debt debs

Personal Debt Wrangler – Had my money head in the sand – but no more!

debtdebs-Fergus

Top Ten Reasons You Need to Manage Your Finances

61 Comments

Big big post for you here today folks.  It’s time for another Top Ten Reasons à la David Letterman style. This time I’ve brought my good blogger friends to back up my points.  You know, just so you don’t think I make this stuff up and all.

Last time I did the Top Ten I kinda screwed it up. I forget that Dave goes in reverse. What can I say? I was a Leno fan.

Speaking of the Tonight Show, who’s enjoying it with Fallon as the host? I love the opening music (don’t ask why, but if I turn the channel too late after watching the news and miss the opening music I’m bummed up.  Hey hey hey hey….Hey hey hey hey… Hey hey hey hey… hey hey hey hey)

It’s definitely different than Leno. I like the musical numbers he does.  Plus he does a good Vladimir Putin.  I miss headlines, and jaywalking though. Did anyone see it the other night when they had the zoo animals on?  No?  Okay well you’re in luck because I have it for you below.

icon

At about 3 minutes in the trainer pretended the little albino alligator snapped at Jimmy and he ended up in the corner because he got so scared.   Then they brought the big mama albino alligator out and he looked like he was going to run out of the studio. Meanwhile his female guest, Rosario Dawson, was handling the little white baby like a pro.

You can view the video directly on YouTube by clicking here

Also see the follow-on video with Roxie the big big elephant here.  I’m a little reluctant to share these videos because I’m not a big fan of animals in captivity.  Share your thoughts in the comments, if you like.

Anyways, I digress, so back to the Top Ten.

Top Ten Reasons You Need to Manage Your Finances

goats-kids#10.  Your kids – Read this heartfelt story from Vanessa of the Cash Cow Couple who wrote at The Heavy Purse

The Surprising Consequences of Keeping Your Kids in the Dark about Your Finances

Vanessa explains how important it is to explain any ways you are managing money in an open and practical manner, focusing on the positive with your children.  You do not want to create fear in your child which can develop into unhealthy money and spending habits that take years to overcome.  As a mother, I wonder if I’ve made these mistakes, even if meaning well.  All I can do is look forward and help educate other parents about this as well.

Top Ninth Reason You Need to Manage Your Finances

fast-food-not-frugal#9.  You may end up having to go on a cash diet – Grayson Bell at Frugal Rules is putting himself on one because he says he’s spending too much on fast food.

It is Time to go on a Cash Diet

There’s no shame if you have to go this route, it’s better than letting a problem perpetuate and maybe become an even harder habit to break.  I’ve decided I may need to put The Irishman on a cash grocery diet if the poker chips don’t work.  What is it with men and grocery stores?  Is it just mine?  OK, then, carry on.

Top Eighth Reason You Need to Manage Your Finances

duck-bill#8.  You may be paying for stuff you don’t know about – Dee at Color Me Frugal found out the hard way when she was suddenly billed for something that apparently was in the contract but they weren’t aware.

Why It’s Important to Check in With Your Billers Regularly

At least through some whining negotiating she was able to cut her losses in half, but if she hadn’t checked her bill closely she would have been none the wiser for that time and going forward.  BTW, the duck named Bill totally agrees with me.

Top Seventh Reason You Need to Manage Your Finances

Bread#7.  You’re paying for a lot more than the food you order when you eat out according to Karen at Suburban Finance.

Hidden Costs in Restaurants

She reminds us of the extra costs of sides and add-ons as well as the variability across geographies.  What get’s me the most is how these options are always presented in such a way as to make you think they are doing you a big favour, bringing you bread or asking if you like something extra, with no hint that there’s extra cost involved and they’re just trying to up-sell and increase they’re profit margin.  Good marketing for them… bad for you and your pocketbook!  Besides who wants to pay extra for bread that looks like worms?

