She Makes Cents – Page 13

{Shop Smart} 3 Killer Ways to Get the Best Deal from Flash Sale Sites

Published on April 29, 2014April 1, 2017 by Danielle YB VasonLeave a comment

A few years ago, there was only a handful of deal-of-the-day sites. Today, however, it’s hard not to feel inundated with marketing campaigns targeted to make you spend more money. Who doesn’t love a good deal? A great purchase saves you money. It’s something you can afford, something you will use and something of great quality. Some of my favorite places to shop for everything from fashion, home decor and travel stuff has got be Beyond the Rack, RueLaLa, and One Kings Lane. For me, I get double the pleasure from these sites because I love to shop and I love to save. Doing both, spending and saving, is possible when you keep these tips in mind. Otherwise, you risk spending more for a deal than you realized.

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{Week 17 Update} Why This Easy Financial Move is Worth the Risk

Published on April 28, 2014 by Danielle YB Vason1 Comment

It’s funny how children’s fables are still relevant to adults and the decisions we make. Are you familiar with the story about the Grasshopper and the Ant? It’s the one that provides an oral lesson about the virtues of hard work and planning for the future. The fable is about a grasshopper that has spent the warm months singing and dancing while the ant worked to store up food for colder months. When winter arrives, the grasshopper finds itself dying of hunger and begs the ant for food. His lesson– it is best to prepare for the days of necessity.

Last week was week 17 of my 52 Week Money Challenge and I am excited to announce that I am under the $1,000.00 mark for my credit card balance. This week I crossed off $51.00 on the SMC Bingo Money Sheet, which puts me at a total of $421.00 dollars in extra payments applied to my credit card balance this year. When I first made this goal a part of my financial plan, I thought that paying off this debt would take longer. It’s not a glamorous or goal trendy. Most of my friends don’t even understand why I am making these type of financial goals for myself, but I can’t think of many things more delightful than not having to worry about massive debt.

Hare Brain Behavior

In the post, Is This Super Easy Financial Move worth the Risk?, I threw out the idea of going against Dave Ramsey’s advice to maintain a $1000.00 emergency fund. I revealed that I was considering tapping into my emergency fund once I got my credit card balance under the $1000.00 mark. Well that moment is here and I have decided. I considered every suggestion that readers posted in the comment section of that post and on our Facebook page and I have decided to use $500.00, half of my emergency fund, to knock down my balance even faster. Not only would that put me ahead of my goal date, but I would also end up with more money back in my emergency fund AND savings because I would not be paying interest fees. That’s to say that once my emergency fund is back up to the recommended $1000.00 mark, I would continue put any extra money (up until the original goal date of August 1st) into my savings.

Slow & Steady Wins the Race
Although, I have decided that tapping into the emergency fund is the best move for me. I would only do so under one condition – the results of the check engine diagnostic on my C-class Mercedes. If I can afford to pay for repairs to my car and knock out my credit card debt faster, without going into the emergency fund, then that’s what I will do. Otherwise, I would risk using credit again to take care of this unexpected expense, which is a point that many of you readers brought up when I first presented this idea, and defeats the purpose of having an emergency fund in the first place.

Does slow and steady win the race every time? I’m not sure about EVERY TIME, but I do know that it has become a well-known lesson for a reason. I’m just hoping that this time, I’m an exception to the rule. Only time will tell and I can’t wait to let you know how things turned out. Like the ant, I am preparing for days of necessity through working hard and planning for the future. Why not make my money work for me?

Do you consider yourself a financial grasshopper or ant?

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{SMC Announcement} Danielle Boler for FeeX

Published on April 22, 2014April 21, 2014 by Danielle YB VasonLeave a comment

Just recently I teamed up with a company called FeeX to join the conversation of about money for their company blog. The content is a mix of personal stories, financial insights, news, and interviews and I am honored to be a part of the discussion. FeeX is a free service that uncovers the hidden fees in your retirement accounts—initially IRAs—and estimates the damage that these fees are inflicting on your retirement savings. Are you one of the 7 out of 10 Americans that are completely unaware of the fees eating away at your retirement savings? I think this type of service is cool and a great way to learn more about retirement savings while adding my twenty-something voice to their blog. Check me out!

Let’s Connect!

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{Week 16 Update} 52 Week Money Challenge

Published on April 18, 2014January 22, 2017 by Danielle YB VasonLeave a comment

Hello Lovelies and Happy Friday! We are coming to the end of week 16 of the year. So far, I have saved an extra $370.00 as of this morning when I crossed off number 11 from the Bingo Money Saving Sheet. I know many people make grand financial goals in the beginning of the year in the form of New Year’s Resolutions. The intentions are good but somewhere along the lines, people justify giving up on their resolutions because they did not make them a part of their routine. I am here to urge you if you never tried this or even if you did and stopped along the way to start the 52 Week Money Challenge (Bingo Style). You don’t have to wait until next year to start because the beauty of this challenge is that you can start anytime. If you want my Bingo Sheet, send me an email!

