Bible Money Matters

7 questions that will change your life

2008-06-26T05:43:00.000-05:00

I was tagged by a new meme by 3PrincessesMomma over at 3princessesmomma.com. She asks 7 big questions that can change your life. They are:

1. What will I try to improve on next week?
2. What was I most proud of this week?
3. What was my biggest accomplishment this week?
4. What have I done to get closer to my life goals this week?
5. What was hard for me this week, and why?
6. What was my biggest waste of time this week?
7. What did I do this week that made me ashamed?

The meme originated from a post she found by John Chow that linked to Alex Shalman’s Seven Questions That Will Change Your Life.

The whole idea is that you're supposed to be asking yourself these questions on a weekly basis to keep yourself on track, and to get yourself that much closer to achieving your goals. If you're not reflecting on your goals and keeping track of your progress, it can be so easy to get off track. Alex Shalman talks about this:

By answering these questions for myself in my writing journal, or journal diary as it is sometimes called, I force myself to take a hard look at myself. I may spend months or years treading water, not getting anywhere, if I didn’t take this time to analyze myself.

For me a week is enough time to pull myself back if I’ve gotten too far off-course. If I’ve stopped exercising for a week, I would be ashamed of myself, and my weekly review would get me to the gym first thing Monday morning.

I was hesitant at first to answer these reflective questions, I think because I was afraid of what I might find. I realized, however, that without setting goals, and giving yourself an idea of where you want to be, you'll never get anywhere. Stay tuned for a post about goals - coming soon!

So with that said, here are my answers to the 7 questions.

7 big questions that can change your life

What will I try to improve on next week? During this next week I am going to try and improve my eating habits. I started working out this week, but my eating habits have been abysmal. Time to start eating more salads, lean meats and other healthy foods!
What was I most proud of this week? I am most proud of how I have built this blog to the point where I feel like it is contributing something positive to the blogosphere. Sponsors are starting to notice and are stepping up to the plate to advertise on the site. I received my first Adsense payment this week! Lots of other great things in the works for the blog. I never would have imagined I could build the site to where it is today when I started blogging in January. Thanks to all my readers out there, you really are appreciated!
What was my biggest accomplishment this week? We have all our debt paid off, and this week we completed our 6 months of emergency savings, and were able to start saving for a cruise we're taking in September. That's a huge milestone!
What have I done to get closer to my life goals this week? We're taking the Dave Ramsey Financial Peace University class and through that class we've been getting some great advice for how to set ourselves up for a nice retirement. So far we've learned about saving for emergencies, getting out of debt, credit card sharks and buying insurance. In the coming weeks we'll be learning about investing, saving and giving to others. We've got a long way to go, but we're getting educated and having a great time doing it!
What was hard for me this week, and why? The hardest thing for me this week was dealing with the death of my beloved grandmother. She was such a beautiful soul that her absence leaves a huge hole in our family. It is hard dealing with her loss, but at the same time she gave us a great example of being strong in hard times, and always keeping a positive outlook. We're all better people for having known her.
What was my biggest waste of time this week? My biggest waste of time this week was playing Xbox 360 for 2 hours last night when I could have been doing something productive. But hey - I guess everyone needs some "me time", right? So maybe it wasn't a complete waste!
What did I do this week that made me ashamed? That's an easy one - I've been eating like a pig! Even though I'm now trying to get back into shape, my eating habits have been horrible! Yesterday I ate a pastry in the morning out of the vending machine at work. This morning I ate two pastries! That isn't going to get me back in shape - I need to cut out this "I'll only have one last donut!" disease! I'm back on track with exercise, now I have to get back on track with my diet as well. You (and I) can find some tools to do that here.

So there you have it. My answers to the 7 Big questions. I'm not sure if I'm going to be asking myself these questions on a weekly basis, but it might not be a bad idea to try reflecting on these things every few weeks or so.

I'm not going to tag any0ne for this meme as it is a pretty personal one, but if you feel like you want to answer the questions, please feel free to do a post of your own, and when you're done send me the link. I"ll post a link to your reply!

Don't forget to check out 3princessesmomma.com, she's currently doing a contest where you can win up to $200 on an AMEX gift card, all while helping a worthy cause!

Cartoon Funny of the Week

2008-06-26T04:08:00.001-05:00

Meanwhile his disciples urged him, "Rabbi, eat something." But he said to them, "I have food to eat that you know nothing about."Then his disciples said to each other, "Could someone have brought him food?" "My food," said Jesus, "is to do the will of him who sent me and to finish his work. John 4:31-34

Free online resources for losing weight and working out

2008-06-25T06:42:00.010-05:00

A couple of days ago I posted about how I was going to be joining the 100 Push-Up Challenge that so many other bloggers have embarked upon in the last week or so. On Monday I completed day 1 of the challenge, and so far so good! I haven't buckled under the pressure... yet. I have to tell you - I am already pretty sore!

Over the past few days I've been putting together a list of some free online resources that helped me in losing weight last year, and I'm sure that can help you as well.

A caveat I should put here - I'm a firm believer that there is no big secret to weight loss. Any successful weight loss plan comes down to two simple steps:

Eat healthier.
Exercise more.

I know a lot of people who make excuses for their weight gain or inability to lose by saying things like, "I just have a different body type than you", or "I never seem to lose when I work out". My answer to those people is that you're probably not doing something right. Either you're still not eating healthy, or your exercise program is leaving something out. (not enough exercise, or not enough of the right kind of exercise). A lot of those people just don't have the patience to stick to a workout plan as long as it takes to see some real results. Sometimes it may take 30-60 days for you to notice any real progress, but trust me, if you stick to it you'll lose weight!

With that said, on with the weight loss resources! The ones in red are my current favorites, and the ones I use the most.

Free resources for getting fit:

100 Push-Up Challenge: website that will get you on track to do 100 Push-Ups in 6 weeks, or your money back! (You don't pay anything, don't worry).
Traineo.com: Traineo is a website where you can track your weight loss, hook up with other individuals to keep you motivated, track your workouts and a ton of other stuff. You can even get a cool little badge to put on your blog to show your pounds lost, or pounds to go until you reach your goal. Great site, I would check this out.
Bodyforlife.com: Great motivational website with lots of stories of regular people changing their lives, losing weight and becoming fit. Tons of great healthy recipes, workout programs and more to get you going on a lifestyle of fitness. I used the Body For Life program to lose 40 lbs last year. You can get the book through my link below as well if you're interested in the program.
StrongLifts.com: The tagline for this website is, "Build Muscle & Lose Fat through Strength Training". This website has a ton of practical weight lifting exercises for regular people. Lifting weights is probably THE best weight to drop weight. When I started lifting with dumbbells at home, the weight dropped MUCH quicker.
Read diet and weight loss blogs: GetFitSlowly.com, Drop the Fork, Skinny Kat and The Better Body Blog are a few, although there are a ton more out there.
Eatright.org: The American Dietetic Association’s Web site will give good nutrition advice.
thedailyplate.com: - This site helps you track foods, exercise, carbs, protein, water, sodium, fiber, sugars, sodium, fat and fiber.
Easy Ways to Lose Weight: 50+ Ideas: Quick and easy tips and pointers on how to lose weight.

User suggestions left in the comments:

Gyminee.com: I just signed up, and it seems to be quite similar to traineo.com. Worth a look! (thanks L@spillingbuckets! )
The Hacker's Diet: I haven't checked this one out too much yet, but it looks interesting. (thanks TUDrewser!)
Sparkpeople.com: track your eating and exercise. Lots of articles about health, nutrition, and fitness. (thanks Eponine!)

So there you have it, some great free resources for losing weight online. Keep in mind that losing weight is still going to be up to you, and you'll need to have the discipline to get it done. Get crackin!

Don't forget to check out my recommended weight loss and workout plan in the book "Body For Life", and at their website discussed above.