Top Sixth Reason You Need to Manage Your Finances

gas-prices#6.  You may be missing out on better opportunities if you don’t do the math and calculate your costs that support your income earning potential or even just your costs to support your family.  How many times have you driven across town to hit a sale but basically blew most of your savings on gas?  Crystal at Budgeting in the Fun Stuff discusses how this has impacted her in:

Opportunity Costs at Work

Now with the price of gas these days is through the roof.  I use GasBuddy.com to find the best prices in my vicinity.  $139.8/litre last reported 50 minutes ago at my favourite nearby station (which in US gas terms is $4.915/gal  using these handy dandy Bank of Canada daily currency converter and gas converter tools!)

Top Fifth Reason You Need to Manage Your Finances

Germany#5. What if a great opportunity came along, something you always wanted to do but then you couldn’t because you didn’t have the financial means necessary to support the endeavor?  So like, let’s just say that Erin of Broke Millennial had this chance (she doesn’t) to move to Germany (she’s not) but didn’t have the funds to pay her way over until she could get reimbursed by her new employer?  Ya, that would suck ay?  Well Erin explores all things about why she should move to Germany in … drum roll…

Perhaps I Should Move to Germany?

Basically she proves that she would never be caught with her pants on the ground and not ready to move to Germany or anywhere if the right opportunity came up because she rocks managing her money!!   Besides, who wouldn’t want to move to Germany on a moment’s notice with cool looking architecture like this?

flickr-John-Morgan-manage-your-financesTop Fourth Reason You Need to Manage Your Finances

#4.  If you manage your finances then you have extra money to buy important stuff like dividend paying stocks which is a nice form of passive income.  I don’t have any extra money these days so I just drool when I read posts like this from Dividend Mantra.

Recent Buy

So I just follow a long like I’m using play monopoly money so I can learn the ropes and look forward to the day when I have some extra cash and I can write a post call Recent Buy except I will call it Decent Recent Buy, because my name is Debt Debs and I have to get at least one D and some rhyme in there because that’s how I roll.

Top Third Reason You Need to Manage Your Finances

Dollar-Store-shopping#3.  Wow, I can’t believe I’m already at #3.  For this one I need to say categorically you need to manage your finances so that you can shop at the dollar store.  Huh?  Yes, you need to shop at the dollar store for two reasons.  #1 you can get some okay things at the dollar store and there is no reason to go buy some overpriced thing when the dollar store version is just fine.  Girl Meets Debt knows about some of these things and also some that you should not buy at the dollar store.

5 Things to Buy (and Avoid) at the Dollar Store

I’d like to add pens to her list of things to buy at the dollar store.  But what’s the #2 reason you need to shop at the dollar store?  You need to remember what it was like when you shopped at the dollar store to get your shopping fix because you didn’t have any money and spending just $10 on some dish cloths, some plastic hangers, a couple of cards and a candle was enough to make you realize, you didn’t need to shop anymore to feel good.  Stay humble…. and never be a collector of needless stuff again.

Top Second Reason You Need to Manage Your Finances

standard-poodle#2.  If something is really important to you and you need money for it, it’s not fun when you don’t have the money for it.  Our beloved standard poodle passed away January 2013, and though I still grieve for him, I think I will soon be ready to get another Standard Poodle, this time from a rescue organization like SPIN or SPRO.  It just sucks that we don’t have the money in our budget because pets can be expensive.  But I bawled my eyes out yesterday when I read about LBee & the Money Tree having a really rough week losing her beloved dog, Murray.

For Murray

Her love for that pooch was so apparent in her words and the wonderful pictures she shared.  It reminded me how much we loved and miss Fergus, and know that one day, we will share our love again with a standard poodle rescue.  It’s not a matter of if, it’s when.  And if I had been a better money manager, it would be tomorrow that I would get another dog.

The #1 Top Reason You Need to Manage Your Finances

happy-piggybank-manage-your-finances#1.  And the #1 reason why you need to manage your finances is an oldie but goodie found on Rockstar Finance from Will at First Quarter Finance.  You may find out that you actually enjoy saving money!

How to Enjoy Saving Money!

