Miserly Moms

Miserly Moms

by

Jonni McCoy

MY THOUGHTS:

I've been a stay-at-home mom for four years now, and I've been implementing a lot of frugal ideas to make ends meet in a one income household. There are lots of new ideas in this book. I liked the idea of making saving money my job and looking at expenses by categories. By focusing on the different expenses one at a time, I can clearly see the progress we make.

Jonni McCoy has developed a list of practical ideas for saving money that really don't cause you to feel deprived at all! By making simple exchanges in the way we live, I believe we are actually living better than we were before and we are saving money for the future at the same time. This book will give you ideas that you can implement today.

I highly recommend this book for anyone who would prefer to keep their money instead of giving it away to retail stores, utilities, and credit card companies.

ABOUT THE AUTHOR:

Jonni McCoy, a versatile author, shopping expert, media spokesperson, and public speaker, has been helping to increase the shopping power of women since 1991. Her many media appearances include The 700 Club, Dr. Laura, and FamilyLife Today. She's been featured in the Wall Street Journal, Good Housekeeping, Family Circle, and other magazines as well as on a variety of Web sites. Jonni, her husband Beau, and their two children now live in Colorado Springs. Check out her website for more ideas.

ABOUT THE BOOK:

The economy is tough, food prices are soaring, and there is constant pressure to have more even though we have less to work with. Enter Jonni McCoy, whose money-saving strategies allowed her family to go from two incomes to one while living in the San Francisco Bay area, one of the most expensive locations in America. Jonni's tried-and-true Eleven Miserly Guidelines are completely practical and easy to do, and they could save you thousands of dollars a year! This updated and expanded fourth edition of Miserly Moms reveals how to

$ save money on groceries

$ make simple meals from scratch

$ celebrate holidays without breaking your budget

$ spot sneaky marketing tricks

Jonni's tips, tactics, and recipes are so easy that you'll wonder why you hadn't thought of them before. If you're ready to learn how to live well in a tough economy, start reading... You can buy the book on Amazon.

Learning To Live Financially Free

Learning To Live Financially Free
by
Marybeth Whalen and Curt Whalen

MY THOUGHTS:
Since my husband and I have been doing financial counseling for several years, we are always looking for books that present solid concepts in fresh new ways. I have followed Marybeth Whalen for many years since I saw her speak at a Hearts at Home conference and I was excited to read this book.

I strongly recommend this book to anyone who is struggling to make ends meet. Marybeth and Curt have come from a place of almost infathomable debt and insurmountable marital difficulties to create a strong marriage and debt-free life. They are very open about their mistakes and trials as they raised six children through these rough times.

This book is different because it doesn't jsut give pat answers, it talks about honest resistance to the basics of overcoming debt -- budgets, savings, and denying 'wants' -- and finally realizing what it takes to make a lasting change in your finances and your marriage.


ABOUT THE AUTHORS:

Marybeth Whalen is a speaker and contributing writer for Proverbs 31 Ministries. The author of For the Write Reason, Marybeth has also written for Parent Life, Money Matters newsletter, The Old Schoolhouse, Hearts at Home magazine, and Homeschooling Today. She contributes regularly to the daily online devotions of Proverbs 31 Ministries.

Curt Whalen is a trained financial counselor through Crown Financial Concepts. He has years of experience helping couples establish budgets, solve financial problems, and learn to communicate more effectively. He has written articles for TEACH Magazine and Money Matters Newsletter and has contributed to books by authors Lysa TerKeurst and Melanie Chitwood.


ABOUT THE BOOK:

The fear and reality of tough economic times, foreclosures, bailouts, bankruptcies and falling stocks strike fear in the hearts of many Americans today. With investors, newscasters and bankers giving advice, who can you trust? Marybeth and Curt Whalen share their financial successes and failures in their new book, Learning to Live Financially Free: Hard-Earned Wisdom for Saving Your Marriage & Your Money. If a family parenting six children can get out of debt and live financially free, anyone can. The Whalens readily admit they made their share of mistakes the first ten years of marriage. Becoming more disciplined and intentional in spending and saving helped them learn valuable lessons for better financial stewardship--lessons you'll want to learn too.

Learning to Live Financially Free not only focuses on building a stronger financial understanding in the home, but also encourages couples to communicate, thus building better, stronger marriages. The Whalens clearly comprehend the need for careful money management and commitment in marriage. Money-strapped families will find peace of mind as they begin the process of becoming financially responsible and debt-free.