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Guest Post: Automated Tithing: A New Way to Give

2008-06-24T06:31:00.000-05:00

The following is a guest post by PT over at PTMoney.com. If you like this post, consider subscribing to Prime Time Money via RSS.

Automated Tithing: A New Way to Give

I don’t carry a checkbook anymore. I stick to cash and credit/debit cards for making daily purchases. Still, there’s one place I always end up needing my checkbook: at Church, at least once a month, for tithing.

With all we have going on these days, it’s sometimes an after thought to remember to bring your checkbook to Church. I thought I’d take a moment to examine some of the ways we could simplify the tithing process and ensure we give consistently and on time each month. After all, I make most of my other payments automatically; why not do the same with tithing?

Auto-Withdrawal (or Bank Draft)

Most Churches will sign you up for auto-withdrawal. This is where you fill out a form, which includes your bank routing and account number, your specified contribution % or amount, and an attached voided check. The Church then hands your info over to their bank who handles the rest.

Other Online Systems

Beside the traditional auto-withdrawal method, there are online based third party systems that will handle it all for the Church. eGiving Systems appears to be one of the leaders in this arena. See more at eGivingSystems.org.

Online Bill Pay

Use your bank’s online bill payment system to send recurring checks to your Church. Just make sure this is a free option and that your Church will know what to do with the check. It might be a good idea to speak with them about this first.

Automated Tithing Machines

Yes, some Churches apparently have Automated Tithing Machines (“ATMs”) that allow you to use your debit/credit card to give right there in the Church lobby. Not really automated in the sense I’m writing about, but it sure is convenient and pretty cool.

I could see myself doing this on those Sundays that I forget my checkbook, as long as the machines wouldn’t charge me a transaction fee. If your Church doesn’t have one, consider asking them to have one set up. See more at SecureGive.com. From their website:

“The Secure Give system is built around a giving kiosk that features a touch screen monitor, a magnetic stripe reader, a receipt printer, a secure encrypted PIN pad, and an enclosure. When the donor steps up to the giving kiosk, he or she will be led through a simple menu that will enable the contributor to donate to your ministry or your non-profit organization.”

That’s pretty cool. Would you tithe through one of these “ATMs”?

Not Ready for Auto-Tithe?

For many reasons, setting up some sort of automatic tithing might not be the right thing for you. For instance, (1) you may have irregular income; (2) you may want to “feel” the act of tithing by physically writing out a check or handing over cash (nothing wrong with that); or (3) you may just not be comfortable with the whole automatic transaction thing.

If that’s the case, here’s your solution: simply leave your checkbook next to your Bible or in your car (make sure your car is garaged if you do this). You might even consider tearing a few checks out of the checkbook and placing them directly in the pages of your Bible.

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For more on tithing, check out Pete’s series: “The Bible and Tithing: to Give or Not to Give”.

Reminder - 7 days left to enter to win a $100 Amazon gift card!

2008-06-23T13:15:00.004-05:00

There’s only one week left in the Money Life Network’s Summer Savings Series!

We've already had two great weeks of summer savings tips both from our network members, and from readers like you! With only one week left, time is running out to have your say. And if you join us in our summer of savings series, you could win a a $100 Amazon gift card. What a great way to get your summer started, right?

Here are 3 easy ways you can enter our contest:

Write a post about how you plan to save money this summer. Send us the link. (5 entries)

Subscribe our our group feed, and email us the secret phrase. (3 entries)

Leave a comment (on the MLN Post) with your summer savings tip. (2 entries)

You can enter each way once for a total of 10 entries. We’ll put all of the entries into random.org to choose the winner. Entries can be submitted up to 11:59 am Monday, June 30th. We’ll announce and contact the winner on Tuesday July 1st to email the gift certificate. If the email address is not valid we will award the prize to the second place finisher. Good luck!

We’d really like to see how many comments and articles we can get about Summer savings so get in on the fun and help make this project bigger!

Other news - carnivals!

In other news, I submitted a post to the Carnival of Debt Reduction this week over at Squawkfox. She has done a great job on her summer themed "summer solstice edition" of the CoDR. Check it out here.

Some of my other favorites from the carnival include:

TooSmart, writes a post about hitting rock bottom in Payroll Advance: Hitting Rock Bottom
PT at Prime Time Money and his article 10 Reasons Why You Would Be Happier if You Were Debt Free.
Ryan Taylor at Millionaire Money Habits talks about online financial software in his article - Mint Review - How Secure is it?

Summer Savings Series #11: Saving at the movies this summer

2008-06-23T06:13:00.007-05:00

Going to the movies is no longer cheap entertainment

My wife and I are self-proclaimed movie buffs, we just love going to the movies. From the latest Indiana Jones movie, to the courtroom dramas and tear-jerker "chic-flicks", we usually end up going to the theater a few times a month.

Going to the theater is becoming a pricier proposition every year, with movie ticket prices in our area topping out at $10 per person recently. For a family of 4 or 5 you could easily spend over a $100 for a night at the movies!

So via SmartMoney.com and some other sources here are some ways that you can save some money at the cinema this summer.

10 Ways to save money going to the movies

Bring your own treats: With popcorn prices going through the roof, and the prices of candy at the concessions being so high, bring your own refreshments. Not all theaters will allow this, but call beforehand, and many will allow you to bring your own goodies.
Seek out family freebies: In the summertime many theater chains offer days where parents can bring their kids for free movie days. For example, Regal Cinemas offers a "free family film festival" every Tuesday and Wednesday through August.
Use coupons and freebie movie ticket deals: Use coupons from your local "Entertainment Book" to find reduced rates on tickets, or you can often find deals at your local grocery to get free movie tickets when you buy certain products. Keep your eyes peeled for the deals.
Go to the movies at a second-run theater: This is by far our biggest money saver. My wife and I go to most movies we see at an independently owned second-run theater. The movies come out a couple of months later than at the normal theater, but the ticket prices are $8 cheaper - $2 instead of $10. Wait a month or two and see the movie at your local cheap theater.
Buy ticket packages through the theater chain: If you still want to see movies when they first come out, try buying packages of tickets through your local AMC, Regal or other movie chain. Often you can save $2-$3 per ticket by buying them in blocks ahead of time. The catch is that often you can't use the tickets on special engagements or opening weekends.
Go to a matinee: Instead of seeing the movie at a peak time, Friday or Saturday night, go to an afternoon showing. The prices will often be $2-$3 cheaper, and the theater is often less crowded as well - meaning you'll get to sit wherever you want!
Avoid reservation sites: When you buy your tickets online a lot of the time you'll have to pay an extra .50 to $1.50 per ticket. Buy your tickets at the theater to avoid the fees.
Join a movie-watchers loyalty club: Many movie chains offer loyalty programs where you get free refreshments and movie tickets once you've accumulated enough points. If you go to the movies often, it may be worth it to join.
Go to a drive-in movie: Go to a drive in movie with friends and see a double-feature! Not only will you get to see more movies for your dollar, but the prices are almost always cheaper to begin with! Its a fun experience to go to a drive-in and is a good value for your dollar! Also, its easier to bring your own refreshments!
Stay at home, rent at your local RedBox: Get a movie from your local RedBox movie rental kiosk, and use a coupon for a free rental from the website InsideRedbox.com. The movie rental kiosks can be found in McDonald's restaurants, grocery stores and other local locations.

So there are a few ways you can save on going to the movies this summer. What are your tips for saving on cinema spending?

Check out tomorrow's summer saving series post over at PTMoney.com, or check out the archive of Money Life Network series posts and user submissions at our network site. Don't forget to write our own post for your chance to with a $100 Amazon gift card!