Now there’s a novel concept, and one, I myself, can vouch for!  Go figure…

Images courtesy of morguefile except where noted
Monopoly Money / John Morgan / flickr
Dollarama / Michael_Swan / flickr

Happy #FinSavSat folks!  Enjoy your weekend!

Debt Discipline

   

Author: debster

I am a fifty-something wife, mother and new grandmother, who admits to having their “head in the sand” about their financial situation until amassing $247,500 worth of consumer debt for a total debt of $393,500. We've paid $121K in 2 years with four more years to go. Join my journey at debtdebs.com sharing ideas and motivation to all those coping with poor money management and bad debt decisions.

61 thoughts on “Top Ten Reasons You Need to Manage Your Finances

  1. Debs,

    Thanks so much for the kind mention. Really appreciate it.

    And I’m actually posting something related to Monopoly today, so that’s really funny!

    By the way, I’m a huge Jimmy Fallon fan. I think his show is just awesome. Watch it every chance I get.

    Hope you have a great weekend.

    Best wishes!

    • Oh dog that’s a funny coincidence about your Monopoly post, Jason. I haven’t even made it out yet to visit anyone yet. Going to do that now for a bit and then I’m heading out on my bike to ride over to see my grandson for a visit. What’s not to like about that for my weekend? Good to know you’re a Fallon fan, too. ;-)

  2. It is so important to check your bills! I’ve noticed some online sellers (GoDaddy, etc.) padding your bill at checkout and making it hard for you to notice/uncheck said items. Very sneaky and very unethical IMO.

    And I also agree it’s a good idea to keep your kids aware somewhat of your finances. If you never say a word, they will just take money for granted. They won’t respect it as they should. Then college comes and they can’t even manage a one dollar bill. :/

    Thanks for adding my article to this list, Deb!!!!!!! At the end of the day, saving money feels far better than spending money. Maybe instead of Czech, I’m actually German. ;)

    • I think maybe all us PF bloggers have a bit of German in us, Will. My sister studied psychology and she used to say my Dad’s miserly ways were due to severe toilet training in childhood. HA Me, I think it was more genetic than behavioural! hee hee

  3. Thanks so much for the shout out! Love the Tonight Show clip- I was a big Leno fan too. I haven’t really gotten back into it since Fallon took over.

  4. Great Top Ten and well done Deb! I am a fan of Jimmy Fallon and I have to make time to get tickets to see his show! I enjoy the show’s band – Questlove (the drummer) The Roots (his band) too!

  5. #5 is my favorite right now. Job stuff is keeping me in a cheap city for the time being, but I dream about moving to Los Angeles to be with my best friends and never have seasonal depression problems again. BUT: LA is freaking expensive, and I am freaking broke. I want to be able to take a job there if one comes up though!

    • Wow that’s a big and great goal Cecilia! Do you follow BudgetandtheBeach? She’s an LA girl. I’ve been there 4 times in my life but I doubt I will ever go there again. Not that I didn’t like it, just too many other places to see that I haven’t been, including Western Canada, if you can believe that!

  6. Great list. I miss the drum roll. :) I’d take Letterman over Leno any day. If you follow Fallon on Twitter you can find out when his tickets get released.

    • And here I thought you’d say something about the dog, Brian! LOL I know you’re a big doggie fan! Don’t plan on going to NY anytime soon. Sometimes I go to NJ on business but then it’s all work, work, work and then get back home!

  7. I love how you set up your link love section! Very clever. I like the hidden fees/bills one. Too often mistakes or leaks happen in your bills that you may just go about paying mindlessly. I once fought a 500 charge on a medical bill because it was ridiculous. It took over a year to finally get cleared, but I stood my ground. Worth it.

    • Thanks Tonya! I’ve actually never done a link love so I thought it was time. Since I was able to tie it in to a topic I had been wanting to write about, it all worked out well. Happy Sunday!

