Life Today For Women

U.S. News online recently published an article entitled “15 Things You Shouldn’t be Paying For.” After reading this article, I started thinking about some of the ways we really do waste our money because we don’t take the time to think about alternatives or, perhaps, choose not to spend some time to save. Without rehashing the entire article, I thought it would be useful to expand on some of the useful points it made and perhaps add some new ideas for those still feeling the effects of today’s sluggish economy.

1.         Credit Report Paying for a copy of your credit report is, definitely, something you should not need to do. As the U.S. News article suggested, you can sign up for a free trial with a credit monitoring service online and just cancel before the free trial expires. Besides this, many individuals do not know that the Fair Credit Reporting Act (FCRA) allows individuals to obtain a free copy of their credit report if you are denied credit and/or financing, are unemployed or on welfare. You are permitted one credit report every twelve months. Under one of these circumstances, you can obtain a copy of your free FCRA report by visiting www.annualcreditreport.com or www.experian.com/reportaccess. You may also be able to mail in a written request, but be sure to contact one of the credit reporting agencies first to obtain instructions.

2.         Movies & Video Games This is one area that still perplexes me when I think about it, in particular movies and video games. I have wondered how local movie stores, such as Blockbuster, continue to stay in business when there are hundreds of movies and video games for rent at no cost by visiting a local library. As a bonus, you can often rent a movie or video game for 7 days with the option to renew, again, at no cost. Isn’t this better than stressing over returning a movie within the 2-day time period the movie stores allot? And, if you happen to forget, you are charged late fees that could likely have rented another movie or game. This suggestion is not made with the intent to harm any company’s movie rental business, but it is intended to get individuals think about alternatives. Although you probably won’t find the latest new release at the library, you may be pleasantly surprised at some of the fairly recent titles available. If you have a little patience and want to save a bundle, this is the route to go.

            Another possibility is to swap movies and video games you own with friends and family. This can give you a good mix of possibilities without spending the extra dollar. It can also provide some good conversation pieces after you’ve both tested out your latest game or watched the same movie. Finally, as the U.S. News article suggested, you can also rent DVDs from RedBox locations for one dollar and even avoid that $1 charge by obtaining coupon codes online. One such source is www.insideredbox.com. I have seen RedBox rental stations in a variety of stores, such as Wal-Mart and Meijer. For those antsy to actually rent a movie, $1 is certainly better than $5.

3.         Books This will be my last stop for this particular article, but oh such an important one. Similar to movies and video games, the U.S. News article sent the reminder that you can get books from the library. That sounds silly to even write, but with the enormous industry surrounding book purchases, consumers must need the reminder. I know I do. When I am looking for a book on a particular topic, I usually (out of habit) head online to Amazon. What I should do is, first, check my local library’s database to see if they hold a book that will meet my needs. Even though I always purchase the used book, I would much rather get the information I need without spending anything, wouldn’t you?

There are so many other great ways to save money, but these are a great place to start. So, next time you are standing in the check-out line to rent a movie or need a copy of your credit report, remember these tips. Bad habits can be hard to break, but if it means saving a few bucks, we should at least try!

As it does, life gets busy and we may turn into survival mode. For me, my survival instincts from a hectic schedule have in the past resulted in my becoming less aware of my budget and saving goals, more willing to delegate tasks to others for a “small price tag” and splurge a bit in the spending area—all motivated by the desire to check one more thing off my growing to-do list. Now, don’t get me wrong. There are times when we are fully justified in delegating a task to a professional, such as car repairs or complex tailoring. Me attempting to repair my alternator, for instance, would certainly be a waste of money and time spent more wisely on something else. I am not a mechanic.

The same is the case for perhaps taking in a suit for a better fit. I am far from a professional tailor, so the money spent to purchase the suit originally would most definitely be wasted should I attempt to tailor it down the road. The reality is that the suit would more likely than not be ruined. However, this is not to say that I cannot watch my spending in these areas along with others. It is about taking the time to think about how best to spend our money and to avoid extra costs when there are other alternatives. Here are some areas to consider, along with some specific ways you may be throwing away money in an attempt to get it done quickly and conveniently.