Personal Finance Bible Verse of the Day: Don't Fix Your Hope on Riches

2008-06-21T06:47:00.002-05:00

Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy. Instruct them to do good, to be rich in good works, to be generous and ready to share, storing up for themselves the treasure of a good foundation for the future, so that they may take hold of that which is life indeed. 1 Timothy 6:17-19

This verse speaks to me about the importance of relying on God for all things, and not hoping to find happiness through things, money or people. When we fix our hopes on the "uncertainty of riches", we'll often be let down. Stock markets crash, real estate doesn't always appreciate.

When we fix our hope on God, and are generous with what we've been given, we build up a treasure in heaven that no money can buy. Doing good works in itself won't buy us a place in heaven, but it is an expression of our faith. As such we need to do our best to help those around us in as many ways as we can.

Frugal Workout: Free Exercise Plan - 100 Push-Up Challenge

2008-06-20T05:53:00.000-05:00

Out of shape... Again.

Last year I got to a point where I was at my heaviest weight ever - just over 254 pounds. I wasn't happy being that heavy, and even though I'm not a small guy at 6 feet 4 inches, that is still a lot of weight to be carrying around. I decided last year to get serious and lose some weight.

I started eating healthier and working out 6 days a week. 3 days of weight training (both upper and lower body) and 3 days of aerobic exercise every week with one day off for rest. After all was said and done I had lost 40 pounds, bringing my weight down to around 215 last fall.

Over the past 4-5 months I've let myself go again, going into my normal winter hibernation cycle, and I've put 20 pounds back on. Talk about a roller coaster!

I've decided that I'm going to get back on the wagon by joining in the 100 Push-Up Challenge that several other bloggers have decided to join. J.D. over at GetFitSlowly.com started the trend last week by asking who else would join in the program. I decided to join after several other bloggers I'm familiar with, including The Happy Rock, decided to jump on board as well.

So how does the program work?

The One Hundred Pushups program requires joiners to exercise three days a week for six weeks. Each day you perform five sets of push-ups, with a 60-120 second rest period between each set. The number of pushups you perform every week increases until at last during the final week, there is a slight cool-down week. A few days after you finish week six, you try for the magic number of one hundred push-ups.

Can I do it? I don't know, in my current condition I'm going to have to stick to this plan diligently to be able to perform that feat in 6 weeks. We shall see!

Two nights ago I performed my initial push-up test, and it was extremely humbling. 10 push-ups was all I could manage!

Because of the number I completed in my initial test I'll be starting the program by doing a series of push-ups as shown in column 2 below:

Will I make it through my entire day 1 workout? Stay tuned, I start next Monday!

Later this week I'll post some useful websites and other free resources for getting in shape and losing weight! In the meantime check out these other posts from bloggers doing the 100 Push-Up Challenge!

LINKS:
100 Push-Up Challenge Website
100 Push-up challenge @ GetFitSlowly.com
Exercise for Free @ TheHappyRock.com
Free Workout Program @ TheHappyRock.com

Peace I leave with you

2008-06-19T12:43:00.003-05:00

We're heading out of town today for my grandmother's funeral. Here's a verse of comfort I read this morning as we prepared to leave:

Peace I leave with you; my peace I give you. I do not give to you as the world gives. Do not let your hearts be troubled and do not be afraid. John 14:27

In talking with my mother, apparently my mor-mor (mother's mother) passed away peacefully with my mother by her side. She would have been 91 in August. She lived a long full life, and she's now rejoicing with Jesus in heaven. I'm excited for her, but sad for myself and my family.

It will be a weekend of celebrating her life, and of comforting one another. I'm already beginning to feel God's peace that is spoken of in the verse above. Hopefully you'll find that peace in your life as well in your hard times.

Cartoon Funny of the Week

2008-06-18T06:34:00.000-05:00

Sad news: Passing of a wonderful grandmother

2008-06-17T15:44:00.003-05:00

I just found out a short while ago that my grandmother, Katherine Holmes, passed away this afternoon. It hasn't really even begun to sink in yet, but she will be greatly missed. She was one of the most kind, caring and loving people I have ever been privileged to know. She was the epitome of what a grandmother should be, and her loss will leave a big hole in our family.

Here's a picture of her a few years ago with my grandfather, before they both passed.

Posting may be light over the next few days as we head out of town for the funeral, and to celebrate my grandma's life.

Your feedback is needed. Reader Question of the day

2008-06-17T09:07:00.005-05:00

I received an interesting question yesterday from Reader J. Thoma

What do you think about mortgages as a form of debt? Is it worth taking a second mortgage to buy rental property and get income from tenants? Or is it better to pay off the first mortgage ASAP?

How would you answer this question? How do you feel about a second mortgage to buy a rental property? Is that a wise decision in this market - or should J. hold off on getting that second mortgage?

Leave your thoughts in the comments, and later today I'll post some of the responses.

Dave Ramsey's Financial Peace University: Week 5 - Credit Sharks in Suits

2008-06-17T06:28:00.000-05:00

Last week - dumping debt

Last week was week 4 in Dave Ramsey's "Financial Peace University". The lesson for week 4 was another good one, this time focusing on dumping all of your debt using the debt snowball! A few of the important points about how to dump your debt:

Quit borrowing more money. Don’t take on any more debt.
Cut up credit cards. Go cold turkey. Credit cards can mess up your budget on many levels.
Sell stuff. You have more than you need or use, so sell it and put the money towards debt!
Get an extra job. Take side jobs to accelerate paying off your debts. This can be temporary.
Debt snowball. Pay off the lowest debt first, then use the amount you were paying for that debt and roll it over to the next debt.

What was really stressed in this lesson is the need for your debt to be gotten rid of, because the borrower is slave to the lender. When you get rid of your debt you'll be able to put your money to work for you - instead of for the people you owe, and wealth building can begin. Read the entire lesson here.

This week - Credit Sharks in Suits!

This week our class jumped into the topic of how to check and clean up our credit report and deal with collection agencies. Knowing how to deal with creditors can give you more confidence when working on your debt snowball that we talked about last week.

Some key points from this week's lesson:

If you are unable to pay the minimum payments, use the Pro-Rata plan (see below).
Always budget for your necessities before paying off any debt.
Check your credit report for errors at least every two years.

Unable to pay the minimums? Use the Pro-rata plan.

Dealing with debt can be a very stressful situation, especially when it has gotten to the point where creditors are constantly calling you, trying to get you go make payments. This week's lesson talks about how to deal with creditors when you're coming up short.

If you've gotten into debt to such a degree that you're not even able to pay the minimum payments on your debts, you need to come up with a plan where you are still paying some amount so that they know that you're trying.

When you're coming up short on the minimum payments, Ramsey suggests paying them on a Pro-rata plan. In other words, he is suggesting that you pay everyone a pro-rated amount, based on the amount you owe them, and the amount you have (total) to pay on all the bills.

For example, let's say you have three debts, one of $500, one of $300, and one of $200 for a total debt of $1000. If the minimum payments for that month are for $50, $30 and $20, but you only have $80 left over after paying for essentials, the pro-rata plan would have you take your debt, figure out what percentage of the total debt it is, and then assign your money according to your debt's percentage of the total debt.

So in our example, the $500 debt would get a $40 payment (50% of $1000), the $300 debt $24 (30% of $1000) and the $200 debt would get $16 (20% of $1000).

When you're sending in your pro-rated payments, make sure to send a letter of explanation along with the check, telling them why you're temporarily sending in less than the minimum. Give them a copy of your debt Pro-Rata plan showing all your debts, and the amounts you're paying.

Some of the creditors may call and complain, and threaten to sue you, but making regular payments and staying in communication with creditors goes a long way towards keeping you out of court. As long as you're making some sort of payment, most will not sue - although some will tack on extra late fees and other fees.

While this plan may help, it won't solve the root of the problem, which is too much debt and not enough income. To solve that problem you may need to take on an extra part time job, or as Dave Ramsey says, "start selling so much stuff the kids think they're next!"