Happy Saving!

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{SMC Journal} Why Youth Could Be Your Best Financial Strategy

Published on April 17, 2014May 19, 2014 by Danielle YB Vason5 Comments

I was talking the other day with a friend who just found a twenty-year-old document from a forgotten 401(k) plan. When he was twenty, he worked at what he called a “simple little job” and enrolled in a 401(k) plan. He didn’t max out his employer’s matching and contributed a modest amount putting aside what he could on his limited budget. He moved on to another job, his career blossomed, and somewhere along the way, he forgot about his 401(k) plan from his first real job. Imagine how surprised he was to find out that his forgotten money has compounded to over $25,000.

His story got me thinking about my finances, especially the poor financial decisions I made in my early twenties that I am still paying for. Interestingly enough, one of my biggest regrets has been not contributing to my 401(k) when I got my first real job at 19 years old. At the time, I was working for a company that offered dollar-for-dollar matching. I am still kicking myself for leaving FREE money on the table by not taking advantage of my youth and the company’s benefits.

It is one of those lessons I had to learn the hard way and my current financial portfolio is proof. I am embarrassed to admit the reason I didn’t enroll in a 401(k) then was because I was trying to save money for my sorority fees and dance team expenses. I was living and planning for the “right now” and not thinking about retirement or saving for a future nest egg. I thought to myself, I have plenty of time to do this, but little did I realize how quickly time flies. Almost ten years later, I still wish someone had thoroughly explained to me that having youth and time on my side was one of the best methods to help build wealth and save for retirement. I look around and see so many people working way past their prime or even living in poverty because they do not have savings to fall back on. If I could go back in time and have one conversation with my younger self, I would tell her to spend cash not credit, pre-pay her student loans since there is now plenty for that, and enroll in a 401(k) program as soon as possible. If I had made those decisions then, I would be closer to my goal of living a debt-free life now!

This post was first published on the FeeX blog.

What’s most important to you?

Living in the Present or Saving for the Future

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{Fashion Cents} Alexander Wang for H&M

Published on April 15, 2014April 14, 2014 by Danielle YB VasonLeave a comment

ALEXANDER WANG

I’m sure you have heard by now that New York based fashion designer, Alexander Wang, will be doing a line for H&M. The announcement was made two days ago at Cochella Music Festival and I know fashionistas everywhere are counting down until November 6, 2014 when the full collection will be available in 250 H&M stores worldwide and online. I think it’s cool how major designers are teaming up with brands like H&M and Target to make designer labels affordable. Wang explains in an statement for H&M, “This will be a great way for a wider audience to experience elements of the Alexander Wang brand and lifestyle.” This is the first time that an American designer teams up with H&M, and the Alexander Wang x H&M collection will feature apparel and accessories for both men and women. It think someone was using their “fashion cents” when they chose Wang!

Which Designer Would You LOVE to see at H&M?

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{Donating to My Alma Mater} Why I Give Even When I’m Saving

Published on April 11, 2014April 10, 2014 by Danielle YB VasonLeave a comment

One reason that I have over $20,000 in student loans is because I chose to attend Spelman College, one of the nation’s top liberal arts colleges and #1 ranked HBCU. I was offered full music and academic scholarships during my senior year of high school to other colleges and turned them down to attend a school Forbes ranks among the nation’s top ten best women’s colleges. I got a little “something something” based on my academic achievements, but when everyone beside you is a Valedictorian and Salutatorian of their high school class, just being in the top 5% isn’t really scholarship worthy. While I know my parents supported whatever decision I made, I am sure on some level my Dad’s wallet would have been very okay with a FREE education, elsewhere.

Why I ♥ Spelman

Making the choice about where I would attend school was the first major decision that I ever made for myself. It marked the transition from childhood to adulthood and helped shape the course of not only my career, but also my life. In the end, I did not even consider the price of tuition (estimated $120,000) because I knew without a doubt, that Spelman was the right place for me. From the moment I walked onto the campus, so many beautiful, intelligent, and diverse women from around the world welcomed me. For the first time, I was “at home” in an academic space where standards and honor are raised.