  8. Oh and PS I freaking love Jimmy Fallon. I have a serious crush on him! :)

    • He is pretty darn cute… and funny… I love funny. The only thing I’ve noticed since I’ve been watching him on the Tonight Show is that sometimes he comes off as acting as opposed to being genuine. What I mean is, he makes a funny smirk which is appropriate for what is being discussed, but it almost seems forced. Don’t ask me how I think I can see this, just call me a good face reader. Or maybe I’m totally wrong. But since I’ve noticed it, I’ve tried looking for it and I can definitely spot when I think his behaviour is truly spontaneous and off the cuff and from within as opposed to being a bit of situation appropriate acting. In fact, let’s take the alligator clip above. After he gets initially scared (I think that part is genuine because it would be hard to pull off, but we really don’t know), the rest of it is pure over the top acting, IMHO, when he runs in the corner and takes a while to come back. Appropriate for the situation and capitalizing on the moment, for sure, don’t blame him. I just find that when you catch a celebrity or performer in a real off the cuff laughing wholeheartedly moment (at themself or otherwise), it’s so refreshing. If I want to see acting, I watch a movie. When I’m watching a talk show, I want genuine. RANT OVER AND OUT ;-)

      • I that guest and Jimmy were totally playing off each other. But I have to say, I find him completely genuine on the show. I think he is really geeked about his job and loves what he does. That’s what I see when I watch. It’s funny though to see how two people see things differently about the same person though. :)

        • Don’t get me wrong, I still like him, but it’s just something odd that I see once in a while that I don’t really want to see, because I like him! :-)

  9. Love this version of a round up. My husband does the same at grocery stores. :p

  10. Loved this post! I completely agree with your to reasons to manage your finances. I think my biggest motivator though is for my family. I would really like to start a family in the next few years and want to be as prepared as possible. Finances are a huge part of that equation. I also want to be ready for emergencies like you mentioned. Whether it is helping another family member or needing to do emergency repairs on the house or cars, or job loss, emergencies are stressful. Money is the last thing I want to worry about!

    • Thanks, Liz, #2 reason is very important and that’s why it’s #2. Kids cost money so it’s best to be well prepared and the live frugal, then you will have no stress about money. The best thing you can spend on kids is time spent with them anyways. Also the almighty e-fund is not to be underestimated and will keep a lot of stress away for sure! Thanks for chiming in! :-)

  11. Your discussion with Tonya over Jimmy Fallon gave me the giggles for some reason. :-), oh, and your Fergus is so adorably cute!!!! Hope you can get another one soon. Great post here, Deb. I get frustrated at the things we have to put on hold for the sake of money. Oh well, one day.

    • Giggle away, Laurie! He was such a great dog, brought so much joy to our family. I think that all good things come to those who wait, so that means you and I are in for some good stuff! LOL ;-)

  12. This should give people a kick in the butt!! I think being involved in and managing your finances is part of your duty as a responsible adult. And failure to live up to this has horrible consequences!!!

  13. Love this idea! Interesting content and great way to feature some fantastic posts from the week. Keep up the great work!

  14. This is an awesome list Deb and your creativity in your posts and your tweets is always so inspiring to me!!!! Keep up the great work!! And I am with Tonya, I totally have a crush on Jimmy Fallon. I watch clips of the show on Hulu Plus and I giggle like crazy over most of it. I just want to hang out and drink with him (and maybe his bff Justine Timberlake) sometime. We all need dreams. ;-)

    • Thank you for the compliment, Shannon. :blushing:

      Fallon and Timberlake seem to have a great time together…. actually that’s exactly what I mean.. you can tell they are totally genuine with each other when they are horsing around. I love it!

  15. Great list of reasons Debs and I love how you linked it back to fellow bloggers’ examples. How creative!

    • Thanks, Kayla. I actually had fun doing it a lot! Who knows.. maybe link loves will become my norm… I just need to have a topic to tie them into. :D

  16. This is a great list! I can tell you put a lot of effort into putting it together. I can relate to #2. Our cat was about 20-21 years old this Winter and a tumor started to press up against her eye. We had medical and pharmacy bills that came up and I’m glad we had the money for it. I actually have put off getting a dog because I had multiple friends share with me stories of medical bills reaching as much as $5,000. Pets are a part of the family and I want to have the money to pay for their care when they get sick or hurt.