Your Car

1.         Oil Changes & Repairs–Where to Go? If you are like many, you may have already wasted some money when you purchased your car due to poor negotiating skills. Even if you did get a terrific deal, the last thing anyone wants to do is waste even more money on repairs and maintenance. Oil changes are one of the most important and regular cost of car maintenance and keeping up on your oil changes can save money in gas expenses. However, don’t be tricked into thinking you must get your oil changes performed at a dealership. Unless oil changes were included with your car package, it is often more economical to find a smaller, local mechanic to change your oil and perform other repairs as needed. The oil quality is the same whether you are at a dealership or a smaller shop.

2.         Oil Changes & Repairs—Special Offers. Further, look for discounts and coupons in your local paper or online. Why spend $29 for an oil change when you could have only spent $21, or even less. It all adds up. Finally, don’t be duped into agreeing to every “suggestion” they may offer. I fell into this trap a couple years ago and ended up spending close to $50 on “suggestions” when all I really wanted (and probably needed) was a simple oil change.

3.         New Tires v. Used Tires. Quality tires on your vehicle are definitely important for safety reasons, along with improving gas efficiency. What you may not need, though, is a complete set of new tires. There is no existing “car rule” against upgrading to better quality tires with a used set. Find someone you trust to help you select quality used tires and get them properly mounted and balanced.

4.         Flat Tires. Do you have a flat tire? Well, you may be surprised to learn that you may not actually need to replace the entire tire. If the flat was caused by a nail or similar object, be sure to ask if the tire could be patched up instead. This may save you quite a bit as compared to purchasing a new tire.

5.         Cleaning & Detailing. Unless you are trying to sell your vehicle, getting it detailed is most likely a waste of money. Spend some time cleaning it yourself. Get a vacuum, shampoo cleaner and other necessary cleaning supplies. With a little effort, you can have your car looking like it just left the dealership’s detailing center without the heavy expense. If it is the rare occasion detailing is justified, be sure to at least check into special offers, coupons and discounts. Chances are high that a dealership is not the most affordable option in this case.

Shopping

6.         Without a List. This is dangerous territory! Never shop without a list. I repeat—never shop without a list. If you dare, you are at great risk of overspending or forgetting something you need. Both contribute to spending more than you either have or needed to spend in the first place. Let’s look at the two scenarios.

How many times have you told yourself you needed to “stop in” a certain store for a “few items,” only to end up browsing the store for a good hour and leaving with a lot more than a few items. Like many, you may have purchased items you didn’t even know you needed before you entered the store. First, you probably ended up with the items not because you needed them but more because you wanted then as soon as you laid eyes on them. It is usually not difficult to convince ourselves why we need something if the want is strong enough.

Another result of shopping without a list is forgetting something we originally went to the store to purchase. I have done this myself and ended up spending more on an item than I should have, just because I forgot to get it. Does this sound familiar? You need bananas, bread, milk and cheese. You “stop in” to your local grocery store where you know the items are priced the lowest, but you go without a list because it’s “only a few items.” (Quoting myself!) But, while shopping, you are also trying to explain to your kids why you are not going to purchase the cookies you passed on the way to the cheese. Next thing you know, you are home and realize you forgot to get milk. You need milk for morning cereal, but are now way too tired to return to the store for only milk. So, you decide to “get it in the morning before breakfast,” running to the gas station down the street and paying double the price you would have paid in the store had you remembered. These emergency trips add up fast and are a sure-fire way to throw away your money when it could have remained in your wallet.

Medical Expenses

7.         Prescription Refills. The cost of medications is growing, but there are some ways to cut the related costs. One related cost is getting a refill on a prescription when needed. I used to think that the only way to get my doctor to prescribe a refill was to schedule another appointment. This is not always the case. Recently, I called my doctor’s nurse line and requested they call in a refill. I was trying to avoid paying my $30 doctor’s visit co-pay and, with ease, I did. The nurse checked with the doctor and called in the prescription, never requiring me to come back and see the doctor. Now, there are times when it is necessary and wise to check in with your doctor but, as I experienced, it may not be. Always ask before assuming. It may save you some money.