A QUICK QUIZ AND SOME GREAT ADVICE:

Are You A Financially Focused Couple?

Instructions: Give yourself 1 point for every "yes" answer, 0 points for every "no."
1.Do you have regular budget meetings?
2.Do you communicate about daily expenses?
3.Do you discuss large purchases before they're made?
4.Does each spouse have an equal vote about money decisions?
5.Have you planned for your future through life insurance and a will?
6.Do you agree about tithing and giving?
7.Can you both list out your debts, including the amounts and monthly payment for each account?
8.Do you have a plan that was written together for paying off debt and saving money?
9.Do you encourage each other to save money?
10.Have you discussed the spending habits and attitudes about money that you carried into the marriage?

Tally up your score and use the guide to the right to see what category you fall into.
0-2 points: Don't get discouraged. There's nowhere to go from here except up!
3-5 points: You are taking steps towards being a financially focused couple.. Keep working together and you will get there.
6-8 points: You are almost 100% financially focused. Keep up the good work and get intentional about those trouble spots.
9-10 points: You are a financially focused couple and could show us all a thing or two! Consider sharing your wisdom with other couples who are struggling in today's uncertain times.


Top Ten Tips For Saving Money In Tough Times


1. Make a budget (and stick to it). A budget overwhelms many people but it is really nothing more than devising a plan for every dollar you bring in. Having a budget helps you spend smarter and think more. It also helps to improve your buying power. The best way to make a budget is to start by sitting down with your spouse and deciding how much you spend on regular categories like groceries, gas, medical, etc. each month. Talk through these things and get them down on paper. Then spend accordingly. An article that goes into step by step detail about making a budget can be found at:
http://e2ma.net/go/1930670465/1767774/65680510/goto:http://www.christianpf.com/how-to-make-a-budget/

2. Stop using credit cards. Studies show that people who use credit cards buy more and think less about their purchases. By learning to spend cash and limiting your purchases, you make your money work for you rather than against you. Credit card companies are getting craftier as the economy struggles. 25% of all credit card users in this country will have their rates raised this year, or their monthly payment raised. When you are in debt, you are at the mercy of the company you owe. Don’t let yourself get bogged down by credit card debt.

3. Cook at home. It sounds so basic and yet how many of us resort to eating out because we just can’t deal with dinner? By taking a few moments once a week to devise a menu plan, shopping for the needed ingredients for that menu plan, and cooking the meals in your home, you can save lots of money and have more time to gather as a family and enjoy a slow evening at home. Eating at home not only saves money, it saves valuable family time.

4. Buy clothes at thrift or consignment stores. This is especially true with children’s clothes. When you are in a department store, always shop the clearance racks and avoid the other racks so you aren’t tempted. It’s also an income generator if you consign your own clothing. You can then take the money you earn on consignment and buy clothes for a new season without being out of pocket any money!

5. If you must eat out, only go to places you have coupons for. Keep a small photo album and arrange restaurant coupons so they are easy to find as you are heading out the door. It’s also a great idea to look for “kids eat free” nights and frequent those. Other ways to save on eating out include ordering water (big savings on this), share meals, order a kids’ portion if the restaurant allows it, and go out for lunch instead of dinner. For people who work, it’s always a good idea to pack your lunch regularly instead of running out to eat. A jar of peanut butter and a loaf of bread will go a long way.

6. Learn to play the coupon game. Many people devote themselves to clipping and organizing coupons—and reap great savings from doing so. There are many frugal websites and blogs that detail exactly how to save a lot of money with coupons. A great one to start with is http://e2ma.net/go/1930670465/1767774/65680508/goto:http://www.couponmom.com/. And here is a great tutorial video you can watch: http://e2ma.net/go/1930670465/1767774/65680506/goto:http://www.youtube.com/watch?v=DcAUZvGS6L8.

7. If you have children, limit the number of activities they do to one per child, per year. If you are struggling to pay for even one activity, consider asking for the activity as a gift from grandparents, aunts and uncles, friends, etc. Instead of another toy that will end up broken or lost, your child can receive a gift that truly keeps on giving as well as one that invests in their future.

8. Think about the things you regularly spend money on like gas or utilities and research ways to save money on those things. For instance, http://e2ma.net/go/1930670465/1767774/65680504/goto:http://www.gasbuddy.com/ tells you where to buy the cheapest gas according to your area code. Bundling services with your cable provider can save money each month. Calling your energy company to find out when their off-peak hours are and doing your laundry or dishes during those times can save on your monthly bill as well.