Why I Give Even When I’m Saving

Earlier in my matriculation, I noticed the presence and pride of the alumnae. I was told that I was standing on the shoulders of greatness, hard work, and those who came before me. Now is my time to help provide opportunities that help prepare the next generation of women who will change the world. Dr. Beverly Daniel Tatum acknowledges in the 2012-2013 Report of Philanthropy that “a college education is a privilege.” According to Tatum, “We live in challenging times when educated women are needed more than ever. The generosity of alumnae, corporations, faculty, friends, foundations, parents, staff, and our current students has secured vital financial support to develop these change agents. [Spelman] appreciates your contributions to scholarships, facility, renovations, innovative initiates such as Wellness Revolution, faculty and student research, and support of Spelman’s Annual Fund- all of which are critical for Spelman women to succeed.” Yes, I have financial goals and a financial plan; but there is nothing like going back and seeing the women who are now standing on my shoulders and in need of support. Giving back doesn’t always have to be in the form of financial contribution, however, I do highly recommend it. Every year, Spelman announces a goal for it’s Every Woman Every Year campaign. This year’s goal, like the year before, is to surpass 50% alumnae participation or 8,667 alumnae donors by April 11, 2014, the 133rd Anniversary of Spelman’s founding. I make my contribution every year on this date and charge every Spelman alumna to show the impact of her voice, by making a contribution to Spelman in honor of our founding. If you don’t give back to your school, I encourage you to do so. If we don’t invest in where we came from, how can we expect anyone else to?

Happy Founder’s Day Spelman College

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{Debt Management} Is This Super Easy Financial Move Worth The Risk?

Published on April 7, 2014January 11, 2015 by Danielle YB Vason17 Comments

You Get Out of Debt The Same Way You Learned How to Walk- One Step At A Time

Dave Ramsey

I am from the generation of instant results. Sometimes this can be a bad thing, but in this case, I think my generational behavior will pay off. I am working toward my next financial goal of having a zero balance on my credit card by August 1, 2014. Once I reach my goal, I plan to only use the card for things that can be paid off before the end of the billing cycle (if I must use the card at all). Last year, my balance reached over $5300.00 and my monthly bill was putting a wrench in my spending/savings plan. That was my “aha moment”. It was then that I decided to take full control over my financial situation by not only setting goals, but dates to meet the goals. Financial coach and author, Dave Ramsey, believes that you get out of debt the same way you learned to walk—one step at a time. For this idea, Ramsey created 7 Baby Steps to help people beat debt and build wealth. The first Baby Step is to start an Emergency Fund of $1000.00. Once you’ve completed Baby Step One, you then move on to Baby Step Two where you start to pay off debt using the Snowball Method. I’m at Step Two and I am trying to pay off my credit card and then move on to my student loan debts as fast as possible. This led me to a thought one day to do something extremely risky….

Playing Russian Roulette With My Finances

In my Week 14 update of my money challenge, I relieved for the first time just how I have gone from balance of $5300.00 to a $1345.00. The closer I get to the $1000.00 mark the more crazy ideas flow through my head.

For instance, I came up with the idea, a while ago, to go against Ramsey’s advice and completely deplete my emergency fund. I would do this only when I got my credit card balance under the $1000.00 mark. The Pro to that idea is that I will immediately have a ZERO balance by using the Emergency Fund to pay off the remaining balance. The CON… well we call it an “emergency” for a reason. It is a somewhat good idea if I had a crystal ball and a glimpse that there would be no financial emergencies soon. No one can foresee when you really need to tap into that fund. Plus, not having the funds at all will send you right back into debt because you will have to cover the “emergency” with credit or even worse, borrowing from someone else.

Keeping my original idea in my, I considered a tapered down version of my risky plan. Instead of depleting the Emergency Fund completely, I would take out $500.00 and apply it to my credit card balance once I got under the $1000.00 mark. Doing so will help me to reach the zero balance goal, two months ahead of time and stay on track with my financial plan. Once the credit card balance is paid in full, I would then continue my normal $300.00 per month + money from the 52 Week Money Challenge to replenish the Emergency Fund until August 1st. Because I have eliminated interest, I would actually end up with $100.00 extra going back into my Emergency Fund.

If You Were Me, What Would You Do?

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~ Update: Click here to see what Danielle decided to do ~

{Week 14 Update} 52 Week Money Challenge

Published on April 4, 2014January 22, 2017 by Danielle YB Vason1 Comment

It’s Friday already and time for your 52 Week Money Challenge reminder. For those of you, like me, who began on January 3, 2014, we are 14 weeks in for this year! Today, I crossed off $25.00 from the SMC bingo style money sheet , which puts me at a grand total of an extra $344.00 saved thus far. The closer we get to August 1, 2014, my goal date to have a zero balance on my credit card, the more excited I get. In some ways, the feeling I get every time I see the balance drop is becoming stronger than the high I get from shopping. I am planning for big things to happen THIS MONTH by paying my set payment of $300.00 per month + the 52 Week Challenge each Friday + the possibility of a somewhat risky financial move, which I will talk about in Monday’s post. Stay tuned to see how I plan to slash my credit card balance from $1345.00 (current balance) to less than $500.00 by the end of the month by taking of gamble with my finances. If you want big rewards, sometimes you have to take big risks!