

That's all for  now. If you find that you seriously can't afford to take care of your pet, be responsible. Try to work it out or ask for help. Whatever you do, don't abandon your pet. Call a shelter or rescue center only when all your other options are exhausted.

Catie

Up, Up and Away

Keeping with my theme of financial misfortune (see my 3/14 post), I wanted to quickly share another story I just read. This story takes place in London and it starts off like a Hollywood romance movie. A couple had been dating and the guy wanted to ask his girlfriend to marry him. So far pretty normal. He wanted to propose in a creative way so he bought a $12,000 engagement ring and put it in a helium balloon. His plan was to give his girlfriend the balloon and have her pop it (get it ... "pop the question"). When he left the jewelry store with his new balloon and $12,000 ring, a gust of wind blew the balloon out of his hands and before you can say "I do" the balloon was floating off. He tried chasing it, but quickly realized that he couldn't fly. The guy at the jewelry store really should have tied the balloon around his wrist like my mom used to do for me at Disneyland. I saved many a balloons that way.

What happened to the happy couple? As of this post, his girlfriend refuses to talk to him until he buys her a new ring.

So what's the moral of this story? Well besides the lesson on spending $12,000 for a ring (waaaay too much $$$), there really isn't any. I just thought it was funny.

Catie

Rats!

So I was "researching" on the web last night (and by researching I mean wasting time), when I found a story that kinda mad me laugh and cry at the same time. Now this is a true story. I'm not making this up and it was reported in a number of real news websites. The article was about a farmer who didn't trust banks (or anyone else for that matter), so he was hiding all his money in a bale of hay. He had saved about $12,000 and didn't want to keep the money in his house because he was afraid it would burn down. His friends tried to convince him to put the money in a bank, but he refused to listen to anyone.

I'm sure you know that this story isn't going to end well. So guess what happened to the money ... his life savings? It was eaten by rats! Not all of it, but about $4,000, chewed by pesky varmints. Now like I said, it is  kinda funny, but it's sad that this guy lost a part of his life savings.

If there is anything we can learn from this situation, it's that if you don't trust a bank, and you're afraid to keep money in your home, there's really only one alternative ... your credit union. I can honestly say that I've NEVER heard of a single credit union member lose their money because rats ate their cash. Not only do credit unions pay great interest, they're pretty clean too!

Catie

Playing Hide and Seek with Hidden Fees

There's probably no better way to save money than by getting rid of all the extra (hidden) fees that companies charge you. One statistic I recently heard was that Americans spend about $215 billion on hidden fees each year. For those of you math fans out there, that averages out to $750 PER PERSON. That's some serious green. I'd like to have my $750 back now please.

Like most things, the first step is to find out who's charging you a fee and see what you can do to reduce it or get rid of it. Here are some of the more typical fees:

Late Penalties - These types of fees can apply to nearly anything: if you're late returning a video, your cell phone payment is late, or if you don't make a credit card payment on time. Late credit card payments can be especially vicious — some companies charge up to $39 per late payment. Be aware of these types of payments BEFORE you apply, but more importantly, make your payments on time! Another thing about late payments is that some companies will raise your interest rate if you're late on a payment ... even if you were late with another company. Is that legal? You'll have to check out the contract you signed when you applied for the credit card to find out.

Cell Phone Charges - I'm sure everyone's seen their cell phone bill get hit with a fee. Cell phone companies are notorious for having crazy fees for nearly everything. The biggest culprit? Fees for using too many minutes (or text messaging). I was hit really hard once for sending too many text messages. I was charged an extra $50 one month, before I had to bump up my service, now all is well.

Before you sign a contract, understand what you can and can't do, and make sure you have a plan that covers the amount of minutes and text messages you'll need. If you do end up bumping up your plan after a bad month, ask them if they can credit your account for the fee they charged you. I did this and  was credit 50% of the fee.

Old Gift Cards - I love getting gift cards. It's the only way to get gifts that I won't have to return (sorry, dad). Unfortunately, some gift cards actually expire. And once they expire, you can't use them, or a monthly fee may be deducted from your available balance. Check for expiration dates as soon as you receive a gift card, and be sure to use it before it expires.

That's all I have for now. Good luck avoiding fees.

Catie

Where's MY rebate check???