Pay for the essentials first

Dave Ramsey told a story about a woman at one of his seminars who came up and told him that she hadn't eaten in 2 days because she was paying some of her debts first. Ramsey stressed in the lesson that you should always take care of your families essentials first - food, shelter, transportation and clothing. The creditors come second.

If you can't come up with the payments for your creditors, put them on a pro-rated payment plan as discussed above, and as stated - stay in contact with them. The better you are at doing that, the less likely they are to take you to court.

Dealing with creditors and collection agencies

When you're trying to find your way out of debt, and you're constantly getting collection calls it can seem like the bill collectors can do whatever they want. They can call you whenever they want and say just about anything just to get you to pay.

Dave Ramsey reminds us that there are certain rules that collection agencies and creditors have to follow when they're contacting you. If a bill collector oversteps the bounds of the law, you can take action. The federal Fair Debt Collection Practices Act, or FDCPA, prohibits certain debt collectors from engaging in abusive behavior. Some of the things they can't do include:

Call you repeatedly or contact you at an unreasonable time (the law presumes that before 8 a.m. or after 9 p.m. is unreasonable).
Place telephone calls to you without identifying themselves as bill collectors
Contact you at work if your employer prohibits it.
Use obscene or profane language.
Use or threaten to use violence.

For a more complete list go here.

Under the FDCPA, you have the right to tell a collection agency to stop contacting you. Simply send a letter stating that you want the collection agency to cease all communications with you. All agency employees are then prohibited from contacting you, except to tell you that collection efforts have ended or that the collection agency or original creditor intends to sue you or take advantage of some other legal remedy.

Ramsey suggests not doing this, however because often it will result in you being sued. Instead he says to tell them that they can call you once every two weeks, and that you'll talk to them on that schedule. Any sooner and you'll hang up.

It's important to stay in contact with your creditors, or you may be headed for trouble.

Check your credit report

Stats have shown that over 50% of the credit bureau reports have errors. That's a lot of errors!

In 1977 the Federal Fair Credit Reporting Act was passed. It deals with how credit bureaus, creditors and consumers interact. The FACT Act amendments to the Fair Credit Reporting Act requires the nationwide credit bureaus provide consumers, upon request, one free personal credit report in a 12-month period. You can check out your free annual credit report at the central source online at www.annualcreditreport.com .

Check your report every year or so, and make sure that there isn't any strange activity on your report (which could mean fraud). Make sure that your information is correct, credit accounts that should be closed in fact are closed. If you see anything as it shouldn't be, report it to the credit bureaus immediately!

Stopping the calls and the credit card offers

When you're trying to get out of debt the last thing you need is to have telemarketers calling you and companies sending you offers in the mail for more credit. Stop those calls and that annoying mail.

Use the government's National Do Not Call Registry to protect your number from unsolicited calls.

Stop all of the "pre-approved" credit offers that you get in the mail! You can have the credit bureaus turn away companies who check your credit report in order to send you unsolicited credit offers.

Next week

Next week wehave a lesson entitled "Buyer Beware" which deals with common traps to avoid when buying things. See you next week!

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LINKS:
Dave Ramsey's Financial Peace University: Week 1 - Super Saving
Dave Ramsey's Financial Peace University: Week 2 - Relating with money
Dave Ramsey's Financial Peace University: Week 3 - Cash Flow Planning
Dave Ramsey's Financial Peace University: Week 4 - Dumping Debt
Unboxing Dave Ramsey: Opening the Financial Peace University Membership Kit
Drive Free Cars and Retire Rich
ChristianPF.com - How to make a budget
Dave Ramsey's 7 Baby Steps @ M-Network Blogs

Summer Savings Series #6: Saving tip: Save like you're paying off a high interest debt

2008-06-16T06:07:00.011-05:00

Send money

I was driving down the highway on my way home from work the other day when I looked up and saw a billboard for a local bank. It had a two sentence ad for their high-yield savings account that really caught my attention. It said:

Your future called. It said to send money.

This really got me thinking about our debt culture, and how most people don't ever bother to save for their future. We value having things now, and for most people saving for the future never even enters their mind. In fact, according to MSNBC.com the Commerce Department reported that the nation’s personal savings rate for all of 2006 was a negative 1 percent, the worst showing in 73 years. The article continues:

As the nation’s largest generation retires, that will further depress savings because typically retirees are drawing down their accumulated savings in an effort to make up the difference between the salaries they earned on the job and their smaller Social Security and other pension payments.
“We have to face the question of whether we are anywhere near where we need to be with our savings to see us through,” said David Wyss, chief economist at Standard & Poor’s in New York.

We are not saving enough for our future needs, and we need to find a way to turn that around. We need to start saving NOW!

Saving for the future

We know we need to save for the future, but how do we start? How do we get motivated to start putting away the funds that we'll need down the line?

I read an article on NPR.com where they were talking about debt. One of the quotes was from Financial Times columnist Tim Harford. He said:

"Debt is your future self sending you money back in time. So the question is, are you and your future self both happy with the deal?

No, I'm not happy with the deal - that's why we don't do debt. This quote did make me think, what if this went in reverse, and it was our present self sending money to our future self?

Savings is your present self sending you money in the future.

Now that is a deal I'll sign up for!

Dayana Yochim in her article, "Give Your Future Self a Raise" talks about how most people have been told to save 10% for retirement, but that it just isn't enough. What does it take to turn that around? It's pretty simple:

Save more. Work longer.
End of story.
Sounds dull, but if you get serious about those two things -- work an extra two years and sock away just 3% more in savings if you can -- you will turn your entire financial future around.

Saving is like paying a high-interest debt to your future self

Sometime just saving for the future isn't motivation enough. You need to couch it in different terms. Here's what I've come up with for myself. When you have debts, the debts become a priority, you have to pay them off before you can buy the things you want like a new gadget or a vacation. If you don't pay your debts eventually the creditor will repossess your house or other assets.

I like to think of savings as a high-interest debt that I'm paying to my future self. I have to pay myself for the future before I pay for other things because if I don't my future prosperity will be repossessed. And I don't want my future to get foreclosed on! Do you?

My tips for jumpstarting your savings:

Treat retirement savings as a high interest debt to be paid off.
Set a debt goal: Set a debt goal for your retirement savings and try to make payments on that debt as often as you can. Use the Dave Ramsey debt snowball and the concept of snowflaking to add more money to your retirment savings.
Save more: If you're saving 10%, bump it up 15%. Save as much as you comfortably can. You don't want to make your current life uncomfortable, but you do want to make sure you save enough. Check out PTMoney's article, "7 Can’t Miss Ways to Kick-Start the Saving Habit" for more ideas of ways to start saving.
Work longer: Plan on working longer in order to save more. Take on part time jobs or save other unexpected windfalls.

In my mind, the most important thing to do when it comes to saving is to just start doing it. Make it automatic, make it a habit. Turn it into a game! You'll be happy to know that you're paying your future self for a prosperous retirement. The billboard will now read,

Your future called, you've got plenty of money because you started saving!

What are your tips for jump-starting a saving habit? Leave a comment here!

Don't forget to check out tomorrow's Summer Savings Tip #7 post at PTmoney.com! Check out the rest of the articles in our Summer Savings Series at the Money Life Network contest page, as well as finding details about how to win in our $100 Amazon gift card giveaway! (enter the contest now, you'll have pretty good odds of winning!)

A thank you for my father

2008-06-15T06:38:00.001-05:00

Father's Day is here

Father's day is here again, and for most dads it will probably come and go again with a card, a phone call, and maybe a bad tie. I admit that i do the same thing most years. This year I thought I'd do something a little different. I thought I'd write a post about my father.

