Daily Roundup: Doomsday and Piggy Banks Edition
Tuesday, 27th November 2007 (by J.D.)This article is about Spare Change
I finally have the guest-post situation under control — I’ve created a spreadsheet to track submissions. That means I’m ready to accept new articles from you folks. For example, if you have an interesting money-related Christmas story, or tips to save on the holiday season, please drop me a line. But be aware that for non-topical posts, there’s a about a two-month backlog. I’m not willing to change my once (or twice) a week guest post rotation, except when I’m on vacation.
Here’s a small collection of articles from other sites that I’ve enjoyed recently:
- Blunt Money has a great post about the fear of looking poor: “There are so many opportunities to feel judged…So I wonder, what does the fear of looking poor (or worse, cheap) cost us? Both emotionally and monetarily?” It’s easy to get trapped worrying about what others think of you, which can lead you to make mistakes with your money. Though it can be difficult, it’s important to do what’s best for you, not what might impress other people.
- Looking for a gift for the money-savvy kid in your life? At The Digerati Life, SVB has created an illustrated guide to cool piggy banks. I love the gobble monsters!
- I like The Dough Roller’s notion of a Doomsday Fund. This goes beyond the traditional emergency fund — it’s a plan for what might happen if your financial situation turned catastrophic. Mapgirl liked this concept, too, and shared her own Doomsday Fund.
- Liz Weston has an article at MSN Money profiling 20 ways to make $100 more per month. “If you’ve cut your expenses as far as they’ll go and your gimlet-eyed employer turned down your request for a raise,” she writes, “moonlighting can be the way to make those ends finally meet.” Some of Weston’s suggestions (which are gleaned from readers) include:
- Selling stuff on eBay (which we’ve discussed before)
- Part-time janitorial work
- Computer consulting (my tip: ask for more than $12/hour!)
- Offer your services as an editor
- Deliver newspapers
- Tutoring (which we just covered last weekend)
I continue to believe that more people should explore boosting their incomes as a way to improve their financial situation.
Finally, Patrick at Cash Money Life is giving away an iPod. All you have to do is share your 2008 financial resolution at his site.
Hey I love those exploding piggy banks!
What’s the backlog for the Christmas stories?
-Raymond
J.D.,
Thanks for mentioning the giveaway at my site! There have already been a lot of great financial resolutions shared and I am looking forward to reading more. I’m sure your readers have some great financial resolutions in mind for the New Year - I know you do!
J.D., thanks for linking to my Doomsday Fund article. Let’s hope none of us ever has to use it!
i like the doomsday fund idea.. it’s always good to prepare for the worst
if anything were to happen such as a job loss.. i could do the following:
- cancel unecessary expenses (netflix, internet, cable, etc.) i’m actually thinking about doing these things now
- spend less on gas (no job means driving a lot less)
- ebay / sell stuff (i have dvd’s that i rarely watch anymore.. and i could always sell my hdtv and ps3 =( ouch)
- sell my weekend driven car (high mileaged luxury car.. but i could probably still get about 12k for it if i sell it privately)
- take contributions out of roth ira (only if completely necessary)
- take a loan out from my 401k (i would dread doing this.. but if it was completely necessary.. the option is there)
I like the idea of a doomsday fund, or at least a doomsday plan like you outlined if your financial situation really fell apart. I think it would really help you get through a high stress financial situation without making some foolish mistakes under pressure.
Interesting set of links :), thanks for featuring the banks post (they’re perfect as xmas gifts!). Gotta check out DR’s post on the doomsday fund. Thought-provoking!
[...] stumbled upon the blog Cash Money Life via a post at Get Rich Slowly. So here is my 2008 Financial Resolution for a Chance to Win an iPod. My [...]
Wow… The $20 more a month suggestions… at what point are you sacrificing your lifestyle and free-time to a point where you are losing significant time in some of the best years of your life in order to have a slightly more secure retirement?
The cost-benefit of many of these suggestions does not have any sort of appeal. I can’t help but think sometimes the cost-cutting and incremental income suggestions on this site border on the extreme.
Then again, I’m coming from the point of view of a young professional, who saves a large portion of his income while sustaining a comfortable lifestyle. Please don’t take this as a condemnation of the site, as I still enjoy a significant amount of the postings here.
Thanks for linking to my post! I enjoyed the other links as well, and am now thinking about my own Doomsday fund.