9. Don’t shop as a recreational activity. If you can’t see it, you won’t feel a need to have it. Use time you used to spend shopping to go for a walk, visit a park, exercise, read a book, or spend time researching money-saving sites on the internet! If you have a friend you used to enjoy shopping with, sit down and list out other alternatives for your time together.

10. Look for ways to generate additional income. Whether it be an additional part-time job or a way to make money from home using a skill or talent you possess, get creative, get motivated, and get excited about the potential you have to generate income that you didn’t have before. Every little bit helps, so put on your thinking cap and don’t be shy about stepping out and trying something!

Surviving Financial Meltdown

Our last book for January is Surviving Financial Meltdown -- Confident Decisions in an Uncertain World, by Ron Blue and Jeremy White, CPA.

Most of us are wondering how our current economy will affect us. This book promises answers to our most pressing financial concerns -- and a long-term strategy for financial health.

Text on the back cover:

Increasing layoffs, rising food prices, a stagnant housing market, an
erratic stock market. Surely these jeopardize your family's financial future,
right?

They don't have to, say trusted financial experts Ron Blue and Jeremy
White. They'll show you how to take charge of your family's financial well-being
-- no matter how bleak your situation appears right now.

Surviving Financial Meltdown answers the questions that keep you up at
night:

• What should I do if my job seems to be in jeopardy?
• Should I take my money out of the stock market?
• What steps should I take if I'm behind on my house payments?
• Where can I save money as the cost of living keeps going up?

This indispensable guide also offers a six-step plan that will lead your
family to economic health. Based on scriptural wisdom and time-tested truth,
these principles transcend the gloom and doom of TV and Internet pundits and
give you proven strategies to strengthen your family's number one economic
indicator: your own checkbook.

Learn why you don't need to fear tough economic times -- and why there may be
no better time than now to take control of your family's financial
well-being.

ABOUT THE AUTHORS:

Ron Blue has been a financial planner and consultant for over 30 years. He currently leads an international effort to equip and motivate Christian financial professionals to serve the body of Christ by implementing biblical wisdom in their lives and practices, resulting in financial freedom. Ron has appeared on national radio and television programs and has authored 13 books on personal finance, including the best-seller, Master Your Money.

Jeremy White has been a Certified Public Accountant since 1988 with financial experience in public accounting and industry. He's currently practicing as a partner with Blythe, White & Associates, a certified public accounting and consulting firm in Paducah, KY. Jeremy is a qualified member of Kingdom Advisors. He has coauthored or assisted with four other best-selling financial books including The New Master Your Money, Splitting Heirs, and Your Kids Can Master Their Money.

PURPOSE:

Surviving Financial Meltdown is designed to address many of the fears people have when managing their money. It provides practical assistance in understanding biblically-based financial principles and establishing financial goals. It also includes an appendix with money saving ideas.

In the first chapter, Ron and Jeremy introduce the four principles of financial success: thinking long term, spend less than you earn, maintain emergency savings, and minimize the use of debt. They are simple concepts that often get overlooked, but they have stood the test of time in famine and in times of plenty. The principles are easy to understand, but are often difficult to follow. The authors are encouraging and positive that each of us can learn to manage our finances wisely, regardless of where we are financially today. By implementing these principles, the authors can teach us how to make financial peace of mind a reality.

TABLE OF CONTENTS:

Chapter 1: Riding out the Economic Storm -- How to Prepare for Economic Uncertainty

Chapter 2: This Economy Is Unique, Just Like Every Other One Before It -- Dealing with a Challenging Economy

Chapter 3: No Sense Being Pessimistic -- It Wouldn't Work Anyway! Dealing with Financial Fears

Chapter 4: This Isn't Going to Hurt a Bit...Step 1 Take a Financial Physical

Chapter 5: Aim at Nothing and You'll Hit It Every Time ... Step 2 Think Long Term -- Set Goals

Chapter 6: I'm Stuck in a Traffic Jam on the Road to Riches ... Step 3 Spend Less Than You Earn

Chapter 7: I'm Having an Out-of-Money Experience ... Step 4 Build Emergency Savings

Chapter 8: I'm Being Eaten by the Borrow Constrictor ... Step 5 Avoid Debt

Chapter 9: Honey, I've Shrunk Our Portfolio ... Step 6 Think Long Term With Investing.

BOOK FORMAT:

Each chapter has personal stories of financial situations and their implications. Bible verses and concepts are introduced to strengthen the reliance on God, not finances, as the rock by which we stand. The chapters are easy to read, and they are divided by descriptive subtitles. There are sidebars and boxes with specific research or advice pertinent to the topic of the chapter. Chapters are short, approximately 10 pages, making this an easy book to read in one setting if you choose.