My Father

My father is Mark L. Anderson, born in Minneapolis, MN just over 60 years ago. He was born on Christmas Eve, so he's always been a bit short-changed when it comes to gifts. After all - since his birthday is on Christmas, why not just combine gifts into one big Christmas/birthday gift? Despite being short-changed, I've never heard him complain. My father isn't one to complain.

Growing up with my father I don't think I appreciated how lucky I was that he was so involved in our lives. Looking back I realize just how many of my school friends lived in households torn apart by divorce, or who just had absentee fathers in general. Their fathers never had enough time for them. With my father that wasn't a problem. He was always there for us. He went bike riding with us, took us camping, worked on our music lessons with us, and played basketball at the backyard hoop. The more I look back, the more I realize just how involved dad was.

My dad (along with my mother) gave my brothers and I so many gifts as well. He gave us the gift of music by showing his example and by insisting that we practice our instruments. He gave us the gift of a secure home, both emotionally and financially - we never felt ill at ease. He gave us the gift of a good work ethic, always working hard at whatever job he was at. He gave us the gift of compassion, through his example working at a local food shelf. The list goes on and on.

Another thing my father gave me was a strong faith. Through good times and bad he always prayed with us, and when the going got tough, he never wavered in his faith. I remember him getting up early most mornings to go into his office and do his bible study. That has always stuck with me. Years later he introduced me to Bible Study Fellowship through a friend of his who invited me to attend. That had the effect of strengthening my faith.

So on this father's day, I just want to say thank you to my father. Thank you for always being there for us. Thank you for being loving and kind, and understanding when you needed to be. Thank you for displaying your strong faith for all of us boys to see. Thank you for being a model of what a father should be.

Thank you dad.

I thought I'd end this post with a father's day poem that I found online. It fits my father to a T.

A Dad is a person
who is loving and kind,
And often he knows
what you have on your mind.
He's someone who listens,
suggests, and defends.
A dad can be one
of your very best friends!
He's proud of your triumphs,
but when things go wrong,
A dad can be patient
and helpful and strong
In all that you do,
a dad's love plays a part.
There's always a place for him
deep in your heart.
And each year that passes,
you're even more glad,
More grateful and proud
just to call him your dad!
Thank you, Dad...
for listening and caring,
for giving and sharing,
but, especially, for just being you!
Happy Father's Day

Pre-Father's Day Roundup!

2008-06-14T10:40:00.005-05:00

I'd like to start off by saying Happy Father's Day tomorrow to all of you dads out there. We haven't been blessed with kids yet, but I hope to join your ranks some day!

This week the Money Life Network started our Summer Savings Series with 5 great posts from our member blogs. The articles ran the gamut of topics from saving on food to saving money when you're going on vacation. Here are this week's article in the series:

Monday 6/9: Summer Savings Series #1: Food is a big expense. How can you save?
Tuesday 6/10: Summer Savings Series #2: 9 Money Saving Ways to Prepare For a Vacation
Wednesday 6/11: Summer Savings Series #3: Everyone Can Save Money This Way In The Heat!
Thursday 6/12: Summer Savings Series #4: Fun Frugal Ices With Your Child
Friday 6/13: Summer Savings Series #5: Make Summer Activities Affordable

We'll be doing the same thing again next week, starting Monday here at Bible Money Matters. I'll be posting on one of my favorite topics - saving - and tips on how to get motivated to save!

We also had several user submissions in the contest, which you can read here:

We still have 2 weeks left in the contest so don't forget to write your own post and send us a link, or just leave a comment and subscribe to get your chance to win a $100 Amazon gift card! At the very least we'll post your article on our contest page and you'll get some free exposure for your blog, and at the most you'll end up with a $100 gift card to spend. You can't lose!

Here are a few Father's Day Posts that I read today to get in the mood for my own Father's Day post:

Thanks, and don't forget to stop by tomorrow for another post in our Summer Savings Series!

Contests Galore! Don't forget to enter for your chance to win $2325 in prizes to win!

2008-06-13T10:49:00.008-05:00

Don't forget to enter these easy blog contests

Just a reminder to enter all the great contests that are out there in the blogosphere right now. These contests give you a great chance of winning because unlike other contests you might enter, there are only tens or hundreds of entries, not thousands. I won a nice Craftsman 18V Drill in one of these contests recently, so I know it's possible to win!

Here are a couple of the contests that I'd like to highlight today:

One Caveman's Financial Journey: To celebrate their six month anniversary and 100th post, the caveman is hosting a contest and giving away a $25 Amazon gift card. To enter all you have to do is subscribe to his RSS feed, leave a comment or write a post linking to the contest. Enter now - you may win!
FreeFromBroke: FreeFromBroke.com is having a giveaway for a $25 Amazon gift card. All you have to do to win is write your own post detailing your personal finance tipping point, subscribe to his RSS feed, and or leave a comment on his page. Winner announced - too late!
MoneyLifeNetwork.com: The Money Life Network (of which I'm a part) is giving away a $100 Amazon Gift card at the end of June. To enter just go to the contest page and subscribe to the feed to find the secret phrase, leave a comment with a summer savings tip, or write your own blog post detailing how you'll save money this summer. Send us the link.
Soul Shelter: Over $2000 in prizes! Enter by writing your story based on your personal experience and relating to the Soul Shelter theme of “balancing fortune and fulfillment, or getting a living while having a life.” We’re interested in personal, affecting, and inspiring entries more than slick writing.
Single Guy Money: Single Guy is giving away a $75 Gas Card. Check out the details on his website!
Hustler Money blog: The Hustler is giving away $100. Enter by subscribing by email or leaving a comment. Easy as pie!

That's it for now. So go at it - start entering some contests!

Here are our most popular articles from this past month, if you haven't already, please give them a quick read!:

Bible Money Matters offers you a free subscription to "eWeek" with this special offer. Click here to sign up now!
eWeek is the essential technology information source for builders of e-business. Through a combination of news, analysis and evaluation, it guides readers in making the best technology decisions for their enterprise. Focusing on e-commerce, communications and Internet-based architecture, eWeek enables readers to successfully evaluate, deploy and leverage new technology solutions for competitive advantage.

Dave Ramsey's Financial Peace University: Week 4 - Dumping Debt

2008-06-12T05:48:00.003-05:00

In review - last week

Last week was our third week in Dave Ramsey's "Financial Peace University". The lesson for the week focused on cash flow planning, and was one of the more intense lessons we've had as it went deep into putting together a budget, and the reasons for doing so. A few of the important points:

Spend all money on paper before the month begins. Do a zero-based budget!
Use the Envelope System for successful cash management. Spending cash vs. credit will mean you spend less.
Give your budget 90 days to really start working. There are going to be a lot of little tweaks you'll need to make to your budget.

What was really stressed in this lesson is the need for a written plan, and the need to do a zero-based budget. When you allocate all your money before you even get it, you'll have a much better idea of where the money is going, and how you can save for that baby emergency fund in step one.

This week - Dumping Debt!

This week our class talked about the one thing that nobody likes having when it comes to money. Debt!

Debt can be a huge strain, and getting out of debt will give you a great sense of accomplishment and freedom once you're done. This week we focused on dumping debt, and Dave Ramsey's Baby Step #2 - Paying off all debt using the debt snowball.

Some key points from this week's lesson:

Debt has only become accepted as normal in America over the last 20 years.
Make a commitment to never use credit cards again. This is the first and most important step to dumping debt.
Remember the keys to dumping debt and the importance of Gazelle INTENSITY!

Debt has become normal in this society

Over the past 20 years debt has become a normal part of society, and it has almost become a good thing in many respects. In past generations people would save up for things, and buy them only when they had enough money. Nowadays we are told that we need to go into debt to build up our credit score. Use credit cards, get a mortgage and get a payment history! You'll only be something in this society if you spend, and go into debt.