I just read that the government is going to send tax rebate checks to most every Americans who files a tax return for 2007. According to MSNBC:

"Congress and the White House forged a deal Thursday to begin rushing tax rebates of $600 to $1,200 to most tax filers by spring, hoping they will spend the money just as quickly and jolt the ailing economy to life. Rebates would be even higher for families with children."

I heard that families will get an extra $300 per kid. Sweet. So my question to you is, if you receive a rebate check, how would you spend it? Would you be a patriotic American and spend the money on something crazy, or will you spend a little and save a little? How about paying off a credit card?

And if you're under 18 and live with your parents, how many of you would actually ask your mom or dad for your cut? Fair is fair, right?

So there you go, let me know what you would do.

Oh, by the way, I will probably use a bit to pay off a credit card and maybe think about buying a new cell phone.

Catie

Can you hear me now?

So I'm considering switching phone companies when my contract expires in a few months. I won't tell you who I currently use, but let's just say that I'm less than happy with the service I've been receiving. And on top of everything else, I think I'm paying too much money. When I compare my cell phone bill to my friends, it always seems like mine is the highest.

I've been researching different companies and even looked at Consumer Reports for advice on choosing a carrier. Here's what I've learned in the past few days:

1. Yes, it's possible to own a cell phone and not starve because you have no money. I thought I was stuck paying crazy fees for the rest of my life. It turns out that if I get rid of my current service, I'll actually pay less each month. I was locked into a pretty high service. Now I know better.

2. Find out what carrier your family and friends use. Most likely, you can call them for free if you are all on the same carrier. For example, if my mom and my best friend are on Sprint, there is no charge to call them. But if mom is on AT&T, my friend is on Verizon and I'm on Sprint, the minutes will start adding up ... fast!

3. Get a text messaging package if possible. I started with the minimum text messages available (something ridiculous like 100 per month) and had to pay an arm and a leg for all the extra messages. I had to increase my available texts.

4. Research. Seriously, I was surprised at how different the major companies were. I always thought that they were all pretty much the same, but now I realize that each company has its pros and cons. For instance, some companies start their anytime minutes later than others. This can be a deal-breaker if you typically talk pretty early.

5. Read your contract before signing. Don't be in a hurry to sign anything just to get out the door and start using your iPhone (or any phone for that matter). Most contracts are for two years and that's a long time when you're talking about cell phones. If you're not sure, ask someone you trust to explain exactly what it is you're signing.

That's about it for now. Sorry I haven't posted in a while. School is kicking my butt and my free time has dwindled down to zero. I'll get better, I promise.

Catie

Second Life Banking - R.I.P.

In one of my past posts, I wrote about how virtual banks we're ripping people off in Second Life. Basically, they we're advertising incredible rates on savings accounts ... rates you could never get in the real world. The  hitch was that only Lindens were accepted. Well guess what ... these virtual banks failed and people lost millions of dollars. We're talking real money, not some play Monopoly dollars. Well after receiving multiple complaints by SL residents scammed by bank operators, the people who created SL, Linden Labs, just announced that virtual banking within SL is to be banned effective January 22 .

Hooray!

This is good news for people in SL, but I'm sure scammers will just try to rip people off in other ways. They always do. If I've said it once, I've said it a million times ... if you want to keep your money safe AND earn interest, keep your money in a credit union account.

see ya!

Catie

Holiday Gift Card Safety

So why am I posting on the eve of Christmas eve? Well, I've been busy with the holidays, and to be quite honest, this is the first time I've had to actually sit down long enough to write something. I actually thought when school finished, I'd have loads of free time, but it turns out that all this other stuff had been piling up.

Anyway, I just finished wrapping all my gifts and I'm pretty proud that I stayed within my budget! I started shopping pretty early this year, so I was able to take advantage of sales and avoid the typical chaos that ensues.

Unfortunately, I'm sure there will be plenty of people doing last minute shopping in the morning. And a majority of last-minute shoppers typically choose the easiest gift of all ... A Gift Card.

After all, gift cards are quick and easy. However, when you're buying gift cards, there are a few things to keep in mind to make sure your card isn't a dud.

1. When you buy a gift card, make sure the security code is concealed and hasn't been tampered with.
2. Once you buy the card, immediately ask the cashier to show you the balance. This will make sure that money has been applied.
3. Save the receipt, or give it to the recipient. If the card is drained before using it, you may be able to get a refund.

That's it for tonight. Just a few quick tips. Hope everyone has a great holiday.

Catie