Tomorrow we will look at some of the chapters in more detail!

Economic Parables -- Post 3

This is the final day we are looking at Economic Parables by David Cowan.

It is a little more difficult to summarize the key principles of money management from this book since each chapter is diving deep to understand Jesus's perspective on finances. The chapters double as a Bible study tool.

Let's look at one chapter in more detail. Chapter 14, How Much Do We Need To Live On, focuses on the parable of the lost coin from Luke 15:8-10. In two short verses, Jesus provides an important story for managing our finances. This is the parable of a woman who has ten coins and loses one. She desperately searches her home until she finds it, then she calls all her friends and neighbors together to celebrate.

Cowan mentions the absurdity of this parable in context of losing a penny, or even a dollar coin. However, he explains, in Bible days this silver coin was the equivalent of a day's wages. The value of money depends on how much we have in the first place. What if you lost 10% of your entire savings (and how many of us have actually lost that much of our retirement funds in the recent market downturns)?

So often we look at the wonderful things others own and get discouraged by what seemingly little we have. Yet if we compare our lives to the approximately one billion people who live on less than one dollar per day, we are rich beyond belief. How much do we actually need to live? And what should we do with the rest of our money?

This chapter takes a turn to look at poverty and our individual and collective responsibilities. Cowan states that "it seems that we wantt eh economy to do that which we personally do not want to do: to serve or be charitable." In essence, we spend to the max (or beyond) of our ability on ourselves, with little thought to the family across town who can't afford to turn the heat on. Do we have a responsibility to manage 'our' money in a way that impacts them?

This book is written for those who want to relate Jesus's teachings to our current world economic system...a much more difficult task that relating these teachings just to our own stewardship. It is full of complex concepts and thoughts that may seems simplistic at first read, but cause you to really think about our way of life for a long time after you put the book down.

This is not a book to help you get through the current difficult time in our financial world, but to help you understand how to approach big picture financial concepts in a Biblical way. In doing so, you may decide that your personal approach to finances can be revised to be more Biblical, too.

You can purchase this book at Amazon if you are interested in a challenging read!

Total Money Makeover Post 3

This is our last day to look at Dave Ramsey's Total Money Makeover. Let's look at his overall process for revising our finances.

1. Be sure you are really going to make the change...that's the hardest part. Do not add ANY debt from this point on and shred all credit cards.
2. Create an emergency fund of $1000 to use ONLY for emergencies
3. Take all extra money you have to pay off your debt. Pay off as much as possible toward the smallest debt first, with minimal payments to everything else. As soon as the smallest debt is paid off, devote all the monthly money you were paying on that to the next smallest debt, working it off as quickly as possible. This is called the Debt Snowball, and it will allow you to see progress quickly as you become debt free.
4. Expand the emergency fund until it is big enough to cover 3 - 6 months of your regular expenses.
5. Save for retirement
6. Save for college for the kids (yes, this is AFTER retirement saving...Dave believes that we do not owe our children a college education, but we do owe them freedom from the burden of our debt in our old age!).
7. When all these things are under control, start paying off your home mortgage(s).
8. When you are totally debt free, build wealth so you can have fun, invest, and give!

My thoughts:
I know that people who follow Dave's advice will get out of debt and will be able to find financial freedom if they keep at it. I've seen people pay off huge debts in record time, and I've seen the stress just drain from them.

I've also seen people who have taken Financial Peace University or read Total Money Makeover. They agreed with Dave in theory, but refused to act in the difficult ways he recommends. Each and every one of them has ended up worse than before they started the course.

Like any other improvement program, this won't work if you don't do it!

We don't follow all of Dave's principles (we have one credit card which we have paid off in full each month for over 25 years, so we feel we don't have a problem with credit card debt). That said, we are very careful not to spend more with plastic than we would with cash. We do almost all of our in-person store transactions with cash, and it has worked very well for us.

If you are in financial difficulty and you REALLY want to change, this is a fabulous book/program to use.

Purchase the book and find out more about Dave Ramsey at his website, www.daveramsey.com
In addition, there are a lot of tools, techniques, forms, and testimonials at the site.

The Total Money Makeover Part 2

We have looked at the outline and format of the book, so let's find out what Dave Ramsey recommends as the key principles for personal financial succes.