Dave Ramsey talked about the FICO score, and how so many people worship at the altar of the almighty FICO. We'll do anything to get a good credit score - we think we need it to get ahead and be able to afford things in life. What people don't realize is that it isn't a credit score, its an "I love debt score". Getting into debt so you can get ahead will never be as easy as you think.

Ramsey instead says that we should do our best to get rid of all our debt (except 1st mortgage), and work towards saving for everything we buy. Some people would say that it just isn't possible to get a mortgage without having a credit score, and that credit cards are to some degree necessary in today's society. Ramsey's response is that you can get a manually underwritten home loan. You can use a Visa debit card instead of a credit card. There are options out there, and debt should never be your first option. As the bible says,

The rich rule over the poor, and the borrower is servant to the lender. Proverbs 22:7

Getting into debt is a bad idea, and when you're in debt you aren't free. You are slave to whoever you are indebted to, and you will be until you pay them off.

Baby Step 2 - The Debt Snowball

So how do we get out of debt? For some of you there may not be much debt. Maybe a couple of credit cards with a couple thousand dollars debt. For others the debt is rising to the level where you almost feel like you're drowning in it. The plan for getting out of debt is going to be basically the same no matter your level of debt. It's called the debt snowball.

Here's how the debt snowball works:

Step 1 - Make a list of all your credit card accounts, ranked in order from the highest balance to the smallest balance.

Step 2 - Beginning with the card with the smallest balance, pay as much as you can on that card while paying the minimums on the other cards.

Step 3 - Once the card with the smallest balance is paid off, take the amount you were paying towards that card and apply to the card with the next lowest balance.

Step 4 - Keep on paying them off until ALL the cards (and other debts) are paid off.

I have read some criticism of the debt snowball method because it isn't necessarily the most financially sound way to pay off debt since you're paying off the smallest balances first, instead of the highest interest rate balance. I understand those criticisms, and to some degree I agree with them. On the other hand, as Dave Ramsey says, getting out of debt is 20% head knowledge and 80% Behavior. Using the debt snowball gives you more of a psychological boost to keeping on track, and rewards the behavior of paying down the debts. If you aren't seeing as much progress because you're paying of a higher balance, it can be harder to stick to it. You may end up paying a little more using the debt snowball, but for alot of people, they need that psychological boost.

Keys to getting out of debt

To get out of debt, there are some key steps that you'll need to take.

Quit borrowing more money. Don’t take on any more debt.
Cut up credit cards. Go cold turkey. Credit cards can mess up your budget on many levels.
Sell stuff. You have more than you need or use, so sell it and put the money towards debt!
Get an extra job. Take side jobs to accelerate paying off your debts. This can be temporary.
Debt snowball. Pay off the lowest debt first, then use the amount you were paying for that debt and roll it over to the next debt.

Next week

Next week we look at Credit with a lesson entitled "Credit Sharks in Suits".

Bible Money Matters offers you 4 free issues of "Business Week" with this special offer. Click here to sign up now!
Success-driven leaders of today and tomorrow turn to BusinessWeek for the need-to-know information and inspiration they can't get anywhere else. Success-minded readers trust BusinessWeek for a deeper understanding of the trends that drive growth, how technology creates opportunities, and what best practices keep them ahead of the competition.

LINKS:
Dave Ramsey's Financial Peace University: Week 1 - Super Saving
Dave Ramsey's Financial Peace University: Week 2 - Relating with money
Dave Ramsey's Financial Peace University: Week 3 - Cash Flow Planning
Unboxing Dave Ramsey: Opening the Financial Peace University Membership Kit
Drive Free Cars and Retire Rich
ChristianPF.com - How to make a budget
Dave Ramsey's 7 Baby Steps @ M-Network Blogs

One Word Meme

2008-06-11T07:44:00.004-05:00

I was tagged by Walk With Me in another blogger Meme today, The "one word meme". All you have to do is answer the list of questions with a one word answer. When you're done you tag four more bloggers to continue the meme. I don't always like doing these memes, but I needed a post today, and I thought this one might allow the readers to get to know me a bit better, so here we go!

1. Where is your cell phone? pocket
2. Your significant other? sleeping
3. Your hair? blonde
4. Your mother? Oneida
5. Your father? Minneapolis
6. Your favorite thing? faith
7. Your dream last night? blank
8 Your favorite drink? stout
9. Your dream/goal? retire
10. The room you’re in? basement
11. Your hobby? tennis
12. Your fear? speaking
13. Where do you want to be in 6 years? kids
14. What you’re not? rich
15. Muffins? chocolate
16. One of your wish list items? DSLR
17. Where you grew up? Minneapolis
18. The last thing you did? chew
19. What are you wearing? polo
20. Favorite Gadget? xbox
21. Your pets? Dog
22. Your computer? slow
23. Your mood? sleepy
24. Missing someone? No
25. Your car? Lumina
26. Something you’re not wearing? hat
27. Favorite store? Amazon.com
28. Like someone? Yes
29. Your favorite color? Blue
30. When is the last time you laughed? Today
31. Last time you cried? month

Ok, so there you have it. Now you know more about me than most of my family!

So now the fun part - playing tag..

remodelingthislife.com
PennyJobs.com
llamamoney.com
money-hacks.com

Tag you're it! (of course no obligation if you're not into the whole meme scene.)

Are we going to get another stimulus rebate check?

2008-06-10T12:32:00.003-05:00

I was reading the news this morning when I came across this little news item talking about some of Barack Obama's campaign promises he made yesterday:

Barack Obama spoke directly to pocketbook issues in this capital city Monday, hitting Republican John McCain hard as he outlined an economic plan that would include a second stimulus check, tax breaks for seniors and the middle class, and debt relief for students.

Now I'm not one to turn down a check if they're going to be sending it my way anyway, but where exactly is this money coming from? Could it be that in addition to a second stimulus rebate check we'll also be receiving higher taxes?

Another article in Time magazine talks further about Obama's plans:

he and his advisers are reciting the details of his three big short-term priorities: a new $50 billion stimulus program, much of it routed into extending unemployment insurance beyond the current 26-week limit and helping struggling state governments; a more aggressive foreclosure-prevention effort, with $10 billion in funding; and a tax cut for Americans making less than $150,000 a year — to be financed with tax increases on those making more than $150,000 a year.

Personally I'd rather just see a cut in my taxes, and just keep some more of the money that I earn from the outset.

What's your opinion of a second round of stimulus rebate checks?

LINKS:
What Is Obama's Economic Plan?
Obama's plan: Tax breaks, another stimulus check

Carnival of Money Stories #63 - Gather Round the Campfire!

2008-06-10T07:53:00.010-05:00

Gather round everyone, boy do we have some great stories to tell. Stories of dollars gone missin, pennies being pinched and realtors gone bad. Pull up a chair and enjoy our wide selection of tall (or maybe not so tall) tales! The Carnival of Money Stories is on the air!

Editor's Picks

Shamelle talks about freedom - and breaking free in Money And Processions: Breaking Free From The Materialism Trap posted at Enhance Life.

FMF talks about how Sometimes Realtors Make Things Worse. Posted at Free Money Finance.

The Happy Rock lets us in on how Paying Cash Saved Us Over $1,000 posted at The Happy Rock.

Frugal Babe presents I Resigned posted at Frugal Babe.

FFB presents Your Personal Finance Tipping Point And A Contest posted at Free From Broke.

Dorian Wales warns us that The Perfect Home is a Financial Nightmare - Don’t Get Caught Up In the Costly Race posted at The Personal Financier.

Good Yarns

Momma presents Tales from the road less traveled: "Give me your tired, your poor, your huddled masses yearning to breathe free" posted at Tales from the road less traveled.

GBlogger presents Success Stories: From $11 an Hour to $3,000,000 posted at CAN I GET RICH ON A SALARY.

Tracy Coenen presents Auditor reveals how risky mortgages were allowed to go through posted at FRAUDfiles.