    • Exactly! My daughter paid $5K Jan 2013 for her dachshund to have emergency back surgery at 8 years old. I was just tweeting about this with Holly @ Club Thrifty and Kayla @ Shoeaholicnomore because we were swapping Doxie pics! I’m sorry your cat was ill but hope she is doing better now. I just love pets and don’t know how long I can remain SPOOless. Thx for compliment, David :D

  17. Thanks so much for including me! I love the way you wrote this.

    P.S. I’ll forgive you for being a Leno fan :P I actually used to work for The Late Show!

  18. Thanks for including Vaness’a guest post in your list. She did a great job! Honestly, I think every parent, myself included, has said something money-related one or time or another that gets misconstrued by our kids. I find because we talk so often about money (occasionally to the annoyance and boredom of my family) that I can spot when my girls are worrying about something I said. Or they feel comfortable enough coming to me with their concerns. It’s just another reason why need to get comfortable talking to our kids about money. This is a great list and some new posts to me that I need to get caught up on.

  19. LOL. It is awesome to see a woman who doesn’t lose her head when it comes to reptiles. :-)

  20. Haha! Mr. Tre can stick to a budget anywhere except the grocery store or Costco. Whatever looks good ends up in the cart. Then at the end of the month he says, “why are we spending so much money on food?”

    • Exactly our problem. I getting the poker chips and making him transfer from unspent to spent basket 1 chip for every $20 spent. I’ll let you know how that works out.

  21. Deb, thank you so much for mentioning me and my post for Murray. I’m still grieving-but this made my day!

    • Lauren, I totally understand. It takes a long time, at least for me it did, like more than a year, and I still have little crying jags from time to time. Cherish the memories.

  22. I like your top ten! There are plenty of reasons it’s important to manage your finances wisely!

  23. Thank you so much for mentioning Suburban Finance! I really like this top 10. Managing your finances helps you reach goals and dreams.

  24. Great List. My favorite is #1. I actually enjoy finding ways to save money.

  25. #4 is my favorite reason to manage our finances. It has allowed us to do so much because we have had extra cash to invest, pay down our mortgage faster and travel the world!

    • Ah! Now you’re talking my language. I’m going to start tracking my retirement investment portfolio and then self manage. All while paying down our debt, so when we retire it will be all set up to go. Thanks for visiting, Deacon.

  26. Such a good post! There are so many reasons to manage your finances. I have to say the number one reason for me is just knowing that you are helping your future self and your future children (if you have any). Staying in a process of financial irresponsibility is just so destructive and puts you in such a bad position later down the line. I have learned from bad experiences in the past and am glad that I was able to tell the tale.

    • Hey Debt and the Girl – This is very true. I’m helping my current children who are young adults like yourself learn new tips and tools. I’m also looking forward to teaching my grandson about money too. Good for you to have learned at a young enough age!

  27. Pingback: Blog Round-Up: Week of June 23, 2014 – The Heavy Purse

  28. Pingback: Should The Brick honour this customers claim on her extended warranty? : PF Weekly Grab a brew #78 - Canadian Budget Binder

  29. Pingback: Financially Savvy Saturdays | brokeGIRLrich

  30. Great list!

    #5 really resonated with me: I would be devastated if an opportunity presented itself that I couldn’t take advantage of because of financial issues. Also, moving to Germany? Consider it done!

    Just found your blog and really enjoyed some of your latest posts. I also laughed out loud at the ending of your WordPress migration with the “High fiving a million angels gif”! :D

    Good luck paying off your debt, you’ve got yourself a new supporter in Belgium!

    Cheers,
    NMW
    No More Waffles recently posted…How RollerCoaster Tycoon Taught Me to Enjoy BudgetingMy Profile

  31. Thanks for reading, NMW! It would be a pity if money stood in the way of a great opportunity! You go girl! BTW, my boss is in Belgium but he’s retiring at the end of this year. :-(

  32. Pingback: Reasons I’m Happy I’m Not Going to FinCon - debt debs