8.         Medication Quantity. Many insurance companies today are providing a home-delivery option or a larger quantity supply (e.g. 90 days). Selecting one of these options may save you quite a bit of money by eliminating monthly co-pays or taking advantage of a small discount for ordering through the insurance company’s home-delivery program.

Now, these are just a few ideas to begin taking a closer look at how you may be wasting your money. When we become too busy, it is tempting to become lenient in our spending and stop actively thinking of ways to save money. But, we must not do this. It makes no sense to spend hours working, only to throw it away because we are too busy. Stop, slow down and take a look at how you may be able to save some of that hard earned money.

Health and wellness has become quite a popular topic today. Easily accessible are hundreds of magazines, books and articles about making lifestyle changes to enhance your health and wellness. We read about transforming our diet to include healthier food choices, increasing our physical activity and learning to better manage stress. Although not ignored completely, the role of money management in our overall wellness seems to be pushed to the background more than it should. With the consumeristic lifestyle today, this misguided attention is unfortunate and perhaps dangerous since it is tied closely to stress in general, as well as many other aspects of wellness such as emotional, spiritual and mental.

Financial wellness can be thought of as a sub-category of wellness which is, vaguely, defined as a “state of well-being.” It is measured by one’s quality life, looking beyond one’s physical health to holistically look at the whole person. It has also been described as a balance physically, emotionally, spiritually and mentally. Wellness is also unique to each person. What is causing imbalance to one person may not be an issue to another. The same applies here when discussing financial wellness.

There really is not a concrete definition of “financial wellness,” but it can be viewed as a balance between the spiritual, emotional, mental and physical aspects of money. As a result, it also includes a comfort with understanding where you are financially and where your finances are heading. Answer this question honestly:  What would my money say about me if it could talk?

Would it say that you don’t take good care of it? Or, would it say that you give it away without putting much thought into it? Perhaps your money would wonder why you never spend anytime planning out what you are going to do with it, or who you are going to give it to. There are probably many answers to this questions, but how hypothetical would they be for you? For many, money is used as a measuring stick for success and, in some way, how they define who they are as a person. Living in such a materialistic society consumed by “getting more” can cause many to look at their money as just this. There is constant pressure to get more money to be able to purchase the latest technological toy, a fancier home or keep up with the latest fashion trends. The problem—it is a never ending cycle. There never seems to be enough money. It is a constant push for more, more and more.

Now, don’t get me wrong. There is nothing wrong with wanting to provide for yourself, your home and your family. In fact, money is a necessity today. It clothes, feeds and provides shelter. When money is a problem, though, is when it has power over us. When pursuit for money takes control of our lives and begins to lessen quality of life, rather than improve it, is when we must step back and reconsider our relationship with money. Is your life as it relates to money balanced, or spiraling out of control? If it feels out of control, you are not financially well.

Let’s consider what God says about money in Matthew 6:24. No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money.” (NIV) What happens when we cave to the pressure to have more material things? There is a good chance that we will, eventually, discover that we are living a life torn apart by financial debt, increased stress and spiritual tension. Is it really worth having a home bigger than you need with the fanciest if furnishings in exchange for mounting debt, increasing stress and tension in the home? God wants us to have wellness, including in our finances, as it is greatly related to our spiritual health along with emotional and mental health. We are to handle wisely what God has put before us, including our money. Everything is a gift from God, yet we often mishandle it and spend it carelessly with little thought.

Make the decision today to begin looking at your money differently. Ask God to help you gain some control over your finances. Spend more time planning before you spend, stick to your plan and pray over your money to help you make wiser spending choices. It is not a bad thing to enjoy God’s blessings in our lives, yet we must be careful to not allow possessions and money to be the primary goal of our life. Financial wellness is about balance and health in managing our money. Let’s be sure our hearts and minds are in the right place when it comes to our money. With that, our hearts and minds will be where they need to be to maintain wellness in so many other areas of our lives. Take some time to learn more about money management and begin applying the new information to your own finances. You will not only increase your financial knowledge, but also be on the right path towards making positive changes for a healthier, less stressful lifestyle.