Silicon Valley Blogger presents Build A Business Before You Go Solo posted at The Digerati Life.

Jose DeJesus MD presents Motivating Employees by Paying Them to Quit posted at Physician Entrepreneur.

FIRE Finance presents Sneaky Credit Card Trick #1 - Over The Credit Limit Fees posted at FIRE Finance.

Mrs. Accountability presents Her Mother is Rolling Over In Her Grave - a Credit Card Debt Story posted at outofdebtagain.com

Tall Tales

BillyOceansEleven presents Should we become survivalists to prepare for an upcoming energy crisis? posted at Close Encounters of the Cheap Kind.

glblguy presents A reader question: Budgeting and reminders posted at Gather Little by Little.

Taylor Coburn presents What To Do When You Are Stuck posted at Internet Business at ProcessToProfits.

Mark Riffey presents The fine line between personal and business posted at Business is Personal.

The Financial Blogger presents At What Age Do You Want To Become A Millionnaire? Part 2 posted at The Financial Blogger.

Sagar Satapathy presents 10 Surprising Implications of the Global Rise in Food Prices posted at Currency Trading.net.

Jamy presents The Yin and Yan of wealth equation. posted at Wealth=Wise(Investments+Strategies).

Alvaro Fernandez presents Your Brain On Trading 101 posted at Cognitive Fitness blog.

retirehappy presents Contributing to a Non-Deductible Traditional IRA :: My Retirement Blog posted at My Retirement Blog.

Brice Hogan presents Creating A Stock Portfolio posted at Financialzip.com.

Livingalmostlarge presents Money Personality? | LivingAlmostLarge posted at LivingAlmostLarge.

AndyS presents Top ten myths about buying a franchise - Part 3 posted at $aving to Invest.

Short Stories

jim presents Uncashed Closing Cost Checks posted at Blueprint for Financial Prosperity.

NtJS presents How To: Buy A Used Car: Episode 1 posted at not the jet set.

Will presents Financial Planning In Six Simple Steps posted at Your Finish Rich Plan - A Personal Finance Blog.

James Brausch presents Don?t Do Business With Mail Boxes, Etc.! posted at Costa Rica HQ.

Nina presents Ten Money Questions for Donna Rose posted at Queercents.

Joshua C. Karlin presents How Not to Ask for a Major Gift posted at Marketing & Fundraising Ideas.

Passive Income Investor presents Profiting From The Rise In The Price Of Oil posted at LIVING OFF DIVIDENDS & PASSIVE INCOME.

Raymond presents How To Maximize Your Free Citi Thank You Network Credit Card Rewards posted at Money Blue Book: Personal Finance Blog.

Joe Manausa presents Frustrated Homeowners posted at Tallahassee Real Estate Blog.

Todd presents Should Kids Work During High School? posted at HarvestingDollars.

Dereck presents Want to be rich? Then shut up and listen posted at I Will Not Die.

PT presents Update: $150+ Earned in Gift Cards To Kroger and Best Buy posted at Prime Time Money.

mbhunter presents Are you waiting for a better deal, or are you procrastinating? posted at Mighty Bargain Hunter.

Helen Anderson presents 5 Ways to Start Your Business With No Money! at Personal Finance Blog, Budgeting, Debt @ Bankaholic posted at Bankaholic.

RC presents What a 2 year old, a 4 year old, and a Piggy Bank Have Taught Me about Money posted at Think Your Way to Wealth.

Faron Benoit presents Compulsive Spending is the Biggest Behavioral Block Against Fugal Living posted at Financial Learn.

SJ Yee presents On Becoming A Full-Time Blogger/Internet Marketer posted at Personal Development for the Book Smart.

otherdeb (Deb Wunder) presents Spoons posted at The Dangling Conversation.

Sun presents T-Mobile Insists on Charging me 15 Cents for Going Paperless posted at Save More and Invest Wisely at The Sun's Financial Diary.

Madison presents May 2008 Net Worth Update: +1.4% posted at My Dollar Plan.

Patrick Schwerdtfeger presents Millionaire Mind Intensive posted at Tactical Execution.

Lise presents Four Expensive Garden Mistakes I?ve Already Made, So You Don?t Have To posted at Frugal in the Fruitlands.

Recoil presents Obama Will Raise Taxes - McCain Says DRILL! posted at Double Barreled Opinions.

BeThisWay presents Protect Your Privacy and Your Identity with a Free Second Phone Number posted at Are You Going To Be This Way The Rest of The Time I Know You?.

Be sure to check out past carnivals over at the Carnival of Money Stories homepage, tons of good money stories just waiting to be read!

Carnivals, Links, May Stats and More!

2008-06-10T01:38:00.003-05:00

This week has been a busy one, but somehow I still found the time to post in a few of the bigger personal finance carnivals, and host the Carnival of Money Stories! Here are the carnivals where I made the grade:

I was made the editor's pick over at DailyMoneyHack.com in the Money Hacks Carnival for my article "Save money on your hospital bills just by asking". Check out the rest of the great articles as well!
The Carnival of Personal Finance was hosted by my good friend PT at PTMoney.com. My article, "Cash Flow Planning with Financial Peace University" was included in the budgeting category. Tons of great reading this week!
The festival of frugality included me in the mix and we are encouraged to try a little harder to be frugal this week!
And of course, I hosted the Carnival of Money Stories this week. See the carnival here.

Also this past week we announced our $100 giveaway with the Money Life Network for our "Summer Savings" series of blog posts. You can join in too for your chance to win! Three easy ways to enter, click here for details. Check out today's post in the series, "Summer Savings Series #2: 9 Money Saving Ways to Prepare For a Vacation".
May was another banner month for BibleMoneyMatters.com. In addition to helping launch the Money Life Network of blogs, we also continued the blog's growth since our launch in late January. This past week we went over 200 RSS feed subscribers for the first time, and our blog is now the #43 ranked personal finance blog in Sitemeter stats according to FIRE Finance. So it's been a meteoric rise for our little site - and we have you, the reader, to thank! THANK YOU!

Some other people we need to thank this month are the people who referred the most traffic to Bible Money Matters. We couldn't have done it without you..they include:

gatherlittlebylittle.com
beingfrugal.net
ptmoney.com
frugalhacks.com
pfblogs.org
twitter.com
pfbuzz.com
moolanomy.com
wisebread.com
freefrombroke.com

Here are our most popular articles from this past month, if you haven't already, please give them a quick read!:

Bible Money Matters offers you a free subscription to "Global Finance" with this special offer. Click here to sign up now!
Global Finance delivers the full story; corporate finance, joint ventures and M&A, country profiles, capital markets, investor relations, currencies, banking, risk management, custody, direct investment, money management and all the rest-specifically tailored for corporate readers around the world.

Summer Savings Series #1: Food is a big expense. How can you save?

2008-06-09T04:39:00.002-05:00

Food is expensive

I recently asked my twitter.com followers what they spend on groceries every month. I got answers ranging anywhere $250/month for a family of two to over $600/month for a family of 4. The largest family was a family of 6 who spends $450/month on food. Our food bill for a family of two is often larger than all of these other families.

For the past few years one of our biggest weaknesses in our budget has been our food spending. Neither my wife or I likes to cook, and as a result we end up eating out several times a week. The food we do buy are the pre-packaged dinners which always costs more than if you just buy the raw meats and vegetables yourself. We like the convenience.

Just a couple of months ago we had a month where we spent over $1000 on groceries and dining out. That's a LOT of money to spend on food. I think that was a bit of a wakeup call for me. I realized that we needed to get our food spending under control.

