A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
bench craft company
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
bench craft company
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
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Report: More than 700 children died in Afghan conflict in 2010 <b>...</b>
KABUL (BNO NEWS) -- More than 700 children lost their lives in conflict-related security incidents in Afghanistan in 2010, according to figures compiled in an annual report of the Afghanistan Rights Monitor (ARM). ...
Jeff Fager, David Rhodes, Sean McManus Shuffled at CBS <b>News</b>: What <b>...</b>
In a surprise even to insiders, 60 Minutes executive producer Jeff Fager will lead the news division, along with Bloomberg's David Rhodes. Howard Kurtz on the back story—and what it spells for Katie Couric.
CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
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It lures seductively only to leave me hanging when I most need it. It gives me what I want, but only conditionally. It only comes around after I've toiled for eighty hours, and even then it's usually gone before I see any of it. Based on the headlines, blogs, and personal stories I've read and heard, I know I'm not the only one with this kind of love hate relationship with money.
Personal finance and I have never seen eye to eye. I passed Consumer's Education in high school. I know how to balance a checkbook, use a credit card, and apply for a loan. To some extent, I even know how to budget (though it took me awhile to figure that part out).
I also know how to justify buying something I want, how to "fix" the figures in my head to fool myself into thinking I won't overdraft, how to ignore bills until the very last minute, and how to sell things to make ends meet after my irresponsibility has caught up with me. No groceries in the house until payday? That's okay, I have some DVDs I can sell. It'll be fine.
One would think that by now I would have learned my lesson. The truth is that I've learned a lot of lessons. It doesn't feel like it. When I'm praying that my overdraft credit at the bank will cover what I'm short in rent, it sounds like I'm still just as stuck in financial stupidity as I was the day I moved out of my parent's house. But I really have learned a few things along the way about finances and myself.
Then and Now
There was a year in college when I survived with just one on-campus job. I should have enjoyed it more. It seems like every year since then has been harder. I'm making more money now than I ever did in the past. I'm also spending more, not only in bills, but in entertainment items that I probably don't need.
Back then, money was spent on pizza delivery, party alcohol, movies, and the occasional trip to an out-of-town hockey game. Now it goes to rent, car payment and insurance, and student loans. It keeps the internet on, feeds the puppy, does laundry, and puts meals in the house.
At one point, I thought I could handle a credit card. A shopping spree and two plane tickets later, I've learned my lesson. The only credit card I own is my bank debit card. I went through my "too proud" phase, where assistance of any sort was just something I wouldn't do. Now I'm okay with applying for help, as long as I know I'm doing everything I can to help myself first.
I wish financial knowledge was a before and after thing, but it's not. While I've learned a lot over the past decade, I still struggle. I always look for new ways to cut corners while at the same time trying to keep myself from purchasing all the "wants" that are not necessarily "needs." I could read books, surf websites, and talk to as many financial advisors as I want. For me, daily financial planning is about common sense, even if I do still fail to exercise that option at times.
What I've Learned
If anything, the whole financial journey has been a learning experience for me. I won't lie; there are a few offenses I seem to keep repeating. But the little things that I've picked up are where most of my improvement has been made. All of those little things have added up to teach me three big things about my overall personal finance picture.
1. I've learned that it's probably better to talk to someone if you're in a jam. I don't think I'm the only one who tends to ignore bill collector calls if I don't have the money ready to appease them. But if there's an issue with rent, I find it's better to talk to the landlord than to wait for an eviction notice on the door. Trust me, this isn't easy. I get scared when that time comes. Are they going to yell at me? Are they going to tell me I'm a horrible person because I can't pay all my rent this month? I think there might be some landlords out there who have the potential to do that. But I believe a lot of them would rather have the communication. Last year there was a problem with rent. Instead of not paying, I explained the issue and asked for an extension. Come to find out, we were able to post date a check without incurring any extra late fees simply because we took the time to talk to the rental company.
2. I've learned that no matter how bad things are, being proactive, even if it's just doing one thing to better the situation, can help. When the going gets rough, my depression sets in. It's easier to curl up and ignore the world in front of the TV then it is to face the facts that I'm broke. But sitting around doing nothing only feeds the nasty depression cycle. In my last budgeting faux pas, in which I realized I was coming up short for a couple big bills, I forced myself off the couch. Instead of pretending there was not a problem, I began working out a budgeted grocery list and a plan of how to take care of the bills over the next few weeks. I formulated a letter asking for a payment plan from our landlords, and I listed several things to sell in order to help fill in the gaps where money was short. Even though none of these things yielded an instant solution to my plan, it gave me a sense of control and brought me out of my feeling of helplessness.
3. I've learned that there is always a solution, though it might not be the one I want. Some solutions involve payment plans for past due bills. For things like groceries and living necessities, the solution often lies in planning and finding the lowest cost of everything, even if it's only by a few cents. Sometimes the solution is in giving up a vacation I want to take or having cable TV shut off. Right now, the solution to paying bills is to find the cheapest meals possible and to give up soda. Solutions come in many packages, most of which aren't going to be fun or easy, but they will help you get back on track to where you want your finances to be.
Do I Thrive on Financial Stress?
You would think with all the things I should be doing and don't that I get a weird kick out of being stressed about money and bills. I've even heard it said that people will subconsciously put themselves into financial jeopardy because of the thrill of the stress.
Financial stress to me is about as thrilling as a root canal. In fact, I'd rather have a root canal because that sort of stress only lasts for a little bit. My problem is the importance I place on instant gratification. When I want something, I tend to forget that the money I'm spending was supposed to pay the electric bill.
Trust me, if I wanted to thrive on financial stress, I would have aimed for a job on Wall Street.
But I do believe that financial stress has its place. It's helped me learn things, even things I don't put into practice. It keeps me in line and keeps me from continuing my bad spending when I'm already in the hole. It keeps me out of casinos and it gives me the chance to explore free and low-cost options for entertainment. It also gives me a sense of accomplishment when I solve my financial issues, and when I can finally afford to do or have something I've been wanting, it makes acquiring it that much sweeter.
While this article has been about me, don't read it as a diary entry into my life. See what I've learned and apply it to your own life. Take a look at the big picture and figure out your own personal finance story. At the very minimum, realize that if you're struggling along and having a tough time keeping your money in order, you're definitely not alone.
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