The first step, according to the Dave, is to honestly face your current situation. Many people have no idea how far in debt they are or where their money goes each month. We think that all we need is more money and everything will be ok. That is a lie! The more money we get, the more most of us spend -- almost always spending more than we make regardless of that income level. Until we understand that the reason we have financial difficulties is related to the choices we make, we will not be able to change our behavior. It is very hard to change behavior, and you have to really want to change your financial situation because it won't be easy. It requires dedication, sacrifice, discipline, and a focus on the long term.

The book reviews money myths, which include:
- Everything will be fine when I retire. I'm not saving yet, but there's plenty of time.
- I can get rich quick if I join this group, buy this tape set, work three hours a week, or buy the lottery
- I don't have time to work on a budget, retirement plan, or estate plan
- The debt-management companies on TV or the radio will save me
- I'll just file bankruptcy and start over; it seems so easy
- I can't afford insurance

It also lists a couple of hurdles that people need to pass to be successful. The first is ignorance. None of us are born financially smart. Many of us have made a mess of our financial situations because we simply didn't know what we were doing. There is an easy way to overcome this...stop justifying your decisions made out of ignorance and learn! Discover where your money has been going and get firm with it...tell the money where to go instead of just letting it disappear.

The second hurdle is keeping up with the Joneses. We all feel a need to be accepted by the crowd we hang around with, and especially with our parents and in-laws. We want them all to think that we are doing well and are making smart financial decisions, but the way to make them believe this is usually based on lies. Having to buy the newest car, the biggest house, and the most advanced 52" TV don't show that we are financially smart...it often means we are in debt up to our eyeballs but we don't want anyone to know. So to keep the myth going, we take on more debt and actively live a lie.

One of the first actions couples should take together is to prepare a budget. Look at all the incoming funds and all the places where you spend money (other than charge card balances). How much do you spend each month on giving, savings, food, clothing, household maintenance, transportation, etc. The key here is that the amount spent is EQUAL TO OR LESS than the income! If it is not, figure out ways to either reduce your expenditures or increase your income! Use any excess to create your emergency fund.

Dave Ramsey insists that it is vital to collect $1000 before you take any other actions. This is an emergency fund...to be used only in the event that there is a certifiable emergency like a broken car or refrigerator. He is clear that Christmas, vacation, or that terrific couch you have always wanted are NOT emergencies! This fund should be accessible, but not too easy to get to, maybe in a second checking account. Then, when you are faced with a crisis that might have caused you to charge things on credit, you can use the fund to avoid more debt.

Tomorrow we'll talk about Dave's recommendations for becoming debt-free.

Living Rich for Less

Living Rich for Less
by
Ellie Kay

My Thoughts:
Given the craziness that is my life right now with a wedding, graduation, and Christmas all within the next two weeks, I haven't had time to read this book yet. HOWEVER...starting in January this blog will take on a different look/approach. Each month I'll be focusing on one topic that is important to God. We'll have discussions, book reviews, give aways, interviews, and other fun things that will help us all grow spiritually. January's topic is Financial Freedom, and we will look at this book in more detail. If you want to get a copy of it so you can join in on the discussions, go to www.amazon.com!

You really can be rich in every way, every day.

So you want to own the home you love, make memories on wonderful vacations with family or friends, finance college educations, and help others too?

You can—starting here and now.

With lively humor, proven know-how, and practical principles for financial health, Living Rich for Less helps you stretch your dollars to realize the lifestyle of your dreams. Ellie Kay’s entertaining and enlightening examples show you simple steps to save, spend, and give smart, and her three main principles are undergirded by dozens of effective rules and hundreds of Cha-Ching Factor™ tips that keep or put money in your pocket.

Ellie knows what it’s like to be financially-strapped or struggling, wanting to be the Joneses but feeling as poor in spirit as in pocketbook. She went, within two and a half years, from being a new wife and mom with $40,000 in consumer debt and seven children (and college educations) to support, to being completely debt-free and within fifteen years able to pay cash for eleven different cars, give away three of those cars, buy two five-bedroom houses (moving from one to the other) and nicely furnish each, take wonderful vacations, dress her family in fine fashion; and support more than thirty non-profit organizations in more than a dozen different countries, giving away more than $100,000.

Isn’t that the kind of transformation to a rich life that you want?

Living Rich for Less helps anyone get there in our taxed-out, maxed-out times. Because financial security doesn’t mean just genuine prosperity, but being able to live luxuriously, give generously, and care for yourself as well as the others around you.

Why keep up with the Joneses when you can be them?