20 tips to cut your food bill

This summer here are 20 tips we'll be using to curb our spending on food:

Eating out less: This may seem obvious, but it is our number one biggest reason we spend so much every month. We eat out several times a week, and on top of that we were eating out for lunch most days as well. When you add it up we're wasting thousands of dollars every year! We're not going to stop eating out all together, but we'll have a "restaurants" budget that will limit this spending category.
Buying the ingredients and making it ourselves: Instead of buying all microwave dinners and pre-packaged meals, we're going to try to make more of our meals from scratch. Buying from scratch and making your meals instead of just heating them up can mean big savings. Lynnae at Being Frugal does this especially well, check out her post on the subject here.
Not buying as much when we shop: One tendency that we've had in the past is to buy a ton of food when we go grocery shopping. If we think we'll need it in the next couple weeks, we buy it. The result is that we end up having a fridge full of food that we don't end up eating. We almost always end up throwing a bunch of old moldy food at the end of the month. It usually works better when we take several smaller trips to the store, only buying what we think we'll need for that week.
Plan your trips to the grocery store: Make sure you're planning your trips to the grocery store, because while making smaller trips to the store can save you money on buying un-needed groceries, it can also cost you money through gas prices. Make sure you're planning your trips to the store so that you can make multiple stops in the same trip (if you need to) and make sure to keep a list during the week so you know what you'll need and where you'll stop. Aimlessly driving from store to store will NOT save you money. For tips on ways to save gas money while you're driving around, see this post.
Look out for bargains: When you're grocery shopping keep your eye out for bargains. If you find something that's on sale, buy extra and stock up. This usually works best on canned items, pasta and things that won't spoil. (See the tip above about buying less to save - Don't buy 20 gallons of milk if it is on sale.)
Stop drinking soda pop: Stop or cut back on drinking soda. For my wife and I just stopping the pop intake was hard/impossible, so we've at least cut back. Start drinking more water or buy cheaper powdered flavored drinks. You'll feel healthier and you'll be better hydrated.
Cut back on junk food: Commercial snack foods are costly and usually unhealthy. Instead buy some veggies and dip, and eat some healthy food while you're laying around.
Buy generic in-house brands when possible: When you're buying foods try and find generic alternatives to the brand names you usually buy. Most stores will have an in-house generic that is often just as good as the brand name, while costing quite a bit less. In some cases I actually prefer the generic!
Don't eat meat every night: Instead of making a meal with meat every night, try making some vegetarian dishes with other sources of protein like beans. It will probably be healthier, and you can save a lot of money on meat if you just make meat-free dishes a few times a week.
Avoid buying snacks in vending machines or convenience stores: This is one of my weaknesses - spending on snacks at work, when I fill up gas or when I'm stopping at starbucks. Instead of buying your snacks, buy some healthy snacks and bring them with you.
Use Coupons: Actually using some of the coupons we get every week in the mail is a great way to save money - we just have to remember to bring them with!
Plant a garden: Supplement your food by planting a garden in your backyard. It doesn't cost much to get one of these going, and you'll have some nice fresh veggies to eat! Check out FrugalDad's square foot garden to get a nice start!
Make extra when you find good deals on meat - and eat the leftovers: When you're making food, try to always cook extra, and freeze the leftovers into meal sized portions. Or if you're really ambitious, use the "cook once, eat for a month" method that a lot of people are talking about. When you see good prices on meat, buy extra, take a day where you cook meals and then freeze meals and lunches for the next month. Saves money and time!
Participate in the Grocery Game: When you play the grocery game at thegrocerygame.com, you'll get a weekly list of the lowest-priced products at your supermarket matched with manufacturers' coupons and weekly specials -- advertised and unadvertised. The service does cost $10 every 8 weeks, but many have found that they save far more than that by using the service.
Use deals websites like MyGroceryDeals.com: MyGroceryDeals.com allows you to enter your zip code, and find deals at your local food stores, pharmacies and other retail outlets. For my zip code it comes up with about 16 different stores with 650+ deals available. Download their Grocery Savings Tips E-book here.
Never shop on an empty stomach: Try not to go shopping when you're on an empty stomach. You'll end up buying a bunch of stuff that looks good, that you don't really need.
Shop using cash so you don't overspend: Set up a budget and only go grocery shopping with cash. If you run out of money, put something back. When you use a credit card you're that much more likely to spend more money on things you don't need.
Eat smaller portions: Save money by eating smaller portions, and freezing any leftovers to eat later for lunch or dinner. Most of us in this country eat too much food anyway, eating until we feel sick. Control your portions and you'll be healthier, and you'll spend less on food!
Don't think you have to buy two to get the discount: Often an item will be advertised for 2 for $5, or 2 for the price of 1. That makes you think you need to buy two items to get the discount. Often you can buy only one if that's all you need. Buy just one item and save!
While you're at the store, pick up your free Redbox rental: While you're out saving on your groceries, you may as well save on your entertainment bill as well. Many grocery stores now have a Redbox.com movie rental machine where you can get your movie rentals for just $1 a night - or less! To find out how to find free rentals at the redbox and save on your Netflix or Blockbuster membership fees, read my post on getting free redbox rentals

So those are some of the ways I plan on saving on groceries (and entertainment) this month. What are some of your money saving tips when you shop for groceries? Leave your tips in the comments below!

Don't forget to stop by the MoneyLifeNetwork.com website to find tomorrow's "Summer Savings Series #2" post by PT at Prime Time Money. I've had a preview of his post topic, and it sounds like it's going to be a good one!

Weekend Reading and Post Roundup

2008-06-08T10:39:00.008-05:00

Well it's been an exciting week here at Bible Money Matters. First of all The Money Life Network is running their first ever group writing project. The first post in the series will be right here on Bible Money Matters, tomorrow - Monday June 9th. We're going to all be writing around the general topic of "summer savings". To make the deal even sweeter, we're asking you to all join in by commenting, writing your own posts about how you're saving this summer, and by subscribing to our group feed to find the secret phrase! Those who participate will have a chance at winning a $100 Amazon gift certificate for their trouble. To find out more details about this exciting contest, go to our contest page.

In other exciting news this week, I'm going to be hosting the Carnival of Money Stories on Tuesday. If you haven't gotten your article in yet, go to the Carnival site, and do it now! CLICK HERE.

This week in the Money Life Network:

Some great articles elsewhere in the Money Life Network this week.

FreeFromBroke is running a great contest for a $25 Amazon gift card. To win, all you have to do is write a blog post about your own personal finance tipping points. You can find my entry HERE.
Prime Time Money asks "Do you feel sorry for Ed McMahon?".
My Investing Blog talks about "One Of The Many “Lemonade” Moments Of My Life
Milk Your Money looks at real estate and asks "How much were your closing costs?".

Check out the group site for more of these guys, and their great writing.

Other great reading in the blogosphere

Here's a sampling of some of the other great articles, contests and group writing projects I've been reading this week:

Our friends over at the M-Network have put together the great M-Network Vacation Guide. Check it out before you head out on vacation!
Free Money Finance talks about putting God first.
Blog Anniversary and Free Gas Giveaway at Single Guy Money
Free Book Giveaway - 17 Lies That Are Holding You Back And The Truth That Will Set You Free at The Wisdom Journal
Know Your Imago And Another Book Giveaway at My Two Dollars
Weekend Roundup: Happy Anniversary Being Frugal! at beingfrugal.net. Lynnae is a year old!
How to Start a Blog Network at Blogthority. There are a lot of steps there that we used when we launched our new network this past couple of weeks.
Is it Mine, or Is it God’s? at being frugal.
the credit crisis: am I missing something?

Personal Finance Bible Verse of the Day: Needs

2008-06-07T11:23:00.001-05:00

And my God will supply all your needs according to His riches in glory in Christ Jesus. Philippians 4:19

Whenever I'm feeling uneasy about having enough money in the budget, or worried about making ends meet when unexpected bills pop up, I just remember that God never gives us more than we can handle, and that he will supply our needs. It's a very freeing feeling to know that you will be cared for, no matter what. It may not be how you expect, but God will supply your needs.